VEGN vs. DGRO

Last updated Jun 3, 2026

VEGN (US Vegan Climate ETF) and DGRO (iShares Core Dividend Growth ETF) are both Large Cap Growth Equities funds - VEGN tracks the US Vegan Climate Index while DGRO tracks the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 5 years, VEGN returned 17.14%/yr vs 10.72%/yr for DGRO. A 0.78 correlation means they provide meaningful diversification when combined. VEGN charges 0.60%/yr vs 0.08%/yr for DGRO.

Performance

VEGN vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Vegan Climate ETF (VEGN) 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, VEGN achieves a 32.90% return, which is significantly higher than DGRO's 9.06% return.

VEGN

• 1D: 1.08%
• 1M: 19.56%
• YTD: 32.90%
• 6M: 34.35%
• 1Y: 52.58%
• 3Y*: 30.29%
• 5Y*: 17.14%
• 10Y*: —

DGRO

• 1D: 0.83%
• 1M: 2.63%
• YTD: 9.06%
• 6M: 10.08%
• 1Y: 23.65%
• 3Y*: 17.10%
• 5Y*: 10.72%
• 10Y*: 13.33%

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

VEGN vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VEGN US Vegan Climate ETF	32.90%	13.71%	25.42%	38.10%	-26.87%	26.01%	27.72%	9.10%
DGRO iShares Core Dividend Growth ETF	9.06%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	8.84%

Correlation

The correlation between VEGN and DGRO is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Sep 11, 2019	0.78

The correlation between VEGN and DGRO shifts across timeframes, from 0.59 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

VEGN vs. DGRO - Sectors Allocation Comparison

Sectors	VEGN	DGRO
Technology	56.2%	19.4%
Financial Services	15.8%	21.2%
Communication Services	10.7%	0.1%
Industrials	5.7%	10.8%
Healthcare	5.6%	16.4%
Real Estate	3.7%	-
Consumer Cyclical	2.1%	5.7%
Basic Materials	0.1%	2.5%
Utilities	0.1%	6.9%
Consumer Defensive	0.0%	11.5%
Energy	-	5.6%

Return for Risk

VEGN vs. DGRO — Risk / Return Rank

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

VEGN

VEGN Risk / Return Rank: 87
VEGN Sharpe Ratio Rank: 91
VEGN Sortino Ratio Rank: 90
VEGN Omega Ratio Rank: 87
VEGN Calmar Ratio Rank: 83
VEGN Martin Ratio Rank: 86

DGRO

DGRO Risk / Return Rank: 76
DGRO Sharpe Ratio Rank: 76
DGRO Sortino Ratio Rank: 81
DGRO Omega Ratio Rank: 76
DGRO Calmar Ratio Rank: 73
DGRO Martin Ratio Rank: 74

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.

VEGN vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Vegan Climate ETF (VEGN) 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.

	VEGN	DGRO	Difference
Sharpe ratio Return per unit of total volatility	3.25	2.51	+0.75
Sortino ratio Return per unit of downside risk	4.22	3.64	+0.58
Omega ratio Gain probability vs. loss probability	1.55	1.46	+0.09
Calmar ratio Return relative to maximum drawdown	4.46	3.71	+0.75
Martin ratio Return relative to average drawdown	18.23	14.35	+3.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEGN vs. DGRO - Sharpe Ratio Comparison

The current VEGN Sharpe Ratio is 3.25, which is comparable to the DGRO Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of VEGN 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

	VEGN	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.25	2.51	+0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.78	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.77	+0.10

Drawdowns

VEGN vs. DGRO - Drawdown Comparison

The maximum VEGN drawdown since its inception was -34.14%, roughly equal to the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for VEGN and DGRO.

Drawdown Indicators

	VEGN	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-34.14%	-35.10%	+0.96%
Max Drawdown (1Y) Largest decline over 1 year	-11.85%	-6.47%	-5.38%
Max Drawdown (3Y) Largest decline over 3 years	-20.91%	-14.03%	-6.88%
Max Drawdown (5Y) Largest decline over 5 years	-33.40%	-19.31%	-14.09%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.10%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.59%	-3.45%	-4.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	1.67%	+1.23%

Volatility

VEGN vs. DGRO - Volatility Comparison

US Vegan Climate ETF (VEGN) has a higher volatility of 5.95% compared to iShares Core Dividend Growth ETF (DGRO) at 2.36%. This indicates that VEGN'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

	VEGN	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.95%	2.36%	+3.59%
Volatility (6M) Calculated over the trailing 6-month period	13.38%	6.96%	+6.42%
Volatility (1Y) Calculated over the trailing 1-year period	16.24%	9.47%	+6.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.27%	13.82%	+6.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.77%	16.63%	+6.14%

VEGN vs. DGRO - Expense Ratio Comparison

VEGN has a 0.60% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

VEGN vs. DGRO - Dividend Comparison

VEGN's dividend yield for the trailing twelve months is around 0.44%, less than DGRO's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.95%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
VEGN US Vegan Climate ETF	0.44%	0.51%	0.51%	0.67%	0.81%	0.41%	0.71%	0.29%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VEGN and DGRO in my portfolio?

VEGN and DGRO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEGN or DGRO?

VEGN has higher volatility (5.95%) compared to DGRO (2.36%). In terms of maximum drawdown, VEGN dropped -34.14% vs DGRO's -35.10%.

Which ETF is better, VEGN or DGRO?

On 5-year performance, VEGN leads with 17.14% vs 10.72% for DGRO. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 2.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VEGN or DGRO?

Over the 5-year period, VEGN has performed better with a 17.14% return vs 10.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VEGN or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.60% for VEGN.

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

DGRO has the higher dividend yield at 1.95%, compared with 0.44% for VEGN.

What is the main difference between VEGN and DGRO?

VEGN tracks US Vegan Climate Index, while DGRO tracks Morningstar US Dividend Growth Index. They also come from different issuers: Beyond Investing and iShares. Their fees differ too: 0.60% for VEGN and 0.08% for DGRO.

Which has better risk-adjusted returns?

VEGN currently has the higher Sharpe Ratio (3.25 vs 2.51), 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.