SPYC vs. DGRO

Last updated Jun 4, 2026

SPYC (Simplify US Equity PLUS Convexity ETF) and DGRO (iShares Core Dividend Growth ETF) are both Large Cap Growth Equities funds. SPYC is actively managed, while DGRO is passively managed. Over the past 5 years, SPYC returned 9.87%/yr vs 10.54%/yr for DGRO. Their correlation of 0.80 suggests significant overlap in exposure. SPYC charges 0.28%/yr vs 0.08%/yr for DGRO.

Performance

SPYC vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify US Equity PLUS Convexity ETF (SPYC) 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, SPYC achieves a 7.59% return, which is significantly lower than DGRO's 8.76% return.

SPYC

• 1D: -0.84%
• 1M: 5.51%
• YTD: 7.59%
• 6M: 6.63%
• 1Y: 16.39%
• 3Y*: 19.24%
• 5Y*: 9.87%
• 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)

SPYC vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPYC Simplify US Equity PLUS Convexity ETF	7.59%	15.31%	22.57%	23.98%	-25.65%	29.26%	9.10%
DGRO iShares Core Dividend Growth ETF	8.76%	15.69%	16.62%	10.47%	-7.91%	26.64%	11.07%

Correlation

The correlation between SPYC and DGRO is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Sep 8, 2020	0.80

The correlation between SPYC and DGRO shifts across timeframes, from 0.69 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

SPYC vs. DGRO - Sectors Allocation Comparison

Sectors	SPYC	DGRO
Technology	35.6%	19.4%
Financial Services	11.8%	21.2%
Communication Services	11.2%	0.1%
Consumer Cyclical	10.1%	5.7%
Healthcare	8.5%	16.4%
Industrials	8.3%	10.8%
Consumer Defensive	4.9%	11.5%
Energy	3.5%	5.6%
Utilities	2.4%	6.9%
Real Estate	1.9%	-
Basic Materials	1.8%	2.5%

Return for Risk

SPYC vs. DGRO — Risk / Return Rank

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

SPYC

SPYC Risk / Return Rank: 27
SPYC Sharpe Ratio Rank: 29
SPYC Sortino Ratio Rank: 29
SPYC Omega Ratio Rank: 27
SPYC Calmar Ratio Rank: 25
SPYC Martin Ratio Rank: 26

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.

SPYC vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify US Equity PLUS Convexity ETF (SPYC) 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.

	SPYC	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.39	-1.33
Sortino ratio: Return per unit of downside risk	1.60	3.49	-1.89
Omega ratio: Gain probability vs. loss probability	1.19	1.43	-0.24
Calmar ratio: Return relative to maximum drawdown	1.22	3.50	-2.28
Martin ratio: Return relative to average drawdown	3.66	13.52	-9.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYC vs. DGRO - Sharpe Ratio Comparison

The current SPYC Sharpe Ratio is 1.07, which is lower than the DGRO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of SPYC 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

	SPYC	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	2.39	-1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.77	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.76	-0.12

Drawdowns

SPYC vs. DGRO - Drawdown Comparison

The maximum SPYC drawdown since its inception was -28.51%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for SPYC and DGRO.

Drawdown Indicators

	SPYC	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-28.51%	-35.10%	+6.59%
Max Drawdown (1Y) Largest decline over 1 year	-13.47%	-6.47%	-7.00%
Max Drawdown (3Y) Largest decline over 3 years	-22.81%	-14.03%	-8.78%
Max Drawdown (5Y) Largest decline over 5 years	-28.51%	-19.31%	-9.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.10%	—
Current Drawdown Current decline from peak	-0.87%	-0.28%	-0.59%
Average Drawdown Average peak-to-trough decline	-8.24%	-3.44%	-4.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.49%	1.67%	+2.82%

Volatility

SPYC vs. DGRO - Volatility Comparison

Simplify US Equity PLUS Convexity ETF (SPYC) has a higher volatility of 3.73% compared to iShares Core Dividend Growth ETF (DGRO) at 2.21%. This indicates that SPYC'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

	SPYC	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	2.21%	+1.52%
Volatility (6M) Calculated over the trailing 6-month period	9.75%	6.91%	+2.84%
Volatility (1Y) Calculated over the trailing 1-year period	15.47%	9.48%	+5.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.88%	13.82%	+6.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.65%	16.62%	+3.03%

SPYC vs. DGRO - Expense Ratio Comparison

SPYC has a 0.28% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

SPYC vs. DGRO - Dividend Comparison

SPYC's dividend yield for the trailing twelve months is around 0.87%, 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%
SPYC Simplify US Equity PLUS Convexity ETF	0.87%	0.89%	1.02%	1.76%	1.34%	1.01%	0.40%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYC and DGRO in my portfolio?

SPYC and DGRO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYC or DGRO?

SPYC has higher volatility (3.73%) compared to DGRO (2.21%). In terms of maximum drawdown, SPYC dropped -28.51% vs DGRO's -35.10%.

Which ETF is better, SPYC or DGRO?

On 5-year performance, DGRO leads with 10.54% vs 9.87% for SPYC. 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, SPYC or DGRO?

Over the 5-year period, DGRO has performed better with a 10.54% return vs 9.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYC or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.28% for SPYC.

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

DGRO has the higher dividend yield at 1.96%, compared with 0.87% for SPYC.

What is the main difference between SPYC and DGRO?

They also come from different issuers: Simplify and iShares. Their fees differ too: 0.28% for SPYC and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.39 vs 1.07), 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.