SHYM vs. DGRO

Last updated Jun 4, 2026

SHYM (iShares Short Duration High Yield Muni Active ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - SHYM is a High Yield Muni fund actively managed by iShares, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. SHYM is actively managed, while DGRO is passively managed. Over the past 5 years, SHYM returned 0.99%/yr vs 10.54%/yr for DGRO. At a 0.17 correlation, their price movements are largely independent. SHYM charges 0.35%/yr vs 0.08%/yr for DGRO.

Performance

SHYM vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Short Duration High Yield Muni Active ETF (SHYM) 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, SHYM achieves a 1.93% return, which is significantly lower than DGRO's 8.76% return.

SHYM

• 1D: 0.00%
• 1M: 0.89%
• YTD: 1.93%
• 6M: 2.33%
• 1Y: 5.18%
• 3Y*: 6.00%
• 5Y*: 0.99%
• 10Y*: —

DGRO

• 1D: -0.28%
• 1M: 3.14%
• YTD: 8.76%
• 6M: 8.75%
• 1Y: 22.54%
• 3Y*: 16.99%
• 5Y*: 10.54%
• 10Y*: 13.30%

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

SHYM vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SHYM iShares Short Duration High Yield Muni Active ETF	1.93%	2.58%	6.99%	9.67%	-15.96%	6.71%
DGRO iShares Core Dividend Growth ETF	8.76%	15.69%	16.62%	10.47%	-7.91%	18.95%

Correlation

The correlation between SHYM and DGRO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (All Time) Calculated using the full available price history since Mar 19, 2021	0.17

Return for Risk

SHYM vs. DGRO — Risk / Return Rank

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

SHYM

SHYM Risk / Return Rank: 51
SHYM Sharpe Ratio Rank: 50
SHYM Sortino Ratio Rank: 52
SHYM Omega Ratio Rank: 57
SHYM Calmar Ratio Rank: 47
SHYM Martin Ratio Rank: 48

DGRO

DGRO Risk / Return Rank: 71
DGRO Sharpe Ratio Rank: 71
DGRO Sortino Ratio Rank: 76
DGRO Omega Ratio Rank: 70
DGRO Calmar Ratio Rank: 69
DGRO Martin Ratio Rank: 71

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.

SHYM vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Short Duration High Yield Muni Active ETF (SHYM) 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.

	SHYM	DGRO	Difference
Sharpe ratio Return per unit of total volatility	1.74	2.39	-0.65
Sortino ratio Return per unit of downside risk	2.54	3.49	-0.95
Omega ratio Gain probability vs. loss probability	1.35	1.43	-0.08
Calmar ratio Return relative to maximum drawdown	2.33	3.50	-1.17
Martin ratio Return relative to average drawdown	7.86	13.52	-5.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHYM vs. DGRO - Sharpe Ratio Comparison

The current SHYM Sharpe Ratio is 1.74, which is comparable to the DGRO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of SHYM 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

	SHYM	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	2.39	-0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.77	-0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.76	-0.50

Drawdowns

SHYM vs. DGRO - Drawdown Comparison

The maximum SHYM drawdown since its inception was -22.55%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for SHYM and DGRO.

Drawdown Indicators

	SHYM	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-22.55%	-35.10%	+12.55%
Max Drawdown (1Y) Largest decline over 1 year	-2.23%	-6.47%	+4.24%
Max Drawdown (3Y) Largest decline over 3 years	-8.06%	-14.03%	+5.97%
Max Drawdown (5Y) Largest decline over 5 years	-22.55%	-19.31%	-3.24%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.10%	—
Current Drawdown Current decline from peak	0.00%	-0.28%	+0.28%
Average Drawdown Average peak-to-trough decline	-6.76%	-3.44%	-3.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	1.67%	-1.01%

Volatility

SHYM vs. DGRO - Volatility Comparison

The current volatility for iShares Short Duration High Yield Muni Active ETF (SHYM) is 0.77%, while iShares Core Dividend Growth ETF (DGRO) has a volatility of 2.21%. This indicates that SHYM 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

	SHYM	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	2.21%	-1.44%
Volatility (6M) Calculated over the trailing 6-month period	1.81%	6.91%	-5.10%
Volatility (1Y) Calculated over the trailing 1-year period	2.99%	9.48%	-6.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.07%	13.82%	-6.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.95%	16.62%	-9.67%

SHYM vs. DGRO - Expense Ratio Comparison

SHYM has a 0.35% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

SHYM vs. DGRO - Dividend Comparison

SHYM's dividend yield for the trailing twelve months is around 4.30%, more than DGRO's 1.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.96%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
SHYM iShares Short Duration High Yield Muni Active ETF	4.30%	4.55%	4.35%	4.35%	4.01%	2.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHYM and DGRO in my portfolio?

SHYM and DGRO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHYM or DGRO?

DGRO has higher volatility (2.21%) compared to SHYM (0.77%). In terms of maximum drawdown, SHYM dropped -22.55% vs DGRO's -35.10%.

Which ETF is better, SHYM or DGRO?

On 5-year performance, DGRO leads with 10.54% vs 0.99% for SHYM. On fees, DGRO is cheaper at 0.08% per year. On volatility, SHYM has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHYM or DGRO?

Over the 5-year period, DGRO has performed better with a 10.54% return vs 0.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHYM or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.35% for SHYM.

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

SHYM has the higher dividend yield at 4.30%, compared with 1.96% for DGRO.

What is the main difference between SHYM and DGRO?

SHYM is categorized as High Yield Muni, while DGRO is Large Cap Growth Equities. Their fees differ too: 0.35% for SHYM and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.39 vs 1.74), 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.