Dividend comparison

DGRO vs VOO: Which Is Better?

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

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DGRO vs VOO: key differences
The short answer, from the latest data on this page.
  • Fees. VOO is cheaper at 0.03% a year versus 0.08% for DGRO. On $10,000 that is $5 a year less in fees.
  • Income. DGRO pays more income, yielding 1.88% over the last twelve months versus 1.05% for VOO. That is about $83 more a year on $10,000. Both pay quarterly.
  • Performance. Over the last 5 years, VOO returned 81.8% versus 64.5% for DGRO, with dividends reinvested. $10,000 would have grown to $18,178 in VOO and $16,454 in DGRO.
  • Risk. VOO has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -24.5%, against -19.3% for DGRO.
  • Diversification. VOO holds 505 positions and DGRO holds 391.
  • Dividend growth. DGRO grew its yearly payout 7.9% a year over the last 4 years, versus 6.8% for VOO.
  • Size. VOO is the larger fund with $1.7 trillion in assets, against $44.2 billion for DGRO.

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

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricDGRO
iShares Core Dividend Growth ETF
VOO
Vanguard S&P 500 ETF
Dividend yield (TTM)1.88%1.05%
Dividend / share (TTM)$1.49$7.43
Payout frequencyQuarterlyQuarterly
Last dividend$0.3850 on Sep 18, 2026$1.8226 on Sep 30, 2026
Ex-dividend dateSep 15, 2026Sep 28, 2026
Dividend growth (CAGR)7.9% over 4 yrs6.8% over 4 yrs
Price$79.26$706.80
Dividend growth streak10 years5 years
Beta0.671.01
Max drawdown (5Y)-19.3%-24.5%
Market cap$43.96B$1.70T
ExchangeAMEXAMEX
Expense ratio0.08%0.03%
Assets under management$44.19B$1.70T
Number of holdings391505
Top 10 concentration—39.1%
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

VOO

$8.76/mo

$105 /yr at 1.05% yield

Dividend history
Total dividends paid per share in each calendar year. DGRO pays quarterly; VOO pays quarterly.
YearDGROVOO
2025$1.4506$7.0678
2024$1.3851$6.7035
2023$1.3159$6.3572
2022$1.1679$5.9467
2021$1.0718$5.4367
Strategy: Broad index
Low-cost funds that hold an entire market or index at market-cap weights and make no attempt to select securities. Return is the index return less a small fee, and dividends are a by-product of what the underlying companies choose to pay rather than an objective of the strategy. Differences between funds tracking the same index usually come down to fee, wrapper structure, share price and trading liquidity, not to holdings.

Current income is low and outside your control, so these need pairing with something else if the portfolio has to produce cash today.

What DGRO vs VOO 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

VOO
Vanguard's S&P 500 tracker, holding the 500 large-cap US companies in the index at their market-cap weights.

It replicates the index in full and makes no attempt to pick winners, so its return is the index return less a very small fee. As an open-end fund it can lend securities and put incoming dividends back to work inside the portfolio between the quarterly payment dates. Dividends are whatever the underlying companies happen to pay, which means yield is an output of the strategy and never a target of it.

Suits almost any long-horizon US equity allocation, including as the growth engine sitting behind higher-yielding income positions. Not a fit for someone whose portfolio needs to produce meaningful current cash flow.

Core holding

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 $18,178 in VOO.
PeriodDGROVOO
1 month3.08%0.97%
3 months2.75%3.87%
Year to date14.17%13.68%
1 year15.72%15.84%
3 years70.71%89.23%
5 years64.54%81.78%
  • DGRO
  • VOO
73132190202120222023202420252026165182

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
  • VOO
0%10%20%30%40%Technology19.5%40.5%Financial Services19.7%11.1%Healthcare17.2%9.3%Financials19.2%Industrials11.2%7.5%Information Technology17.8%Health Care17.4%Consumer Defensive12.2%4.3%Consumer Cyclical5.9%8.8%Consumer Staples12.8%Other24.1%18.5%
Top 10 holdings
Largest positions by portfolio weight.

VOO505 holdings total

NameWeight
NVDANVIDIA Corp8.39%
AAPLApple Inc7.38%
MSFTMicrosoft Corp5.78%
AMZNAmazon.com Inc3.71%
GOOGLAlphabet Inc3.07%
AVGOBroadcom Inc2.54%
GOOGAlphabet Inc2.45%
METAMeta Platforms Inc2.43%
MUMicron Technology Inc1.83%
TSLATesla Inc1.52%

Quick verdict

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

Still deciding? Compare them in your portfolio
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Frequently asked questions

Is DGRO or VOO better for dividend income?
It depends on your goals. DGRO currently yields 1.88% Trailing Twelve Months (TTM) while VOO yields 1.05%. 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 VOO?
iShares Core Dividend Growth ETF (DGRO) is an ETF listed on AMEX. Vanguard S&P 500 ETF (VOO) 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 VOO?
VOO has the lower expense ratio. DGRO charges 0.08% a year and VOO charges 0.03%, a difference of $5 a year on a $10,000 investment.
Which has performed better, DGRO or VOO?
Over the last 5 years, VOO has the higher total return with dividends reinvested: DGRO returned 64.5% and VOO returned 81.8%. Past performance does not predict future returns.
Which is riskier, DGRO or VOO?
Measured by the worst peak-to-trough decline over the last five years, VOO has been riskier: DGRO fell as much as 19.3% and VOO as much as 24.5%. Their betas are 0.67 and 1.01.
How often do DGRO and VOO pay dividends?
Both pay quarterly. The most recent payments were $0.3850 for DGRO and $1.8226 for VOO.
How much income does $10,000 in DGRO vs VOO generate?
At current TTM yields, $10,000 in DGRO would generate roughly $15.71 per month ($188 annually). The same amount in VOO would produce about $8.76 per month ($105 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both DGRO and VOO?
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 VOO with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how DGRO and VOO 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.