At a glance
SDY charges 0.35% a year, below the 0.38% average of the 8 funds most like it (the 4th cheapest of 9). It has $21.39B in assets, the largest of that group; it paid 2.32% 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%), 2nd of those 9 funds; over three years it returned +15.5% a year. At its worst it fell 36.6% in the 2020 crash (S&P 500: 33.7%) and 15.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 2 months after the lows. Its ten largest positions make up 17.1% of the fund, out of 155 in all.
The short version
State Street's SPDR S&P Dividend ETF (SDY) tracks the S&P High Yield Dividend Aristocrats Index: US-listed stocks that have raised their dividends for at least 20 straight years, 155 of them as of July 31, 2026. It gives bigger weights to higher-yielding stocks, not bigger companies. At $21.4 billion in net assets as of June 30, 2026, it is the largest among similar funds, and its 0.35% annual fee sits near their 0.38% average.
Price history
The interactive chart needs JavaScript.
SDY +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 | |
|---|---|---|---|---|---|---|
| SDY official prospectus, to Dec 31, 2025 | — | +8.18% | — | +8.46% | +9.82% | — |
| SDY price data to Nov 2, 2026 | +19.2% | +21.8% | +15.5% | +8.2% | +10.6% | +9.2% |
- Over the year to Nov 2, 2026, SDY returned +21.8%, 2nd of 9 among similar funds.
- Its 5-year annualized return was +8.2% and its 10-year +10.6%.
- In the 2020 COVID crash it fell 36.6% and regained its old high 7.8 months after the low.
- Its worst full calendar year was 2008 (-22.9%); its best was 2013 (+30.1%).
- The deepest fall in its price history was 54.8% (Jun 1, 2007 to Mar 9, 2009), recovered by Apr 28, 2011.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +19.2% | — |
| 2025 | +8.2% | +8.18% |
| 2024 | +8.4% | +8.44% |
| 2023 | +2.6% | +2.58% |
| 2022 | -0.5% | -0.52% |
| 2021 | +25.4% | +25.37% |
| 2020 | +1.8% | +1.81% |
| 2019 | +23.3% | +23.38% |
| 2018 | -2.7% | -2.72% |
| 2017 | +15.8% | +15.84% |
| 2016 | +20.3% | +20.16% |
| 2015 | -0.7% | — |
| 2014 | +13.8% | — |
| 2013 | +30.1% | — |
| 2012 | +11.6% | — |
| 2011 | +7.1% | — |
| 2010 | +16.4% | — |
| 2009 | +19.2% | — |
| 2008 | -22.9% | — |
| 2007 | -6.8% | — |
| 2006 | +17.7% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 52.9% over that stretch · deepest drop along the way 52.9%, back to its old high 23.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.4% over that stretch · deepest drop along the way 36.6%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 11% over that stretch · deepest drop along the way 15.2%, back to its old high 2.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.7600 | |
| 2025 | $3.6400 | +7.4% |
| 2024 | $3.3900 | +3.0% |
| 2023 | $3.2900 | +3.1% |
| 2022 | $3.1900 | -5.9% |
| 2021 | $3.3900 | +11.9% |
| 2020 | $3.0300 | +14.8% |
| 2019 | $2.6400 | +7.8% |
| 2018 | $2.4500 | -44.7% |
| 2017 | $4.4300 | +56.5% |
| 2016 | $2.8300 | -37.9% |
| 2015 | $4.5600 | +21.9% |
| 2014 | $3.7400 | +29.9% |
| 2013 | $2.8800 | +51.6% |
| 2012 | $1.9000 | +9.2% |
| 2011 | $1.7400 | 0.0% |
| 2010 | $1.7400 | +0.6% |
| 2009 | $1.7300 | -21.4% |
| 2008 | $2.2000 | -20.3% |
| 2007 | $2.7600 | +55.8% |
| 2006 | $1.7710 |
Living on SDY: its income record, cuts, and how much a $1,000 monthly income takes →
What's inside
As of Jun 30, 2026, the fund held 155 securities; the ten largest made up 17.05% of assets.
| Holding | Weight | |
|---|---|---|
| Verizon Communications Inc | 2.14% | |
| Realty Income Corp | 2.14% | |
| Kenvue Inc | 1.75% | |
| Kimberly-Clark Corp | 1.75% | |
| AbbVie Inc | 1.62% | |
| QUALCOMM Inc | 1.57% | |
| Texas Instruments Inc | 1.55% | |
| Target Corp | 1.55% | |
| Automatic Data Processing Inc | 1.54% | |
| Edison International | 1.45% | |
| Sysco Corp | 1.41% | |
| WEC Energy Group Inc | 1.41% | |
| Eversource Energy | 1.35% | |
| Consolidated Edison Inc | 1.33% | |
| PepsiCo Inc | 1.33% |
By country
United States 93.74%Ireland 3.69%Jersey 0.93%Canada 0.6%Switzerland 0.51%By asset type
Stocks 99.71%By sector
Sectors of the companies held, for the 61.1% 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 Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $157.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.74%, -0.49%, +2.60%.
How it works
SDY follows the S&P High Yield Dividend Aristocrats Index from S&P Dow Jones Indices. The index picks high-yielding stocks from the S&P Composite 1500, a broad US stock index, that have raised their dividend every year for at least 20 straight years. Each company needs a float-adjusted market value (counting only shares available to trade) of at least $2 billion and at least $5 million in average daily trading. Current members face lower bars. The index held 155 stocks as of July 31, 2026.
The index weights stocks by indicated yield (annual dividend per share divided by share price) rather than company size, so higher yielders get bigger slots. No stock may exceed 4%, and other caps limit weights relative to the parent index and trading volume. Members are reviewed each January and reweighted quarterly, at the end of January, April, July and October. A company that skips, suspends or cuts its dividend is removed at the start of the next month.
The adviser, State Street's SSGA Funds Management, uses sampling: it may hold a subset of index stocks, but it keeps at least 80% of net assets in index securities. Futures and swaps (contracts tied to an index's value) may help manage cash flows. As of August 31, 2026, the fund leaned toward financial, utilities and real estate stocks.
What it really costs
- SDY charges 0.35% a year, versus an average of 0.38% for the similar funds below (4th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SDY | $36 | $113 | $197 | $443 |
In a retirement portfolio
It pays quarterly dividends from companies with long records of raising them, though its 2.36% yield as of October 29, 2026 is moderate and its losses in stock-market crashes have been deep.
SDY could add quarterly income from companies with long records of raising dividends. It paid $3.78 a share over the 12 months to October 29, 2026, a 2.36% yield. Index rules drop companies that skip or cut dividends. Its 0.35% yearly fee comes to about $36 in the first year on $10,000 in the SEC's standard example.
It is still a stock fund. It fell 52.9% in the 2008 financial crisis. Its deepest drop, 54.8%, bottomed in March 2009 and took about 26 months to recover. Its worst calendar year was 2008, down 22.9%. It lost 36.6% in the 2020 COVID crash but was back by November 2020. In 2022 it fell 11% during the market's slide yet ended the year nearly flat. Cashing in shares near such lows locks in losses. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income-focused investors wanting quarterly dividends from roughly 155 companies that have raised payouts at least 20 years running.
- People who prefer a large, established fund: SDY launched in 2005 and held $21.4 billion as of June 30, 2026, the most among similar funds.
- Investors who want holdings weighted by dividend yield, favoring payers like Verizon, Realty Income and Kimberly-Clark, rather than by company size.
Look elsewhere if
- Cost-focused investors: the 0.35% expense ratio is near the 0.38% peer average but more than double the 0.15% of Xtrackers' SNPD, a far smaller fund.
- Anyone who can't stomach big losses: SDY dropped 54.8% from 2007 to 2009 and 36.6% in the 2020 COVID crash.
- Investors seeking high current income: the 12-month yield was 2.36% as of October 29, 2026, which is modest despite the index's High Yield label.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SDY this fund | — | 0.35% | $21.39B | +21.8% | +15.5% |
| SNPD Xtrackers S&P Dividend Aristocrats Screened… | 63% | 0.15% | $3.1M | +17.2% | +14.4% |
| NOBL ProShares S&P 500 Dividend Aristocrats ETF | 55% | 0.35% | $11.80B | -42.4% | -9.5% |
| VSDA VictoryShares Dividend Accelerator ETF | 40% | 0.35% | $244.3M | +14.0% | +15.7% |
| FVD First Trust Value Line Dividend Index Fund | 34% | 0.6% | $8.04B | +11.1% | +14.2% |
| LGLV SPDR SSGA US Large Cap Low Volatility Index… | 31% | 0.12% | $1.14B | +7.7% | +15.0% |
| SPLV Invesco S&P 500® Low Volatility ETF | 29% | 0.25% | $7.09B | +6.2% | +11.8% |
| KNGZ First Trust S&P 500 Diversified Dividend Ar… | 29% | 0.5% | $62.1M | +23.6% | +22.3% |
Questions investors ask
Is SDY good for retirement income?
It can provide regular quarterly dividends, but it is not a low-risk holding. Index members must have raised dividends for at least 20 straight years, and companies that skip or cut payouts are removed. The 12-month yield was 2.36% as of October 29, 2026. Yet SDY fell 54.8% from 2007 to 2009 and 36.6% in early 2020, so it may suit retirees who keep cash or bonds to cover spending in bad years. Its 0.35% expense ratio (annual fee) is near the 0.38% average of similar funds.
Does SDY pay monthly dividends?
No. SDY pays dividends quarterly, not monthly. Over the 12 months to October 29, 2026, it paid $3.78 per share, which worked out to a 2.36% yield at that date's price. The amount can change from quarter to quarter. It depends on the dividends paid by the roughly 155 companies the fund holds and on the fund's expenses.
What stocks are in SDY?
SDY holds about 155 US-listed companies that have raised their dividends for at least 20 straight years. As of June 30, 2026, its largest positions were Verizon (2.1%), Realty Income (2.1%), Kenvue (1.8%), Kimberly-Clark (1.7%) and AbbVie (1.6%). Stocks are weighted by yield and capped at 4% each, so no single company dominates: the top 10 made up about 17% of assets. The prospectus notes a large share in financial, utilities and real estate stocks as of August 31, 2026.
What ETFs are similar to SDY?
The closest by holdings is Xtrackers S&P Dividend Aristocrats Screened ETF (SNPD). About 63% of holdings overlap, and its expense ratio (annual fee) is 0.15%, versus SDY's 0.35%. But SNPD is tiny, at about $3.1 million in net assets as of August 31, 2026, against SDY's $21.4 billion as of June 30, 2026. ProShares S&P 500 Dividend Aristocrats ETF (NOBL) overlaps about 55%, charges the same 0.35% and held $11.8 billion as of August 31, 2026. It draws from the S&P 500 rather than the broader S&P Composite 1500.
What is SDY's 10-year return?
SDY returned an average of 9.82% a year over the 10 years ended December 31, 2025, according to its prospectus, and 8.46% a year over five years. From 2016 through 2025, calendar-year results ranged from a 25.37% gain in 2021 to a 2.72% loss in 2018. Through October 29, 2026, its 10-year average annual return was about 10.3%, and its year-to-date gain was 17.3%. Past results don't predict future returns.