TOPT vs. DGRO

Last updated Jun 4, 2026

TOPT (iShares Top 20 U.S. Stocks ETF) and DGRO (iShares Core Dividend Growth ETF) are both Large Cap Growth Equities funds from iShares - TOPT tracks the S&P 500 Top 20 Select Index while DGRO tracks the Morningstar US Dividend Growth Index. Both are passively managed. Over the past year, TOPT returned 30.17% vs 22.54% for DGRO. At a 0.50 correlation, their price movements are largely independent. TOPT charges 0.20%/yr vs 0.08%/yr for DGRO.

Performance

TOPT vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Top 20 U.S. Stocks ETF (TOPT) 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 TOPT having a 8.94% return and DGRO slightly lower at 8.76%.

TOPT

• 1D: -0.87%
• 1M: 5.40%
• YTD: 8.94%
• 6M: 8.53%
• 1Y: 30.17%
• 3Y*: —
• 5Y*: —
• 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)

TOPT vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOPT iShares Top 20 U.S. Stocks ETF	8.94%	20.35%	5.03%
DGRO iShares Core Dividend Growth ETF	8.76%	15.69%	-1.91%

Correlation

The correlation between TOPT and DGRO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Oct 25, 2024	0.50

TOPT vs. DGRO - Sectors Allocation Comparison

Sectors	TOPT	DGRO
Technology	43.6%	19.4%
Communication Services	19.4%	0.1%
Financial Services	12.4%	21.2%
Consumer Cyclical	9.2%	5.7%
Healthcare	7.7%	16.4%
Consumer Defensive	4.8%	11.5%
Energy	3.0%	5.6%
Basic Materials	-	2.5%
Industrials	-	10.8%
Real Estate	-	-
Utilities	-	6.9%

Return for Risk

TOPT vs. DGRO — Risk / Return Rank

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

TOPT

TOPT Risk / Return Rank: 58
TOPT Sharpe Ratio Rank: 65
TOPT Sortino Ratio Rank: 65
TOPT Omega Ratio Rank: 62
TOPT Calmar Ratio Rank: 46
TOPT Martin Ratio Rank: 51

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.

TOPT vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Top 20 U.S. Stocks ETF (TOPT) 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.

	TOPT	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.39	-0.17
Sortino ratio: Return per unit of downside risk	3.07	3.49	-0.42
Omega ratio: Gain probability vs. loss probability	1.39	1.43	-0.05
Calmar ratio: Return relative to maximum drawdown	2.31	3.50	-1.19
Martin ratio: Return relative to average drawdown	8.73	13.52	-4.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TOPT vs. DGRO - Sharpe Ratio Comparison

The current TOPT Sharpe Ratio is 2.22, which is comparable to the DGRO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of TOPT 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

	TOPT	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.39	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.77	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	0.76	+0.36

Drawdowns

TOPT vs. DGRO - Drawdown Comparison

The maximum TOPT drawdown since its inception was -21.21%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for TOPT and DGRO.

Drawdown Indicators

	TOPT	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-21.21%	-35.10%	+13.89%
Max Drawdown (1Y) Largest decline over 1 year	-13.13%	-6.47%	-6.66%
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	-1.25%	-0.28%	-0.97%
Average Drawdown Average peak-to-trough decline	-3.48%	-3.44%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.46%	1.67%	+1.79%

Volatility

TOPT vs. DGRO - Volatility Comparison

iShares Top 20 U.S. Stocks ETF (TOPT) has a higher volatility of 3.46% compared to iShares Core Dividend Growth ETF (DGRO) at 2.21%. This indicates that TOPT'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

	TOPT	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.46%	2.21%	+1.25%
Volatility (6M) Calculated over the trailing 6-month period	10.14%	6.91%	+3.23%
Volatility (1Y) Calculated over the trailing 1-year period	13.68%	9.48%	+4.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.83%	13.82%	+6.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.83%	16.62%	+3.21%

TOPT vs. DGRO - Expense Ratio Comparison

TOPT has a 0.20% 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

TOPT vs. DGRO - Dividend Comparison

TOPT's dividend yield for the trailing twelve months is around 0.36%, 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%
TOPT iShares Top 20 U.S. Stocks ETF	0.36%	0.38%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOPT and DGRO in my portfolio?

TOPT and DGRO have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOPT or DGRO?

TOPT has higher volatility (3.46%) compared to DGRO (2.21%). In terms of maximum drawdown, TOPT dropped -21.21% vs DGRO's -35.10%.

Which ETF is better, TOPT or DGRO?

On 1-year performance, TOPT leads with 30.17% vs 22.54% for DGRO. 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, TOPT or DGRO?

Over the 1-year period, TOPT has performed better with a 30.17% return vs 22.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOPT or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.20% for TOPT.

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

DGRO has the higher dividend yield at 1.96%, compared with 0.36% for TOPT.

What is the main difference between TOPT and DGRO?

TOPT tracks S&P 500 Top 20 Select Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.20% for TOPT and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.39 vs 2.22), 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.