SPDG vs. DGRO

Last updated Aug 2, 2026

SPDG (SPDR Portfolio S&P Sector Neutral Dividend ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - SPDG is a Dividend fund tracking the S&P Sector-Neutral High Yield Dividend Aristocrats Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past year, SPDG returned 24.51% vs 24.21% for DGRO. Their correlation of 0.90 means they have usually moved in the same direction. SPDG charges 0.05%/yr vs 0.08%/yr for DGRO.

Performance

SPDG vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio S&P Sector Neutral Dividend ETF (SPDG) 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, SPDG achieves a 14.23% return, which is significantly higher than DGRO's 13.39% return.

SPDG

• 1D: 0.34%
• 1M: -0.77%
• 6M: 7.57%
• YTD: 14.23%
• 1Y: 24.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.16%

DGRO

• 1D: -0.28%
• 1M: 0.97%
• 6M: 9.59%
• YTD: 13.39%
• 1Y: 24.21%
• 3Y*: 16.30%
• 5Y*: 11.08%
• 10Y*: 13.44%
• ALL TIME*: 12.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DGRO iShares Core Dividend Growth ETF	$103.52M	$104.25M	$110.17M
SPDG SPDR Portfolio S&P Sector Neutral Dividend ETF	$48.48K	$40.82K	$36.86K

SPDG vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPDG SPDR Portfolio S&P Sector Neutral Dividend ETF	14.23%	11.66%	20.22%	8.09%
DGRO iShares Core Dividend Growth ETF	13.39%	15.69%	16.62%	5.79%

Correlation

The correlation between SPDG and DGRO is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.85
Correlation (All Time) Calculated using the full available price history since Sep 12, 2023	0.90

The correlation between SPDG and DGRO has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

SPDG vs. DGRO - Sectors Allocation Comparison

Sectors	SPDG	DGRO
Technology	32.4%	17.3%
Financial Services	13.3%	20.4%
Healthcare	10.2%	17.9%
Consumer Cyclical	9.6%	6.5%
Industrials	9.0%	11.3%
Communication Services	8.6%	0.1%
Consumer Defensive	5.4%	11.9%
Energy	4.1%	4.8%
Utilities	2.6%	7.3%
Real Estate	2.4%	-
Basic Materials	2.2%	2.5%

Return for Risk

SPDG vs. DGRO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPDG

SPDG Risk / Return Rank: 80
SPDG Sharpe Ratio Rank: 82
SPDG Sortino Ratio Rank: 83
SPDG Omega Ratio Rank: 80
SPDG Calmar Ratio Rank: 79
SPDG Martin Ratio Rank: 75

DGRO

DGRO Risk / Return Rank: 91
DGRO Sharpe Ratio Rank: 93
DGRO Sortino Ratio Rank: 93
DGRO Omega Ratio Rank: 92
DGRO Calmar Ratio Rank: 88
DGRO Martin Ratio Rank: 90

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPDG vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P Sector Neutral Dividend ETF (SPDG) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SPDG	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.44	-0.54
Sortino ratio: Return per unit of downside risk	2.73	3.55	-0.82
Omega ratio: Gain probability vs. loss probability	1.33	1.45	-0.11
Calmar ratio: Return relative to maximum drawdown	2.83	3.61	-0.77
Martin ratio: Return relative to average drawdown	9.27	14.07	-4.79

SPDG vs. DGRO - Sharpe Ratio Comparison

The current SPDG Sharpe Ratio is 1.90, which is comparable to the DGRO Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of SPDG 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.

Drawdowns

SPDG vs. DGRO - Drawdown Comparison

The maximum SPDG drawdown since its inception was -15.67%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for SPDG and DGRO.

Drawdown Indicators

	SPDG	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-15.67%	-35.10%	+19.43%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-6.47%	-1.87%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.10%	—
Current Drawdown Current decline from peak	-2.77%	-1.35%	-1.42%
Average Drawdown Average peak-to-trough decline	-2.19%	-3.41%	+1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	1.66%	+0.88%

Volatility

SPDG vs. DGRO - Volatility Comparison

SPDR Portfolio S&P Sector Neutral Dividend ETF (SPDG) has a higher volatility of 3.50% compared to iShares Core Dividend Growth ETF (DGRO) at 3.21%. This indicates that SPDG'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

	SPDG	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	3.21%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	9.56%	7.12%	+2.44%
Volatility (1Y) Calculated over the trailing 1-year period	12.55%	9.61%	+2.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.11%	13.79%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.11%	16.58%	-2.47%

SPDG vs. DGRO - Expense Ratio Comparison

SPDG has a 0.05% expense ratio, which is lower than DGRO's 0.08% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPDG vs. DGRO - Dividend Comparison

SPDG's dividend yield for the trailing twelve months is around 2.72%, more than DGRO's 1.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.89%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
SPDG SPDR Portfolio S&P Sector Neutral Dividend ETF	2.72%	2.87%	2.61%	0.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPDG and DGRO in my portfolio?

SPDG 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, SPDG or DGRO?

SPDG has higher volatility (3.50%) compared to DGRO (3.21%). In terms of maximum drawdown, SPDG dropped -15.67% vs DGRO's -35.10%.

Which ETF is better, SPDG or DGRO?

On 1-year performance, SPDG leads with 24.51% vs 24.21% for DGRO. On fees, SPDG is cheaper at 0.05% per year. On volatility, DGRO has been the lower-risk option at 3.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDG or DGRO?

Over the 1-year period, SPDG has performed better with a 24.51% return vs 24.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDG or DGRO?

SPDG is cheaper with a 0.05% expense ratio, compared with 0.08% for DGRO.

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

SPDG has the higher dividend yield at 2.72%, compared with 1.89% for DGRO.

What is the main difference between SPDG and DGRO?

SPDG is categorized as Dividend, while DGRO is Large Cap Growth Equities. SPDG tracks S&P Sector-Neutral High Yield Dividend Aristocrats Index, while DGRO tracks Morningstar US Dividend Growth Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.05% for SPDG and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.44 vs 1.90), 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.