Dividend comparison

DGRO vs SPYD: Which Is Better for Income?

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

Start freeOpen interactive compareSee pricing
DGRO vs SPYD: key differences
The short answer, from the latest data on this page.
  • Fees. SPYD is cheaper at 0.07% a year versus 0.08% for DGRO. On $10,000 that is $1 a year less in fees.
  • Income. SPYD pays more income, yielding 4.33% over the last twelve months versus 1.88% for DGRO. That is about $244 more a year on $10,000. Both pay quarterly.
  • Performance. Over the last 5 years, DGRO returned 64.5% versus 38.0% for SPYD, with dividends reinvested. $10,000 would have grown to $16,454 in DGRO and $13,797 in SPYD.
  • Risk. SPYD has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -22.2%, against -19.3% for DGRO.
  • Diversification. DGRO holds 391 positions and SPYD holds 78.
  • Dividend growth. DGRO grew its yearly payout 7.9% a year over the last 4 years, versus 6.0% for SPYD.
  • Size. DGRO is the larger fund with $44.2 billion in assets, against $7.3 billion for SPYD.

Bottom line: DGRO fits better if you care most about stronger 5-year returns, faster dividend growth and broader diversification. SPYD 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
SPYD
State Street SPDR Portfolio S&P 500 High Dividend ETF
Dividend yield (TTM)1.88%4.33%
Dividend / share (TTM)$1.49$2.06
Payout frequencyQuarterlyQuarterly
Last dividend$0.3850 on Sep 18, 2026$0.5178 on Sep 23, 2026
Ex-dividend dateSep 15, 2026Sep 21, 2026
Dividend growth (CAGR)7.9% over 4 yrs6.0% over 4 yrs
Price$79.26$47.60
Dividend growth streak10 years2 years
Beta0.670.64
Max drawdown (5Y)-19.3%-22.2%
Market cap$43.96B$7.34B
ExchangeAMEXAMEX
Expense ratio0.08%0.07%
Assets under management$44.19B$7.26B
Number of holdings39178
Top 10 concentration—16.4%
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

SPYD

$36.06/mo

$433 /yr at 4.33% yield

Dividend history
Total dividends paid per share in each calendar year. DGRO pays quarterly; SPYD pays quarterly.
YearDGROSPYD
2025$1.4506$1.9570
2024$1.3851$1.8637
2023$1.3159$1.8276
2022$1.1679$1.9833
2021$1.0718$1.5492
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 SPYD 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 $13,797 in SPYD.
PeriodDGROSPYD
1 month3.08%1.13%
3 months2.75%-3.62%
Year to date14.17%10.06%
1 year15.72%9.07%
3 years70.71%54.50%
5 years64.54%37.97%
  • DGRO
  • SPYD
81127172202120222023202420252026165138

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
  • SPYD
0%9%18%27%36%Financial Services19.7%13.3%Consumer Defensive12.2%14.2%Real Estate24.4%Technology19.5%3.9%Healthcare17.2%4.4%Financials19.2%Utilities7.0%10.9%Information Technology17.8%Health Care17.4%Industrials11.2%5.1%Other35.8%23.9%
Top 10 holdings
Largest positions by portfolio weight.

SPYD78 holdings total

NameWeight
ACNACCENTURE PLC CL A2.27%
PSXPHILLIPS 661.71%
HPQHP INC1.62%
PFEPFIZER INC1.59%
APAAPA CORP1.57%
VTRSVIATRIS INC1.56%
CVXCHEVRON CORP1.56%
IRMIRON MOUNTAIN INC1.53%
MDTMEDTRONIC PLC1.52%
TGTTARGET CORP1.49%

Quick verdict

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

Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how DGRO vs SPYD fits with the rest of your holdings. Free to start — no credit card required for the trial.
Start freeInteractive DRIP compare

Frequently asked questions

Is DGRO or SPYD better for dividend income?
It depends on your goals. DGRO currently yields 1.88% Trailing Twelve Months (TTM) while SPYD yields 4.33%. 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 SPYD?
iShares Core Dividend Growth ETF (DGRO) is an ETF listed on AMEX. State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) 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 SPYD?
SPYD has the lower expense ratio. DGRO charges 0.08% a year and SPYD charges 0.07%, a difference of $1 a year on a $10,000 investment.
Which has performed better, DGRO or SPYD?
Over the last 5 years, DGRO has the higher total return with dividends reinvested: DGRO returned 64.5% and SPYD returned 38.0%. Past performance does not predict future returns.
Which is riskier, DGRO or SPYD?
Measured by the worst peak-to-trough decline over the last five years, SPYD has been riskier: DGRO fell as much as 19.3% and SPYD as much as 22.2%. Their betas are 0.67 and 0.64.
How often do DGRO and SPYD pay dividends?
Both pay quarterly. The most recent payments were $0.3850 for DGRO and $0.5178 for SPYD.
How much income does $10,000 in DGRO vs SPYD generate?
At current TTM yields, $10,000 in DGRO would generate roughly $15.71 per month ($188 annually). The same amount in SPYD would produce about $36.06 per month ($433 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both DGRO and SPYD?
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 SPYD with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how DGRO and SPYD 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.

Related comparisons

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.