At a glance
DGRO charges 0.08% a year, below the 0.16% average of the 8 funds most like it (the 6th cheapest of 9). It has $42.77B in assets, the 4th largest of that group; it paid 1.83% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +21.8% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +20.6% a year. At its worst it fell 34.8% in the 2020 crash (S&P 500: 33.7%) and 19.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 15 months after the lows. Its ten largest positions make up 27.2% of the fund, out of 390 in all.
The short version
iShares Core Dividend Growth ETF (DGRO), from BlackRock, tracks the Morningstar US Dividend Growth Index. It holds several hundred US companies that have raised their dividends for at least five straight years, weighted by the dividends they're expected to pay. It leaves out the highest-yielding stocks and companies paying out 75% or more of their earnings, so it favors dividend growers over high current income. Its 0.08% annual fee is half the 0.16% average of similar funds.
Price history
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DGRO +21.8% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DGRO official prospectus, to Dec 31, 2025 | — | +15.74% | — | +11.69% | +13.10% | — |
| Morningstar US Market Index index, same period | — | +17.35% | — | +13.29% | +14.40% | — |
| Morningstar US Dividend Growth Index index, same period | — | +15.87% | — | +11.78% | +13.18% | — |
| DGRO price data to Nov 2, 2026 | +18.7% | +21.8% | +20.6% | +11.2% | +14.3% | +12.7% |
- Over the year to Nov 2, 2026, DGRO returned +21.8%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +11.2% and its 10-year +14.3%.
- In the 2020 COVID crash it fell 34.8% and regained its old high 7.6 months after the low.
- Its worst full calendar year was 2022 (-7.9%); its best was 2019 (+29.9%).
- The deepest fall in its price history was 35.1% (Feb 12, 2020 to Mar 23, 2020), recovered by Nov 9, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +18.7% | — |
| 2025 | +15.7% | +15.74% |
| 2024 | +16.6% | +16.61% |
| 2023 | +10.5% | +10.43% |
| 2022 | -7.9% | -7.85% |
| 2021 | +26.6% | +26.56% |
| 2020 | +9.5% | +9.47% |
| 2019 | +29.9% | +30.02% |
| 2018 | -2.4% | -2.24% |
| 2017 | +23.0% | +22.84% |
| 2016 | +15.2% | +15.27% |
| 2015 | -0.7% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 34.8% over that stretch · deepest drop along the way 34.8%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.6% over that stretch · deepest drop along the way 19.3%, back to its old high 14.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0400 | |
| 2025 | $1.4500 | +5.1% |
| 2024 | $1.3800 | +4.5% |
| 2023 | $1.3200 | +13.8% |
| 2022 | $1.1600 | +8.4% |
| 2021 | $1.0700 | +3.9% |
| 2020 | $1.0300 | +10.8% |
| 2019 | $0.9300 | +14.8% |
| 2018 | $0.8100 | +15.7% |
| 2017 | $0.7000 | +6.1% |
| 2016 | $0.6600 | +1.5% |
| 2015 | $0.6500 |
Living on DGRO: its income record, cuts, and how much a $1,000 monthly income takes →
What's inside
As of Jul 31, 2026, the fund held 390 securities; the ten largest made up 27.16% of assets.
| Holding | Weight | |
|---|---|---|
| MICROSOFT CORP | 3.24% | |
| JP MORGAN CHASE & COMPANY | 3.16% | |
| JOHNSON & JOHNSON | 3.07% | |
| ABBVIE INC | 2.96% | |
| EXXONMOBIL HOLDINGS CORP | 2.87% | |
| APPLE INC | 2.86% | |
| BROADCOM INC | 2.55% | |
| PROCTER & GAMBLE COMPANY (THE) | 2.17% | |
| HOME DEPOT INC (THE) | 2.14% | |
| PHILIP MORRIS INTERNATIONAL INC | 2.13% | |
| COCA-COLA COMPANY (THE) | 1.96% | |
| MERCK & COMPANY INC | 1.91% | |
| BANK OF AMERICA CORP | 1.83% | |
| UNITEDHEALTH GROUP INC | 1.76% | |
| PEPSICO INC | 1.66% |
By country
United States 94.74%Ireland 3.89%Switzerland 0.55%Bermuda 0.23%Netherlands 0.16%By asset type
Stocks 99.71%By sector
Sectors of the companies held, for the 83.9% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $798.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.69%, +1.62%, +2.87%.
How it works
DGRO seeks to track the Morningstar US Dividend Growth Index. Morningstar starts with its US Market Index, which covers about 97% of US stock market value. It then removes the tenth of stocks with the highest dividend yields (dividends relative to share price). The companies left must pay a qualified dividend, which is generally taxed at lower rates. They must also have raised their annual dividend for at least five straight years and pay out less than 75% of earnings as dividends.
Stocks are weighted by dividend dollars: the total each company is expected to pay over the next 12 months. The biggest payers count most, and the index caps each company at 3%. As of July 31, 2026, the largest holdings were Microsoft, JPMorgan Chase, Johnson & Johnson, AbbVie, ExxonMobil and Apple, each about 3% of assets. The top 10 made up 27%. Morningstar, which is independent of BlackRock, picks the companies, and the list changes over time.
BlackRock uses representative sampling. Instead of necessarily owning every stock in the index, it holds a mix chosen to match the index's size, sector and yield traits. At least 80% of net assets stay in index stocks. As of July 31, 2026, its only derivatives were three stock-index futures contracts. The fund may lend out up to one-third of its assets for a fee. Its yearly turnover, a measure of trading, was 25%.
What it really costs
- DGRO charges 0.08% a year, versus an average of 0.16% for the similar funds below (6th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $8 in the first year and $103 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DGRO | $8 | $26 | $45 | $103 |
In a retirement portfolio
It spreads money across hundreds of US companies with records of rising dividends for an expense ratio of 0.08%, so it can serve as a main US stock holding rather than a high-income one.
As a stock fund, DGRO can fall sharply. It launched in 2014, so it has no record from 2008. Its deepest drop came in the 2020 COVID crash, when it fell about 35%. It regained its prior high by November 9, 2020. In the 2022 bear market it fell about 19% and stayed below its January 2022 peak until December 14, 2023. Its worst calendar year was 2022, at -7.85%. Anyone selling shares for spending money then would have sold well below earlier highs. A cash or bond reserve can ease that pressure.
Income is modest. Over the 12 months to October 27, 2026, its quarterly dividends added up to a 1.86% yield, partly because the index skips the highest yielders. Costs are low: in the SEC's standard $10,000 example, fees total $103 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors looking for a 0.08%-a-year US stock fund spread across hundreds of companies with at least five straight years of dividend increases.
- Those who prefer companies with a record of rising dividends over a high starting yield. DGRO yielded 1.86% as of October 27, 2026.
- Investors wary of relying on single stocks: the index caps each company at 3%, and the top 10 were 27% of assets on July 31, 2026.
Look elsewhere if
- Income seekers who need a high payout: the 12-month yield was 1.86% as of October 27, 2026, partly because the index excludes top yielders.
- Investors who can't ride out deep losses: DGRO fell about 35% in early 2020 and stayed below its January 2022 peak until December 2023.
- Those who want the broad US market's returns: through December 31, 2025, DGRO's 10-year average annual return of 13.10% trailed the Morningstar US Market Index's 14.40%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DGRO this fund | — | 0.08% | $42.77B | +21.8% | +20.6% |
| VIG Vanguard Dividend Appreciation ETF | 69% | 0.05% | $130.90B | +15.6% | +19.8% |
| PFM Invesco Dividend Achievers™ ETF | 67% | 0.52% | $789.8M | +13.4% | +19.7% |
| VYM Vanguard High Dividend Yield Index ETF | 63% | 0.06% | $99.19B | +19.1% | +21.2% |
| DLN WisdomTree U.S. LargeCap Dividend Fund | 61% | 0.28% | $6.14B | +16.0% | +21.9% |
| DTD WisdomTree U.S. Total Dividend Fund | 58% | 0.28% | $1.61B | +15.9% | +21.3% |
| VTV Vanguard Value ETF | 53% | 0.04% | $254.48B | +25.4% | +22.3% |
| SCHV Schwab U.S. Large-Cap Value ETF | 53% | 0.04% | $15.67B | +22.4% | +20.3% |
Compared head to head: DGRO vs SCHD · DGRO vs VIG · DGRO vs DGRW · DGRO vs FDVV · all comparisons →
Questions investors ask
Is DGRO good for retirement income?
It can supply some income, but not a large amount. DGRO's dividends over the 12 months to October 27, 2026, totaled about $1.49 per share, a 1.86% yield, paid quarterly. Its index drops the highest-yielding stocks and requires at least five years of dividend growth. That means it favors companies with a record of raising payouts over those with big starting yields. Companies don't have to keep paying dividends, so payments can fall. It may suit retirees who also want growth from stocks.
What's the difference between DGRO and VIG?
VIG is cheaper and larger, while DGRO has returned more over one and three years. Vanguard Dividend Appreciation ETF (VIG) is DGRO's closest match by holdings, with about 69% overlap. It charges 0.05% a year versus DGRO's 0.08%. As of July 31, 2026, it had about $131 billion in net assets versus DGRO's $43 billion. As of October 27, 2026, DGRO returned 18% over one year versus VIG's 13.1%, and 21.7% a year over three years versus 19.8%. Past returns don't predict which will lead.
What stocks are in DGRO?
As of July 31, 2026, DGRO held stocks of 390 companies, with about 95% of assets in US-based companies. The largest were Microsoft (3.24%), JPMorgan Chase (3.16%), Johnson & Johnson (3.07%), AbbVie (2.96%), ExxonMobil (2.87%) and Apple (2.86%). Next came Broadcom, Procter & Gamble, Home Depot and Philip Morris International. The top 10 made up about 27% of assets. Financials, health care and technology were the largest sectors, and the prospectus lists regulation of financial and health care companies as a risk.
What is DGRO's expense ratio?
DGRO's expense ratio, the yearly fee taken from fund assets, is 0.08%, according to its prospectus filed August 21, 2026. That's half the 0.16% average of eight similar funds matched by holdings. Still, DGRO ranks only 6th of those 9 funds on cost; Vanguard Dividend Appreciation ETF (VIG), for example, charges 0.05%. In the SEC's standard example, $10,000 earning 5% a year would cost about $8 in fees the first year, $45 over five years and $103 over 10.
Has DGRO beaten the stock market?
Not over the 1-, 5- and 10-year periods in its prospectus. Through December 31, 2025, DGRO's average annual returns were 15.74%, 11.69% and 13.10%. The broad Morningstar US Market Index returned 17.35%, 13.29% and 14.40%. DGRO closely tracked its own Morningstar US Dividend Growth Index. Its strongest calendar year was 2019, at 30.02%, and its weakest was 2022, at -7.85%. Past results don't predict future returns.