BGDV vs DIVL: Grades, Fees and Holdings Compared

Bahl & Gaynor Dividend ETF

BGDVBNYSE Arca

Madison Dividend Value ETF

DIVLCNYSE Arca

Overlap

16.1%by weight

Expense ratio

BGDV −0.20pt a year

BGDV0.45%DIVL0.65%

Avg volume · 30D

BGDV 20.9×the volume

BGDV32.2KDIVL1.54K

BGDV vs DIVL Performance

Oct 31, 2025 – Nov 2, 2026

+19.0%BGDV+19.8%DIVL

Expense ratio: BGDV 0.45%, better; DIVL 0.65%
Fund size: BGDV $870M; DIVL $64M
1Y total return: BGDV +19.0%; DIVL +19.8%, better
Yield (12M): BGDV 0.94%; DIVL 1.70%, better
Holdings: BGDV 47; DIVL 38
Avg volume (30D): BGDV 32.2K sh, better; DIVL 1.54K sh
NAV per share: BGDV $31.23; DIVL $26.46
52W range

ETF.net Grade

Pillar letters and Scores for BGDV, DIVL, with each pillar’s weight
Pillar	BGDV	DIVL
Cost30% weight	A73Higher	D28
Mission25% weight	Not scored	C40
Risk15% weight	C44	B57Higher
Tradability15% weight	A81Higher	D39
Holdings10% weight	B64Higher	C42
Durability5% weight	A70Higher	B60

Rank among US Active Dividend Income funds

How we build Categories ›

Same Category. BGDV and DIVL are both graded against the same 40 US Active Dividend Income funds, so their Grades compare head to head.

US Active Dividend Income⁠

Category · 40 funds

See all 40 ›

BGDV ranks 4th and DIVL 29th of 40 funds in the US Active Dividend Income Category.

Rank 1ACGDVCapital Group Dividend Value ETFScore 76
Rank 2AHIDVAB US High Dividend ETFScore 73
Rank 3ABGIGBahl & Gaynor Income Growth ETFScore 70
Rank 4BBGDVBahl & Gaynor Dividend ETFScore 67
Rank 4BFDIVMarketDesk Focused U.S. Dividend ETFScore 67
Rank 27CUDIUSCF Dividend Income ETFScore 40
Rank 29CDIVLMadison Dividend Value ETFScore 39
Rank 29DSPCTLiberty One Spectrum ETFScore 39

Our read on each fund

ETF.net Research

BGDVBBahl & Gaynor Dividend ETF

DIVLCMadison Dividend Value ETF

In short

BGDV No data

DIVL Most dividend funds screen for headline yield. Madison buys quality payers when their own yield sits unusually high versus its history, which usually means the crowd is nervous. Roughly 40 stocks, actively picked, paid monthly.

Stated mandate

BGDV No data

DIVL The Fund seeks current income while also providing an opportunity for capital appreciation.

Why people hold it

BGDV No data

DIVL The screen is spelled out: yield at least 110% of the S&P 500's, market cap above $1 billion, a strong balance sheet, and a dividend the manager expects to keep rising.sec.gov
Relative yield discipline favors stocks whose dividend yields sit in the top quarter of their own historic range. A valuation trigger, not a raw-yield chase.madisonfunds.com madisonfunds.com 2
Concentrated by design, around 40 names with at least 80% of assets in dividend payers, and income goes out monthly rather than quarterly.sec.gov

Worth knowing

BGDV No data

DIVL At 0.65% it runs above the dividend-income median and well above active peers like CGDV (0.33%) and TDVG (0.50%). Stock picking is what you're paying up for.
Thinly traded next to the category's heavyweights, so the spread is part of your cost of entry, not just the expense ratio.
Launched in 2023, so the ETF itself is young, though relative yield is Madison's long-running house approach to dividend investing.madisoninvestments.com

Full BGDV profile⁠

Full DIVL profile⁠

BGDV vs DIVL Holdings

How BGDV and DIVL differ

Overlap by weight

16.1%

Shared holdings make up 27.4% of DIVL and 16.6% of BGDV.

Level by level

Holdings8 in both16.1%
Sector11 Sectors72.9%
Countryby domicile95.2%
Asset classEquity100%

Sector

Sector weights in BGDV and DIVL, widest gap first
Sector	More in BGDVMore in DIVL	BGDV	DIVL
Technology	BGDV +19.8 points	27.9%	8.1%
Energy	DIVL +11.1 points	6.7%	17.8%
Consumer Staples	DIVL +6.9 points	2.3%	9.2%
Communication	BGDV +5.2 points	5.2%	0.0%
Health Care	DIVL +4.2 points	12.9%	17.1%
Real Estate	DIVL +1.7 points	1.1%	2.8%
Materials	DIVL +1.6 points	2.2%	3.8%
Consumer Discretionary	DIVL +1.6 points	4.9%	6.5%
Financials	BGDV +1.2 points	18.4%	17.2%
Utilities	BGDV +0.5 points	4.1%	3.6%
Industrials	BGDV +0.4 points	14.3%	14.0%

Country, concentration and asset class

Country by domicile

Country weights in BGDV and DIVL, widest gap first
Country	More in BGDVMore in DIVL	BGDV	DIVL
United States	DIVL +4.8 points	95.2%	100.0%
Taiwan	BGDV +4.8 points	4.8%	0.0%

Concentration

Weight in the 10 largest Holdings

BGDV34.7%
DIVL41.7%

Securities held

BGDV47
DIVL37

Asset class

BGDV: Equity
DIVL: Equity

Holdings

Only in BGDV39
In both8
Only in DIVL29

Only in BGDV

39 securities, 83.4% of BGDV by weight

Taiwan Semiconductor Manufacturing Co Ltd4.44%
Eli Lilly & Co4.33%
Victory Capital Holdings Inc3.90%
Motorola Solutions Inc3.39%
Encompass Health Corp3.35%
NVIDIA Corp3.02%
Broadcom Inc2.99%
UnitedHealth Group Inc2.95%
Cintas Corp2.89%
Amphenol Corp2.76%
Targa Resources Corp2.72%
Microsoft Corp2.59%
Reinsurance Group of America Inc2.57%
Williams Cos Inc/The2.54%
Reliance Inc2.34%
Meta Platforms Inc2.23%
Hartford Insurance Group Inc/The2.20%
Snap-on Inc2.13%
Cboe Global Markets Inc2.04%
Parker-Hannifin Corp2.04%
TJX Cos Inc/The1.93%
Alphabet Inc1.91%
Western Digital Corp1.86%
Hubbell Inc1.85%
Carrier Global Corp1.84%
Ferrari NV1.83%
Travelers Cos Inc/The1.82%
Mondelez International Inc1.74%
Apollo Global Management Inc1.28%
CMS Energy Corp1.23%
Sempra1.23%
Ge Aerospace1.21%
KKR & Co Inc1.15%
Welltower Inc1.08%
Accenture PLC1.04%
Walmart Inc0.80%
Casey's General Stores Inc0.80%
Kla Corp0.76%
Evercore Inc0.58%

Only in DIVL

29 securities, 72.6% of DIVL by weight

Johnson & Johnson5.34%
ExxonMobil Holdings Corp5.29%
ConocoPhillips3.77%
Union Pacific Corp3.61%
Procter & Gamble Co/The3.52%
Illinois Tool Works Inc3.20%
Texas Instruments Inc3.15%
Coca-Cola Co/The3.06%
Air Products and Chemicals Inc2.99%
Amgen Inc2.96%
Medtronic PLC2.94%
Colgate-Palmolive Co2.85%
Pfizer Inc2.58%
Prologis Inc2.54%
SLB Ltd2.54%
Fastenal Co2.41%
Lowe's Cos Inc2.25%
Bank of America Corp2.23%
Blackrock Inc2.16%
McDonald's Corp2.03%
Honeywell International Inc1.80%
Morgan Stanley1.62%
Automatic Data Processing Inc1.52%
State Street Corp1.42%
EOG Resources Inc1.25%
Charles Schwab Corp/The1.24%
Rockwell Automation Inc1.15%
T Rowe Price Group Inc0.89%
Us Bank Mmda - Usbgfs 9 09/01/20370.27%

Weight gaps

All 8 Holdings in both funds, largest gap first.

Holding weights in BGDV and DIVL, widest gap first
Holding	More in BGDVMore in DIVL	BGDV	DIVL
Chevron CorpCVX	DIVL +3.57 points	1.74%	5.31%
CME Group IncCME	DIVL +2.49 points	1.50%	3.99%
NextEra Energy IncNEE	DIVL +1.71 points	1.95%	3.66%
Analog Devices IncADI	DIVL +1.44 points	1.85%	3.29%
Home Depot Inc/TheHD	DIVL +1.38 points	1.34%	2.72%
Waste Management IncWM	BGDV +0.54 points	2.45%	1.91%
AbbVie IncABBV	DIVL +0.39 points	3.48%	3.87%
JPMorgan Chase & Co.JPM	DIVL +0.27 points	2.33%	2.60%

All 47 BGDV holdings⁠All 40 DIVL holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BGDV vs DIVL Cost

Overpaying DIVL vs BGDV

$3,676

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BGDV 0.45%
$9,041
DIVL 0.65%
$12,717

Amount$10,000

Years30 years

Cost over time

BGDV 0.45%
DIVL 0.65%
Overpaying

Year by year

Year	BGDV	DIVL	Overpaying
10	$812	$1,163	$351
20	$3,128	$4,440	$1,312
30	$9,041	$12,717	$3,676

Expense ratio

0.45%BGDV, cheaper
0.65%DIVL

BGDV0.45%DIVL0.65%

0.25%0.99%

Middle half of US Active Dividend Income funds
Median 0.50%

BGDV 9th cheapest of 40 funds

DIVL 27th cheapest of 40 funds

BGDV vs DIVL Dividends

Last 12 months to Nov 2, 2026

Yield (12M): BGDV 0.94%; DIVL 1.70%, better
Payout (12M): BGDV $0.29; DIVL $0.45
Last payment: BGDV $0.02; DIVL $0.03
Ex-dividend: BGDV Oct 29, 2026; DIVL Oct 28, 2026
Paid on: BGDV Nov 2, 2026; DIVL Oct 30, 2026
Frequency: BGDV Monthly; DIVL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BGDVMonthly · 23 paymentsAll BGDV payments⁠

DIVLMonthly · 38 paymentsAll DIVL payments⁠

BGDV vs DIVL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BGDV 11.4%since Jan 2025DIVL 12.4%
Return per unit of riskSharpe ratio, 3 years: BGDV 1.00since Jan 2025DIVL 0.88
Worst fallMax drawdown, 5 years: BGDV −14.8%since Dec 2024DIVL −14.0%since Aug 2023
Market sensitivityBeta, 5 years: BGDV 0.69DIVL 0.54; Market = 1

BGDV and DIVL in the news

All news⁠

Filings Digest
11 Strive funds will move to NYSE Arca on Dec. 15
Oct 29, 2026DIVL

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BGDV vs DIVL

In short

Stated mandate

Why people hold it

Worth knowing

How BGDV and DIVL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BGDV

Only in DIVL

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

11 Strive funds will move to NYSE Arca on Dec. 15

How BGDV and DIVL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BGDV

Only in DIVL

Weight gaps