DGRO vs QDEF: Grades, Fees and Holdings Compared

iShares Core Dividend Growth ETF

DGROANYSE Arca

Northern Trust Quality Dividend Defensive ETF

QDEFCNYSE Arca

Overlap

35.1%by weight

Expense ratio

DGRO −0.31pt a year

DGRO0.08%QDEF0.39%

Avg volume · 30D

DGRO 203.6×the volume

DGRO1.39MQDEF6.81K

10Y return · a year

DGRO +1.5pt

DGRO+14.1%QDEF+12.6%

DGRO vs QDEF Performance

Oct 29, 2021 – Oct 30, 2026

+71.0%DGRO+79.3%QDEF

Expense ratio: DGRO 0.08%, better; QDEF 0.39%
Fund size: DGRO $45.3B; QDEF $551M
1Y total return: DGRO +21.5%, better; QDEF +15.1%
Yield (12M): DGRO 1.84%, better; QDEF 1.57%
Holdings: DGRO 394; QDEF 157
Avg volume (30D): DGRO 1.39M sh, better; QDEF 6.81K sh
NAV per share: DGRO $81.00; QDEF $90.71
52W range

ETF.net Grade

Pillar letters and Scores for DGRO, QDEF, with each pillar’s weight
Pillar	DGRO	QDEF
Cost30% weight	A88Higher	D36
Mission25% weight	A98Higher	B66
Risk15% weight	A77Higher	A70
Tradability15% weight	A90Higher	C43
Holdings10% weight	B62Higher	C44
Durability5% weight	A87Higher	B57

Rank among US Dividend Index funds

How we build Categories ›

Same Category. DGRO and QDEF 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 QDEF 32nd 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 30CPFMInvesco Dividend Achievers ETFScore 52
Rank 32CQDEFNorthern Trust Quality Dividend Defensive ETFScore 51
Rank 32CRDIVInvesco S&P Ultra Dividend Revenue ETFScore 51

Our read on each fund

ETF.net Research

DGROAiShares Core Dividend Growth ETF

QDEFCNorthern Trust Quality Dividend Defensive 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.

QDEF Most dividend funds screen for yield and hope the ride stays smooth. QDEF's index engineers it: quality and payout screens first, then a portfolio beta targeted at 0.5 to 1.0 times its Northern Trust parent index.

Stated mandate

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

QDEF The fund provides exposure to a high-quality, income-oriented portfolio of long-only U.S. equity securities, emphasizing long-term capital growth and a defensive beta relative to its parent 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.

QDEF The defensive part is a rule, not a vibe: the index targets overall beta of 0.5 to 1.0 times the Northern Trust 1250 parent index, so the tilt is built into construction.flexshares.com
Yield alone does not get a stock in. Profitability and quality screens sit alongside the payout test, sector by sector, across roughly 160 US holdings. Pays quarterly.flexshares.com
Listed in December 2012, so the index and the fund have run through several market cycles, built and maintained by Northern Trust's own index desk.

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.

QDEF Costs 0.39% net of a waiver through March 1, 2027 (0.40% gross), near the category median. Index staples like SCHD at 0.06% and VIG at 0.04% run a fraction of that.
It trades lightly next to the category's giants, so spreads can be wider and patient limit orders are the norm.
The fund uses representative sampling rather than holding every index name, which FlexShares flags as a source of tracking risk.flexshares.com

Full DGRO profile⁠

Full QDEF profile⁠

DGRO vs QDEF Holdings

How DGRO and QDEF differ

Overlap by weight

35.1%

Shared holdings make up 58.9% of QDEF and 53.7% of DGRO.

Level by level

Holdings79 in both35.1%
Sector11 Sectors68.8%
Countryby domicile98.9%
Asset classEquity100%

Sector

Sector weights in DGRO and QDEF, widest gap first
Sector	More in DGROMore in QDEF	DGRO	QDEF
Technology	QDEF +18.5 points	17.8%	36.3%
Financials	DGRO +10.1 points	19.4%	9.3%
Communication	QDEF +7.6 points	0.1%	7.7%
Health Care	DGRO +6.6 points	17.6%	11.0%
Consumer Staples	DGRO +6.1 points	12.6%	6.5%
Industrials	DGRO +4.6 points	11.2%	6.6%
Real Estate	QDEF +3.9 points	0.0%	3.9%
Utilities	DGRO +3.9 points	7.1%	3.2%
Materials	QDEF +0.8 points	2.4%	3.2%
Consumer Discretionary	QDEF +0.5 points	6.1%	6.6%
Energy	Same weight	5.8%	5.8%

Country, concentration and asset class

Country by domicile

Country weights in DGRO and QDEF, widest gap first
Country	More in DGROMore in QDEF	DGRO	QDEF
Canada	QDEF +0.6 points	0.0%	0.6%
India	QDEF +0.5 points	0.0%	0.5%
Other countries (4)	DGRO +1.1 points	100.0%	98.8%

Concentration

Weight in the 10 largest Holdings

DGRO27.1%
QDEF35.2%

Securities held

DGRO391
QDEF153

Asset class

DGRO: Equity
QDEF: Equity

Holdings

Only in DGRO312
In both79
Only in QDEF74

Only in DGRO

312 securities, 46.1% of DGRO by weight

Home Depot2.07%
Pepsico1.75%
International Business Machines Co1.52%
Accenture PLC Class A1.20%
Mcdonalds Corp1.15%
Nextera Energy1.13%
Walmart1.08%
Goldman Sachs Group0.98%
Abbott Laboratories0.93%
Rtx0.85%
Medtronic PLC0.82%
Southern0.81%
Union Pacific0.77%
BlackRock0.71%
Linde PLC0.69%
Pnc Financial Services Group0.64%
Lowes Companies Inc0.62%
Oracle0.61%
Mondelez International Class A0.59%
Analog Devices0.54%
Eog Resources0.53%
Phillips 660.49%
American Electric Power Inc0.47%
Marsh0.44%
Cme Group Class A0.44%
American Express0.43%
Sempra0.38%
Air Products and Chemicals0.37%
General Dynamics Corp0.35%
Deere0.34%
Xcel Energy Inc0.34%
Eaton PLC0.33%
Chubb0.33%
Bank of New York Mellon Corp0.33%
Northrop Grumman Corp0.33%
Waste Management Inc0.32%
Elevance Health Inc0.32%
Fifth Third Bancorp0.31%
Keurig Dr Pepper Inc0.30%
Wec Energy Group0.29%
Emerson Electric0.29%
Stryker0.27%
Becton Dickinson0.27%
Entergy Corp0.27%
Intercontinental Exchange Inc0.27%
S&P Global0.26%
Amphenol Corp Class A0.26%
Danaher0.25%
Travelers Companies0.24%
Nxp Semiconductors NV0.24%

Only in QDEF

74 securities, 38.9% of QDEF by weight

NVIDIA Corp Common Stock USD 0.0016.38%
Alphabet Inc-Cl A - Common Stock USD 0.0011.89%
Alphabet Inc-Cl C - Common Stock USD 0.0011.52%
Micron Technology Inc Common Stock USD 0.11.35%
Meta Platforms Inc Common Stock USD 0.0000061.31%
Altria Group Inc Common Stock USD 0.3330.89%
Bristol-Myers Squibb Co Common Stock USD 0.10.87%
Ge Vernova Inc Common Stock USD 0.010.82%
Marathon Petroleum Corp Common Stock USD 0.010.80%
Valero Energy Corp Common Stock USD 0.010.78%
Newmont Corp Common Stock USD 1.60.77%
Accenture PLC Common Stock USD 0.00002250.73%
Apa Corp Common Stock USD 0.6250.63%
Hasbro Inc Common Stock USD 0.50.62%
Paycom Software Inc Common Stock USD 0.010.60%
Public Storage Reit USD 0.10.57%
Agnico Eagle Mines Ltd Common Stock Cad 00.56%
Comcast Corp Common Stock USD 0.010.56%
International Seaways Inc Common Stock USD 00.56%
Best Buy Co Inc Common Stock USD 0.10.55%
Cf Industries Holdings Inc Common Stock USD 0.010.54%
Chord Energy Corp Common Stock USD0.53%
Match Group Inc Common Stock USD 0.0010.53%
Pbf Energy Inc Common Stock USD 0.0010.53%
Regeneron Pharmaceuticals Inc Common Stock USD0.53%
Prudential Financial Inc Common Stock USD 0.010.52%
Kimberly-Clark Corp Common Stock USD 1.250.50%
Kraft Heinz Co/The Common Stock USD 0.010.50%
Vici Properties Inc Reit0.49%
Expand Energy Corp Common Stock USD 0.010.49%
Booking Holdings Inc Common Stock USD 0.0080.48%
Molson Coors Beverage Co Common Stock USD 0.010.48%
Kite Realty Group Trust Reit USD 0.010.48%
Federal Realty Invs Trust0.47%
Gaming and Leisure Properties Inc Reit USD0.47%
Camden Property Trust Reit USD 0.010.44%
Edison International Common Stock USD 00.43%
Aes Corp/The Common Stock USD 0.010.43%
Amdocs Ltd0.42%
Las Vegas Sands Corp Common Stock USD 0.0010.40%
Onemain Holdings Inc Common Stock USD 0.010.40%
Hershey Co/The Common Stock USD 10.38%
Tapestry Inc Common Stock USD 0.010.38%
Western Digital Corp Common Stock USD 0.010.37%
Expedia Group Inc Common Stock USD 0.0010.36%
Lkq Corp Common Stock USD 0.010.36%
Equity Lifestyle Properties Inc Reit USD 0.010.34%
Pegasystems Inc Common Stock USD 0.010.28%
Hf Sinclair Corp Common Stock USD0.27%
Argan Inc Common Stock USD 0.150.27%

Weight gaps

All 79 Holdings in both funds, largest gap first.

Holding weights in DGRO and QDEF, widest gap first
Holding	More in DGROMore in QDEF	DGRO	QDEF
AppleAAPL	QDEF +6.05 points	3.04%	9.09%
Exxonmobil Holdings CorpXOM	DGRO +2.78 points	3.33%	0.55%
Coca-ColaKO	DGRO +1.90 points	1.92%	0.02%
UnitedHealth GroupUNH	DGRO +1.83 points	1.85%	0.02%
Merck & Co IncMRK	DGRO +1.79 points	1.81%	0.02%
AbbVieABBV	DGRO +1.79 points	3.05%	1.26%
MicrosoftMSFT	QDEF +1.47 points	3.04%	4.51%
Procter & GamblePG	DGRO +1.35 points	2.42%	1.07%
KlaKLAC	QDEF +1.20 points	0.22%	1.42%
Bank of AmericaBAC	DGRO +1.19 points	1.26%	0.07%
Lam ResearchLRCX	QDEF +0.86 points	0.22%	1.08%
Eli LillyLLY	QDEF +0.75 points	1.48%	2.23%
Visa Class AV	DGRO +0.68 points	1.09%	0.41%
JPMorgan Chase & CoJPM	DGRO +0.68 points	2.66%	1.98%
CitigroupC	DGRO +0.62 points	0.87%	0.25%
TjxTJX	QDEF +0.57 points	0.49%	1.06%
Amgen IncAMGN	DGRO +0.53 points	1.26%	0.73%
GenpactG	QDEF +0.52 points	0.03%	0.55%
Mastercard Class AMA	DGRO +0.50 points	0.67%	0.17%
Expeditors International of WashinEXPD	QDEF +0.50 points	0.05%	0.55%
Booz Allen Hamilton Holding ClassBAH	QDEF +0.50 points	0.07%	0.57%
ConocophillipsCOP	DGRO +0.46 points	1.00%	0.54%
Globe LifeGL	QDEF +0.46 points	0.02%	0.48%
Costco Wholesale CorpCOST	DGRO +0.45 points	0.63%	0.18%
H&R Block IncHRB	QDEF +0.45 points	0.05%	0.50%
EbayEBAY	QDEF +0.44 points	0.14%	0.58%
Trane Technologies PLCTT	QDEF +0.45 points	0.18%	0.63%
Commerce BancsharesCBSH	QDEF +0.44 points	0.03%	0.47%
Caterpillar IncCAT	DGRO +0.44 points	0.50%	0.06%
Cognizant Technology Solutions ClaCTSH	QDEF +0.44 points	0.13%	0.57%
Cullen Frost BankersCFR	QDEF +0.44 points	0.05%	0.49%
East West BancorpEWBC	QDEF +0.42 points	0.10%	0.52%
New York Times Class ANYT	QDEF +0.41 points	0.03%	0.44%
NewmarketNEU	QDEF +0.39 points	0.02%	0.41%
ToroTTC	QDEF +0.39 points	0.04%	0.43%
Gilead SciencesGILD	QDEF +0.38 points	1.00%	1.38%
Wells FargoWFC	DGRO +0.38 points	1.22%	0.84%
MosaicMOS	QDEF +0.38 points	0.04%	0.42%
QualcommQCOM	QDEF +0.36 points	0.83%	1.19%
Cisco Systems IncCSCO	DGRO +0.35 points	1.38%	1.03%
Morgan StanleyMS	DGRO +0.32 points	1.00%	0.68%
MetlifeMET	QDEF +0.32 points	0.28%	0.60%
Avery Dennison CorpAVY	QDEF +0.31 points	0.07%	0.38%
Dte EnergyDTE	QDEF +0.31 points	0.21%	0.52%
ResmedRMD	QDEF +0.31 points	0.08%	0.39%
Landstar SystemLSTR	QDEF +0.30 points	0.01%	0.31%
Carlisle CompaniesCSL	QDEF +0.29 points	0.05%	0.34%
Ch Robinson WorldwideCHRW	QDEF +0.29 points	0.05%	0.34%
Consolidated EdisonED	QDEF +0.29 points	0.31%	0.59%
Applied Material IncAMAT	DGRO +0.28 points	0.31%	0.03%
CignaCI	QDEF +0.28 points	0.36%	0.64%
IntuitINTU	QDEF +0.26 points	0.29%	0.55%
Mckesson CorpMCK	QDEF +0.26 points	0.09%	0.35%
Public Service Enterprise GroupPEG	QDEF +0.25 points	0.29%	0.54%
Colgate-PalmoliveCL	QDEF +0.22 points	0.40%	0.62%
Dominos PizzaDPZ	QDEF +0.21 points	0.05%	0.26%
Lockheed MartinLMT	QDEF +0.21 points	0.71%	0.92%
Automatic Data Processing IncADP	QDEF +0.19 points	0.62%	0.81%
Illinois Tool IncITW	QDEF +0.14 points	0.41%	0.55%
Factset Research SystemsFDS	QDEF +0.13 points	0.04%	0.17%
ChemedCHE	QDEF +0.13 points	<0.01%	0.14%
MascoMAS	QDEF +0.12 points	0.06%	0.18%
Bentley Systems Class BBSY	QDEF +0.11 points	<0.01%	0.12%
Cheniere EnergyLNG	QDEF +0.11 points	0.11%	0.22%
Johnson & JohnsonJNJ	QDEF +0.10 points	2.78%	2.88%
Duke Energy CorpDUK	DGRO +0.10 points	0.78%	0.68%
Broadridge Financial Solutions IncBR	QDEF +0.09 points	0.10%	0.19%
Zoetis Inc Class AZTS	QDEF +0.09 points	0.20%	0.29%
FastenalFAST	DGRO +0.08 points	0.26%	0.18%
Verisk AnalyticsVRSK	QDEF +0.08 points	0.06%	0.14%
AflacAFL	DGRO +0.07 points	0.25%	0.18%
Broadcom IncAVGO	QDEF +0.06 points	2.40%	2.46%
UnumUNM	QDEF +0.06 points	0.06%	0.12%
Prosperity BancsharesPB	QDEF +0.05 points	0.06%	0.11%
Philip Morris InternationalPM	DGRO +0.04 points	2.27%	2.23%
EvergyEVRG	DGRO +0.02 points	0.15%	0.13%
Yum BrandsYUM	DGRO +0.02 points	0.18%	0.16%
Rollins IncROL	QDEF +0.01 points	0.05%	0.06%
VistraVST	QDEF +0.01 points	0.06%	0.07%

All 391 DGRO holdings⁠All 157 QDEF 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 QDEF Cost

Overpaying QDEF vs DGRO

$6,209

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

DGRO 0.08%
$1,689
QDEF 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

DGRO 0.08%
QDEF 0.39%
Overpaying

Year by year

Year	DGRO	QDEF	Overpaying
10	$147	$705	$558
20	$575	$2,725	$2,150
30	$1,689	$7,898	$6,209

Expense ratio

0.08%DGRO, cheaper
0.39%QDEF

DGRO0.08%QDEF0.39%

0.04%0.70%

Middle half of US Dividend Index funds
Median 0.35%

DGRO 8th cheapest of 52 funds

QDEF 32nd cheapest of 52 funds

DGRO vs QDEF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DGRO 1.84%, better; QDEF 1.57%
Payout (12M): DGRO $1.49; QDEF $1.42
Last payment: DGRO $0.39; QDEF $0.34
Ex-dividend: DGRO Sep 15, 2026; QDEF Sep 18, 2026
Paid on: DGRO Sep 18, 2026; QDEF Sep 24, 2026
Frequency: DGRO Quarterly; QDEF Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DGROQuarterly · 39 paymentsAll DGRO payments⁠

QDEFQuarterly · 39 paymentsAll QDEF payments⁠

DGRO vs QDEF Risk

Fall from peak · 5 years

DGRO
QDEF

Risk facts

VolatilityStd dev, 3 years: DGRO 10.8%QDEF 9.9%, better
Return per unit of riskSharpe ratio, 3 years: DGRO 1.47QDEF 1.59, better
Worst fallMax drawdown, 5 years: DGRO −19.3%, betterQDEF −21.4%
Market sensitivityBeta, 5 years: DGRO 0.67QDEF 0.83; Market = 1

DGRO and QDEF 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 QDEF

In short

Stated mandate

Why people hold it