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"drag down" is a correct and usable phrase in written English.
It is used to indicate that something has caused something else to become less successful. For example, "The weakened economy is dragging down the housing market."
Dictionary
drag down
verb
To cause (other people or another person) to suffer the same fate.
Exact(60)
And I mean drag down.
Frustrated investors drag down share prices.
Few such moments drag down "Crazy," Ms. Dulfer's new album.
A small revenue decline would disproportionately drag down earnings.
This could drag down the economy for years.
Budget cuts drag down growth and push up unemployment.
A construction bust will continue to drag down output growth.
A fracturing of the euro could drag down the global economy.
About has been underperforming in recent months, helping to drag down the Times Company's overall profit.
Mr. Cote also expected slowing earnings growth to drag down stocks.
In the end, it is likely to drag down the Republican brand more than lift it.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com