PFM vs VIG: Grades, Fees and Holdings Compared

Invesco Dividend Achievers ETF

PFMCNasdaq

Vanguard Dividend Appreciation ETF

VIGANYSE Arca

Overlap

84.5%by weight

Expense ratio

VIG −0.48pt a year

PFM0.52%VIG0.04%

Avg volume · 30D

VIG 54.8×the volume

PFM18.7KVIG1.02M

10Y return · a year

VIG +1.5pt

PFM+12.3%VIG+13.8%

PFM vs VIG Performance

Oct 29, 2021 – Oct 30, 2026

+66.5%PFM+65.3%VIG

Expense ratio: PFM 0.52%; VIG 0.04%, better
Fund size: PFM $815M; VIG $128B
1Y total return: PFM +16.4%, better; VIG +16.0%
Yield (12M): PFM 1.29%; VIG 1.47%, better
Holdings: PFM 431; VIG 335
Avg volume (30D): PFM 18.7K sh; VIG 1.02M sh, better
NAV per share: PFM $58.41; VIG $247.72
52W range

ETF.net Grade

Pillar letters and Scores for PFM, VIG, with each pillar’s weight
Pillar	PFM	VIG
Cost30% weight	F18	A100Higher
Mission25% weight	A84	A84
Risk15% weight	B62	B62
Tradability15% weight	C50	B59Higher
Holdings10% weight	B57Higher	C52
Durability5% weight	B64	A92Higher

Rank among US Dividend Index funds

How we build Categories ›

Same Category. PFM and VIG 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 ›

VIG ranks 5th and PFM 30th of 52 funds in the US Dividend Index Category.

Rank 4ASPYDState Street SPDR Portfolio S&P 500 High Dividend ETFScore 79
Rank 5AVIGVanguard Dividend Appreciation ETFScore 78
Rank 6ADLNWisdomTree U.S. LargeCap Dividend FundScore 74
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

PFMCInvesco Dividend Achievers ETF

VIGAVanguard Dividend Appreciation ETF

In short

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.

VIG VIG buys dividend growth, not fat yields: about 300 US companies with a record of raising their payouts, tracked for 0.04% a year. Running since 2006 and now north of $100 billion, it is the plain-vanilla anchor of the dividend-screen aisle.

Stated mandate

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.

VIG The fund seeks to track the S&P U.S. Dividend Growers Index, which represents common stocks of companies with a record of increasing dividends over time.

Why people hold it

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.

VIG At 0.04% a year, the fee is roughly a tenth of the typical dividend-screen fund's 0.39%, and undercuts every other top-graded fund in the group, DGRO and SCHD included.
The screen rewards a record of increasing dividends rather than the biggest current payout, so the basket leans on payout discipline instead of stretched yields.
Live since 2006, over $100 billion in assets and actively traded, which shows up as easy fills rather than wide spreads.
About 300 holdings, cash paid quarterly, and one of the strongest overall implementations in its dividend-screen peer group.

Worth knowing

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.

VIG Growth of payouts, not maximum income, is the mandate. That puts it on a different axis than high-dividend funds such as SPYD.
US stocks only, no bonds and no overseas payers, and sector weights are whatever the index screen spits out.
Portfolio risk and concentration measures land mid-pack for the category: it is fully invested in equities and drops when the market drops.

Full PFM profile⁠

Full VIG profile⁠

PFM vs VIG Holdings

How PFM and VIG differ

Overlap by weight

84.5%

Shared holdings make up 98.2% of VIG and 86.8% of PFM.

Level by level

Holdings311 in both84.5%
Sector11 Sectors91.7%
Countryby domicile99.3%
Asset classEquity100%

Sector

Sector weights in PFM and VIG, widest gap first
Sector	More in PFMMore in VIG	PFM	VIG
Technology	VIG +4.8 points	22.6%	27.4%
Consumer Staples	PFM +2.6 points	11.7%	9.1%
Real Estate	PFM +1.8 points	1.8%	0.0%
Energy	PFM +1.7 points	5.3%	3.6%
Financials	VIG +1.4 points	19.3%	20.7%
Utilities	PFM +1.1 points	3.8%	2.7%
Communication	PFM +1.0 points	1.0%	0.0%
Health Care	VIG +1.0 points	17.7%	18.7%
Industrials	VIG +0.7 points	10.1%	10.8%
Consumer Discretionary	VIG +0.3 points	3.6%	3.9%
Materials	VIG +0.2 points	3.0%	3.2%

Country, concentration and asset class

Country by domicile

Country weights in PFM and VIG, widest gap first
Country	More in PFMMore in VIG	PFM	VIG
United States	VIG +0.7 points	99.3%	100.0%
Other countries (3)	PFM +0.7 points	0.7%	0.0%

Concentration

Weight in the 10 largest Holdings

PFM32.2%
VIG34.6%

Securities held

PFM429
VIG334

Asset class

PFM: Equity
VIG: Equity

Holdings

Only in PFM118
In both311
Only in VIG23

Only in PFM

118 securities, 13.1% of PFM by weight

Chevron Corp1.58%
Philip Morris International Inc1.12%
RTX Corp0.93%
Verizon Communications Inc0.63%
Pfizer Inc0.59%
Altria Group Inc0.44%
Bristol-Myers Squibb Co0.43%
Prologis Inc0.42%
Southern Co/The0.37%
Equinix Inc0.35%
Duke Energy Corp0.34%
Trane Technologies PLC0.33%
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%
Consolidated Edison Inc0.15%
Prudential Financial Inc0.14%
Paychex Inc0.14%
WEC Energy Group Inc0.13%
Kimberly-Clark Corp0.13%
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%
Evergy Inc0.07%
Brookfield Infrastructure Partners LP0.06%
Essex Property Trust Inc0.06%
Genuine Parts Co0.06%
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%
Fidelity National Financial Inc0.04%
EastGroup Properties Inc0.04%
AES Corp/The0.04%

Only in VIG

23 securities, 1.7% of VIG by weight

Elevance Health Inc0.36%
Aon PLC0.26%
Honeywell Aerospace Inc0.22%
Becton Dickinson & Co0.22%
Sunbelt Rentals Holdings Inc0.13%
Veralto Corp0.10%
HEICO Corp0.08%
RB Global Inc0.07%
DT Midstream Inc0.05%
Essential Utilities Inc0.05%
Solstice Advanced Materials Inc0.04%
Pentair PLC0.04%
Amdocs Ltd0.03%
TXNM Energy Inc0.03%
Mobility Global Inc0.02%
Graham Holdings Co0.02%
Marzetti Company/The<0.01%
Worthington Enterprises Inc<0.01%
Brown-Forman Corp<0.01%
First Mid Bancshares Inc<0.01%
SLBBH1142<0.01%
Investar Holding Corp<0.01%
Shoe Station Group Inc<0.01%

Weight gaps

The 100 widest of 311 Holdings in both funds.

Holding weights in PFM and VIG, widest gap first
Holding	More in PFMMore in VIG	PFM	VIG
Walmart IncWMT	PFM +1.27 points	3.33%	2.06%
Microsoft CorpMSFT	VIG +0.86 points	4.06%	4.92%
JPMorgan Chase & CoJPM	VIG +0.75 points	3.16%	3.91%
Lam Research CorpLRCX	VIG +0.73 points	1.10%	1.83%
Broadcom IncAVGO	VIG +0.70 points	3.62%	4.32%
Apple IncAAPL	VIG +0.64 points	4.27%	4.91%
Caterpillar IncCAT	VIG +0.63 points	1.03%	1.66%
Johnson & JohnsonJNJ	VIG +0.54 points	2.30%	2.84%
Cisco Systems IncCSCO	VIG +0.41 points	1.48%	1.89%
KLA CorpKLAC	VIG +0.37 points	0.76%	1.13%
ExxonMobil Holdings CorpXOM	VIG +0.37 points	2.61%	2.98%
Eli Lilly & CoLLY	PFM +0.36 points	4.48%	4.12%
Merck & Co IncMRK	VIG +0.34 points	1.25%	1.59%
Bank of America CorpBAC	VIG +0.33 points	1.24%	1.57%
Oracle CorpORCL	PFM +0.33 points	1.39%	1.06%
AbbVie IncABBV	VIG +0.28 points	1.78%	2.06%
Costco Wholesale CorpCOST	VIG +0.27 points	1.53%	1.80%
Amphenol CorpAPH	VIG +0.22 points	0.70%	0.92%
Eaton Corp PLCETN	VIG +0.21 points	0.53%	0.74%
Procter & Gamble Co/ThePG	VIG +0.21 points	1.29%	1.50%
QUALCOMM IncQCOM	VIG +0.20 points	0.67%	0.87%
UnitedHealth Group IncUNH	VIG +0.19 points	1.28%	1.47%
Linde PLCLIN	VIG +0.17 points	0.80%	0.97%
Goldman Sachs Group Inc/TheGS	VIG +0.16 points	0.93%	1.09%
Amgen IncAMGN	VIG +0.15 points	0.86%	1.01%
Texas Instruments IncTXN	VIG +0.15 points	0.99%	1.14%
PepsiCo IncPEP	VIG +0.14 points	0.63%	0.77%
Abbott LaboratoriesABT	VIG +0.13 points	0.63%	0.76%
Analog Devices IncADI	VIG +0.13 points	0.73%	0.86%
Home Depot Inc/TheHD	VIG +0.12 points	1.14%	1.26%
Visa IncV	VIG +0.12 points	2.42%	2.54%
Gilead Sciences IncGILD	VIG +0.11 points	0.71%	0.82%
NextEra Energy IncNEE	VIG +0.11 points	0.59%	0.70%
Coca-Cola Co/TheKO	VIG +0.10 points	1.38%	1.48%
McDonald's CorpMCD	VIG +0.10 points	0.63%	0.73%
Comfort Systems USA IncFIX	VIG +0.10 points	0.16%	0.26%
Union Pacific CorpUNP	VIG +0.10 points	0.62%	0.72%
Bank of New York Mellon Corp/TheBNY	VIG +0.09 points	0.35%	0.44%
International Business Machines CorpIBM	VIG +0.08 points	0.84%	0.92%
Phillips 66PSX	VIG +0.07 points	0.38%	0.45%
Mastercard IncMA	VIG +0.07 points	1.91%	1.98%
Cummins IncCMI	VIG +0.07 points	0.25%	0.32%
Republic Services IncRSG	PFM +0.07 points	0.25%	0.18%
Automatic Data Processing IncADP	VIG +0.07 points	0.39%	0.46%
Intercontinental Exchange IncICE	VIG +0.06 points	0.32%	0.38%
Medtronic PLCMDT	VIG +0.06 points	0.43%	0.49%
Starbucks CorpSBUX	VIG +0.06 points	0.42%	0.48%
PNC Financial Services Group Inc/ThePNC	VIG +0.06 points	0.32%	0.38%
S&P Global IncSPGI	VIG +0.06 points	0.47%	0.53%
Lowe's Cos IncLOW	VIG +0.06 points	0.40%	0.46%
Emerson Electric CoEMR	VIG +0.05 points	0.33%	0.38%
Honeywell International IncHON	VIG +0.06 points	0.24%	0.30%
Lockheed Martin CorpLMT	PFM +0.05 points	0.51%	0.46%
Mondelez International IncMDLZ	VIG +0.05 points	0.28%	0.33%
Sherwin-Williams Co/TheSHW	VIG +0.05 points	0.28%	0.33%
CME Group IncCME	VIG +0.05 points	0.37%	0.42%
McKesson CorpMCK	VIG +0.05 points	0.39%	0.44%
Blackrock IncBLK	VIG +0.05 points	0.63%	0.68%
CSX CorpCSX	VIG +0.04 points	0.34%	0.38%
State Street CorpSTT	VIG +0.04 points	0.17%	0.21%
TE Connectivity PLCTEL	VIG +0.05 points	0.22%	0.27%
Motorola Solutions IncMSI	VIG +0.05 points	0.28%	0.33%
Colgate-Palmolive CoCL	VIG +0.04 points	0.26%	0.30%
Fastenal CoFAST	VIG +0.04 points	0.21%	0.25%
American Electric Power Co IncAEP	VIG +0.05 points	0.24%	0.29%
Archer-Daniels-Midland CoADM	VIG +0.04 points	0.13%	0.17%
Travelers Cos Inc/TheTRV	VIG +0.04 points	0.29%	0.33%
Ameriprise Financial IncAMP	VIG +0.04 points	0.15%	0.19%
Rockwell Automation IncROK	VIG +0.05 points	0.17%	0.21%
Danaher CorpDHR	VIG +0.04 points	0.58%	0.62%
Agilent Technologies IncA	VIG +0.04 points	0.18%	0.22%
Kroger Co/TheKR	PFM +0.04 points	0.14%	0.10%
Marsh & McLennan Cos IncMRSH	VIG +0.03 points	0.33%	0.36%
Cencora IncCOR	VIG +0.03 points	0.22%	0.25%
Microchip Technology IncMCHP	VIG +0.04 points	0.15%	0.19%
Air Products and Chemicals IncAPD	VIG +0.04 points	0.24%	0.28%
Fifth Third BancorpFITB	VIG +0.03 points	0.17%	0.20%
Morgan StanleyMS	PFM +0.03 points	1.03%	1.00%
SempraSRE	VIG +0.04 points	0.19%	0.23%
Xylem Inc/NYXYL	VIG +0.04 points	0.07%	0.11%
NIKE IncNKE	VIG +0.03 points	0.16%	0.19%
Sysco CorpSYY	VIG +0.03 points	0.14%	0.17%
Entergy CorpETR	VIG +0.03 points	0.18%	0.21%
General Dynamics CorpGD	VIG +0.02 points	0.35%	0.37%
Cardinal Health IncCAH	VIG +0.03 points	0.20%	0.23%
Hubbell IncHUBB	VIG +0.03 points	0.08%	0.11%
Chubb LtdCB	VIG +0.03 points	0.48%	0.51%
W R Berkley CorpWRB	PFM +0.02 points	0.09%	0.07%
Allstate Corp/TheALL	VIG +0.03 points	0.22%	0.25%
Xcel Energy IncXEL	VIG +0.03 points	0.17%	0.20%
CH Robinson Worldwide IncCHRW	VIG +0.03 points	0.05%	0.08%
Nasdaq IncNDAQ	PFM +0.02 points	0.20%	0.18%
Accenture PLCACN	PFM +0.02 points	0.52%	0.50%
Public Service Enterprise Group IncPEG	VIG +0.02 points	0.13%	0.15%
Intuit IncINTU	VIG +0.03 points	0.31%	0.34%
Hartford Insurance Group Inc/TheHIG	VIG +0.02 points	0.13%	0.15%
Arthur J Gallagher & CoAJG	VIG +0.02 points	0.24%	0.26%
Westlake CorpWLK	PFM +0.02 points	0.03%	<0.01%
Royal Gold IncRGLD	VIG +0.02 points	0.07%	0.09%
Snap-on IncSNA	VIG +0.02 points	0.06%	0.08%

All 429 PFM holdings⁠All 338 VIG 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.

PFM vs VIG Cost

Overpaying PFM vs VIG

$9,502

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

PFM 0.52%
$10,351
VIG 0.04%
$849

Amount$10,000

Years30 years

Cost over time

PFM 0.52%
VIG 0.04%
Overpaying

Year by year

Year	PFM	VIG	Overpaying
10	$935	$73	$862
20	$3,593	$288	$3,305
30	$10,351	$849	$9,502

Expense ratio

0.52%PFM
0.04%VIG, cheaper

VIG0.04%PFM0.52%

0.04%0.70%

Middle half of US Dividend Index funds
Median 0.35%

VIG cheapest of 52 funds

PFM 43rd cheapest of 52 funds

PFM vs VIG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PFM 1.29%; VIG 1.47%, better
Payout (12M): PFM $0.75; VIG $3.65
Last payment: PFM $0.18; VIG $0.93
Ex-dividend: PFM Sep 21, 2026; VIG Sep 28, 2026
Paid on: PFM Sep 25, 2026; VIG Sep 30, 2026
Frequency: PFM Quarterly; VIG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PFMQuarterly · 39 paymentsAll PFM payments⁠

VIGQuarterly · 39 paymentsAll VIG payments⁠

PFM vs VIG Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: PFM 10.5%, betterVIG 10.6%
Return per unit of riskSharpe ratio, 3 years: PFM 1.33VIG 1.33
Worst fallMax drawdown, 5 years: PFM −17.8%, betterVIG −20.4%
Market sensitivityBeta, 5 years: PFM 0.78VIG 0.82; Market = 1

PFM and VIG in the news

All news⁠

Best ETFs
For a rising dividend, iShares Core Dividend Growth ETF ranks first
Updated Nov 2, 2026VIG
New ETFs
Eventide lists two ETFs at 0.75% and 0.95% for strategies it already runs
Oct 30, 2026VIG
Head-to-Head
SCHD yields twice what VIG does. Over 10 years, VIG still leads.
Oct 22, 2026VIG
Best ETFs
Schwab's dividend ETF returned 22.8% in a year. Its income rate still trails a one-month bill.
Updated Oct 2, 2026VIG
First-Year Review
EASY's first year trailed the defensive index it names
Sep 30, 2026VIG
New ETFs
Raub Brock lists HQDG, an active dividend-growth ETF priced at 0.50%
Sep 8, 2026VIG

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PFM vs VIG

In short

Stated mandate

Why people hold it