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UTG vs. DGRO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UTG vs. DGRO

Last updated Jun 13, 2026

UTG (Reaves Utility Income Trust) is a stock, while DGRO (iShares Core Dividend Growth ETF) is Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Over the past 10 years, UTG returned 10.23%/yr vs 13.52%/yr for DGRO. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

UTG vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Reaves Utility Income Trust (UTG) and iShares Core Dividend Growth ETF (DGRO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UTG achieves a 13.63% return, which is significantly higher than DGRO's 9.86% return. Over the past 10 years, UTG has underperformed DGRO with an annualized return of 10.23%, while DGRO has yielded a comparatively higher 13.52% annualized return.

UTG

1D
1.59%
1M
-4.80%
YTD
13.63%
6M
13.46%
1Y
23.56%
3Y*
22.50%
5Y*
10.71%
10Y*
10.23%

DGRO

1D
0.69%
1M
3.74%
YTD
9.86%
6M
9.27%
1Y
22.26%
3Y*
16.74%
5Y*
10.82%
10Y*
13.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UTG vs. DGRO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UTG
Reaves Utility Income Trust		13.63%23.24%28.10%2.84%-13.38%14.26%-5.25%33.65%1.84%6.74%
DGRO
iShares Core Dividend Growth ETF		9.86%15.69%16.62%10.47%-7.91%26.64%9.50%29.87%-2.38%23.00%

Correlation

The correlation between UTG and DGRO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.40

Correlation (3Y)
Calculated over the trailing 3-year period

0.50

Correlation (5Y)
Calculated over the trailing 5-year period

0.57

Correlation (10Y)
Calculated over the trailing 10-year period

0.51

Correlation (All Time)
Calculated using the full available price history since Jun 12, 2014

0.52

The correlation between UTG and DGRO shifts across timeframes, from 0.40 (1 year) to 0.57 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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Reaves Utility Income Trust

iShares Core Dividend Growth ETF

Often compared with UTG:
UTG vs. UTFUTG vs. XLUUTG vs. VPUUTG vs. SCHDUTG vs. ASGIUTG vs. HSTIXUTG vs. VNQ
Often compared with DGRO:
DGRO vs. SCHDDGRO vs. VIGDGRO vs. VYMDGRO vs. VOODGRO vs. DGRWDGRO vs. DIVODGRO vs. HDV

Return for Risk

UTG vs. DGRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UTG
UTG Risk / Return Rank: 7676
Overall Rank
UTG Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
UTG Sortino Ratio Rank: 7474
Sortino Ratio Rank
UTG Omega Ratio Rank: 7474
Omega Ratio Rank
UTG Calmar Ratio Rank: 7777
Calmar Ratio Rank
UTG Martin Ratio Rank: 7575
Martin Ratio Rank
DGRO
DGRO Risk / Return Rank: 8282
Overall Rank
DGRO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
DGRO Sortino Ratio Rank: 8787
Sortino Ratio Rank
DGRO Omega Ratio Rank: 8282
Omega Ratio Rank
DGRO Calmar Ratio Rank: 7777
Calmar Ratio Rank
DGRO Martin Ratio Rank: 7979
Martin Ratio Rank
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.

UTG vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Reaves Utility Income Trust (UTG) 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.

UTGDGRODifference
Sharpe ratioReturn per unit of total volatility
1.40
2.34

-0.94

Sortino ratioReturn per unit of downside risk
1.84
3.40

-1.55

Omega ratioGain probability vs. loss probability

1.24

1.42

-0.18

Calmar ratioReturn relative to maximum drawdown

2.04

3.46

-1.41

Martin ratioReturn relative to average drawdown

4.45

13.36

-8.92

UTG vs. DGRO - Sharpe Ratio Comparison

The current UTG Sharpe Ratio is 1.40, which is lower than the DGRO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of UTG 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.

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Drawdowns

UTG vs. DGRO - Drawdown Comparison

The maximum UTG drawdown since its inception was -67.77%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for UTG and DGRO.

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Drawdown Indicators

UTGDGRODifference

Max Drawdown

Largest peak-to-trough decline

-67.77%

-35.10%

-32.67%

Max Drawdown (1Y)

Largest decline over 1 year

-11.59%

-6.47%

-5.12%

Max Drawdown (3Y)

Largest decline over 3 years

-15.03%

-14.03%

-1.00%

Max Drawdown (5Y)

Largest decline over 5 years

-26.54%

-19.31%

-7.23%

Max Drawdown (10Y)

Largest decline over 10 years

-47.91%

-35.10%

-12.81%

Current Drawdown

Current decline from peak

-6.18%

0.00%

-6.18%

Average Drawdown

Average peak-to-trough decline

-8.74%

-3.44%

-5.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.31%

1.68%

+3.63%

Volatility

UTG vs. DGRO - Volatility Comparison

Reaves Utility Income Trust (UTG) has a higher volatility of 6.31% compared to iShares Core Dividend Growth ETF (DGRO) at 2.64%. This indicates that UTG'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.

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Volatility by Period

UTGDGRODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.31%

2.64%

+3.67%

Volatility (6M)

Calculated over the trailing 6-month period

13.12%

6.96%

+6.16%

Volatility (1Y)

Calculated over the trailing 1-year period

16.96%

9.59%

+7.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.87%

13.83%

+3.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.61%

16.62%

+4.99%

Dividends

UTG vs. DGRO - Dividend Comparison

UTG's dividend yield for the trailing twelve months is around 5.86%, more than DGRO's 1.94% yield.

PositionTTM20252024202320222021202020192018201720162015
DGRO
iShares Core Dividend Growth ETF		1.94%2.09%2.26%2.45%2.34%1.93%2.30%2.21%2.44%2.03%2.27%2.52%
UTG
Reaves Utility Income Trust		5.86%6.42%7.19%8.53%8.07%6.35%6.59%5.69%6.86%6.21%9.02%6.86%

Frequently Asked Questions

UTG and DGRO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UTG has higher volatility (6.31%) compared to DGRO (2.64%). In terms of maximum drawdown, UTG dropped -67.77% vs DGRO's -35.10%.

DGRO currently has the higher Sharpe Ratio (2.34 vs 1.40), 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.

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