At a glance
VIG charges 0.04% a year, below the 0.17% average of the 8 funds most like it (the cheapest of 9). It has $130.90B in assets, the 2nd largest of that group; it paid 1.47% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +15.6% with distributions reinvested (S&P 500: +11.5%), 8th of those 9 funds; over three years it returned +19.8% a year. At its worst it fell 20.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low. Its ten largest positions make up 33.4% of the fund, out of 333 in all.
The short version
Vanguard Dividend Appreciation ETF (VIG) tracks the S&P U.S. Dividend Growers Index: U.S. companies with a record of raising their dividends over time, excluding real estate investment trusts. Its 0.04% expense ratio ties for lowest among nine similar funds; the other eight average 0.17%. The trade-offs, as of October 30, 2026, were a modest 1.47% yield over the prior 12 months and one- and three-year returns that ranked eighth of those nine.
Price history
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VIG +15.6% over the year to Oct 30, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| VIG official prospectus, to Dec 31, 2025 | — | +14.18% | — | +11.27% | +13.09% | — |
| VIG price data to Oct 30, 2026 | +14.1% | +15.6% | +19.8% | +10.6% | — | +14.2% |
- Over the year to Oct 30, 2026, VIG returned +15.6%, 8th of 9 among similar funds.
- Its 5-year annualized return was +10.6%.
- Its worst full calendar year was 2022 (-9.8%); its best was 2021 (+23.8%).
- The deepest fall in its price history was 20.4% (Jan 4, 2022 to Sep 30, 2022), recovered by Dec 11, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.1% | — |
| 2025 | +14.2% | +14.18% |
| 2024 | +17.0% | +17.02% |
| 2023 | +14.5% | +14.46% |
| 2022 | -9.8% | -9.79% |
| 2021 | +23.8% | +23.64% |
| 2020 | — | +15.46% |
| 2019 | — | +29.71% |
| 2018 | — | -2.02% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Not in the price data, which starts Jun 2, 2020 |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.8% over that stretch · deepest drop along the way 20.4%, back to its old high 14.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.7600 | |
| 2025 | $3.5500 | +4.7% |
| 2024 | $3.3900 | +5.6% |
| 2023 | $3.2100 | +8.1% |
| 2022 | $2.9700 | +11.7% |
| 2021 | $2.6600 |
Living on VIG: its income record, cuts, and how much a $1,000 monthly income takes →
What's inside
As of Jul 31, 2026, the fund held 333 securities; the ten largest made up 33.43% of assets.
| Holding | Weight | |
|---|---|---|
| Broadcom Inc | 4.63% | |
| Apple Inc | 4.45% | |
| Microsoft Corp | 4.34% | |
| JPMorgan Chase & Co | 4.07% | |
| Eli Lilly & Co | 3.93% | |
| ExxonMobil Holdings Corp | 2.78% | |
| Johnson & Johnson | 2.67% | |
| Visa Inc | 2.45% | |
| Walmart Inc | 2.11% | |
| Mastercard Inc | 2.00% | |
| Cisco Systems Inc | 1.98% | |
| AbbVie Inc | 1.92% | |
| Costco Wholesale Corp | 1.83% | |
| Bank of America Corp | 1.75% | |
| UnitedHealth Group Inc | 1.63% |
By country
United States 99.62%By asset type
Stocks 99.62%By sector
Sectors of the companies held, for the 85.4% 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 $546.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.62%, +1.30%, +1.02%.
How it works
VIG is the exchange-traded share class of Vanguard Dividend Appreciation Index Fund. It aims to track the S&P U.S. Dividend Growers Index, which is made up of U.S. companies with a record of increasing their dividends over time. The index leaves out real estate investment trusts (REITs), which are property owners that pay out most of their income. The fund keeps at least 80% of its net assets in the index's stocks and holds each one at roughly its index weight.
The index uses "modified" market-cap weights. Market cap is a company's total stock-market value. Bigger companies count for more, with some adjustments set by the index rules. As of July 31, 2026, the fund had 333 holdings. Broadcom (4.6%), Apple (4.5%), Microsoft (4.3%), JPMorgan Chase (4.1%) and Eli Lilly (3.9%) were the largest, and the top 10 made up 33.4% of assets.
Changes come from the index, not from a manager picking stocks. Portfolio turnover measures roughly how much of the portfolio is replaced in a year. It was 8% in the prospectus filed May 28, 2026. An index rebalance or market moves could make the fund "nondiversified" under federal fund rules, so a few stocks could drive results. As of July 31, 2026, it also held a few total return swaps and S&P 500 futures worth close to 0% of assets. It does not use leverage or an options strategy.
What it really costs
- VIG charges 0.04% a year, versus an average of 0.17% for the similar funds below (1st of 9, cheapest first).
- Of that, 0.03% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $4 in the first year and $51 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| VIG | $4 | $13 | $23 | $51 |
In a retirement portfolio
As of July 31, 2026, it held 333 U.S. dividend-growing stocks, led by Broadcom, Apple and Microsoft, for a 0.04% yearly fee, so it could serve as a main stock holding rather than a niche bet.
VIG tracks the S&P U.S. Dividend Growers Index of U.S. companies with records of raising dividends. It is almost entirely stocks. The figures here don't cover 2008. In the COVID crash, it lost 16.79% in the first quarter of 2020. Its deepest drop since mid-2020 was 20.4%, from January to September 2022; it then took about 14 months, until December 2023, to recover. Its worst calendar year was 2022, a 9.79% loss. Anyone selling shares for income then sold at depressed prices.
Dividends are paid quarterly; the 12-month yield was a modest 1.49% as of October 27, 2026. The yearly fee (expense ratio) is 0.04% per the May 2026 prospectus, versus a 0.17% average for similar funds; the SEC's standard $10,000 example shows $51 in costs 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
- Long-term holders who prefer companies with a record of raising dividends, such as Microsoft, JPMorgan Chase and Johnson & Johnson, over a high starting yield.
- Cost-conscious investors: the 0.04% expense ratio adds up to about $51 over 10 years per $10,000 in the SEC's standard example.
- Investors wanting milder stock swings: its one-year beta was 0.6 as of October 30, 2026, meaning it moved roughly 60% as much as the market.
Look elsewhere if
- Retirees needing high current income: the yield over the 12 months to October 30, 2026, was 1.47%, paid quarterly, not monthly.
- Return-focused investors: VIG ranked eighth of nine similar funds over one and three years through October 30, 2026, trailing DGRO and VYM.
- Investors wanting exposure beyond U.S. stocks: holdings were 99.6% U.S. companies as of July 31, 2026, and the index excludes REITs.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| VIG this fund | — | 0.04% | $130.90B | +15.6% | +19.8% |
| PFM Invesco Dividend Achievers™ ETF | 85% | 0.52% | $789.8M | +13.4% | +19.7% |
| DGRO iShares Core Dividend Growth ETF | 69% | 0.08% | $42.77B | +21.8% | +20.6% |
| VYM Vanguard High Dividend Yield Index ETF | 61% | 0.06% | $99.19B | +19.1% | +21.2% |
| MGV Vanguard Mega Cap Value ETF | 54% | 0.07% | $13.90B | +25.8% | +21.3% |
| DLN WisdomTree U.S. LargeCap Dividend Fund | 53% | 0.28% | $6.14B | +16.0% | +21.9% |
| DTD WisdomTree U.S. Total Dividend Fund | 49% | 0.28% | $1.61B | +15.9% | +21.3% |
| VTV Vanguard Value ETF | 48% | 0.04% | $254.48B | +25.4% | +22.3% |
Compared head to head: VIG vs VYM · DGRO vs VIG · SCHD vs VIG · all comparisons →
Questions investors ask
Is VIG good for retirement income?
It can play a part, but it is not a high-income fund. VIG's yield over the 12 months to October 30, 2026, was 1.47%. Its index picks companies for their record of raising dividends, not for how much they pay. That may suit retirees who want payouts that could grow over time, along with possible gains in the share price. Dividend increases are not guaranteed. Someone who needs a large payout from a modest balance may find the yield too low on its own.
Does VIG pay monthly dividends?
No. VIG pays dividends quarterly, or four times a year. Over the 12 months to October 30, 2026, it paid $3.64 per share. That money comes from dividends paid by the companies in the portfolio, minus the fund's 0.04% annual expense ratio. Retirees who want monthly cash flow sometimes keep a cash reserve to cover the months between payments.
What's the difference between VIG and PFM?
Cost and size are the main differences. Both are dividend-focused funds, and about 85% of their holdings overlap. VIG's expense ratio is 0.04% a year, while Invesco Dividend Achievers ETF (PFM) charges 0.52%. As of July 31, 2026, VIG held $130.9 billion across all share classes, against PFM's $790 million. Three-year returns were nearly identical: 19.8% a year for VIG through October 30, 2026, and 19.7% for PFM through October 27, 2026. Over one year, VIG returned 15.6% to PFM's 13.4%.
Has VIG underperformed other dividend ETFs?
Yes, over one and three years. As of October 30, 2026, VIG returned 15.6% over one year and 19.8% a year over three years. That ranked eighth of nine similar funds on both. Over the same periods, iShares Core Dividend Growth ETF (DGRO) returned 21.2% and 21.8%, and Vanguard High Dividend Yield Index ETF (VYM) returned 19.1% and 21.2%. The prospectus warns that the fund's focus on dividend records can cause it to trail funds that ignore them. Over 10 years through December 31, 2025, VIG returned 13.09% a year.
How much did VIG drop in 2022?
VIG lost 9.79% in calendar year 2022, according to its prospectus. The drop within the year was deeper. From a peak on January 4, 2022, to a low on September 30, 2022, it fell 20.4%. It got back to that peak on December 11, 2023, about 14.4 months after the low. Its worst quarter shown in the prospectus was a 16.79% loss in the first quarter of 2020, during the COVID crash.