SIZE vs. DGRO

Last updated Jun 4, 2026

SIZE (iShares MSCI USA Size Factor ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - SIZE is a Mid Cap Blend Equities fund tracking the MSCI USA Low Size 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, SIZE returned 11.76%/yr vs 13.30%/yr for DGRO. Their correlation of 0.87 suggests significant overlap in exposure. SIZE charges 0.15%/yr vs 0.08%/yr for DGRO.

Performance

SIZE vs. DGRO - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with SIZE having a 9.07% return and DGRO slightly lower at 8.76%. Over the past 10 years, SIZE has underperformed DGRO with an annualized return of 11.76%, while DGRO has yielded a comparatively higher 13.30% annualized return.

SIZE

• 1D: -0.68%
• 1M: 3.62%
• YTD: 9.07%
• 6M: 8.29%
• 1Y: 18.11%
• 3Y*: 15.94%
• 5Y*: 8.07%
• 10Y*: 11.76%

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)

SIZE vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SIZE iShares MSCI USA Size Factor ETF	9.07%	10.51%	14.37%	17.78%	-15.86%	25.05%	16.26%	28.97%	-6.59%	18.76%
DGRO iShares Core Dividend Growth ETF	8.76%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Correlation

The correlation between SIZE and DGRO is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.87

The correlation between SIZE and DGRO has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

SIZE vs. DGRO - Sectors Allocation Comparison

Sectors	SIZE	DGRO
Technology	19.9%	19.4%
Industrials	16.1%	10.8%
Financial Services	13.5%	21.2%
Consumer Cyclical	9.8%	5.7%
Healthcare	9.6%	16.4%
Real Estate	5.7%	-
Consumer Defensive	5.7%	11.5%
Utilities	5.5%	6.9%
Energy	5.2%	5.6%
Basic Materials	4.8%	2.5%
Communication Services	4.1%	0.1%

Return for Risk

SIZE vs. DGRO — Risk / Return Rank

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

SIZE

SIZE Risk / Return Rank: 44
SIZE Sharpe Ratio Rank: 40
SIZE Sortino Ratio Rank: 42
SIZE Omega Ratio Rank: 38
SIZE Calmar Ratio Rank: 46
SIZE Martin Ratio Rank: 52

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.

SIZE vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Size Factor ETF (SIZE) 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.

	SIZE	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	1.43	2.39	-0.96
Sortino ratio: Return per unit of downside risk	2.12	3.49	-1.36
Omega ratio: Gain probability vs. loss probability	1.25	1.43	-0.18
Calmar ratio: Return relative to maximum drawdown	2.28	3.50	-1.22
Martin ratio: Return relative to average drawdown	8.88	13.52	-4.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SIZE vs. DGRO - Sharpe Ratio Comparison

The current SIZE Sharpe Ratio is 1.43, which is lower than the DGRO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of SIZE 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

	SIZE	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	2.39	-0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.77	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.80	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.76	-0.08

Drawdowns

SIZE vs. DGRO - Drawdown Comparison

The maximum SIZE drawdown since its inception was -39.15%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for SIZE and DGRO.

Drawdown Indicators

	SIZE	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-39.15%	-35.10%	-4.05%
Max Drawdown (1Y) Largest decline over 1 year	-7.97%	-6.47%	-1.50%
Max Drawdown (3Y) Largest decline over 3 years	-18.71%	-14.03%	-4.68%
Max Drawdown (5Y) Largest decline over 5 years	-24.03%	-19.31%	-4.72%
Max Drawdown (10Y) Largest decline over 10 years	-39.15%	-35.10%	-4.05%
Current Drawdown Current decline from peak	-0.68%	-0.28%	-0.40%
Average Drawdown Average peak-to-trough decline	-4.18%	-3.44%	-0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	1.67%	+0.37%

Volatility

SIZE vs. DGRO - Volatility Comparison

iShares MSCI USA Size Factor ETF (SIZE) has a higher volatility of 3.17% compared to iShares Core Dividend Growth ETF (DGRO) at 2.21%. This indicates that SIZE'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

	SIZE	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	2.21%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	9.54%	6.91%	+2.63%
Volatility (1Y) Calculated over the trailing 1-year period	12.73%	9.48%	+3.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.39%	13.82%	+3.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.69%	16.62%	+2.07%

SIZE vs. DGRO - Expense Ratio Comparison

SIZE has a 0.15% expense ratio, which is higher than DGRO's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SIZE vs. DGRO - Dividend Comparison

SIZE's dividend yield for the trailing twelve months is around 1.42%, less 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%
SIZE iShares MSCI USA Size Factor ETF	1.42%	1.50%	1.53%	1.42%	1.59%	1.19%	1.43%	1.35%	2.43%	1.58%	1.88%	1.95%

Frequently Asked Questions

Can I hold both SIZE and DGRO in my portfolio?

SIZE and DGRO have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIZE or DGRO?

SIZE has higher volatility (3.17%) compared to DGRO (2.21%). In terms of maximum drawdown, SIZE dropped -39.15% vs DGRO's -35.10%.

Which ETF is better, SIZE or DGRO?

On 10-year performance, DGRO leads with 13.30% vs 11.76% for SIZE. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIZE or DGRO?

Over the 10-year period, DGRO has performed better with a 13.30% return vs 11.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIZE or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.15% for SIZE.

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

DGRO has the higher dividend yield at 1.96%, compared with 1.42% for SIZE.

What is the main difference between SIZE and DGRO?

SIZE is categorized as Mid Cap Blend Equities, while DGRO is Large Cap Growth Equities. SIZE tracks MSCI USA Low Size Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.15% for SIZE and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.39 vs 1.43), 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.