DGRO vs PFM: Grades, Fees and Holdings Compared

iShares Core Dividend Growth ETF

DGROANYSE Arca

Invesco Dividend Achievers ETF

PFMCNasdaq

Overlap

66.6%by weight

Expense ratio

DGRO −0.44pt a year

DGRO0.08%PFM0.52%

Avg volume · 30D

DGRO 74.3×the volume

DGRO1.39MPFM18.7K

10Y return · a year

DGRO +1.8pt

DGRO+14.1%PFM+12.3%

DGRO vs PFM Performance

Oct 29, 2021 – Oct 30, 2026

+71.0%DGRO+66.5%PFM

Expense ratio: DGRO 0.08%, better; PFM 0.52%
Fund size: DGRO $45.3B; PFM $815M
1Y total return: DGRO +21.5%, better; PFM +16.4%
Yield (12M): DGRO 1.84%, better; PFM 1.29%
Holdings: DGRO 394; PFM 431
Avg volume (30D): DGRO 1.39M sh, better; PFM 18.7K sh
NAV per share: DGRO $81.00; PFM $58.41
52W range

ETF.net Grade

Pillar letters and Scores for DGRO, PFM, with each pillar’s weight
Pillar	DGRO	PFM
Cost30% weight	A88Higher	F18
Mission25% weight	A98Higher	A84
Risk15% weight	A77Higher	B62
Tradability15% weight	A90Higher	C50
Holdings10% weight	B62Higher	B57
Durability5% weight	A87Higher	B64

Rank among US Dividend Index funds

How we build Categories ›

Same Category. DGRO and PFM 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 PFM 30th 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 30CFDLFirst Trust Morningstar Dividend Leaders Index FundScore 52
Rank 30CPFMInvesco Dividend Achievers ETFScore 52
Rank 32CQDEFNorthern Trust Quality Dividend Defensive ETFScore 51

Our read on each fund

ETF.net Research

DGROAiShares Core Dividend Growth ETF

PFMCInvesco Dividend Achievers 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.

PFM A 2005-vintage dividend fund that casts a wide net: roughly 400 US dividend payers from the Nasdaq Dividend Achievers family, held close to the index. The trade-off is price, in a corner of the market that has gotten very cheap.

Stated mandate

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

PFM The Fund seeks to replicate the NASDAQ US Broad Dividend Achievers Index before fees and expenses and normally invests at least 90% of assets in dividend-paying common stocks in that Index.

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.

PFM Wide net, not a narrow screen: about 400 US dividend payers, with at least 90% of assets in the common stocks of its Nasdaq Broad Dividend Achievers index.
Trading since 2005, so the record spans several market cycles. Dividends are passed through quarterly.
Sticks to the script. The portfolio has stayed tight to the index it promises to replicate, which is the entire job description for a fund like this.

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.

PFM 0.52% a year sits above the median for its dividend-screen peers, and the category's anchors (VIG at 0.04%, SCHD at 0.06%) charge a small fraction of that.
Thinly traded next to the category's giants, so limit orders and patience matter more here than they would in a household-name dividend fund.
Overall it lands in the lower half of its dividend-screen peer group, driven by cost and trading friction rather than by how it runs the index.

Full DGRO profile⁠

Full PFM profile⁠

DGRO vs PFM Holdings

How DGRO and PFM differ

Overlap by weight

66.6%

Shared holdings make up 88.2% of PFM and 86.0% of DGRO.

Level by level

Holdings254 in both66.6%
Sector11 Sectors91.8%
Asset classEquity100%
Countryby domicile99.9%

Sector

Sector weights in DGRO and PFM, widest gap first
Sector	More in DGROMore in PFM	DGRO	PFM
Technology	PFM +4.8 points	17.8%	22.6%
Utilities	DGRO +3.3 points	7.1%	3.8%
Consumer Discretionary	DGRO +2.5 points	6.1%	3.6%
Real Estate	PFM +1.8 points	0.0%	1.8%
Industrials	DGRO +1.1 points	11.2%	10.1%
Consumer Staples	DGRO +0.9 points	12.6%	11.7%
Communication	PFM +0.9 points	0.1%	1.0%
Materials	PFM +0.6 points	2.4%	3.0%
Energy	DGRO +0.5 points	5.8%	5.3%
Health Care	PFM +0.1 points	17.6%	17.7%
Financials	DGRO +0.1 points	19.4%	19.3%

Country, concentration and asset class

Country by domicile

Country weights in DGRO and PFM, widest gap first
Country	More in DGROMore in PFM	DGRO	PFM
United States	PFM +0.1 points	99.2%	99.3%
Switzerland	Same weight	0.5%	0.5%
China	Same weight	0.2%	0.2%
India	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%
Canada	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

DGRO27.1%
PFM32.2%

Securities held

DGRO391
PFM429

Asset class

DGRO: Equity
PFM: Equity

Holdings

Only in DGRO137
In both254
Only in PFM175

Only in DGRO

137 securities, 13.8% of DGRO by weight

Wells Fargo1.22%
Conocophillips1.00%
Citigroup0.87%
Eog Resources0.53%
Tjx0.49%
American Express0.43%
Cigna0.36%
Deere0.34%
Elevance Health Inc0.32%
Applied Material Inc0.31%
Keurig Dr Pepper Inc0.30%
Becton Dickinson0.27%
Nxp Semiconductors NV0.24%
Fedex Corp0.23%
Ares Management Class A0.22%
Crh Public Limited PLC0.22%
Johnson Controls International PLC0.22%
Parker-Hannifin0.20%
Diamondback Energy0.18%
Yum Brands0.18%
M&T Bank0.17%
Thermo Fisher Scientific0.17%
Darden Restaurants Inc0.16%
Otis Worldwide0.16%
Aon PLC Class A0.15%
Ferguson Enterprises0.15%
Centerpoint Energy0.14%
Carrier Global0.14%
Garmin0.14%
Ebay0.14%
Cognizant Technology Solutions Cla0.13%
Paccar Inc0.12%
Ross Stores Inc0.12%
Hca Healthcare0.12%
Northern Trust0.12%
Cheniere Energy0.11%
Kkr and Co Inc0.10%
Humana0.10%
East West Bancorp0.10%
Essential Utilities Inc0.09%
Netapp Inc0.09%
Synchrony Financial0.09%
Vylor0.09%
Ovintiv0.08%
Monolithic Power Systems Inc0.08%
Royalty Pharma PLC Class A0.08%
Willis Towers Watson0.07%
Dt Midstream0.07%
Equitable Holdings0.07%
Ametek Inc0.07%

Only in PFM

175 securities, 11.7% of PFM by weight

Chevron Corp1.58%
Texas Instruments Inc0.99%
Verizon Communications Inc0.63%
Pfizer Inc0.59%
Altria Group Inc0.44%
Bristol-Myers Squibb Co0.43%
Prologis Inc0.42%
Starbucks Corp0.42%
Equinix Inc0.35%
US Bancorp0.33%
Elevance Health Inc0.32%
American Tower Corp0.30%
Enterprise Products Partners LP0.29%
United Parcel Service Inc0.28%
Comcast Corp0.27%
Target Corp0.24%
Mplx Lp0.21%
Realty Income Corp0.19%
Becton Dickinson & Co0.19%
NIKE Inc0.16%
Prudential Financial Inc0.14%
Paychex Inc0.14%
Kimberly-Clark Corp0.13%
Cboe Global Markets Inc0.11%
HP Inc0.10%
Eversource Energy0.09%
Regions Financial Corp0.09%
T Rowe Price Group Inc0.08%
Edison International0.08%
Best Buy Co Inc0.07%
LyondellBasell Industries NV0.07%
Brookfield Infrastructure Partners LP0.06%
Essex Property Trust Inc0.06%
Franklin Templeton Inc0.06%
Stanley Black & Decker Inc0.06%
Mid-America Apartment Communities Inc0.05%
Regency Centers Corp0.05%
J M Smucker Co/The0.05%
Pinnacle West Capital Corp0.04%
UDR Inc0.04%
Hormel Foods Corp0.04%
Equity LifeStyle Properties Inc0.04%
Albemarle Corp0.04%
EastGroup Properties Inc0.04%
AES Corp/The0.04%
Clorox Co/The0.04%
Watsco Inc0.04%
Federal Realty Investment Trust0.03%
CubeSmart0.03%
Brookfield Renewable Partners LP0.03%

Weight gaps

The 100 widest of 254 Holdings in both funds.

Holding weights in DGRO and PFM, widest gap first
Holding	More in DGROMore in PFM	DGRO	PFM
Eli LillyLLY	PFM +3.00 points	1.48%	4.48%
WalmartWMT	PFM +2.25 points	1.08%	3.33%
Visa Class AV	PFM +1.33 points	1.09%	2.42%
AbbVieABBV	DGRO +1.27 points	3.05%	1.78%
Mastercard Class AMA	PFM +1.24 points	0.67%	1.91%
AppleAAPL	PFM +1.23 points	3.04%	4.27%
Broadcom IncAVGO	PFM +1.22 points	2.40%	3.62%
Philip Morris InternationalPM	DGRO +1.15 points	2.27%	1.12%
Procter & GamblePG	DGRO +1.13 points	2.42%	1.29%
PepsicoPEP	DGRO +1.12 points	1.75%	0.63%
MicrosoftMSFT	PFM +1.02 points	3.04%	4.06%
Home DepotHD	DGRO +0.93 points	2.07%	1.14%
Costco Wholesale CorpCOST	PFM +0.90 points	0.63%	1.53%
Lam ResearchLRCX	PFM +0.88 points	0.22%	1.10%
OracleORCL	PFM +0.78 points	0.61%	1.39%
Exxonmobil Holdings CorpXOM	DGRO +0.72 points	3.33%	2.61%
International Business Machines CoIBM	DGRO +0.68 points	1.52%	0.84%
Accenture PLC Class AACN	DGRO +0.68 points	1.20%	0.52%
UnitedHealth GroupUNH	DGRO +0.57 points	1.85%	1.28%
Merck & Co IncMRK	DGRO +0.56 points	1.81%	1.25%
Coca-ColaKO	DGRO +0.54 points	1.92%	1.38%
KlaKLAC	PFM +0.54 points	0.22%	0.76%
Nextera EnergyNEE	DGRO +0.54 points	1.13%	0.59%
Caterpillar IncCAT	PFM +0.53 points	0.50%	1.03%
Mcdonalds CorpMCD	DGRO +0.52 points	1.15%	0.63%
JPMorgan Chase & CoJPM	PFM +0.50 points	2.66%	3.16%
Johnson & JohnsonJNJ	DGRO +0.48 points	2.78%	2.30%
Amphenol Corp Class AAPH	PFM +0.44 points	0.26%	0.70%
SouthernSO	DGRO +0.44 points	0.81%	0.37%
Duke Energy CorpDUK	DGRO +0.44 points	0.78%	0.34%
Amgen IncAMGN	DGRO +0.40 points	1.26%	0.86%
Medtronic PLCMDT	DGRO +0.39 points	0.82%	0.43%
DanaherDHR	PFM +0.33 points	0.25%	0.58%
Pnc Financial Services GroupPNC	DGRO +0.32 points	0.64%	0.32%
Mondelez International Class AMDLZ	DGRO +0.31 points	0.59%	0.28%
Mckesson CorpMCK	PFM +0.30 points	0.09%	0.39%
Abbott LaboratoriesABT	DGRO +0.30 points	0.93%	0.63%
Gilead SciencesGILD	DGRO +0.29 points	1.00%	0.71%
Automatic Data Processing IncADP	DGRO +0.23 points	0.62%	0.39%
American Electric Power IncAEP	DGRO +0.23 points	0.47%	0.24%
Lowes Companies IncLOW	DGRO +0.22 points	0.62%	0.40%
S&P GlobalSPGI	PFM +0.21 points	0.26%	0.47%
Lockheed MartinLMT	DGRO +0.20 points	0.71%	0.51%
Eaton PLCETN	PFM +0.20 points	0.33%	0.53%
Analog DevicesADI	PFM +0.19 points	0.54%	0.73%
SempraSRE	DGRO +0.19 points	0.38%	0.19%
Xcel Energy IncXEL	DGRO +0.17 points	0.34%	0.17%
Wec Energy GroupWEC	DGRO +0.16 points	0.29%	0.13%
Public Service Enterprise GroupPEG	DGRO +0.16 points	0.29%	0.13%
Consolidated EdisonED	DGRO +0.16 points	0.31%	0.15%
Moodys CorpMCO	PFM +0.16 points	0.13%	0.29%
QualcommQCOM	DGRO +0.16 points	0.83%	0.67%
ChubbCB	PFM +0.15 points	0.33%	0.48%
Trane Technologies PLCTT	PFM +0.15 points	0.18%	0.33%
StrykerSYK	PFM +0.14 points	0.27%	0.41%
Union PacificUNP	DGRO +0.15 points	0.77%	0.62%
Comfort Systems UsaFIX	PFM +0.14 points	0.02%	0.16%
Colgate-PalmoliveCL	DGRO +0.14 points	0.40%	0.26%
Fifth Third BancorpFITB	DGRO +0.14 points	0.31%	0.17%
Republic Services IncRSG	PFM +0.13 points	0.12%	0.25%
CintasCTAS	PFM +0.13 points	0.17%	0.30%
Illinois Tool IncITW	DGRO +0.13 points	0.41%	0.28%
Air Products and ChemicalsAPD	DGRO +0.13 points	0.37%	0.24%
Ww Grainger IncGWW	PFM +0.12 points	0.10%	0.22%
Sherwin WilliamsSHW	PFM +0.12 points	0.16%	0.28%
CencoraCOR	PFM +0.12 points	0.10%	0.22%
EcolabECL	PFM +0.12 points	0.17%	0.29%
MarshMRSH	DGRO +0.11 points	0.44%	0.33%
Linde PLCLIN	PFM +0.11 points	0.69%	0.80%
Dte EnergyDTE	DGRO +0.11 points	0.21%	0.10%
Phillips 66PSX	DGRO +0.11 points	0.49%	0.38%
Cisco Systems IncCSCO	PFM +0.10 points	1.38%	1.48%
Agilent Technologies IncA	PFM +0.11 points	0.07%	0.18%
NucorNUE	PFM +0.10 points	0.12%	0.22%
SyscoSYY	DGRO +0.10 points	0.24%	0.14%
Motorola Solutions IncMSI	PFM +0.10 points	0.18%	0.28%
CsxCSX	PFM +0.10 points	0.24%	0.34%
Cardinal HealthCAH	PFM +0.09 points	0.11%	0.20%
Entergy CorpETR	DGRO +0.09 points	0.27%	0.18%
Zoetis Inc Class AZTS	DGRO +0.09 points	0.20%	0.11%
Martin Marietta MaterialsMLM	PFM +0.08 points	0.05%	0.13%
West Pharmaceutical ServicesWST	PFM +0.08 points	0.02%	0.10%
Tyson Foods Inc Class ATSN	DGRO +0.09 points	0.14%	0.05%
Cms EnergyCMS	DGRO +0.09 points	0.16%	0.07%
AmerenAEE	DGRO +0.08 points	0.19%	0.11%
RtxRTX	PFM +0.08 points	0.85%	0.93%
KrogerKR	DGRO +0.08 points	0.22%	0.14%
EvergyEVRG	DGRO +0.08 points	0.15%	0.07%
BlackRockBLK	DGRO +0.08 points	0.71%	0.63%
Arthur J GallagherAJG	PFM +0.08 points	0.16%	0.24%
Nasdaq IncNDAQ	PFM +0.07 points	0.13%	0.20%
Microchip Technology IncMCHP	DGRO +0.07 points	0.22%	0.15%
Cme Group Class ACME	DGRO +0.07 points	0.44%	0.37%
Wr BerkleyWRB	PFM +0.06 points	0.03%	0.09%
Caseys General Stores IncCASY	PFM +0.07 points	0.02%	0.09%
Vulcan MaterialsVMC	PFM +0.07 points	0.06%	0.13%
Roper TechnologiesROP	PFM +0.06 points	0.09%	0.15%
Alliant Energy CorpLNT	DGRO +0.07 points	0.13%	0.06%
Steel Dynamics IncSTLD	PFM +0.07 points	0.06%	0.13%
American Water WorksAWK	DGRO +0.06 points	0.16%	0.10%

All 391 DGRO holdings⁠All 429 PFM 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 PFM Cost

Overpaying PFM vs DGRO

$8,662

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

DGRO 0.08%
$1,689
PFM 0.52%
$10,351

Amount$10,000

Years30 years

Cost over time

DGRO 0.08%
PFM 0.52%
Overpaying

Year by year

Year	DGRO	PFM	Overpaying
10	$147	$935	$788
20	$575	$3,593	$3,018
30	$1,689	$10,351	$8,662

Expense ratio

0.08%DGRO, cheaper
0.52%PFM

DGRO0.08%PFM0.52%

0.04%0.70%

Middle half of US Dividend Index funds
Median 0.35%

DGRO 8th cheapest of 52 funds

PFM 43rd cheapest of 52 funds

DGRO vs PFM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DGRO 1.84%, better; PFM 1.29%
Payout (12M): DGRO $1.49; PFM $0.75
Last payment: DGRO $0.39; PFM $0.18
Ex-dividend: DGRO Sep 15, 2026; PFM Sep 21, 2026
Paid on: DGRO Sep 18, 2026; PFM Sep 25, 2026
Frequency: DGRO Quarterly; PFM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DGROQuarterly · 39 paymentsAll DGRO payments⁠

PFMQuarterly · 39 paymentsAll PFM payments⁠

DGRO vs PFM Risk

Fall from peak · 5 years

DGRO
PFM

Risk facts

VolatilityStd dev, 3 years: DGRO 10.8%PFM 10.5%, better
Return per unit of riskSharpe ratio, 3 years: DGRO 1.47, betterPFM 1.33
Worst fallMax drawdown, 5 years: DGRO −19.3%PFM −17.8%, better
Market sensitivityBeta, 5 years: DGRO 0.67PFM 0.78; Market = 1

DGRO and PFM 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 PFM

In short

Stated mandate

Why people hold it