SHYG vs. DGRO

Last updated Jun 5, 2026

SHYG (iShares 0-5 Year High Yield Corporate Bond ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - SHYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield 0-5 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, SHYG returned 5.16%/yr vs 13.34%/yr for DGRO. A 0.65 correlation means they provide meaningful diversification when combined. SHYG charges 0.30%/yr vs 0.08%/yr for DGRO.

Performance

SHYG vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) 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, SHYG achieves a 1.58% return, which is significantly lower than DGRO's 9.64% return. Over the past 10 years, SHYG has underperformed DGRO with an annualized return of 5.16%, while DGRO has yielded a comparatively higher 13.34% annualized return.

SHYG

• 1D: 0.14%
• 1M: 0.32%
• YTD: 1.58%
• 6M: 2.09%
• 1Y: 6.52%
• 3Y*: 8.16%
• 5Y*: 4.86%
• 10Y*: 5.16%

DGRO

• 1D: 0.81%
• 1M: 3.27%
• YTD: 9.64%
• 6M: 9.87%
• 1Y: 23.89%
• 3Y*: 17.46%
• 5Y*: 10.72%
• 10Y*: 13.34%

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

SHYG vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHYG iShares 0-5 Year High Yield Corporate Bond ETF	1.58%	7.94%	8.17%	10.38%	-4.71%	4.60%	3.15%	9.93%	0.02%	5.11%
DGRO iShares Core Dividend Growth ETF	9.64%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Correlation

The correlation between SHYG and DGRO is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.65

The correlation between SHYG and DGRO has been stable across timeframes, ranging from 0.62 to 0.67 - a consistent structural relationship.

SHYG vs. DGRO - Sectors Allocation Comparison

Sectors	SHYG	DGRO
Utilities	99.3%	6.9%
Real Estate	0.7%	-
Basic Materials	-	2.5%
Communication Services	-	0.1%
Consumer Cyclical	-	5.7%
Consumer Defensive	-	11.5%
Energy	-	5.6%
Financial Services	-	21.2%
Healthcare	-	16.4%
Industrials	-	10.8%
Technology	-	19.4%

Return for Risk

SHYG vs. DGRO — Risk / Return Rank

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

SHYG

SHYG Risk / Return Rank: 73
SHYG Sharpe Ratio Rank: 63
SHYG Sortino Ratio Rank: 71
SHYG Omega Ratio Rank: 71
SHYG Calmar Ratio Rank: 75
SHYG Martin Ratio Rank: 82

DGRO

DGRO Risk / Return Rank: 78
DGRO Sharpe Ratio Rank: 79
DGRO Sortino Ratio Rank: 83
DGRO Omega Ratio Rank: 78
DGRO Calmar Ratio Rank: 75
DGRO Martin Ratio Rank: 76

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.

SHYG vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) 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.

	SHYG	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	2.07	2.53	-0.46
Sortino ratio: Return per unit of downside risk	3.18	3.68	-0.50
Omega ratio: Gain probability vs. loss probability	1.42	1.46	-0.04
Calmar ratio: Return relative to maximum drawdown	3.74	3.71	+0.03
Martin ratio: Return relative to average drawdown	16.31	14.33	+1.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHYG vs. DGRO - Sharpe Ratio Comparison

The current SHYG Sharpe Ratio is 2.07, which is comparable to the DGRO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of SHYG 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

	SHYG	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	2.53	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.78	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.81	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.77	-0.04

Drawdowns

SHYG vs. DGRO - Drawdown Comparison

The maximum SHYG drawdown since its inception was -19.26%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for SHYG and DGRO.

Drawdown Indicators

	SHYG	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-19.26%	-35.10%	+15.84%
Max Drawdown (1Y) Largest decline over 1 year	-1.75%	-6.47%	+4.72%
Max Drawdown (3Y) Largest decline over 3 years	-4.53%	-14.03%	+9.50%
Max Drawdown (5Y) Largest decline over 5 years	-9.39%	-19.31%	+9.92%
Max Drawdown (10Y) Largest decline over 10 years	-19.26%	-35.10%	+15.84%
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-1.44%	-3.44%	+2.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	1.67%	-1.27%

Volatility

SHYG vs. DGRO - Volatility Comparison

The current volatility for iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) is 0.93%, while iShares Core Dividend Growth ETF (DGRO) has a volatility of 2.24%. This indicates that SHYG experiences smaller price fluctuations and is considered to be less risky than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHYG	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	2.24%	-1.31%
Volatility (6M) Calculated over the trailing 6-month period	2.51%	6.94%	-4.43%
Volatility (1Y) Calculated over the trailing 1-year period	3.16%	9.49%	-6.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.73%	13.82%	-8.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.42%	16.62%	-10.20%

SHYG vs. DGRO - Expense Ratio Comparison

SHYG has a 0.30% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

SHYG vs. DGRO - Dividend Comparison

SHYG's dividend yield for the trailing twelve months is around 7.01%, more than DGRO's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.94%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
SHYG iShares 0-5 Year High Yield Corporate Bond ETF	7.01%	7.03%	6.93%	6.54%	5.57%	4.83%	5.07%	5.33%	5.90%	5.49%	5.53%	5.17%

Frequently Asked Questions

Can I hold both SHYG and DGRO in my portfolio?

SHYG and DGRO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHYG or DGRO?

DGRO has higher volatility (2.24%) compared to SHYG (0.93%). In terms of maximum drawdown, SHYG dropped -19.26% vs DGRO's -35.10%.

Which ETF is better, SHYG or DGRO?

On 10-year performance, DGRO leads with 13.34% vs 5.16% for SHYG. On fees, DGRO is cheaper at 0.08% per year. On volatility, SHYG has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHYG or DGRO?

Over the 10-year period, DGRO has performed better with a 13.34% return vs 5.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHYG or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.30% for SHYG.

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

SHYG has the higher dividend yield at 7.01%, compared with 1.94% for DGRO.

What is the main difference between SHYG and DGRO?

SHYG is categorized as High Yield Bonds, while DGRO is Large Cap Growth Equities. SHYG tracks Markit iBoxx USD Liquid High Yield 0-5 Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.30% for SHYG and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.53 vs 2.07), 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.