Dividend comparison

DGRO vs SPHD: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for iShares Core Dividend Growth ETF and Invesco S&P 500 High Dividend Low Volatility ETF, side by side. Updated October 21, 2026.

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DGRO vs SPHD: key differences
The short answer, from the latest data on this page.
  • Fees. DGRO is cheaper at 0.08% a year versus 0.30% for SPHD. On $10,000 that is $22 a year less in fees.
  • Income. SPHD pays more income, yielding 4.87% over the last twelve months versus 1.88% for DGRO. That is about $299 more a year on $10,000. DGRO pays quarterly, SPHD pays monthly.
  • Performance. Over the last 5 years, DGRO returned 64.5% versus 35.9% for SPHD, with dividends reinvested. $10,000 would have grown to $16,454 in DGRO and $13,591 in SPHD.
  • Risk. Their worst declines over the last 5 years were similar: -19.3% for DGRO and -19.5% for SPHD from peak to trough.
  • Diversification. DGRO holds 391 positions and SPHD holds 54.
  • Dividend growth. DGRO grew its yearly payout 7.9% a year over the last 4 years, versus 5.4% for SPHD.
  • Size. DGRO is the larger fund with $44.2 billion in assets, against $3.3 billion for SPHD.

Bottom line: DGRO fits better if you care most about lower fees, stronger 5-year returns, faster dividend growth and broader diversification. SPHD fits better if you care most about more income today.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricDGRO
iShares Core Dividend Growth ETF
SPHD
Invesco S&P 500 High Dividend Low Volatility ETF
Dividend yield (TTM)1.88%4.87%
Dividend / share (TTM)$1.49$2.47
Payout frequencyQuarterlyMonthly
Last dividend$0.3850 on Sep 18, 2026$0.2016 on Sep 25, 2026
Ex-dividend dateSep 15, 2026Oct 19, 2026
Next payment—$0.2010 on Oct 23, 2026
Dividend growth (CAGR)7.9% over 4 yrs5.4% over 4 yrs
Price$79.26$50.64
Dividend growth streak10 years1 year
Beta0.670.47
Max drawdown (5Y)-19.3%-19.5%
Market cap$43.96B$3.29B
ExchangeAMEXAMEX
Expense ratio0.08%0.30%
Assets under management$44.19B$3.26B
Number of holdings39154
Top 10 concentration—28.8%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

DGRO

$15.71/mo

$188 /yr at 1.88% yield

SPHD

$40.59/mo

$487 /yr at 4.87% yield

Dividend history
Total dividends paid per share in each calendar year. DGRO pays quarterly; SPHD pays monthly.
YearDGROSPHD
2025$1.4506$1.9308
2024$1.3851$1.6464
2023$1.3159$1.9010
2022$1.1679$1.7038
2021$1.0718$1.5643
Strategy: Dividend equity
Rules-based equity funds that screen for companies paying sustainable or rising dividends, aiming at income plus long-term share-price participation. The screen is what defines the fund: yield-ranked indexes deliver more cash now, dividend-growth indexes deliberately exclude the highest payers in favor of durability. Both approaches produce a sector mix that looks nothing like the broad market, typically heavier in financials, healthcare, staples and industrials.

Expect stretches of underperformance versus the broad market whenever leadership comes from the high-growth, low-yield companies these screens exclude.

What DGRO vs SPHD actually do

DGRO
An iShares fund holding a wide set of US companies with a record of raising their dividends.

It tracks the Morningstar US Dividend Growth Index, which requires at least five consecutive years of dividend growth, a payout ratio under 75%, a positive earnings forecast, no REITs, and excludes the top 10% of the universe by yield. The five-year requirement is looser than VIG's ten, so the portfolio is broader, running to several hundred names. Holdings are weighted by the total dollar value of dividends paid rather than by market cap, which tilts weight toward the largest actual dividend payers rather than the largest companies.

Suits an investor who wants dividend growth with more names and a slightly higher starting yield than a stricter growth screen delivers. Less suitable for someone who wants concentrated exposure to only the longest-running dividend raisers.

Dividend growth, broad

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $16,454 in DGRO and $13,591 in SPHD.
PeriodDGROSPHD
1 month3.08%1.22%
3 months2.75%-4.22%
Year to date14.17%5.50%
1 year15.72%4.33%
3 years70.71%44.23%
5 years64.54%35.91%
  • DGRO
  • SPHD
81127172202120222023202420252026165136

Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • DGRO
  • SPHD
0%10%21%31%41%Financial Services19.7%15.6%Consumer Defensive12.2%17.8%Healthcare17.2%5.1%Technology19.5%1.5%Utilities7.0%13.7%Real Estate20.1%Energy5.8%14.1%Financials19.2%Information Technology17.8%Health Care17.4%Other41.1%12.0%
Top 10 holdings
Largest positions by portfolio weight.

SPHD54 holdings total

NameWeight
PFEPfizer Inc3.77%
VZVerizon Communications Inc3.18%
MOAltria Group Inc2.88%
GISGeneral Mills Inc2.86%
KHCKraft Heinz Co/The2.84%
CCICrown Castle Inc2.79%
VICIVICI Properties Inc2.76%
AMCRAmcor PLC2.75%
TAT&T Inc2.60%
CMCSAComcast Corp2.42%

Quick verdict

DGRO fits better if you care most about lower fees, stronger 5-year returns, faster dividend growth and broader diversification. SPHD fits better if you care most about more income today. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is DGRO or SPHD better for dividend income?
It depends on your goals. DGRO currently yields 1.88% Trailing Twelve Months (TTM) while SPHD yields 4.87%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between DGRO and SPHD?
iShares Core Dividend Growth ETF (DGRO) is an ETF listed on AMEX. Invesco S&P 500 High Dividend Low Volatility ETF (SPHD) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, DGRO or SPHD?
DGRO has the lower expense ratio. DGRO charges 0.08% a year and SPHD charges 0.30%, a difference of $22 a year on a $10,000 investment.
Which has performed better, DGRO or SPHD?
Over the last 5 years, DGRO has the higher total return with dividends reinvested: DGRO returned 64.5% and SPHD returned 35.9%. Past performance does not predict future returns.
Which is riskier, DGRO or SPHD?
Measured by the worst peak-to-trough decline over the last five years, SPHD has been riskier: DGRO fell as much as 19.3% and SPHD as much as 19.5%. Their betas are 0.67 and 0.47.
How often do DGRO and SPHD pay dividends?
DGRO pays quarterly and SPHD pays monthly.
How much income does $10,000 in DGRO vs SPHD generate?
At current TTM yields, $10,000 in DGRO would generate roughly $15.71 per month ($188 annually). The same amount in SPHD would produce about $40.59 per month ($487 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both DGRO and SPHD?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare DGRO vs SPHD with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how DGRO and SPHD fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.