XQLT.TO vs. DGRO

Last updated Jun 9, 2026

XQLT.TO (iShares MSCI USA Quality Factor Index ETF) and DGRO (iShares Core Dividend Growth ETF) are both Large Cap Growth Equities funds from iShares - XQLT.TO tracks the MSCI USA Sector Neutral Quality Index while DGRO tracks the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 5 years, XQLT.TO returned 14.58%/yr vs 13.80%/yr for DGRO. At a 0.47 correlation, their price movements are largely independent. XQLT.TO charges 0.32%/yr vs 0.08%/yr for DGRO.

Performance

XQLT.TO vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI USA Quality Factor Index ETF (XQLT.TO) and iShares Core Dividend Growth ETF (DGRO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XQLT.TO is traded in CAD, while DGRO is traded in USD. To make them comparable, the DGRO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XQLT.TO achieves a 9.58% return, which is significantly lower than DGRO's 10.45% return.

XQLT.TO

• 1D: 0.47%
• 1M: 3.86%
• YTD: 9.58%
• 6M: 8.72%
• 1Y: 21.48%
• 3Y*: 20.83%
• 5Y*: 14.58%
• 10Y*: —

DGRO

• 1D: -0.02%
• 1M: 4.80%
• YTD: 10.45%
• 6M: 10.14%
• 1Y: 24.38%
• 3Y*: 18.31%
• 5Y*: 13.80%
• 10Y*: 14.30%

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

XQLT.TO vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XQLT.TO iShares MSCI USA Quality Factor Index ETF	9.58%	7.09%	32.36%	28.08%	-17.15%	27.90%	11.61%	9.78%
DGRO iShares Core Dividend Growth ETF	10.45%	10.41%	26.49%	7.84%	-2.07%	26.58%	6.90%	6.67%

Correlation

The correlation between XQLT.TO and DGRO is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Sep 13, 2019	0.47

The correlation between XQLT.TO and DGRO shifts across timeframes, from 0.47 (all time) to 0.62 (1 year), reflecting how their relationship changes across market environments.

XQLT.TO vs. DGRO - Sectors Allocation Comparison

Sectors	XQLT.TO	DGRO
Technology	37.0%	19.4%
Financial Services	11.8%	21.2%
Communication Services	11.0%	0.1%
Consumer Cyclical	9.3%	5.7%
Healthcare	8.8%	16.4%
Industrials	7.9%	10.8%
Consumer Defensive	4.9%	11.5%
Energy	4.0%	5.6%
Utilities	1.8%	6.9%
Real Estate	1.8%	-
Basic Materials	1.7%	2.5%

Return for Risk

XQLT.TO vs. DGRO — Risk / Return Rank

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

XQLT.TO

XQLT.TO Risk / Return Rank: 60
XQLT.TO Sharpe Ratio Rank: 59
XQLT.TO Sortino Ratio Rank: 62
XQLT.TO Omega Ratio Rank: 58
XQLT.TO Calmar Ratio Rank: 58
XQLT.TO Martin Ratio Rank: 60

DGRO

DGRO Risk / Return Rank: 78
DGRO Sharpe Ratio Rank: 80
DGRO Sortino Ratio Rank: 84
DGRO Omega Ratio Rank: 78
DGRO Calmar Ratio Rank: 74
DGRO Martin Ratio Rank: 76

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.

XQLT.TO vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality Factor Index ETF (XQLT.TO) 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.

	XQLT.TO	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.36	-0.56
Sortino ratio: Return per unit of downside risk	2.60	3.43	-0.83
Omega ratio: Gain probability vs. loss probability	1.32	1.42	-0.10
Calmar ratio: Return relative to maximum drawdown	2.59	3.97	-1.39
Martin ratio: Return relative to average drawdown	9.77	14.69	-4.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XQLT.TO vs. DGRO - Sharpe Ratio Comparison

The current XQLT.TO Sharpe Ratio is 1.80, which is comparable to the DGRO Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of XQLT.TO 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

	XQLT.TO	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	2.36	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.92	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.84	+0.09

Drawdowns

XQLT.TO vs. DGRO - Drawdown Comparison

The maximum XQLT.TO drawdown since its inception was -25.12%, smaller than the maximum DGRO drawdown of -29.39%. Use the drawdown chart below to compare losses from any high point for XQLT.TO and DGRO.

Drawdown Indicators

	XQLT.TO	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-25.12%	-29.39%	+4.27%
Max Drawdown (1Y) Largest decline over 1 year	-8.35%	-6.16%	-2.19%
Max Drawdown (3Y) Largest decline over 3 years	-18.95%	-15.15%	-3.80%
Max Drawdown (5Y) Largest decline over 5 years	-25.12%	-16.54%	-8.58%
Max Drawdown (10Y) Largest decline over 10 years	—	-29.39%	—
Current Drawdown Current decline from peak	-1.60%	-0.70%	-0.90%
Average Drawdown Average peak-to-trough decline	-5.20%	-3.06%	-2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	1.66%	+0.54%

Volatility

XQLT.TO vs. DGRO - Volatility Comparison

iShares MSCI USA Quality Factor Index ETF (XQLT.TO) has a higher volatility of 4.18% compared to iShares Core Dividend Growth ETF (DGRO) at 2.57%. This indicates that XQLT.TO'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

	XQLT.TO	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.18%	2.57%	+1.61%
Volatility (6M) Calculated over the trailing 6-month period	9.52%	7.87%	+1.65%
Volatility (1Y) Calculated over the trailing 1-year period	12.01%	10.38%	+1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	15.06%	+0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.45%	17.75%	-1.30%

XQLT.TO vs. DGRO - Expense Ratio Comparison

XQLT.TO has a 0.32% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

XQLT.TO vs. DGRO - Dividend Comparison

XQLT.TO's dividend yield for the trailing twelve months is around 0.64%, 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%
XQLT.TO iShares MSCI USA Quality Factor Index ETF	0.64%	0.69%	0.72%	0.94%	1.21%	0.87%	1.11%	1.23%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XQLT.TO and DGRO in my portfolio?

XQLT.TO and DGRO have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XQLT.TO or DGRO?

On fees, DGRO is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XQLT.TO or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.32% for XQLT.TO.

What is the main difference between XQLT.TO and DGRO?

XQLT.TO tracks MSCI USA Sector Neutral Quality Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.32% for XQLT.TO and 0.08% for DGRO.