DGRO vs SPDG: Grades, Fees and Holdings Compared

iShares Core Dividend Growth ETF

DGROANYSE Arca

State Street SPDR Portfolio S&P Sector Neutral Dividend ETF

SPDGBNYSE Arca

Overlap

35.3%by weight

Expense ratio

SPDG −0.03pt a year

DGRO0.08%SPDG0.05%

Avg volume · 30D

DGRO 1402.9×the volume

DGRO1.44MSPDG1.03K

3Y return · a year

SPDG +0.3pt

DGRO+20.9%SPDG+21.2%

DGRO vs SPDG Performance

Nov 7, 2025 – Nov 9, 2026

+22.5%DGRO+22.0%SPDG

Expense ratio: DGRO 0.08%; SPDG 0.05%, better
Fund size: DGRO $44.7B; SPDG $13M
1Y total return: DGRO +22.5%, better; SPDG +22.0%
Yield (12M): DGRO 1.84%; SPDG 2.65%, better
Holdings: DGRO 394; SPDG 272
Avg volume (30D): DGRO 1.44M sh, better; SPDG 1.03K sh
NAV per share: DGRO $79.79; SPDG $45.76
52W range

ETF.net Grade

Pillar letters and Scores for DGRO, SPDG, with each pillar’s weight
Pillar	DGRO	SPDG
Cost30% weight	A88	A95Higher
Mission25% weight	A99Higher	A86
Risk15% weight	A76Higher	C49
Tradability15% weight	A88Higher	F22
Holdings10% weight	B63Higher	D36
Durability5% weight	A87Higher	D26

Rank among US Dividend Index funds

How we build Categories ›

Same Category. DGRO and SPDG 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 SPDG 18th 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 17BSDOGALPS Sector Dividend Dogs ETFScore 66
Rank 18BSPDGState Street SPDR Portfolio S&P Sector Neutral Dividend ETFScore 65
Rank 19BDHSWisdomTree U.S. High Dividend FundScore 64

Our read on each fund

ETF.net Research

DGROAiShares Core Dividend Growth ETF

SPDGBState Street SPDR Portfolio S&P Sector Neutral 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.

SPDG The dividend-aristocrat idea at a discount-rack price. SPDG tracks a sector-neutral S&P index of long-running dividend payers for 0.05% a year, a sliver of what the household names in this corner charge.

Stated mandate

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

SPDG The fund seeks to track, before fees and expenses, the total return of the S&P Sector-Neutral High Yield Dividend Aristocrats 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.

SPDG 0.05% a year, against a 0.40% median in its dividend-aristocrat peer group and the 0.35% charged by the older, bigger names SDY and NOBL.
Sector-neutral by construction: the index constrains sector weights instead of letting a yield screen pile the portfolio into whichever corner pays most. Roughly 300 stocks.ssga.com
Simple plumbing: US stocks, one published S&P index, quarterly distributions. No options overlay, no leverage, no active stock picking.
Sits in the upper half of its aristocrat peer group in our review, largely because the fee is a fraction of the cohort's.

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.

SPDG Small asset base and thin trading. Spreads can be wider than the crowded aristocrat funds, which matters more on larger orders than on small ones.
Launched in 2023, so the record is short next to peers that have been running for well over a decade.
Income here is a pass-through, not a policy: payouts arrive quarterly and rise or fall with what the underlying companies actually declare.

Full DGRO profile⁠

Full SPDG profile⁠

DGRO vs SPDG Holdings

How DGRO and SPDG differ

Overlap by weight

35.3%

Shared holdings make up 63.2% of SPDG and 48.9% of DGRO.

Level by level

Holdings136 in both35.3%
Sector11 Sectors65.8%
Countryby domicile99.3%
Asset classStocks100%

Sector

Sector weights in DGRO and SPDG, widest gap first
Sector	Gap	DGRO	SPDG
Technology	SPDG +18.6 points	16.7%	35.3%
Communication	SPDG +10.1 points	0.1%	10.2%
Consumer Staples	DGRO +8.8 points	13.1%	4.3%
Health Care	DGRO +8.3 points	17.9%	9.6%
Financials	DGRO +7.6 points	19.6%	12.0%
Utilities	DGRO +5.2 points	7.3%	2.1%
Consumer Discretionary	SPDG +3.3 points	6.5%	9.8%
Real Estate	SPDG +2.3 points	0.0%	2.3%
Energy	DGRO +2.0 points	5.3%	3.3%
Industrials	DGRO +1.8 points	10.9%	9.1%
Materials	DGRO +0.4 points	2.5%	2.1%

Country, concentration and asset class

Country by domicile

Country weights in DGRO and SPDG, widest gap first
Country	More in DGROMore in SPDG	Gap	DGRO	SPDG
United States		SPDG +0.5 points	99.3%	99.8%
Other countries (4)		DGRO +0.5 points	0.7%	0.2%

Concentration

Weight in the 10 largest Holdings

DGRO26.9%
SPDG40.9%

Securities held

DGRO391
SPDG271

Asset class

DGRO: Stocks
SPDG: Stocks

Holdings

Only in DGRO255
In both136
Only in SPDG135

Only in DGRO

255 securities, 50.8% of DGRO by weight

Microsoft3.14%
Apple3.07%
JPMorgan Chase & Co2.68%
Procter & Gamble2.52%
Broadcom Inc2.19%
Coca-Cola1.98%
Eli Lilly1.43%
Bank of America1.26%
Wells Fargo1.24%
Nextera Energy1.19%
Visa Class A1.13%
Walmart1.12%
Morgan Stanley1.00%
Goldman Sachs Group0.96%
Citigroup0.86%
Rtx0.82%
BlackRock0.74%
Linde PLC0.70%
Mastercard Class A0.69%
Costco Wholesale Corp0.66%
Oracle0.55%
Tjx0.48%
American Electric Power Inc0.46%
Marsh0.46%
Caterpillar Inc0.45%
Cme Group Class A0.45%
American Express0.44%
Colgate-Palmolive0.41%
Sempra0.35%
Xcel Energy Inc0.34%
Chubb0.34%
Bank of New York Mellon Corp0.34%
Keurig Dr Pepper Inc0.31%
Stryker0.30%
Intuit0.29%
Public Service Enterprise Group0.29%
Intercontinental Exchange Inc0.27%
Applied Material Inc0.27%
Entergy Corp0.27%
S&P Global0.27%
Aflac0.25%
Danaher0.25%
Travelers Companies0.25%
Amphenol Corp Class A0.24%
Ares Management Class A0.24%
Allstate Corp0.23%
Crh Public Limited PLC0.23%
Kroger0.23%
Sysco0.22%
Parker-Hannifin0.20%

Only in SPDG

135 securities, 36.7% of SPDG by weight

Verizon Communications Inc6.60%
Texas Instruments Inc4.98%
Comcast Corp Class A2.81%
Corning Inc1.91%
Hewlett Packard Enterprise1.30%
Starbucks Corp1.29%
Us Bancorp1.19%
Chevron Corp0.85%
Truist Financial Corp0.77%
Omnicom Group0.72%
Altria Group Inc0.56%
Prudential Financial Inc0.54%
Hp Inc0.52%
Nike Inc Class B0.49%
Pfizer Inc0.48%
Realty Income Corp0.40%
Huntington Bancshares Inc0.40%
Public Storage0.39%
Bristol Myers Squibb Co0.39%
Target Corp0.36%
Citizens Financial Group0.34%
Vivmark Residential0.34%
United Parcel Service Class B0.32%
T Rowe Price Group Inc0.31%
Regions Financial Corp0.30%
Cvs Health Corp0.30%
Gen Digital Inc0.29%
Norfolk Southern Corp0.28%
Keycorp0.24%
Extra Space Storage Inc0.23%
Best Buy Co Inc0.21%
Vici Properties Inc0.20%
Packaging Corp of America0.19%
Honeywell Aerospace Inc0.19%
Exelon Corp0.18%
Amcor PLC0.17%
Kimberly Clark Corp0.17%
Williams Cos Inc0.16%
Cf Industries Holdings Inc0.16%
Hasbro Inc0.15%
First Horizon Corp0.14%
Paychex Inc0.14%
Ally Financial Inc0.13%
Franklin Templeton Inc0.13%
Kinder Morgan Inc0.12%
Omega Healthcare Investors0.11%
Columbia Banking System Inc0.11%
Oneok Inc0.11%
Old National Bancorp0.11%
Eversource Energy0.10%

Weight gaps

The 100 widest of 136 Holdings in both funds.

Holding weights in DGRO and SPDG, widest gap first
Holding	Gap	DGRO	SPDG
Cisco Systems IncCSCO	SPDG +6.16 points	1.25%	7.41%
Analog DevicesADI	SPDG +2.99 points	0.47%	3.46%
QualcommQCOM	SPDG +2.81 points	0.84%	3.65%
International Business Machines CoIBM	SPDG +2.57 points	1.46%	4.03%
AbbVieABBV	DGRO +1.64 points	3.06%	1.42%
Exxonmobil Holdings CorpXOM	DGRO +1.59 points	2.99%	1.40%
Motorola Solutions IncMSI	SPDG +1.43 points	0.19%	1.62%
Home DepotHD	SPDG +1.31 points	2.19%	3.50%
Accenture PLC Class AACN	SPDG +1.21 points	1.22%	2.43%
Nxp Semiconductors NVNXPI	SPDG +1.00 points	0.23%	1.23%
PepsicoPEP	DGRO +0.96 points	1.83%	0.87%
UnitedHealth GroupUNH	DGRO +0.88 points	1.82%	0.94%
Mcdonalds CorpMCD	SPDG +0.82 points	1.25%	2.07%
Johnson & JohnsonJNJ	DGRO +0.80 points	2.86%	2.06%
Philip Morris InternationalPM	DGRO +0.75 points	2.18%	1.43%
Merck & Co IncMRK	DGRO +0.74 points	1.80%	1.06%
Lowes Companies IncLOW	SPDG +0.65 points	0.68%	1.33%
ConocophillipsCOP	DGRO +0.58 points	0.90%	0.32%
Netapp IncNTAP	SPDG +0.56 points	0.08%	0.64%
Amgen IncAMGN	DGRO +0.54 points	1.26%	0.72%
Pnc Financial Services GroupPNC	SPDG +0.54 points	0.64%	1.18%
Medtronic PLCMDT	DGRO +0.52 points	0.88%	0.36%
Microchip Technology IncMCHP	SPDG +0.47 points	0.17%	0.64%
State StreetSTT	SPDG +0.45 points	0.17%	0.62%
SouthernSO	DGRO +0.42 points	0.81%	0.39%
Duke Energy CorpDUK	DGRO +0.41 points	0.79%	0.38%
Abbott LaboratoriesABT	DGRO +0.41 points	0.97%	0.56%
DeereDE	SPDG +0.40 points	0.34%	0.74%
Gilead SciencesGILD	DGRO +0.39 points	0.99%	0.60%
MetlifeMET	SPDG +0.36 points	0.28%	0.64%
Cognizant Technology Solutions ClaCTSH	SPDG +0.34 points	0.14%	0.48%
Eog ResourcesEOG	DGRO +0.33 points	0.48%	0.15%
Fifth Third BancorpFITB	SPDG +0.30 points	0.31%	0.61%
Eaton PLCETN	SPDG +0.30 points	0.31%	0.61%
CdwCDW	SPDG +0.25 points	0.07%	0.32%
M&T BankMTB	SPDG +0.23 points	0.18%	0.41%
Phillips 66PSX	DGRO +0.24 points	0.43%	0.19%
Mondelez International Class AMDLZ	DGRO +0.24 points	0.61%	0.37%
Air Products and ChemicalsAPD	SPDG +0.21 points	0.36%	0.57%
Automatic Data Processing IncADP	DGRO +0.21 points	0.65%	0.44%
Lockheed MartinLMT	DGRO +0.20 points	0.64%	0.44%
Wec Energy GroupWEC	DGRO +0.16 points	0.30%	0.14%
Consolidated EdisonED	DGRO +0.16 points	0.32%	0.16%
CignaCI	DGRO +0.15 points	0.36%	0.21%
Principal Financial Group IncPFG	SPDG +0.14 points	0.15%	0.29%
Johnson Controls International PLCJCI	SPDG +0.14 points	0.20%	0.34%
CsxCSX	SPDG +0.14 points	0.23%	0.37%
Illinois Tool IncITW	DGRO +0.14 points	0.42%	0.28%
Becton DickinsonBDX	DGRO +0.13 points	0.29%	0.16%
Everest GroupEG	SPDG +0.12 points	0.06%	0.18%
AvnetAVT	SPDG +0.12 points	0.02%	0.14%
Zoetis Inc Class AZTS	DGRO +0.11 points	0.20%	0.09%
Dte EnergyDTE	DGRO +0.10 points	0.21%	0.11%
UnumUNM	SPDG +0.09 points	0.05%	0.14%
Elevance Health IncELV	DGRO +0.08 points	0.33%	0.25%
Honeywell International IncHON	SPDG +0.08 points	0.21%	0.29%
Voya FinancialVOYA	SPDG +0.08 points	0.04%	0.12%
Genuine PartsGPC	SPDG +0.07 points	0.12%	0.19%
Ppg IndustriesPPG	SPDG +0.07 points	0.16%	0.23%
Southstate Bank CorpSSB	SPDG +0.08 points	0.05%	0.13%
EvergyEVRG	DGRO +0.07 points	0.15%	0.08%
Tyson Foods Inc Class ATSN	DGRO +0.08 points	0.15%	0.07%
Cullen Frost BankersCFR	SPDG +0.07 points	0.05%	0.12%
Emerson ElectricEMR	SPDG +0.07 points	0.29%	0.36%
American Financial GroupAFG	SPDG +0.07 points	0.06%	0.13%
Zions BancorporationZION	SPDG +0.07 points	0.05%	0.12%
Union PacificUNP	DGRO +0.06 points	0.74%	0.68%
Rpm International IncRPM	SPDG +0.06 points	0.06%	0.12%
Rockwell Automation IncROK	SPDG +0.05 points	0.12%	0.17%
Northrop Grumman CorpNOC	DGRO +0.05 points	0.31%	0.26%
Jefferies Financial Group IncJEF	SPDG +0.06 points	0.04%	0.10%
Prosperity BancsharesPB	SPDG +0.05 points	0.06%	0.11%
Avery Dennison CorpAVY	SPDG +0.05 points	0.07%	0.12%
Essential Utilities IncWTRG	DGRO +0.05 points	0.10%	0.05%
Old Republic InternationalORI	SPDG +0.05 points	0.06%	0.11%
Universal Display CorpOLED	SPDG +0.05 points	0.02%	0.07%
Fedex CorpFDX	SPDG +0.04 points	0.23%	0.27%
Oge EnergyOGE	DGRO +0.04 points	0.08%	0.04%
Brown Forman Class BBF.B	DGRO +0.05 points	0.07%	0.02%
PoolPOOL	SPDG +0.04 points	0.04%	0.08%
First American Financial CorpFAF	SPDG +0.04 points	0.04%	0.08%
Hubbell IncHUBB	SPDG +0.03 points	0.06%	0.09%
Cummins IncCMI	SPDG +0.04 points	0.21%	0.25%
First Financial Bankshares IncFFIN	SPDG +0.04 points	0.02%	0.06%
Home Bancshares IncHOMB	SPDG +0.03 points	0.04%	0.07%
Booz Allen Hamilton Holding ClassBAH	DGRO +0.03 points	0.07%	0.04%
United Community Banks IncUCB	SPDG +0.03 points	0.02%	0.05%
NewmarketNEU	SPDG +0.03 points	0.02%	0.05%
Black Hills CorpBKH	DGRO +0.03 points	0.05%	0.02%
FastenalFAST	DGRO +0.03 points	0.27%	0.24%
NordsonNDSN	SPDG +0.03 points	0.04%	0.07%
Fidelity National Financial IncFNF	SPDG +0.03 points	0.11%	0.14%
GentexGNTX	SPDG +0.03 points	0.02%	0.05%
Brunswick CorpBC	SPDG +0.03 points	0.03%	0.06%
MosaicMOS	SPDG +0.03 points	0.05%	0.08%
Dicks SportingDKS	SPDG +0.03 points	0.07%	0.10%
General Dynamics CorpGD	SPDG +0.02 points	0.34%	0.36%
Broadridge Financial Solutions IncBR	DGRO +0.03 points	0.11%	0.08%
Bank OzkOZK	SPDG +0.02 points	0.04%	0.06%
Snap On IncSNA	DGRO +0.02 points	0.10%	0.08%

All 391 DGRO holdings⁠All 271 SPDG 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 SPDG Cost

Overpaying DGRO vs SPDG

$629

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

DGRO 0.08%
$1,689
SPDG 0.05%
$1,060

Amount$10,000

Years30 years

Cost over time

DGRO 0.08%
SPDG 0.05%
Overpaying

Year by year

Year	DGRO	SPDG	Overpaying
10	$147	$92	$55
20	$575	$360	$215
30	$1,689	$1,060	$629

Expense ratio

0.08%DGRO
0.05%SPDG, cheaper

SPDG0.05%DGRO0.08%

0.04%0.70%

Middle half of US Dividend Index funds
Median 0.35%

SPDG 2nd cheapest of 52 funds

DGRO 8th cheapest of 52 funds

DGRO vs SPDG Dividends

Last 12 months to Nov 9, 2026

Yield (12M): DGRO 1.84%; SPDG 2.65%, better
Payout (12M): DGRO $1.49; SPDG $1.25
Last payment: DGRO $0.39; SPDG $0.30
Ex-dividend: DGRO Sep 15, 2026; SPDG Sep 21, 2026
Paid on: DGRO Sep 18, 2026; SPDG Sep 23, 2026
Frequency: DGRO Quarterly; SPDG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DGROQuarterly · 39 paymentsAll DGRO payments⁠

SPDGQuarterly · 12 paymentsAll SPDG payments⁠

DGRO vs SPDG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DGRO 10.8%, betterSPDG 11.9%
Return per unit of riskSharpe ratio, 3 years: DGRO 1.47, betterSPDG 1.38
Worst fallMax drawdown, 5 years: DGRO −19.3%SPDG −15.7%since Sep 2023
Market sensitivityBeta, 5 years: DGRO 0.67SPDG 0.77; Market = 1

DGRO and SPDG 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

Popular comparisons

DGROAvsSCHDA
iShares Core Dividend Growth ETF · Schwab U.S. Dividend Equity ETF
Expense ratio
0.08% · 0.06%
Category
SPDGBvsSCHDA
State Street SPDR Portfolio S&P Sector Neutral Dividend ETF · Schwab U.S. Dividend Equity ETF
Expense ratio
0.05% · 0.06%
Category
DGROAvsVIGA
iShares Core Dividend Growth ETF · Vanguard Dividend Appreciation ETF
Expense ratio
0.08% · 0.04%
Category
SPDGBvsSPYDA
State Street SPDR Portfolio S&P Sector Neutral Dividend ETF · State Street SPDR Portfolio S&P 500 High Dividend ETF
Expense ratio
0.05% · 0.07%
Category
DGROAvsFDVVA
iShares Core Dividend Growth ETF · Fidelity High Dividend ETF
Expense ratio
0.08% · 0.15%
Category
SPDGBvsDIVBA
State Street SPDR Portfolio S&P Sector Neutral Dividend ETF · iShares Core Dividend ETF
Expense ratio
0.05% · 0.05%
Category

DGRO vs SPDG

In short

Stated mandate

Why people hold it