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"dragging down" is correct and usable in written English.
"Dragging down" is often used to talk about something that is depressing, depressing the mood, or making a situation worse. For example, "The economic downturn is dragging down our profits."
Exact(57)
Cost pressures had been dragging down profits for years.
Weak demand, driven by austerity, debt and a lack of economic growth is dragging down prices.
These teams functioned well enough, and no team was dragging down the average that much.
She said critics of the project were attacked for dragging down a city already in crisis.
Bargain-price foreclosures are dragging down home values in neighborhoods across the country.
Pockets tend to sag under the music players' weight, dragging down collars as well.
"Now it's the economy and financial markets that are dragging down housing".
Dragging down to that "live bookmark" leads to a menu of headlines of new stories.
Thus, concerns about low-cost Hero homes dragging down property values are unfounded.
Stranded fruit may flood the U.S. market, dragging down prices.
Mexico's politicians are effectively dragging down the country.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com