TRZDX Mutual Fund — T. Rowe Price Dividend Growth Fund Z Class

T. Rowe Price Dividend Growth Fund Z Class (TRZDX)

Updated October 16, 2026.

TRZDX is a Mutual Fund. its distribution rate is 1.39%, its trailing-12-month yield is 7.47%. Dividend Vision Distribution Safety Score™ is 100/100 (Safe). Total return is 90.8% over the past 5.6 years, 21.9 points behind SPY at 112.7%.

T. Rowe Price Dividend Growth Fund Z Class is a mutual fund that invests at least 65% of its assets in dividend-paying stocks with a strong history of dividend increases or the potential to increase dividends, based on the belief that dividend growth can signal financial health and contribute meaningfully to long-term returns. The fund carries a modest current distribution rate and does not have a stated expense ratio for this share class. It appeals to income-focused investors seeking dividend growth alongside potential capital appreciation.

TRZDX performance versus SPY

Price and return data through 2026-10-16.

Total return is 90.8% over the past 5.6 years, 21.9 points behind SPY at 112.7%. Over the past year its total return — price change plus distributions reinvested — is 16.2%. Its deepest 1-year drawdown was 7.3%.

TRZDX key facts

Distribution Safety Score™

100 · Safe

Safety-Adjusted Yield

1.39%

Issuer

T. Rowe Price

Asset type

Mutual Fund

Asset class

Equity

Distribution rate

1.39%

Distribution frequency

Quarterly

Trailing yield

7.47%

Last close

$90.61 (as of 2026-10-16)

NAV

$89.30 as of 2026-09-30; source eodhd (stale)

Premium / discount

N/A (price 2026-10-16, NAV 2026-09-30) (NAV stale)

AUM

$23,238,557,696

Average volume

0.0

Dividend

$0.329

Ex-dividend date

09/28/2026

Beta

0.7

Expense ratio unavailable in this published snapshot. Missing values do not mean zero or complete coverage. ?

How Dividend Vision calculates yield and returns

Distribution rate (1.39%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (7.47%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: T. Rowe Price; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

TRZDX risks and drawbacks

TRZDX's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Payments are quarterly, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 7.3%.

Who may consider TRZDX — and who may not

TRZDX may suit someone looking for a high Distribution Safety Score. It is a weaker fit for investors who need monthly cash flow (TRZDX pays quarterly); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on TRZDX

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Tagged: Mutual Fund.

Frequently asked questions

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