REGL vs SDY: Grades, Fees and Holdings Compared

ProShares S&P MidCap 400 Dividend Aristocrats ETF

REGLBCboe

State Street SPDR S&P Dividend ETF

SDYANYSE Arca

Overlap

11.7%by weight

Expense ratio

SDY −0.05pt a year

REGL0.40%SDY0.35%

Avg volume · 30D

SDY 3.4×the volume

REGL57.3KSDY197K

10Y return · a year

SDY +0.5pt

REGL+9.8%SDY+10.3%

REGL vs SDY Performance

Oct 29, 2021 – Oct 30, 2026

+46.5%REGL+48.9%SDY

Expense ratio: REGL 0.40%; SDY 0.35%, better
Fund size: REGL $1.74B; SDY $23.8B
1Y total return: REGL +15.2%; SDY +20.2%, better
Yield (12M): REGL 2.16%; SDY 2.35%, better
Holdings: REGL 66; SDY 158
Avg volume (30D): REGL 57.3K sh; SDY 197K sh, better
NAV per share: REGL $91.90; SDY $160.21
52W range

ETF.net Grade

Pillar letters and Scores for REGL, SDY, with each pillar’s weight
Pillar	REGL	SDY
Cost30% weight	C41	B65Higher
Mission25% weight	A86	A91Higher
Risk15% weight	D30	B67Higher
Tradability15% weight	B63	A80Higher
Holdings10% weight	B64	B69Higher
Durability5% weight	B56	A80Higher

Rank among Dividend Aristocrats funds

How we build Categories ›

Same Category. REGL and SDY are both graded against the same 7 Dividend Aristocrats funds, so their Grades compare head to head.

Dividend Aristocrats⁠

Category · 7 funds

See all 7 ›

SDY ranks 1st and REGL 3rd of 7 funds in the Dividend Aristocrats Category.

Rank 1ASDYState Street SPDR S&P Dividend ETFScore 75
Rank 2ANOBLProShares S&P 500 Dividend Aristocrats ETFScore 70
Rank 3BREGLProShares S&P MidCap 400 Dividend Aristocrats ETFScore 57
Rank 3BWDIVState Street SPDR S&P Global Dividend ETFScore 57

Our read on each fund

ETF.net Research

REGLBProShares S&P MidCap 400 Dividend Aristocrats ETF

SDYAState Street SPDR S&P Dividend ETF

In short

REGL The Dividend Aristocrats formula, one size down. REGL screens the S&P MidCap 400 for companies that have raised their dividend at least 15 straight years, landing on a compact roster of about 60 mid-cap payers.

SDY The aristocrat fund that doesn't stop at the S&P 500. It fishes the whole S&P Composite 1500 for companies with at least 20 straight years of dividend increases, then weights them by yield, so the fattest payers get the biggest seats.

Stated mandate

REGL REGL seeks pre-fee and pre-expense investment results that track the S&P MidCap 400 Dividend Aristocrats Index.

SDY The fund seeks to track, before fees and expenses, the total return of the S&P High Yield Dividend Aristocrats Index. The index selects S&P Composite 1500 companies with at least 20 consecutive years of dividend increases and weights them by indicated yield.

Why people hold it

REGL The 15-year raise streak is a quality filter in disguise: a company needs a decade and a half of intact cash flow to get in, and it drops out when the streak breaks.proshares.com yahoo.com
Mid-cap dividend growth is a thin shelf. Running since 2015 and now a multi-billion-dollar fund, this is the established wrapper for the idea, not a lightly used experiment.proshares.com
It sticks close to its index, so the methodology on paper is what actually shows up in the portfolio. No manager discretion to second-guess.
Cash comes back quarterly, in step with the payout rhythm of the companies inside.

SDY The bar is 20 consecutive years of dividend increases, drawn from the S&P Composite 1500, so seasoned mid- and small-cap raisers can make the cut alongside megacaps.ssga.com
Weighting is by indicated yield, not market cap. Money flows toward the higher-yielding survivors of the screen rather than the biggest companies in it.ssga.com
0.35% a year, below the typical fee among dividend aristocrat index funds, and it holds roughly 160 names rather than a token handful.
Trading since 2005, now a multi-billion-dollar fund that has stayed tight to its index. One of the strongest implementations in its aristocrat peer group.

Worth knowing

REGL 0.40% is dead-on the median for aristocrat-style funds, but broad dividend index products price near 0.05% (SPDG). The mid-cap screen is what the extra buys.
About 60 names is a narrow roster carved out of a 400-stock universe, so individual companies and sector tilts carry real weight here.
Trading is moderate rather than heavy, which matters more on size than on a small order.

SDY Yield weighting is a tilt, not a neutral stance: the largest positions are the highest payers, which pulls the portfolio toward slower-growth, high-payout corners of the market.
Not the cheap seat in the category. Sector-neutral dividend indexing is available for a fraction of the fee, for example SPDG at 0.05%.
Distributions land quarterly, not monthly, and a long raise streak describes a company's past behavior, not a commitment.

Full REGL profile⁠

Full SDY profile⁠

REGL vs SDY Holdings

How REGL and SDY differ

Overlap by weight

11.7%

Shared holdings make up 55.2% of REGL and 11.7% of SDY.

Level by level

Holdings36 in both11.7%
Sector11 Sectors69.6%
Countryby domicile98.6%
Asset classEquity100%

Sector

Sector weights in REGL and SDY, widest gap first
Sector	More in REGLMore in SDY	REGL	SDY
Financials	REGL +18.9 points	31.0%	12.1%
Consumer Staples	SDY +12.5 points	3.1%	15.6%
Technology	SDY +7.9 points	1.7%	9.6%
Consumer Discretionary	REGL +4.9 points	10.0%	5.1%
Real Estate	REGL +3.5 points	7.3%	3.8%
Health Care	SDY +3.5 points	4.9%	8.4%
Communication	SDY +2.8 points	0.0%	2.8%
Industrials	SDY +2.7 points	15.9%	18.6%
Materials	REGL +2.3 points	9.7%	7.4%
Energy	SDY +1.0 points	2.9%	3.9%
Utilities	REGL +0.6 points	13.6%	13.0%

Country, concentration and asset class

Country by domicile

Country weights in REGL and SDY, widest gap first
Country	More in REGLMore in SDY	REGL	SDY
United States	REGL +1.4 points	100.0%	98.6%
United Kingdom	SDY +0.9 points	0.0%	0.9%
Switzerland	SDY +0.5 points	0.0%	0.5%

Concentration

Weight in the 10 largest Holdings

REGL16.8%
SDY20.5%

Securities held

REGL65
SDY156

Asset class

REGL: Equity
SDY: Equity

Holdings

Only in REGL29
In both36
Only in SDY120

Only in REGL

29 securities, 44.6% of REGL by weight

Evercore Inc - A1.72%
Churchill Downs Inc1.71%
Lithia Motors Inc1.67%
Thor Industries Inc1.66%
Gatx Corp1.65%
Cubesmart1.64%
Avient Corp1.57%
Idacorp Inc1.57%
Northwestern Energy Group In1.57%
Ensign Group Inc/The1.57%
Chemed Corp1.56%
Reliance Inc1.55%
Oge Energy Corp1.54%
First Finl Bankshares Inc1.54%
Home Bancshares Inc1.52%
Ingredion Inc1.52%
International Bancshares Crp1.51%
Portland General Electric Co1.51%
Stag Industrial Inc1.51%
Cabot Corp1.51%
Littelfuse Inc1.51%
Dt Midstream Inc1.49%
Primerica Inc1.48%
Reinsurance Group of America1.47%
Eastgroup Properties Inc1.46%
Unum Group1.45%
First American Financial1.44%
Service Corp International1.41%
Applied Industrial Tech Inc1.30%

Only in SDY

120 securities, 88.1% of SDY by weight

Accenture PLC Class A3.87%
Verizon Communications Inc2.76%
Chevron Corp2.16%
Realty Income Corp1.92%
Medtronic PLC1.83%
Pepsico Inc1.81%
Target Corp1.61%
Kenvue Inc1.54%
Nike Inc Class B1.52%
Kimberly Clark Corp1.51%
Becton Dickinson and Co1.51%
Exxonmobil Holdings Corp1.50%
Automatic Data Processing1.50%
Lockheed Martin Corp1.42%
Consolidated Edison Inc1.38%
Wec Energy Group Inc1.38%
Procter & Gamble Co/The1.34%
AbbVie Inc1.32%
Southern Co/The1.29%
Intl Business Machines Corp1.26%
Coca Cola Co/The1.23%
Xcel Energy Inc1.22%
Abbott Laboratories1.21%
McDonald’s Corp1.13%
Sysco Corp1.11%
Nextera Energy Inc1.09%
Air Products & Chemicals Inc1.09%
Illinois Tool Works1.02%
Eversource Energy1.02%
Ppg Industries Inc1.00%
Archer Daniels Midland Co0.99%
Colgate Palmolive Co0.98%
Fastenal Co0.97%
Lowe’s Cos Inc0.96%
Johnson & Johnson0.95%
Atmos Energy Corp0.93%
T Rowe Price Group Inc0.92%
Amcor PLC0.90%
Qualcomm Inc0.88%
Aflac Inc0.87%
Northrop Grumman Corp0.87%
Edison International0.87%
Cincinnati Financial Corp0.86%
Texas Instruments Inc0.84%
Evergy Inc0.81%
Microchip Technology Inc0.80%
Emerson Electric Co0.79%
Alliant Energy Corp0.77%
General Dynamics Corp0.75%
L3HARRIS Technologies Inc0.70%

Weight gaps

All 36 Holdings in both funds, largest gap first.

Holding weights in REGL and SDY, widest gap first
Holding	More in REGLMore in SDY	REGL	SDY
Westlake CorpWLK	REGL +1.59 points	1.68%	0.09%
Polaris IncPII	REGL +1.52 points	1.64%	0.12%
Marzetti Company/TheMZTI	REGL +1.46 points	1.56%	0.10%
Silgan Holdings IncSLGN	REGL +1.42 points	1.56%	0.14%
Spire IncSR	REGL +1.40 points	1.60%	0.20%
One Gas IncOGS	REGL +1.36 points	1.55%	0.19%
Bank OzkOZK	REGL +1.36 points	1.58%	0.22%
Ryder System IncR	REGL +1.33 points	1.76%	0.42%
New Jersey Resources CorpNJR	REGL +1.32 points	1.53%	0.21%
Black Hills CorpBKH	REGL +1.31 points	1.56%	0.25%
Aptargroup IncATR	REGL +1.30 points	1.63%	0.33%
Rli CorpRLI	REGL +1.29 points	1.53%	0.24%
Prosperity Bancshares IncPB	REGL +1.28 points	1.58%	0.30%
Rb Global IncRBA	REGL +1.28 points	1.64%	0.36%
United Bankshares IncUBSI	REGL +1.26 points	1.53%	0.27%
Sonoco Products CoSON	REGL +1.26 points	1.47%	0.21%
Hanover Insurance Group Inc/THG	REGL +1.22 points	1.56%	0.34%
National Fuel Gas CoNFG	REGL +1.21 points	1.50%	0.29%
Nnn Reit IncNNN	REGL +1.21 points	1.51%	0.30%
Renaissancere Holdings LtdRNR	REGL +1.20 points	1.43%	0.23%
Commerce Bancshares IncCBSH	REGL +1.19 points	1.49%	0.30%
Msa Safety IncMSA	REGL +1.19 points	1.46%	0.27%
Cullen/Frost Bankers IncCFR	REGL +1.12 points	1.51%	0.39%
Toro CoTTC	REGL +1.12 points	1.56%	0.44%
Essential Utilities IncWTRG	REGL +1.12 points	1.60%	0.48%
Umb Financial CorpUMBF	REGL +1.11 points	1.51%	0.40%
American Financial Group IncAFG	REGL +1.11 points	1.54%	0.43%
Old Republic Intl CorpORI	REGL +1.09 points	1.44%	0.35%
Carlisle Cos IncCSL	REGL +1.07 points	1.65%	0.58%
Sei Investments CompanySEIC	REGL +1.08 points	1.43%	0.35%
Equity Lifestyle PropertiesELS	REGL +1.03 points	1.49%	0.46%
Lincoln Electric HoldingsLECO	REGL +1.00 points	1.57%	0.57%
Donaldson Co IncDCI	REGL +1.00 points	1.40%	0.40%
Rpm International IncRPM	REGL +0.98 points	1.53%	0.55%
Royal Gold IncRGLD	REGL +0.94 points	1.41%	0.47%
Graco IncGGG	REGL +0.75 points	1.23%	0.48%

All 67 REGL holdings⁠All 155 SDY 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.

REGL vs SDY Cost

Overpaying REGL vs SDY

$964

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

REGL 0.40%
$8,090
SDY 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

REGL 0.40%
SDY 0.35%
Overpaying

Year by year

Year	REGL	SDY	Overpaying
10	$723	$634	$89
20	$2,793	$2,454	$339
30	$8,090	$7,126	$964

Expense ratio

0.40%REGL
0.35%SDY, cheaper

SDY0.35%REGL0.40%

0.15%0.60%

Middle half of Dividend Aristocrats funds
Median 0.40%

SDY 2nd cheapest of 7 funds

REGL 4th cheapest of 7 funds

REGL vs SDY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): REGL 2.16%; SDY 2.35%, better
Payout (12M): REGL $1.99; SDY $3.78
Last payment: REGL $0.40; SDY $0.92
Ex-dividend: REGL Sep 23, 2026; SDY Sep 21, 2026
Paid on: REGL Sep 29, 2026; SDY Sep 23, 2026
Frequency: REGL Quarterly; SDY Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

REGLQuarterly · 39 paymentsAll REGL payments⁠

SDYQuarterly · 39 paymentsAll SDY payments⁠

REGL vs SDY Risk

Fall from peak · 5 years

REGL
SDY

Risk facts

VolatilityStd dev, 3 years: REGL 15.1%SDY 13.2%, better
Return per unit of riskSharpe ratio, 3 years: REGL 0.72SDY 0.85, better
Worst fallMax drawdown, 5 years: REGL −17.0%SDY −15.2%, better
Market sensitivityBeta, 5 years: REGL 0.64SDY 0.58; Market = 1

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