DGRO vs HDV

Portfolio characteristics

DGRO’s P/E (25.44) and P/B (4.13) are dated Nov 5 and HDV’s (24.12, 3.41) Nov 6. HDV’s holdings count is 74 on the Sep 30 fact sheet and 73 on iShares’ Nov 6 fund page. DGRO’s 52-week range is a NAV range; HDV’s was not captured. HDV’s turnover, market capitalization and return on equity were not captured, nor were DGRO’s return on equity and market-cap bands. iShares shows HDV’s premium or discount as 0.05 without a sign.

Top ten sums: DGRO 27.43% · HDV 55.79%. Four stocks appear in both top-ten lists. Weights change.

The sector mirror

Same funds, different lenses

Company size

Neither fund’s market-cap bands were captured for this page. DGRO holds 391 large and mid-sized U.S. companies; HDV holds 73 large, established ones.

What you actually own

Average annual and after-tax returns: iShares, Sep 30, 2026, for both funds, using each fund’s highest historical federal tax rates. “Since inception” starts in different years (DGRO 2014, HDV 2011), so the columns are close in time but should still be read with care. Calendar years: iShares NAV returns for both funds. Past performance does not guarantee future results.

Growth of a hypothetical $10,000 · NAV total return to Sep 30, 2026

Both funds derived from the issuers’ annualized NAV returns (compounded). Distributions reinvested, fund expenses deducted. Illustration, not a forecast.

Payouts per share, newest first

DGRO pays quarterly: its four payouts through Sep 2026 total $1.494 per share against $1.382 for the prior four (+8.1%). HDV’s latest eight payouts, as published by iShares, are not evenly spaced (they include July and August 2026 payments) and vary from $0.056 to $0.251 per share, so a quarter-by-quarter growth comparison would mislead. Compare the yields above instead. All eight HDV payouts were income, with no capital gains or return of capital.

Rank by rank, the ten largest positions of each fund. DGRO: ETF Central (Aug 31). HDV: iShares (Sep 30). Top five: DGRO 15.7%, HDV 34.2%. Top ten: DGRO 27.4%, HDV 55.8%.

Both trade on NYSE Arca with tight spreads. A spread of 0.03% is about $30 between the buy and sell price on $100,000. Use limit orders for large trades and avoid the first and last minutes of the session. See creation, redemption and trading for how NAV, premiums and spreads arise.

Expense ratio is taken from fund assets, not billed. It excludes the bid/ask spread, any premium or discount to NAV, brokerage commissions and taxes. Both ratios are from iShares.

Exact eligibility rules, caps and rebalance dates sit in each prospectus and index methodology; read them before relying on this summary.

HDV’s higher yield comes from how the two indexes are built. HDV’s index keeps about 75 stocks chosen for high yield, a competitive-advantage screen and a financial-health screen, and weights its larger positions more heavily, which concentrates it in staples, energy and utilities that pay a lot. DGRO’s index drops the highest-yielding decile, then screens on dividend growth and payout ratio and weights by dividends paid, which gives 391 holdings and a lot of financials, health care and technology.

The return pattern flips with the window. HDV led over 1 year (17.86% vs 12.95%) and 5 years (12.10% vs 10.96%), while DGRO led over 3 years (17.57% vs 16.06%) and 10 years (13.16% vs 9.43%) and in each calendar year from 2023 to 2025. Sector tilt is the simplest explanation, not proof: leadership can reverse, and a higher yield is not a promise of higher total return. Read yield vs total return before choosing on yield alone.

Start with what separates them. Cost does not: both charge 0.08%, or $8 a year on $10,000. Yield favors HDV: a 3.51% SEC yield against 2.07%, and trailing 3.05% against 1.98%, which on a $100,000 balance implies roughly $3,050 a year against $1,980 at the trailing yields before taxes, if yields held (they change). Breadth and the long-run record favor DGRO: 391 stocks against 73, and the better 3- and 10-year returns.

Then check what you already own. Four top-ten stocks are shared and sector weights overlap by about 55%. If you already hold a broad U.S. fund such as VOO or VTI, DGRO largely repeats it while HDV adds a strong value tilt.

• Step 1 · Goal: dividend growth and breadth (DGRO) or the higher yield from a screened, concentrated list (HDV).
• Step 2 · Overlap: compare each fund with your existing index funds using the Diversification Calculator.
• Step 3 · Sectors: accept a mix across financials, health care and technology (DGRO) or a staples- and energy-heavy mix with almost no technology (HDV).
• Step 4 · Cost: identical, so it should not decide this one.
• Step 5 · Account: consider how dividends are taxed in your account type.

Most investors would pick one rather than both. For other comparisons, DGRO vs VYM and SCHD vs HDV show how each fund sits against other dividend funds. Size the position against your whole portfolio.

DGRO and HDV are U.S.-listed and trade in U.S. dollars, so buying them from a Canadian account usually involves converting Canadian dollars, which adds a cost on both entry and exit. Currency moves also change your return in Canadian dollars even if the funds are flat in U.S. dollars.

U.S. dividends paid to Canadian residents can be subject to U.S. withholding tax, generally 15% under the Canada-U.S. tax treaty. Registered accounts are treated differently: an RRSP is generally exempt from that withholding on U.S. dividends, while a TFSA is not. In a taxable account the withheld amount may be claimable through the foreign tax credit. Because HDV yields more, the withholding in dollar terms is larger on a given balance.

Canadians holding U.S.-listed assets above a modest threshold may also face U.S. estate tax exposure, which treaty relief can reduce. This is general education, not tax advice; confirm the rules for your situation with a cross-border tax professional.

Both funds invest in U.S. stocks. DGRO pays quarterly, and its turnover is about 31% (undated, from MutualFunds.com). HDV’s latest eight payouts were all income, with no capital gains or return of capital; its turnover was not captured. Capital gains history for DGRO was not captured. U.S. taxpayers may see some dividends taxed at lower qualified rates if holding-period rules are met.

iShares’ after-tax returns to Sep 30, 2026 over one year were 12.40% for DGRO and 16.97% for HDV before selling shares, and 8.03% and 11.14% after selling, each on iShares’ own assumptions. For Canadian account types and withholding tax, see the Canadian section above. Confirm the rules for your account with a tax professional, and read how to build an ETF portfolio.

Investors comparing DGRO and HDV often also look at Vanguard Dividend Appreciation (VIG), Vanguard High Dividend Yield (VYM), Schwab U.S. Dividend Equity (SCHD) and ProShares S&P 500 Dividend Aristocrats (NOBL). See VIG vs DGRO, SCHD vs DGRO, DGRO vs VYM and VIG vs HDV. Broad funds such as VTI and VOO already hold many of the same companies, so check overlap before adding a dividend fund to a core portfolio. See every dividend fund side by side on the Dividend ETFs page.

Is DGRO or HDV better?

Neither is better for everyone. HDV pays the higher yield (SEC 3.51% against 2.07% at Sep 30, 2026) and led over 1 and 5 years. DGRO holds 391 stocks against 73, screens on dividend growth and payout ratio, and led over 3 and 10 years and in three of the last four calendar years. Both charge 0.08%, so the choice turns on income against breadth and growth.

Which pays the higher dividend yield, DGRO or HDV?

HDV. Its 30-day SEC yield was 3.51% and its trailing yield 3.05%, against 2.07% and 1.98% for DGRO, all at Sep 30, 2026 from iShares. HDV pays fewer dollars per share only because its share price is lower.

What are the expense ratios of DGRO and HDV?

Both charge 0.08% per iShares, or $8 a year per $10,000.

How much do DGRO and HDV overlap?

Four stocks appear in both top-ten lists: AbbVie, Exxon Mobil, Procter & Gamble and Home Depot. By this page’s own sector arithmetic, the two funds overlap about 55% by sector weight. A fund-level weight overlap was not captured.

What index does each ETF track?

DGRO tracks the Morningstar US Dividend Growth Index. HDV tracks the Morningstar Dividend Yield Focus Index. Both are passive U.S. dividend funds listed on NYSE Arca; DGRO pays quarterly and HDV’s payouts are irregular.

What are the top holdings of DGRO and HDV?

DGRO’s largest positions on Aug 31, 2026 were Microsoft (3.50%), JPMorgan Chase (3.17%), Johnson & Johnson (3.14%), AbbVie (2.99%) and Exxon Mobil (2.94%). HDV’s largest on Sep 30, 2026 were Exxon Mobil (9.28%), Chevron (7.00%), AbbVie (6.70%), Verizon (5.78%) and Procter & Gamble (5.40%).

Which has performed better, DGRO or HDV?

It depends on the window. To Sep 30, 2026 HDV led over 1 year (17.86% vs 12.95%) and 5 years (12.10% vs 10.96%), and DGRO led over 3 years (17.57% vs 16.06%) and 10 years (13.16% vs 9.43%), annualized on NAV. DGRO led 2023, 2024 and 2025 and HDV led 2022. Past performance does not guarantee future results.

How do DGRO and HDV differ by sector?

DGRO (Nov 5, 2026) was 19.5% financials, 17.9% health care, 16.7% technology and 13.1% consumer staples, with 5.3% in energy. HDV (Nov 6, 2026) was 26.7% consumer staples, 23.2% energy, 14.0% health care and 11.4% utilities, with 0.4% in technology.

Can I own both DGRO and HDV?

You can. They share four top-ten stocks and overlap by about 55% by sector weight, so owning both adds some diversification, but the shared names are about a quarter of HDV. Check your combined overlap with a diversification calculator and size positions against your whole portfolio.

Which is less volatile, DGRO or HDV?

The measures point in different directions. DGRO’s three-year standard deviation was 10.45% against 11.72% for HDV at Sep 30, 2026, while DGRO’s beta was 0.67 and HDV’s 0.29. Drawdowns were reported for different periods: about 35.1% for DGRO in March 2020 (Mezzi) and 10.5% for HDV over three years (ETF Central), so do not compare those two figures.

Does HDV pay a dividend every quarter?

Not on a regular quarterly schedule in the latest eight payouts. iShares’ list shows payments that include July and August 2026 and amounts from $0.056 to $0.251 per share, all income. DGRO pays quarterly.

Are DGRO and HDV suitable for Canadian investors?

Both are U.S.-listed and trade in U.S. dollars, so Canadians face currency conversion costs and may face U.S. withholding tax on dividends. Treatment differs across TFSA, RRSP and taxable accounts. This is general education, not tax advice; confirm with a tax professional.

Third-party sources

ETF Central (HDV) · StockAnalysis (HDV) · TotalRealReturns · ETF Central (DGRO holdings).

Methodology and limits

• DGRO figures come from iShares (Nov 5–6 and Sep 30, 2026). HDV figures come from iShares’ fact sheet (Sep 30, 2026) and fund page (Nov 6, 2026).
• Top-ten holdings are ETF Central (Aug 31) for DGRO, summed from published weights, and iShares (Sep 30) for HDV, so dates differ by about four weeks. DGRO sector weights are Nov 5, HDV’s are Nov 6.
• Sector overlap of 55% is this page’s sum of the smaller sector weight in each fund. Fund-level weight overlap, daily-move correlation, HDV turnover and market-cap bands were not captured.
• Calendar-year returns for both funds are iShares NAV total returns, so the years are matched.
• Growth of $10,000 is derived from each issuer’s annualized NAV returns; dollar values are approximate.
• Drawdowns: DGRO is Mezzi’s March 2020 figure; HDV is ETF Central’s three-year maximum drawdown. They cover different periods and are third party.
• Index rules summarize provider descriptions; confirm eligibility rules, caps and rebalance dates in each prospectus.

Pathways, not rankings or recommendations.