SOPAX vs. DGRO

Last updated Jun 4, 2026

SOPAX (ClearBridge Dividend Strategy Fund) and DGRO (iShares Core Dividend Growth ETF) are both funds - SOPAX is a Large Cap Blend Equities fund managed by Franklin Templeton, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Over the past 10 years, SOPAX returned 12.09%/yr vs 13.30%/yr for DGRO. With a 0.95 correlation, they move nearly in lockstep. SOPAX charges 1.02%/yr vs 0.08%/yr for DGRO.

Performance

SOPAX vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearBridge Dividend Strategy Fund (SOPAX) 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, SOPAX achieves a 5.76% return, which is significantly lower than DGRO's 8.76% return. Over the past 10 years, SOPAX has underperformed DGRO with an annualized return of 12.09%, while DGRO has yielded a comparatively higher 13.30% annualized return.

SOPAX

• 1D: 0.26%
• 1M: 0.79%
• YTD: 5.76%
• 6M: 6.37%
• 1Y: 14.99%
• 3Y*: 14.83%
• 5Y*: 10.13%
• 10Y*: 12.09%

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)

SOPAX vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SOPAX ClearBridge Dividend Strategy Fund	5.76%	12.27%	16.77%	14.13%	-8.41%	26.36%	7.62%	30.97%	-5.18%	18.58%
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 SOPAX and DGRO is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.95

The correlation between SOPAX and DGRO has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

Return for Risk

SOPAX vs. DGRO — Risk / Return Rank

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

SOPAX

SOPAX Risk / Return Rank: 31
SOPAX Sharpe Ratio Rank: 33
SOPAX Sortino Ratio Rank: 33
SOPAX Omega Ratio Rank: 31
SOPAX Calmar Ratio Rank: 26
SOPAX Martin Ratio Rank: 33

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.

SOPAX vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearBridge Dividend Strategy Fund (SOPAX) 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.

	SOPAX	DGRO	Difference
Sharpe ratio Return per unit of total volatility	1.64	2.39	-0.75
Sortino ratio Return per unit of downside risk	2.37	3.49	-1.12
Omega ratio Gain probability vs. loss probability	1.29	1.43	-0.14
Calmar ratio Return relative to maximum drawdown	1.89	3.50	-1.61
Martin ratio Return relative to average drawdown	7.56	13.52	-5.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SOPAX vs. DGRO - Sharpe Ratio Comparison

The current SOPAX Sharpe Ratio is 1.64, which is lower than the DGRO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of SOPAX 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

	SOPAX	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	2.39	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.77	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.80	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	0.76	+0.19

Drawdowns

SOPAX vs. DGRO - Drawdown Comparison

The maximum SOPAX drawdown since its inception was -46.78%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for SOPAX and DGRO.

Drawdown Indicators

	SOPAX	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-46.78%	-35.10%	-11.68%
Max Drawdown (1Y) Largest decline over 1 year	-8.04%	-6.47%	-1.57%
Max Drawdown (3Y) Largest decline over 3 years	-13.72%	-14.03%	+0.31%
Max Drawdown (5Y) Largest decline over 5 years	-19.31%	-19.31%	0.00%
Max Drawdown (10Y) Largest decline over 10 years	-34.72%	-35.10%	+0.38%
Current Drawdown Current decline from peak	-0.87%	-0.28%	-0.59%
Average Drawdown Average peak-to-trough decline	-4.88%	-3.44%	-1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	1.67%	+0.34%

Volatility

SOPAX vs. DGRO - Volatility Comparison

ClearBridge Dividend Strategy Fund (SOPAX) and iShares Core Dividend Growth ETF (DGRO) have volatilities of 2.22% and 2.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOPAX	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.22%	2.21%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	7.01%	6.91%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	9.27%	9.48%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.23%	13.82%	+0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.37%	16.62%	-0.25%

SOPAX vs. DGRO - Expense Ratio Comparison

SOPAX has a 1.02% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

SOPAX vs. DGRO - Dividend Comparison

SOPAX's dividend yield for the trailing twelve months is around 12.91%, 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%
SOPAX ClearBridge Dividend Strategy Fund	12.91%	13.65%	9.54%	9.20%	5.68%	9.93%	1.76%	7.32%	6.56%	6.75%	3.03%	1.53%

Frequently Asked Questions

Can I hold both SOPAX and DGRO in my portfolio?

With a correlation of 0.90, SOPAX and DGRO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SOPAX or DGRO?

SOPAX has higher volatility (2.22%) compared to DGRO (2.21%). In terms of maximum drawdown, SOPAX dropped -46.78% vs DGRO's -35.10%.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.39 vs 1.64), 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.