VOOG vs. DGRO

Last updated Jun 18, 2026

VOOG (Vanguard S&P 500 Growth ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - VOOG is a S&P 500 fund tracking the S&P 500 Growth Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 10 years, VOOG returned 17.99%/yr vs 13.42%/yr for DGRO. A 0.77 correlation means they provide meaningful diversification when combined. VOOG charges 0.07%/yr vs 0.08%/yr for DGRO.

Performance

VOOG vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 Growth ETF (VOOG) 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, VOOG achieves a 10.28% return, which is significantly higher than DGRO's 9.00% return. Over the past 10 years, VOOG has outperformed DGRO with an annualized return of 17.99%, while DGRO has yielded a comparatively lower 13.42% annualized return.

VOOG

• 1D: -1.10%
• 1M: -0.04%
• YTD: 10.28%
• 6M: 13.48%
• 1Y: 29.35%
• 3Y*: 25.69%
• 5Y*: 14.92%
• 10Y*: 17.99%

DGRO

• 1D: -1.07%
• 1M: 2.07%
• YTD: 9.00%
• 6M: 9.32%
• 1Y: 23.07%
• 3Y*: 16.05%
• 5Y*: 11.42%
• 10Y*: 13.42%

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

VOOG vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOOG Vanguard S&P 500 Growth ETF	10.28%	22.11%	35.89%	29.96%	-29.48%	31.95%	33.35%	30.93%	-0.21%	27.19%
DGRO iShares Core Dividend Growth ETF	9.00%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%

Correlation

The correlation between VOOG and DGRO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jun 12, 2014	0.77

Over the past year, the correlation between VOOG and DGRO has dropped to 0.46 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

VOOG vs. DGRO - Sectors Allocation Comparison

Sectors	VOOG	DGRO
Technology	49.4%	22.0%
Communication Services	18.0%	0.1%
Consumer Cyclical	9.4%	5.4%
Financial Services	8.8%	20.6%
Industrials	6.2%	10.4%
Healthcare	5.8%	16.5%
Consumer Defensive	1.0%	11.1%
Real Estate	0.6%	-
Utilities	0.4%	6.4%
Basic Materials	0.4%	2.4%
Energy	0.1%	5.1%

Return for Risk

VOOG vs. DGRO — Risk / Return Rank

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

VOOG

VOOG Risk / Return Rank: 51
VOOG Sharpe Ratio Rank: 55
VOOG Sortino Ratio Rank: 52
VOOG Omega Ratio Rank: 52
VOOG Calmar Ratio Rank: 45
VOOG Martin Ratio Rank: 53

DGRO

DGRO Risk / Return Rank: 80
DGRO Sharpe Ratio Rank: 83
DGRO Sortino Ratio Rank: 86
DGRO Omega Ratio Rank: 80
DGRO Calmar Ratio Rank: 75
DGRO Martin Ratio Rank: 78

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.

VOOG vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 Growth ETF (VOOG) 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.

	VOOG	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	1.76	2.43	-0.68
Sortino ratio: Return per unit of downside risk	2.39	3.53	-1.14
Omega ratio: Gain probability vs. loss probability	1.31	1.44	-0.13
Calmar ratio: Return relative to maximum drawdown	2.15	3.58	-1.43
Martin ratio: Return relative to average drawdown	8.61	13.86	-5.25

VOOG vs. DGRO - Sharpe Ratio Comparison

The current VOOG Sharpe Ratio is 1.76, which is comparable to the DGRO Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of VOOG 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

VOOG vs. DGRO - Drawdown Comparison

The maximum VOOG drawdown since its inception was -32.73%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for VOOG and DGRO.

Drawdown Indicators

	VOOG	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-32.73%	-35.10%	+2.37%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-6.47%	-7.24%
Max Drawdown (3Y) Largest decline over 3 years	-22.18%	-14.03%	-8.15%
Max Drawdown (5Y) Largest decline over 5 years	-32.73%	-19.31%	-13.42%
Max Drawdown (10Y) Largest decline over 10 years	-32.73%	-35.10%	+2.37%
Current Drawdown Current decline from peak	-4.12%	-1.07%	-3.05%
Average Drawdown Average peak-to-trough decline	-4.96%	-3.43%	-1.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	1.67%	+1.75%

Volatility

VOOG vs. DGRO - Volatility Comparison

Vanguard S&P 500 Growth ETF (VOOG) has a higher volatility of 6.80% compared to iShares Core Dividend Growth ETF (DGRO) at 2.68%. This indicates that VOOG'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

	VOOG	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.80%	2.68%	+4.12%
Volatility (6M) Calculated over the trailing 6-month period	13.70%	7.00%	+6.70%
Volatility (1Y) Calculated over the trailing 1-year period	16.81%	9.57%	+7.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.34%	13.84%	+7.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.81%	16.63%	+4.18%

VOOG vs. DGRO - Expense Ratio Comparison

VOOG has a 0.07% 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

VOOG vs. DGRO - Dividend Comparison

VOOG's dividend yield for the trailing twelve months is around 0.45%, less than DGRO's 1.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.97%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
VOOG Vanguard S&P 500 Growth ETF	0.45%	0.49%	0.49%	1.12%	0.93%	0.53%	0.88%	1.26%	1.34%	1.32%	1.47%	1.56%

Frequently Asked Questions

Can I hold both VOOG and DGRO in my portfolio?

VOOG and DGRO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOOG or DGRO?

VOOG has higher volatility (6.80%) compared to DGRO (2.68%). In terms of maximum drawdown, VOOG dropped -32.73% vs DGRO's -35.10%.

Which ETF is better, VOOG or DGRO?

On 10-year performance, VOOG leads with 17.99% vs 13.42% for DGRO. On fees, VOOG is cheaper at 0.07% per year. On volatility, DGRO has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOOG or DGRO?

Over the 10-year period, VOOG has performed better with a 17.99% return vs 13.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOOG or DGRO?

VOOG is cheaper with a 0.07% expense ratio, compared with 0.08% for DGRO.

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

DGRO has the higher dividend yield at 1.97%, compared with 0.45% for VOOG.

What is the main difference between VOOG and DGRO?

VOOG is categorized as S&P 500, while DGRO is Large Cap Growth Equities. VOOG tracks S&P 500 Growth Index, while DGRO tracks Morningstar US Dividend Growth Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.07% for VOOG and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.43 vs 1.76), 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.