QAT vs. DGRO

Last updated Jun 3, 2026

QAT (iShares MSCI Qatar ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - QAT is a Emerging Markets Equities fund tracking the MSCI All Qatar Capped Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 10 years, QAT returned 4.34%/yr vs 13.33%/yr for DGRO. At a 0.29 correlation, their price movements are largely independent. QAT charges 0.59%/yr vs 0.08%/yr for DGRO.

Performance

QAT vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Qatar ETF (QAT) and iShares Core Dividend Growth ETF (DGRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QAT achieves a -0.05% return, which is significantly lower than DGRO's 9.06% return. Over the past 10 years, QAT has underperformed DGRO with an annualized return of 4.34%, while DGRO has yielded a comparatively higher 13.33% annualized return.

QAT

• 1D: -1.37%
• 1M: 0.05%
• YTD: -0.05%
• 6M: 1.39%
• 1Y: 3.73%
• 3Y*: 4.09%
• 5Y*: 3.48%
• 10Y*: 4.34%

DGRO

• 1D: 0.83%
• 1M: 2.63%
• YTD: 9.06%
• 6M: 10.08%
• 1Y: 23.65%
• 3Y*: 17.10%
• 5Y*: 10.72%
• 10Y*: 13.33%

*Multi-year figures are annualized to reflect compound growth (CAGR)

QAT vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QAT iShares MSCI Qatar ETF	-0.05%	8.81%	5.20%	2.72%	-7.23%	14.42%	6.94%	-0.44%	20.03%	-11.66%
DGRO iShares Core Dividend Growth ETF	9.06%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Correlation

The correlation between QAT and DGRO is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.29

QAT vs. DGRO - Sectors Allocation Comparison

Sectors	QAT	DGRO
Financial Services	54.3%	21.2%
Industrials	13.2%	10.8%
Basic Materials	12.7%	2.5%
Communication Services	6.7%	0.1%
Real Estate	3.9%	-
Energy	3.3%	5.6%
Utilities	2.6%	6.9%
Healthcare	0.8%	16.4%
Consumer Cyclical	0.7%	5.7%
Consumer Defensive	0.7%	11.5%
Technology	0.5%	19.4%

Return for Risk

QAT vs. DGRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QAT

QAT Risk / Return Rank: 12
QAT Sharpe Ratio Rank: 13
QAT Sortino Ratio Rank: 12
QAT Omega Ratio Rank: 12
QAT Calmar Ratio Rank: 13
QAT Martin Ratio Rank: 12

DGRO

DGRO Risk / Return Rank: 76
DGRO Sharpe Ratio Rank: 76
DGRO Sortino Ratio Rank: 81
DGRO Omega Ratio Rank: 76
DGRO Calmar Ratio Rank: 73
DGRO Martin Ratio Rank: 74

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

QAT vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Qatar ETF (QAT) and iShares Core Dividend Growth ETF (DGRO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	QAT	DGRO	Difference
Sharpe ratio Return per unit of total volatility	0.28	2.51	-2.23
Sortino ratio Return per unit of downside risk	0.48	3.64	-3.16
Omega ratio Gain probability vs. loss probability	1.06	1.46	-0.39
Calmar ratio Return relative to maximum drawdown	0.38	3.71	-3.33
Martin ratio Return relative to average drawdown	0.73	14.35	-13.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QAT vs. DGRO - Sharpe Ratio Comparison

The current QAT Sharpe Ratio is 0.28, which is lower than the DGRO Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of QAT and DGRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QAT	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.28	2.51	-2.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.78	-0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.80	-0.56
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.77	-0.70

Drawdowns

QAT vs. DGRO - Drawdown Comparison

The maximum QAT drawdown since its inception was -45.21%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for QAT and DGRO.

Drawdown Indicators

	QAT	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-45.21%	-35.10%	-10.11%
Max Drawdown (1Y) Largest decline over 1 year	-10.60%	-6.47%	-4.13%
Max Drawdown (3Y) Largest decline over 3 years	-17.41%	-14.03%	-3.38%
Max Drawdown (5Y) Largest decline over 5 years	-33.17%	-19.31%	-13.86%
Max Drawdown (10Y) Largest decline over 10 years	-34.04%	-35.10%	+1.06%
Current Drawdown Current decline from peak	-12.48%	0.00%	-12.48%
Average Drawdown Average peak-to-trough decline	-19.18%	-3.45%	-15.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.52%	1.67%	+3.85%

Volatility

QAT vs. DGRO - Volatility Comparison

iShares MSCI Qatar ETF (QAT) has a higher volatility of 5.05% compared to iShares Core Dividend Growth ETF (DGRO) at 2.36%. This indicates that QAT's price experiences larger fluctuations and is considered to be riskier than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QAT	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	2.36%	+2.69%
Volatility (6M) Calculated over the trailing 6-month period	10.50%	6.96%	+3.54%
Volatility (1Y) Calculated over the trailing 1-year period	13.36%	9.47%	+3.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.01%	13.82%	+1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.56%	16.63%	+0.93%

QAT vs. DGRO - Expense Ratio Comparison

QAT has a 0.59% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

QAT vs. DGRO - Dividend Comparison

QAT's dividend yield for the trailing twelve months is around 3.51%, more than DGRO's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.95%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
QAT iShares MSCI Qatar ETF	3.51%	3.51%	5.90%	3.92%	4.78%	2.33%	2.63%	3.57%	4.63%	4.10%	3.51%	4.49%

Frequently Asked Questions

Can I hold both QAT and DGRO in my portfolio?

QAT and DGRO have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QAT or DGRO?

QAT has higher volatility (5.05%) compared to DGRO (2.36%). In terms of maximum drawdown, QAT dropped -45.21% vs DGRO's -35.10%.

Which ETF is better, QAT or DGRO?

On 10-year performance, DGRO leads with 13.33% vs 4.34% for QAT. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QAT or DGRO?

Over the 10-year period, DGRO has performed better with a 13.33% return vs 4.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QAT or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.59% for QAT.

Which ETF pays a higher dividend yield, QAT or DGRO?

QAT has the higher dividend yield at 3.51%, compared with 1.95% for DGRO.

What is the main difference between QAT and DGRO?

QAT is categorized as Emerging Markets Equities, while DGRO is Large Cap Growth Equities. QAT tracks MSCI All Qatar Capped Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.59% for QAT and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.51 vs 0.28), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.