DGRO vs OUSM: Grades, Fees and Holdings Compared

iShares Core Dividend Growth ETF

DGROANYSE Arca

ALPS O'Shares U.S. Small-Cap Quality Dividend ETF

OUSMCNYSE Arca

Overlap

1.8%by weight

Expense ratio

DGRO −0.40pt a year

DGRO0.08%OUSM0.48%

Avg volume · 30D

DGRO 23.7×the volume

DGRO1.39MOUSM58.6K

5Y return · a year

DGRO +3.4pt

DGRO+11.3%OUSM+7.9%

DGRO vs OUSM Performance

Oct 29, 2021 – Oct 30, 2026

+71.0%DGRO+46.6%OUSM

Expense ratio: DGRO 0.08%, better; OUSM 0.48%
Fund size: DGRO $45.3B; OUSM $810M
1Y total return: DGRO +21.5%, better; OUSM +13.9%
Yield (12M): DGRO 1.84%; OUSM 1.99%, better
Holdings: DGRO 394; OUSM 111
Avg volume (30D): DGRO 1.39M sh, better; OUSM 58.6K sh
NAV per share: DGRO $81.00; OUSM $48.58
52W range

ETF.net Grade

Pillar letters and Scores for DGRO, OUSM, with each pillar’s weight
Pillar	DGRO	OUSM
Cost30% weight	A88Higher	F22
Mission25% weight	A98Higher	A87
Risk15% weight	A77Higher	F19
Tradability15% weight	A90Higher	C52
Holdings10% weight	B62	B68Higher
Durability5% weight	A87Higher	C50

Rank among US Dividend Index funds

How we build Categories ›

Same Category. DGRO and OUSM are both graded against the same 52 US Dividend Index funds, so their Grades compare head to head.

US Dividend Index⁠

Category · 52 funds

See all 52 ›

DGRO ranks 1st and OUSM 40th of 52 funds in the US Dividend Index Category.

Rank 1ADGROiShares Core Dividend Growth ETFScore 86
Rank 2ASCHDSchwab U.S. Dividend Equity ETFScore 81
Rank 37CQDFNorthern Trust Quality Dividend ETFScore 49
Rank 40COUSMALPS O'Shares U.S. Small-Cap Quality Dividend ETFScore 48
Rank 40CTPHDTimothy Plan High Dividend Stock ETFScore 48

Our read on each fund

ETF.net Research

DGROAiShares Core Dividend Growth ETF

OUSMCALPS O'Shares U.S. Small-Cap Quality Dividend ETF

In short

DGRO BlackRock's dividend-growth screen casts a wider net than most: five straight years of raises rather than ten, plus a payout-ratio cap that filters out stretched payers. About 400 US dividend raisers, large through small cap, for 0.08% a year.

OUSM Most dividend ETFs shop the large-cap aisle. OUSM works the small-cap end instead, screening for quality balance sheets, lower volatility and dividend growth, then paying out monthly.

Stated mandate

DGRO The fund seeks to follow an index of U.S. equities whose dividends have grown consistently.

OUSM OUSM seeks to track the performance of the O'Shares U.S. Small-Cap Quality Dividend Index before fees and expenses. Its portfolio consists of U.S. small-cap dividend-paying companies selected for quality, low volatility, and dividend-growth characteristics.

Why people hold it

DGRO Costs 0.08% a year, a small fraction of the typical fee among US dividend-screen ETFs.
The screen has teeth: a qualified dividend, five years of uninterrupted dividend growth, a payout ratio under 75%, and the top decile of yielders cut before the other tests run.ishares.com
Roughly 400 names across large, mid and small caps, weighted by the dividend dollars each company pays rather than by market cap.ishares.com cib.barclays
Tracks the Morningstar US Dividend Growth Index about as tightly as this group gets, and it's an actively traded, multi-billion-dollar fund that has run since 2014.

OUSM Small-cap and dividend rarely share a shelf. The index screens roughly 110 U.S. small caps for quality, low volatility and dividend growth, a corner the big dividend funds mostly skip.alpsfunds.com
Distributions land monthly rather than quarterly, an uncommon cadence for a stock fund.
Live since 2016 and still doing the one job on the label: track a small-cap quality dividend index, with no drift up into large caps.

Worth knowing

DGRO Chopping the highest-yielding decile is deliberate: this is built around payout growth and dividend durability, not the fattest current yield on the shelf.ishares.com
Only dividend payers qualify, so some of the market's biggest non-paying growth companies sit outside the portfolio by rule.ishares.com
Income arrives quarterly, not monthly, and this is plain US stock exposure: no buffer, no hedge, full equity risk.

OUSM 0.48% a year is the toll for the small-cap screen. Large-cap dividend heavyweights in the same group, including SCHD, VIG and DGRO, charge a fraction of that.
Small caps swing harder than blue chips. The low-volatility screen softens the ride; it does not flatten it.
Moderately traded rather than a category volume leader, so spreads can run wider than in the giant dividend funds.

Full DGRO profile⁠

Full OUSM profile⁠

DGRO vs OUSM Holdings

How DGRO and OUSM differ

Overlap by weight

1.8%

Shared holdings make up 57.9% of OUSM and 1.8% of DGRO.

Level by level

Holdings54 in both1.8%
Sector10 Sectors73.1%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in DGRO and OUSM, widest gap first
Sector	More in DGROMore in OUSM	DGRO	OUSM
Industrials	OUSM +14.7 points	11.2%	25.9%
Consumer Staples	DGRO +7.8 points	12.6%	4.8%
Consumer Discretionary	OUSM +7.7 points	6.1%	13.8%
Health Care	DGRO +7.3 points	17.6%	10.3%
Energy	DGRO +5.3 points	5.8%	0.5%
Communication	OUSM +4.5 points	0.1%	4.6%
Utilities	DGRO +4.0 points	7.1%	3.1%
Materials	DGRO +1.6 points	2.4%	0.8%
Technology	DGRO +0.5 points	17.8%	17.3%
Financials	DGRO +0.4 points	19.4%	19.0%

Country, concentration and asset class

Country by domicile

Country weights in DGRO and OUSM, widest gap first
Country	More in DGROMore in OUSM	DGRO	OUSM
United States	OUSM +0.8 points	99.2%	100.0%
Other countries (4)	DGRO +0.8 points	0.8%	0.0%

Concentration

Weight in the 10 largest Holdings

DGRO27.1%
OUSM21.5%

Securities held

DGRO391
OUSM110

Asset class

DGRO: Equity
OUSM: Equity

Holdings

Only in DGRO337
In both54
Only in OUSM56

Only in DGRO

337 securities, 98.0% of DGRO by weight

Exxonmobil Holdings Corp3.33%
AbbVie3.05%
Microsoft3.04%
Apple3.04%
Johnson & Johnson2.78%
JPMorgan Chase & Co2.66%
Procter & Gamble2.42%
Broadcom Inc2.40%
Philip Morris International2.27%
Home Depot2.07%
Coca-Cola1.92%
UnitedHealth Group1.85%
Merck & Co Inc1.81%
Pepsico1.75%
International Business Machines Co1.52%
Eli Lilly1.48%
Cisco Systems Inc1.38%
Amgen Inc1.26%
Bank of America1.26%
Wells Fargo1.22%
Accenture PLC Class A1.20%
Mcdonalds Corp1.15%
Nextera Energy1.13%
Visa Class A1.09%
Walmart1.08%
Morgan Stanley1.00%
Conocophillips1.00%
Gilead Sciences1.00%
Goldman Sachs Group0.98%
Abbott Laboratories0.93%
Citigroup0.87%
Rtx0.85%
Qualcomm0.83%
Medtronic PLC0.82%
Southern0.81%
Duke Energy Corp0.78%
Union Pacific0.77%
Lockheed Martin0.71%
BlackRock0.71%
Linde PLC0.69%
Mastercard Class A0.67%
Pnc Financial Services Group0.64%
Costco Wholesale Corp0.63%
Lowes Companies Inc0.62%
Automatic Data Processing Inc0.62%
Oracle0.61%
Mondelez International Class A0.59%
Analog Devices0.54%
Eog Resources0.53%
Caterpillar Inc0.50%

Only in OUSM

56 securities, 41.9% of OUSM by weight

Badger Meter Inc.2.31%
Concentra Group Holdings Parent Inc.2.30%
Hasbro Inc.2.23%
Encompass Health Corp.2.19%
Skyworks Solutions Inc.2.03%
Amdocs Ltd.2.03%
Universal Health Services Inc.1.99%
Dolby Laboratories Inc.1.94%
National HealthCare Corp.1.79%
InterDigital Inc.1.76%
ePlus Inc.1.76%
Federated Hermes Inc.1.69%
TKO Group Holdings Inc.1.35%
Match Group Inc.1.17%
Exponent Inc.0.99%
Brady Corp.0.88%
ADT Inc.0.84%
Zurn Elkay Water Solutions Corp.0.79%
Tradeweb Markets Inc.0.74%
Clorox Co.0.71%
Ralph Lauren Corp.0.64%
LKQ Corp.0.63%
Artisan Partners Asset Management Inc.0.60%
Crane Co.0.53%
Vail Resorts Inc.0.50%
Federal Signal Corp.0.50%
Kennametal Inc.0.47%
Cohen & Steers Inc.0.47%
Lear Corp.0.44%
J M Smucker Co.0.44%
Ennis Inc.0.43%
Enact Holdings Inc.0.42%
Buckle Inc.0.36%
BorgWarner Inc.0.33%
Boyd Gaming Corp.0.32%
Pinnacle West Capital Corp.0.31%
Moelis & Co.0.31%
Campbell's Company0.26%
Graham Holdings Co.0.25%
Southwest Gas Holdings Inc.0.23%
Cal-Maine Foods Inc.0.22%
UGI Corp.0.20%
Marzetti Company0.20%
Portland General Electric Co.0.16%
WD-40 Co.0.15%
Reynolds Consumer Products Inc.0.12%
American States Water Co.0.12%
PriceSmart Inc.0.12%
Avista Corp.0.10%
Otter Tail Corp.0.10%

Weight gaps

All 54 Holdings in both funds, largest gap first.

Holding weights in DGRO and OUSM, widest gap first
Holding	More in DGROMore in OUSM	DGRO	OUSM
A O SmithAOS	OUSM +2.13 points	0.04%	2.17%
Lincoln Electric HoldingsLECO	OUSM +2.11 points	0.04%	2.15%
New York Times Class ANYT	OUSM +2.02 points	0.03%	2.05%
ChemedCHE	OUSM +2.01 points	<0.01%	2.02%
Universal Display CorpOLED	OUSM +1.97 points	0.02%	1.99%
Jack Henry and Associates IncJKHY	OUSM +1.92 points	0.04%	1.96%
PrimericaPRI	OUSM +1.87 points	0.03%	1.90%
Sei InvestmentsSEIC	OUSM +1.85 points	0.02%	1.87%
AvnetAVT	OUSM +1.83 points	0.02%	1.85%
DonaldsonDCI	OUSM +1.80 points	0.03%	1.83%
Essent GroupESNT	OUSM +1.79 points	0.03%	1.82%
Mgic InvestmentMTG	OUSM +1.77 points	0.03%	1.80%
Dominos PizzaDPZ	OUSM +1.76 points	0.05%	1.81%
Bentley Systems Class BBSY	OUSM +1.70 points	<0.01%	1.71%
GracoGGG	OUSM +1.69 points	0.04%	1.73%
Msa Safety IncMSA	OUSM +1.58 points	0.02%	1.60%
Factset Research SystemsFDS	OUSM +1.55 points	0.04%	1.59%
Texas Roadhouse IncTXRH	OUSM +1.52 points	0.04%	1.56%
Mueller Industries IncMLI	OUSM +1.42 points	0.03%	1.45%
Radian GroupRDN	OUSM +1.35 points	0.03%	1.38%
H&R Block IncHRB	OUSM +1.29 points	0.05%	1.34%
Mccormick & Co Non-VotingMKC	OUSM +1.16 points	0.10%	1.26%
GentexGNTX	OUSM +1.12 points	0.02%	1.14%
Houlihan Lokey Class AHLI	OUSM +1.12 points	0.03%	1.15%
Applied Industrial TechnologiesAIT	OUSM +1.10 points	0.01%	1.11%
Armstrong World IndustriesAWI	OUSM +1.10 points	0.01%	1.11%
Watts Water Technologies Class AWTS	OUSM +1.07 points	0.01%	1.08%
Rli CorpRLI	OUSM +0.99 points	0.02%	1.01%
Erie Indemnity Class AERIE	OUSM +0.98 points	0.03%	1.01%
ServiceSCI	OUSM +0.92 points	0.04%	0.96%
PoolPOOL	OUSM +0.91 points	0.04%	0.95%
Landstar SystemLSTR	OUSM +0.74 points	0.01%	0.75%
Ingredion IncINGR	OUSM +0.73 points	0.04%	0.77%
Simpson ManufacturingSSD	OUSM +0.65 points	0.01%	0.66%
Valmont IndsVMI	OUSM +0.59 points	0.01%	0.60%
Brown Forman Class BBF.B	OUSM +0.49 points	0.06%	0.55%
Evercore Class AEVR	OUSM +0.48 points	0.02%	0.50%
Victory Capital Holdings Class AVCTR	OUSM +0.48 points	0.02%	0.50%
Wyndham Hotels ResortsWH	OUSM +0.47 points	0.03%	0.50%
Firstcash Holdings IncFCFS	OUSM +0.47 points	0.01%	0.48%
Toll Brothers IncTOL	OUSM +0.45 points	0.02%	0.47%
Mueller Water Products Series AMWA	OUSM +0.43 points	<0.01%	0.44%
National Fuel GasNFG	OUSM +0.41 points	0.04%	0.45%
Penske Automotive Group Voting IncPAG	OUSM +0.41 points	0.02%	0.43%
Marketaxess HoldingsMKTX	OUSM +0.29 points	0.02%	0.30%
Dicks SportingDKS	OUSM +0.27 points	0.07%	0.34%
Essential Utilities IncWTRG	OUSM +0.25 points	0.09%	0.34%
Oge EnergyOGE	OUSM +0.24 points	0.08%	0.32%
New Jersey Resources CorpNJR	OUSM +0.19 points	0.04%	0.23%
IdacorpIDA	OUSM +0.17 points	0.04%	0.21%
Spire IncSR	OUSM +0.17 points	0.04%	0.21%
Black Hills CorpBKH	OUSM +0.13 points	0.05%	0.18%
One GasOGS	OUSM +0.11 points	0.04%	0.15%
Northwestern Energy GroupNWE	OUSM +0.11 points	0.04%	0.15%

All 391 DGRO holdings⁠All 111 OUSM 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.

DGRO vs OUSM Cost

Overpaying OUSM vs DGRO

$7,916

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

DGRO 0.08%
$1,689
OUSM 0.48%
$9,605

Amount$10,000

Years30 years

Cost over time

DGRO 0.08%
OUSM 0.48%
Overpaying

Year by year

Year	DGRO	OUSM	Overpaying
10	$147	$865	$718
20	$575	$3,328	$2,753
30	$1,689	$9,605	$7,916

Expense ratio

0.08%DGRO, cheaper
0.48%OUSM

DGRO0.08%OUSM0.48%

0.04%0.70%

Middle half of US Dividend Index funds
Median 0.35%

DGRO 8th cheapest of 52 funds

OUSM 41st cheapest of 52 funds

DGRO vs OUSM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DGRO 1.84%; OUSM 1.99%, better
Payout (12M): DGRO $1.49; OUSM $0.97
Last payment: DGRO $0.39; OUSM $0.02
Ex-dividend: DGRO Sep 15, 2026; OUSM Oct 22, 2026
Paid on: DGRO Sep 18, 2026; OUSM Oct 27, 2026
Frequency: DGRO Quarterly; OUSM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

DGROQuarterly · 15 paymentsAll DGRO payments⁠

OUSMMonthly · 46 paymentsAll OUSM payments⁠

DGRO vs OUSM Risk

Fall from peak · 5 years

DGRO
OUSM

Risk facts

VolatilityStd dev, 3 years: DGRO 10.8%, betterOUSM 13.8%
Return per unit of riskSharpe ratio, 3 years: DGRO 1.47, betterOUSM 0.76
Worst fallMax drawdown, 5 years: DGRO −19.3%, betterOUSM −19.4%
Market sensitivityBeta, 5 years: DGRO 0.67OUSM 0.78; Market = 1

DGRO and OUSM in the news

All news⁠

Best ETFs
The best growth ETF is the cheap one on the index you want
Updated Nov 2, 2026DGRO
Best ETFs
For a rising dividend, iShares Core Dividend Growth ETF ranks first
Updated Nov 2, 2026DGRO
New ETFs
Eventide lists two ETFs at 0.75% and 0.95% for strategies it already runs
Oct 30, 2026DGRO
Best ETFs
Schwab's dividend ETF returned 22.8% in a year. Its income rate still trails a one-month bill.
Updated Oct 2, 2026DGRO
Income Watch
A 25.22% distribution rate met a -0.32% SEC yield as the 10-year paid 5.01%
Sep 20, 2026DGRO
New ETFs
Raub Brock lists HQDG, an active dividend-growth ETF priced at 0.50%
Sep 8, 2026DGRO

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DGRO vs OUSM

In short

Stated mandate

Why people hold it