DIVB vs FDL: Grades, Fees and Holdings Compared

iShares Core Dividend ETF

DIVBACboe

First Trust Morningstar Dividend Leaders Index Fund

FDLCNYSE Arca

Overlap

21.8%by weight

Expense ratio

DIVB −0.38pt a year

DIVB0.05%FDL0.43%

Avg volume · 30D

FDL 2.5×the volume

DIVB298KFDL751K

5Y return · a year

FDL +0.3pt

DIVB+14.5%FDL+14.8%

DIVB vs FDL Performance

Oct 29, 2021 – Oct 30, 2026

+96.4%DIVB+99.6%FDL

Expense ratio: DIVB 0.05%, better; FDL 0.43%
Fund size: DIVB $2.31B; FDL $8.39B
1Y total return: DIVB +40.7%, better; FDL +31.1%
Yield (12M): DIVB 2.08%; FDL 3.60%, better
Holdings: DIVB 384; FDL 101
Avg volume (30D): DIVB 298K sh; FDL 751K sh, better
NAV per share: DIVB $71.28; FDL $53.81
52W range

ETF.net Grade

Pillar letters and Scores for DIVB, FDL, with each pillar’s weight
Pillar	DIVB	FDL
Cost30% weight	A95Higher	D29
Mission25% weight	A86Higher	B64
Risk15% weight	A74Higher	A73
Tradability15% weight	B64	A72Higher
Holdings10% weight	B60Higher	F24
Durability5% weight	A71	A79Higher

Rank among US Dividend Index funds

How we build Categories ›

Same Category. DIVB and FDL 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 ›

DIVB ranks 3rd and FDL 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 3ADIVBiShares Core Dividend ETFScore 80
Rank 4ASPYDState Street SPDR Portfolio S&P 500 High Dividend ETFScore 79
Rank 29CFVDFirst Trust Value Line Dividend Index FundScore 54
Rank 30CFDLFirst Trust Morningstar Dividend Leaders Index FundScore 52
Rank 30CPFMInvesco Dividend Achievers ETFScore 52

Our read on each fund

ETF.net Research

DIVBAiShares Core Dividend ETF

FDLCFirst Trust Morningstar Dividend Leaders Index Fund

In short

DIVB Most dividend funds only count the check that hits your account. DIVB's index also counts buybacks, treating a shrinking share count as cash returned to owners, and it charges five basis points to do it.

FDL FDL doesn't weight by company size or by yield. It weights by dividend dollars, so America's biggest cash payers carry the most weight. Roughly 100 high-yield names, screened for payouts they can keep funding, running since 2006.

Stated mandate

DIVB The fund seeks to track an index of U.S. companies selected for a history of dividend payments and/or share buybacks, providing equity exposure oriented toward income and long-term growth.

FDL The fund is an exchange-traded index fund seeking to replicate the price and yield of the Morningstar Dividend Leaders Index before fees and expenses.

Why people hold it

DIVB Five basis points a year, one of the lowest fees in the dividend-screen aisle, where the typical fund charges many times more.
The Morningstar US Dividend and Buyback Index counts repurchases alongside payouts, so a company buying back stock qualifies even with a modest yield. Roughly 400 US names.
Sits in the top tier of a large dividend-screen peer group and stays tight to its stated mandate: US dividend payers and buyback machines, nothing exotic.
A billion-dollar-plus member of the iShares Core lineup, running since 2017 and distributing quarterly.

FDL Weight follows the checkbook: positions are sized by the dollar value of dividends paid, with any single name capped at 10% and all 5%-plus names capped at 50% combined.contentstack.io
The screen is about payout durability, not just headline yield: stocks need a consistent payment record and the ability to sustain it before the top 100 yielders are taken.yahoo.com
Trading since 2006, a multi-billion-dollar fund that changes hands actively and pays on a quarterly schedule.
Lands in the upper half of a US dividend-screen peer group of roughly 50 funds.

Worth knowing

DIVB Buybacks return value through share count, not cash in your pocket, so the income profile can sit lighter than pure high-yield screens like SPYD.
Moderately traded rather than a volume heavyweight like SCHD or VIG, so limit orders earn their keep, especially in size.
All-equity, all-US. Dividends and buybacks soften nothing when the American stock market sells off.

FDL At 0.43% it costs more than the cheap index heavyweights in the group (VIG 0.04%, SCHD 0.06%, DGRO 0.08%) and sits a little above the peer median.
Concentrated by design: about 100 names, non-diversified, and the dividend-dollar math tilts toward the mega-caps and sectors writing the biggest checks.yahoo.com contentstack.io
Yield-first, not dividend-growth. The portfolio looks different from growth-screened peers like VIG and DGRO, which start from rising payouts instead of high ones.yahoo.com

Full DIVB profile⁠

Full FDL profile⁠

DIVB vs FDL Holdings

How DIVB and FDL differ

Overlap by weight

21.8%

Shared holdings make up 97.5% of FDL and 28.3% of DIVB.

Level by level

Holdings90 in both21.8%
Countryby domicile98.8%
Asset classEquity100%

Sector

No Sector split for DIVB.

Country, concentration and asset class

Country by domicile

Country weights in DIVB and FDL, widest gap first
Country	More in DIVBMore in FDL	DIVB	FDL
United States	DIVB +0.7 points	99.4%	98.7%
United Kingdom	FDL +0.7 points	0.1%	0.8%
Other countries (3)	FDL +0.1 points	0.5%	0.6%

Concentration

Weight in the 10 largest Holdings

DIVB32.7%
FDL51.2%

Securities held

DIVB381
FDL100

Asset class

DIVB: Equity
FDL: Equity

Holdings

Only in DIVB291
In both90
Only in FDL10

Only in DIVB

291 securities, 71.4% of DIVB by weight

International Business Machines Co5.18%
Automatic Data Processing Inc4.98%
Cognizant Technology Solutions Cla2.97%
Exxonmobil Holdings Corp2.75%
JPMorgan Chase & Co2.36%
Johnson & Johnson2.03%
AbbVie1.94%
Procter & Gamble1.69%
UnitedHealth Group1.46%
Leidos Holdings1.44%
Ss and C Technologies Holdings1.37%
Merck & Co Inc1.34%
Cdw1.31%
Microchip Technology Inc1.22%
Bank of America1.12%
Coca-Cola1.08%
Broadridge Financial Solutions Inc1.06%
Wells Fargo1.05%
Hca Healthcare0.97%
AT&T0.80%
Gilead Sciences0.78%
Citigroup0.78%
Progressive0.77%
Home Depot0.76%
Amgen Inc0.76%
Gen Digital0.72%
Conocophillips0.67%
Abbott Laboratories0.66%
Marathon Petroleum0.64%
T Mobile Us Inc0.59%
Cigna0.59%
Elevance Health Inc0.58%
Mcdonalds Corp0.52%
Morgan Stanley0.51%
Capital One Financial Corp0.50%
Eog Resources0.50%
Jack Henry and Associates Inc0.49%
Genpact0.43%
Union Pacific0.43%
Cme Group Class A0.43%
Cvs Health0.42%
Valero Energy Corp0.41%
Becton Dickinson0.39%
Travelers Companies0.39%
Honeywell International Inc0.38%
Avnet0.38%
Bank of New York Mellon Corp0.37%
Aflac0.36%
Lockheed Martin0.34%
Lowes Companies Inc0.34%

Only in FDL

10 securities, 2.2% of FDL by weight

Omnicom Group Inc.0.54%
Fidelity National Information Services, Inc.0.52%
Conagra Brands, Inc.0.19%
Lincoln National Corporation0.17%
Black Hills Corporation0.15%
Albertsons Companies, Inc. (Class A)0.15%
Portland General Electric Company0.14%
H&R Block, Inc.0.14%
ONE Gas, Inc.0.10%
ADT Inc.0.10%

Weight gaps

All 90 Holdings in both funds, largest gap first.

Holding weights in DIVB and FDL, widest gap first
Holding	More in DIVBMore in FDL	DIVB	FDL
ChevronCVX	FDL +7.45 points	1.90%	9.35%
Verizon Communications IncVZ	FDL +5.52 points	1.01%	6.53%
Philip Morris InternationalPM	FDL +5.26 points	1.25%	6.51%
PfizerPFE	FDL +5.16 points	1.39%	6.55%
PepsicoPEP	FDL +4.03 points	0.99%	5.02%
Altria Group IncMO	FDL +3.88 points	1.11%	4.99%
Accenture PLC Class AACN	DIVB +3.10 points	6.53%	3.43%
United Parcel Service Inc Class BUPS	FDL +2.81 points	0.42%	3.23%
Bristol Myers SquibbBMY	FDL +2.37 points	0.63%	3.00%
SouthernSO	FDL +2.22 points	0.10%	2.32%
Duke Energy CorpDUK	FDL +1.98 points	0.25%	2.23%
Comcast Class ACMCSA	FDL +1.86 points	0.69%	2.55%
Medtronic PLCMDT	FDL +1.84 points	0.52%	2.36%
BlackstoneBX	FDL +1.78 points	0.31%	2.09%
Us BancorpUSB	FDL +1.60 points	0.29%	1.89%
OneokOKE	FDL +1.46 points	0.24%	1.70%
Kinder MorganKMI	FDL +1.36 points	0.21%	1.57%
Hp IncHPQ	DIVB +1.28 points	1.88%	0.60%
Dominion EnergyD	FDL +1.26 points	0.15%	1.41%
Mondelez International Class AMDLZ	FDL +1.24 points	0.44%	1.68%
PaychexPAYX	DIVB +1.19 points	2.06%	0.87%
Truist FinancialTFC	FDL +1.06 points	0.43%	1.49%
Exelon CorpEXC	FDL +1.05 points	0.08%	1.13%
Nike Class BNKE	FDL +1.01 points	0.20%	1.21%
Skyworks SolutionsSWKS	DIVB +1.00 points	1.31%	0.31%
Target CorpTGT	FDL +0.93 points	0.30%	1.23%
Prudential Financial IncPRU	FDL +0.91 points	0.24%	1.15%
Consolidated EdisonED	FDL +0.87 points	0.02%	0.89%
Kimberly ClarkKMB	FDL +0.85 points	0.24%	1.09%
Wec Energy GroupWEC	FDL +0.78 points	0.06%	0.84%
Public Service Enterprise GroupPEG	FDL +0.74 points	0.10%	0.84%
Edison InternationalEIX	FDL +0.73 points	0.11%	0.84%
Amcor PLCAMCR	FDL +0.67 points	0.11%	0.78%
Kraft HeinzKHC	FDL +0.67 points	0.18%	0.85%
Eversource EnergyES	FDL +0.66 points	0.05%	0.71%
Huntington Bancshares IncHBAN	FDL +0.60 points	0.10%	0.70%
Ares Management Class AARES	FDL +0.56 points	0.08%	0.64%
Firstenergy CorpFE	FDL +0.56 points	0.07%	0.63%
General Mills IncGIS	FDL +0.53 points	0.19%	0.72%
Dte EnergyDTE	FDL +0.52 points	0.07%	0.59%
T Rowe Price GroupTROW	FDL +0.51 points	0.14%	0.65%
Smurfit Westrock PLCSW	FDL +0.48 points	0.07%	0.55%
Best BuyBBY	FDL +0.40 points	0.09%	0.49%
Regions FinancialRF	FDL +0.38 points	0.13%	0.51%
EvergyEVRG	FDL +0.37 points	0.05%	0.42%
KeycorpKEY	FDL +0.36 points	0.09%	0.45%
Tyson Foods Inc Class ATSN	FDL +0.29 points	0.10%	0.39%
Pinnacle WestPNW	FDL +0.28 points	0.02%	0.30%
Genuine PartsGPC	FDL +0.28 points	0.04%	0.32%
Stanley Black & DeckerSWK	FDL +0.28 points	0.05%	0.33%
AesAES	FDL +0.26 points	0.04%	0.30%
CloroxCLX	FDL +0.25 points	0.10%	0.35%
Essential Utilities IncWTRG	FDL +0.24 points	0.02%	0.26%
Fidelity National Financial IncFNF	FDL +0.25 points	0.04%	0.29%
Jm SmuckerSJM	FDL +0.24 points	0.06%	0.30%
Mccormick & Co Non-VotingMKC	FDL +0.22 points	0.06%	0.28%
Onemain HoldingsOMF	FDL +0.21 points	0.05%	0.26%
Oge EnergyOGE	FDL +0.21 points	0.02%	0.23%
Columbia Banking System IncCOLB	FDL +0.19 points	0.06%	0.25%
UgiUGI	FDL +0.17 points	0.03%	0.20%
Eastman ChemicalEMN	FDL +0.18 points	0.04%	0.21%
Hormel Foods CorpHRL	FDL +0.17 points	0.04%	0.21%
Franklin TempletonBEN	FDL +0.17 points	0.04%	0.21%
Campbell SoupCPB	FDL +0.14 points	0.04%	0.18%
Antero MidstreamAM	FDL +0.14 points	0.03%	0.17%
Prosperity BancsharesPB	FDL +0.14 points	0.03%	0.17%
Brown Forman Class BBF.B	FDL +0.12 points	0.05%	0.17%
Chord EnergyCHRD	FDL +0.12 points	0.07%	0.19%
Old Republic InternationalORI	FDL +0.11 points	0.05%	0.16%
Atlantic Union BanksharesAUB	FDL +0.12 points	<0.01%	0.12%
United BanksharesUBSI	FDL +0.11 points	0.02%	0.13%
Spire IncSR	FDL +0.11 points	0.01%	0.12%
Bank OzkOZK	FDL +0.11 points	0.01%	0.12%
Murphy OilMUR	FDL +0.11 points	0.03%	0.14%
New Jersey Resources CorpNJR	FDL +0.10 points	0.01%	0.11%
Sonoco ProductsSON	FDL +0.10 points	0.02%	0.12%
MosaicMOS	FDL +0.10 points	0.02%	0.12%
Northwestern Energy GroupNWE	FDL +0.10 points	0.01%	0.11%
Siriusxm HoldingsSIRI	FDL +0.10 points	0.02%	0.12%
First American Financial CorpFAF	FDL +0.10 points	0.02%	0.12%
LazardLAZ	FDL +0.09 points	0.01%	0.10%
Lamb Weston HoldingsLW	FDL +0.08 points	0.05%	0.13%
Associated BancorpASB	FDL +0.08 points	<0.01%	0.09%
Nexstar Media Group IncNXST	FDL +0.08 points	0.04%	0.12%
Moelis Class AMC	FDL +0.08 points	0.02%	0.10%
Travel LeisureTNL	FDL +0.06 points	0.04%	0.10%
Penske Automotive Group Voting IncPAG	FDL +0.05 points	0.01%	0.06%
Reynolds Consumer Products IncREYN	FDL +0.02 points	<0.01%	0.03%
Brown Forman Class ABF.A	FDL +0.02 points	<0.01%	0.03%
Installed Building ProductsIBP	Same weight	0.02%	0.02%

All 381 DIVB holdings⁠All 100 FDL 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.

DIVB vs FDL Cost

Overpaying FDL vs DIVB

$7,602

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

DIVB 0.05%
$1,060
FDL 0.43%
$8,662

Amount$10,000

Years30 years

Cost over time

DIVB 0.05%
FDL 0.43%
Overpaying

Year by year

Year	DIVB	FDL	Overpaying
10	$92	$776	$684
20	$360	$2,994	$2,634
30	$1,060	$8,662	$7,602

Expense ratio

0.05%DIVB, cheaper
0.43%FDL

DIVB0.05%FDL0.43%

0.04%0.70%

Middle half of US Dividend Index funds
Median 0.35%

DIVB 2nd cheapest of 52 funds

FDL 38th cheapest of 52 funds

DIVB vs FDL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DIVB 2.08%; FDL 3.60%, better
Payout (12M): DIVB $1.48; FDL $1.94
Last payment: DIVB $0.42; FDL $0.51
Ex-dividend: DIVB Sep 15, 2026; FDL Sep 24, 2026
Paid on: DIVB Sep 18, 2026; FDL Sep 30, 2026
Frequency: DIVB Quarterly; FDL Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DIVBQuarterly · 36 paymentsAll DIVB payments⁠

FDLQuarterly · 41 paymentsAll FDL payments⁠

DIVB vs FDL Risk

Fall from peak · 5 years

DIVB
FDL

Risk facts

VolatilityStd dev, 3 years: DIVB 14.0%FDL 13.9%, better
Return per unit of riskSharpe ratio, 3 years: DIVB 1.58, betterFDL 1.31
Worst fallMax drawdown, 5 years: DIVB −21.1%FDL −16.4%, better
Market sensitivityBeta, 5 years: DIVB 0.88FDL 0.39; Market = 1

DIVB and FDL in the news

All news⁠

Best ETFs
For a rising dividend, iShares Core Dividend Growth ETF ranks first
Updated Nov 2, 2026DIVB

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DIVB vs FDL

In short

Stated mandate

Why people hold it

Worth knowing

How DIVB and FDL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DIVB

Only in FDL

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

For a rising dividend, iShares Core Dividend Growth ETF ranks first

How DIVB and FDL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DIVB

Only in FDL

Weight gaps