DGRO vs QDF: Grades, Fees and Holdings Compared

iShares Core Dividend Growth ETF

DGROANYSE Arca

Northern Trust Quality Dividend ETF

QDFCNYSE Arca

Overlap

30.8%by weight

Expense ratio

DGRO −0.31pt a year

DGRO0.08%QDF0.39%

Avg volume · 30D

DGRO 56.5×the volume

DGRO1.39MQDF24.5K

10Y return · a year

DGRO +2.0pt

DGRO+14.1%QDF+12.1%

DGRO vs QDF Performance

Oct 29, 2021 – Oct 30, 2026

+71.0%DGRO+71.6%QDF

Expense ratio: DGRO 0.08%, better; QDF 0.39%
Fund size: DGRO $45.3B; QDF $2.17B
1Y total return: DGRO +21.5%, better; QDF +14.5%
Yield (12M): DGRO 1.84%, better; QDF 1.51%
Holdings: DGRO 394; QDF 143
Avg volume (30D): DGRO 1.39M sh, better; QDF 24.5K sh
NAV per share: DGRO $81.00; QDF $90.50
52W range

ETF.net Grade

Pillar letters and Scores for DGRO, QDF, with each pillar’s weight
Pillar	DGRO	QDF
Cost30% weight	A88Higher	D36
Mission25% weight	A98Higher	B62
Risk15% weight	A77Higher	C40
Tradability15% weight	A90Higher	B68
Holdings10% weight	B62Higher	D37
Durability5% weight	A87Higher	B69

Rank among US Dividend Index funds

How we build Categories ›

Same Category. DGRO and QDF 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 QDF 37th 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 37COUSAALPS Funds O’Shares U.S. Quality Dividend ETFScore 49
Rank 37CQDFNorthern Trust Quality Dividend ETFScore 49
Rank 40COUSMALPS O'Shares U.S. Small-Cap Quality Dividend ETFScore 48

Our read on each fund

ETF.net Research

DGROAiShares Core Dividend Growth ETF

QDFCNorthern Trust 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.

QDF A dividend screen that doesn't want to be a bond proxy: QDF ranks large and mid-cap US payers on dividend quality, then targets beta similar to its parent index. 0.39% net of a waiver through March 1, 2027.

Stated mandate

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

QDF The fund seeks to track the Northern Trust Quality Dividend Index before fees and expenses. Its strategy uses a quality-focused dividend approach intended to pursue income and total return through U.S. equity securities.

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.

QDF The index starts with 1,250 large and mid-cap US companies, cuts non-payers, then drops the lowest-scoring quintile on a Dividend Quality Score built from financial health measures.flexshares.com
Quality is ranked sector by sector, an apples-to-apples comparison that surfaces payers across the market instead of crowding into the usual high-yield corners.flexshares.com
The index targets overall beta similar to the Northern Trust 1250 parent, so the yield tilt is not built around a defensive, low-beta portfolio.flexshares.com
Live since December 2012, a multi-billion-dollar fund holding roughly 140 stocks and paying quarterly.

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.

QDF At 0.39% (net of a waiver through March 1, 2027) the fee lands near the category median, but well above index rivals like SCHD at 0.06% and VIG at 0.04%.
Trades less actively than the category's largest funds, so limit orders are the sane way in and out.
FlexShares flags that the fund can sit more than 25% in one industry and uses representative sampling, which can widen the gap between fund and index returns.flexshares.com

Full DGRO profile⁠

Full QDF profile⁠

DGRO vs QDF Holdings

How DGRO and QDF differ

Overlap by weight

30.8%

Shared holdings make up 54.7% of QDF and 49.5% of DGRO.

Level by level

Holdings71 in both30.8%
Sector11 Sectors67.1%
Countryby domicile99.3%
Asset classEquity100%

Sector

Sector weights in DGRO and QDF, widest gap first
Sector	More in DGROMore in QDF	DGRO	QDF
Technology	QDF +19.3 points	17.8%	37.1%
Health Care	DGRO +8.9 points	17.6%	8.7%
Communication	QDF +7.3 points	0.1%	7.4%
Financials	DGRO +7.0 points	19.4%	12.4%
Consumer Staples	DGRO +6.8 points	12.6%	5.8%
Real Estate	QDF +5.0 points	0.0%	5.0%
Utilities	DGRO +4.2 points	7.1%	2.9%
Energy	DGRO +2.6 points	5.8%	3.2%
Industrials	DGRO +2.3 points	11.2%	8.9%
Consumer Discretionary	QDF +1.3 points	6.1%	7.4%
Materials	DGRO +1.1 points	2.4%	1.3%

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

DGRO27.1%
QDF37.3%

Securities held

DGRO391
QDF139

Asset class

DGRO: Equity
QDF: Equity

Holdings

Only in DGRO320
In both71
Only in QDF68

Only in DGRO

320 securities, 50.2% of DGRO by weight

Home Depot2.07%
Pepsico1.75%
International Business Machines Co1.52%
Amgen Inc1.26%
Wells Fargo1.22%
Accenture PLC Class A1.20%
Mcdonalds Corp1.15%
Nextera Energy1.13%
Walmart1.08%
Conocophillips1.00%
Goldman Sachs Group0.98%
Abbott Laboratories0.93%
Citigroup0.87%
Rtx0.85%
Medtronic PLC0.82%
Southern0.81%
Duke Energy Corp0.78%
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%
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%

Only in QDF

68 securities, 42.6% of QDF by weight

NVIDIA Corp Common Stock USD 0.0017.01%
General Electric Co2.17%
Alphabet Inc-Cl A - Common Stock USD 0.0011.89%
Alphabet Inc-Cl C - Common Stock USD 0.0011.41%
Micron Technology Inc Common Stock USD 0.11.39%
Meta Platforms Inc Common Stock USD 0.0000061.31%
Ge Vernova Inc Common Stock USD 0.011.27%
Accenture PLC Common Stock USD 0.00002251.09%
Altria Group Inc Common Stock USD 0.3330.90%
Bristol-Myers Squibb Co Common Stock USD 0.10.89%
Western Digital Corp Common Stock USD 0.010.84%
Booking Holdings Inc Common Stock USD 0.0080.79%
Apa Corp Common Stock USD 0.6250.65%
Hasbro Inc Common Stock USD 0.50.63%
Public Storage Reit USD 0.10.58%
Host Hotels & Resorts Inc Reit USD 0.010.58%
Vertiv Holdings Co0.58%
Bath & Body Works Inc Common Stock USD 0.50.57%
Best Buy Co Inc Common Stock USD 0.10.57%
International Seaways Inc Common Stock USD 00.57%
Comcast Corp Common Stock USD 0.010.56%
Match Group Inc Common Stock USD 0.0010.54%
Chord Energy Corp Common Stock USD0.54%
Cubesmart Reit USD 0.010.54%
Prudential Financial Inc Common Stock USD 0.010.54%
Stanley Black & Decker Inc Common Stock USD 2.50.53%
PayPal Holdings Inc Common Stock USD 0.00010.53%
Hf Sinclair Corp Common Stock USD0.53%
Ugi Corp Common Stock USD 00.52%
Viatris Inc Common Stock USD0.51%
Kraft Heinz Co/The Common Stock USD 0.010.50%
T Rowe Price Group Inc Common Stock USD 0.20.50%
Vici Properties Inc Reit0.49%
Molson Coors Beverage Co Common Stock USD 0.010.49%
Autoliv Inc Common Stock USD 10.49%
Expedia Group Inc Common Stock USD 0.0010.49%
Gaming and Leisure Properties Inc Reit USD0.48%
Federal Realty Invs Trust0.47%
Camden Property Trust Reit USD 0.010.46%
Eastman Chemical Co Common Stock USD 0.010.45%
Tapestry Inc Common Stock USD 0.010.45%
Onemain Holdings Inc Common Stock USD 0.010.44%
Edison International Common Stock USD 00.43%
First Industrial Realty Trust Inc Reit USD 0.010.42%
Versant Media Group Inc Common Stock USD 0.010.41%
Kite Realty Group Trust Reit USD 0.010.39%
Lkq Corp Common Stock USD 0.010.37%
Carnival Corp Ltd Common Stock USD 0.010.33%
Gap Inc/The Common Stock USD 0.050.32%
Brixmor Property Group Inc Reit USD 0.010.31%

Weight gaps

All 71 Holdings in both funds, largest gap first.

Holding weights in DGRO and QDF, widest gap first
Holding	More in DGROMore in QDF	DGRO	QDF
AppleAAPL	QDF +6.63 points	3.04%	9.67%
Exxonmobil Holdings CorpXOM	DGRO +2.82 points	3.33%	0.51%
AbbVieABBV	DGRO +2.39 points	3.05%	0.66%
Coca-ColaKO	DGRO +1.89 points	1.92%	0.03%
Lam ResearchLRCX	QDF +1.85 points	0.22%	2.07%
UnitedHealth GroupUNH	DGRO +1.83 points	1.85%	0.02%
Merck & Co IncMRK	DGRO +1.80 points	1.81%	0.01%
MicrosoftMSFT	QDF +1.53 points	3.04%	4.57%
Procter & GamblePG	DGRO +1.33 points	2.42%	1.09%
Cisco Systems IncCSCO	DGRO +1.28 points	1.38%	0.10%
KlaKLAC	QDF +1.20 points	0.22%	1.42%
Bank of AmericaBAC	DGRO +1.19 points	1.26%	0.07%
Visa Class AV	DGRO +0.68 points	1.09%	0.41%
Mastercard Class AMA	DGRO +0.50 points	0.67%	0.17%
Williams Sonoma IncWSM	QDF +0.48 points	0.09%	0.57%
Netapp IncNTAP	QDF +0.48 points	0.09%	0.57%
TjxTJX	DGRO +0.48 points	0.49%	0.01%
Bank OzkOZK	QDF +0.47 points	0.04%	0.51%
H&R Block IncHRB	QDF +0.46 points	0.05%	0.51%
Gilead SciencesGILD	QDF +0.45 points	1.00%	1.45%
Cognizant Technology Solutions ClaCTSH	QDF +0.45 points	0.13%	0.58%
Cullen Frost BankersCFR	QDF +0.45 points	0.05%	0.50%
EbayEBAY	QDF +0.44 points	0.14%	0.58%
Trane Technologies PLCTT	QDF +0.45 points	0.18%	0.63%
Zions BancorporationZION	QDF +0.43 points	0.05%	0.48%
Eli LillyLLY	DGRO +0.43 points	1.48%	1.05%
East West BancorpEWBC	QDF +0.42 points	0.10%	0.52%
Synchrony FinancialSYF	QDF +0.43 points	0.09%	0.52%
Rockwell Automation IncROK	QDF +0.42 points	0.13%	0.55%
New York Times Class ANYT	QDF +0.41 points	0.03%	0.44%
MosaicMOS	QDF +0.38 points	0.04%	0.42%
Hartford Insurance GroupHIG	QDF +0.38 points	0.14%	0.52%
Ameriprise Finance IncAMP	QDF +0.38 points	0.11%	0.49%
QualcommQCOM	QDF +0.38 points	0.83%	1.21%
Comfort Systems UsaFIX	QDF +0.36 points	0.02%	0.38%
IntuitINTU	QDF +0.35 points	0.29%	0.64%
State StreetSTT	QDF +0.35 points	0.17%	0.52%
MetlifeMET	QDF +0.33 points	0.28%	0.61%
ResmedRMD	QDF +0.33 points	0.08%	0.41%
A O SmithAOS	QDF +0.32 points	0.04%	0.36%
Dte EnergyDTE	QDF +0.31 points	0.21%	0.52%
Snap On IncSNA	QDF +0.30 points	0.10%	0.40%
American ExpressAXP	DGRO +0.30 points	0.43%	0.13%
Lockheed MartinLMT	DGRO +0.29 points	0.71%	0.42%
Caterpillar IncCAT	DGRO +0.28 points	0.50%	0.22%
Consolidated EdisonED	QDF +0.28 points	0.31%	0.59%
Applied Material IncAMAT	DGRO +0.28 points	0.31%	0.03%
Colgate-PalmoliveCL	DGRO +0.28 points	0.40%	0.12%
Principal Financial Group IncPFG	QDF +0.25 points	0.15%	0.40%
Public Service Enterprise GroupPEG	QDF +0.25 points	0.29%	0.54%
Johnson & JohnsonJNJ	QDF +0.22 points	2.78%	3.00%
Philip Morris InternationalPM	DGRO +0.21 points	2.27%	2.06%
JPMorgan Chase & CoJPM	DGRO +0.21 points	2.66%	2.45%
Automatic Data Processing IncADP	QDF +0.20 points	0.62%	0.82%
Illinois Tool IncITW	QDF +0.18 points	0.41%	0.59%
CignaCI	QDF +0.19 points	0.36%	0.55%
GenpactG	QDF +0.17 points	0.03%	0.20%
CintasCTAS	QDF +0.14 points	0.17%	0.31%
Costco Wholesale CorpCOST	DGRO +0.10 points	0.63%	0.53%
Ppg IndustriesPPG	QDF +0.09 points	0.15%	0.24%
Broadridge Financial Solutions IncBR	QDF +0.08 points	0.10%	0.18%
FastenalFAST	DGRO +0.07 points	0.26%	0.19%
AflacAFL	DGRO +0.06 points	0.25%	0.19%
Dominos PizzaDPZ	QDF +0.05 points	0.05%	0.10%
Zoetis Inc Class AZTS	QDF +0.04 points	0.20%	0.24%
Morgan StanleyMS	QDF +0.04 points	1.00%	1.04%
Broadcom IncAVGO	QDF +0.03 points	2.40%	2.43%
Cummins IncCMI	QDF +0.03 points	0.23%	0.26%
Booz Allen Hamilton Holding ClassBAH	DGRO +0.01 points	0.07%	0.06%
Factset Research SystemsFDS	DGRO +0.01 points	0.04%	0.03%
Warner Music Group Class AWMG	DGRO +0.01 points	0.03%	0.02%

All 391 DGRO holdings⁠All 143 QDF 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 QDF Cost

Overpaying QDF vs DGRO

$6,209

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

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

Amount$10,000

Years30 years

Cost over time

DGRO 0.08%
QDF 0.39%
Overpaying

Year by year

Year	DGRO	QDF	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%QDF

DGRO0.08%QDF0.39%

0.04%0.70%

Middle half of US Dividend Index funds
Median 0.35%

DGRO 8th cheapest of 52 funds

QDF 32nd cheapest of 52 funds

DGRO vs QDF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DGRO 1.84%, better; QDF 1.51%
Payout (12M): DGRO $1.49; QDF $1.37
Last payment: DGRO $0.39; QDF $0.35
Ex-dividend: DGRO Sep 15, 2026; QDF Sep 18, 2026
Paid on: DGRO Sep 18, 2026; QDF Sep 24, 2026
Frequency: DGRO Quarterly; QDF Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DGROQuarterly · 39 paymentsAll DGRO payments⁠

QDFQuarterly · 39 paymentsAll QDF payments⁠

DGRO vs QDF Risk

Fall from peak · 5 years

DGRO
QDF

Risk facts

VolatilityStd dev, 3 years: DGRO 10.8%, betterQDF 11.3%
Return per unit of riskSharpe ratio, 3 years: DGRO 1.47, betterQDF 1.34
Worst fallMax drawdown, 5 years: DGRO −19.3%, betterQDF −22.1%
Market sensitivityBeta, 5 years: DGRO 0.67QDF 0.92; Market = 1

DGRO and QDF 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 QDF

In short

Stated mandate

Why people hold it