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ETF Comparison

DGRO vs DIVO: Which Is the Better Pick in 2026?

A head-to-head comparison of iShares Core Dividend Growth ETF and Amplify CWP Enhanced Dividend Income ETF covering yield, cost, risk, and income potential.

Data updated August 25, 2026

Best for

  • DGROInvestors who want a quality-dividend tilt rather than the whole market.
  • DIVOInvestors who want higher current income (4.63% vs 1.66% for DGRO).

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

DGRO has outpaced DIVO over the trailing twelve months, posting a 22.64% total return against 19.44%. The lead holds up over 10 years too: DGRO has compounded at 13.58% a year, against 12.98% for DIVO. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD1Y3Y5Y10YSince Dec 2016Volatility Sharpe Sortino Max drawdown
DGRO15.55%22.64%18.78%11.11%13.58%13.56%11.8%1.091.58-14.0%
DIVO12.01%19.44%17.20%11.40%12.98%12.98%10.8%1.071.56-12.1%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 24, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Dec 2016” measures every fund from December 14, 2016 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricDGRODIVO
Full nameiShares Core Dividend Growth ETFAmplify CWP Enhanced Dividend Income ETF
IssueriSharesAmplify ETFs
Last Close$79.93 as of August 25, 2026$48.68 as of August 25, 2026
Distribution yield1.66%4.63%
Distribution Safety Score™ 10093
Expense ratio0.08%0.56%
AUM$43.8B$7.86B
Distribution frequencyQuarterlyMonthly
Underlying indexMorningstar US Dividend Growth Index—
ObjectiveSeeks to track the investment results of the Morningstar U.S. Dividend Growth Index, which measures the performance of U.S. equities with a history of consistently growing dividends. Companies must have a payout ratio less than 75% and are excluded if in the top decile based on dividend yield.Seeks to provide current income as the primary objective and capital appreciation as the secondary objective by investing at least 80% of net assets in dividend-paying U.S. exchange-traded equity securities while opportunistically utilizing covered call options on those securities.
Asset classEquityEquity
Inception date06/10/201412/14/2016
Beta0.670.54
Last dividend$0.3310$0.1880
Ex-dividend date06/15/202607/30/2026

Bottom lineChoose DGRO if you want a quality-dividend tilt rather than the whole market. Choose DIVO if you want higher current income (4.63% vs 1.66% for DGRO).

Model this comparison:
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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

iShares
ETFs466
Total AUM$4691B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

iShares is one of the largest ETF providers globally, known for offering a broad, diversified lineup of exchange-traded funds across multiple asset classes and investment strategies. The company operates 215 funds spanning 15 distinct families, including popular offerings in dividend income, covered call strategies, bonds, equities, ESG-focused investments, and factor-based approaches, with widely-held tickers like AGG (bond), ACWI (global equity), and AOA (allocation). iShares is characterized by its comprehensive fund ecosystem that serves both core portfolio holdings and specialized investment strategies, making it a prominent player for investors seeking both traditional and alternative income-generating ETF solutions.

See our curated list of related YouTube videos on DGRO.

See all iShares ETFs
Amplify ETFs
ETFs46
Total AUM$16.7B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Amplify ETFs is known for offering specialized, thematic investment solutions across diverse market segments including digital assets, commodities, and dividend strategies. The issuer's lineup spans multiple fund families covering income-focused strategies, covered call approaches, commodity exposure, and thematic sectors such as cybersecurity, blockchain, gaming, and sustainable investing. Notable for tickers like BLOK (blockchain), HACK (cybersecurity), and DIVO (dividend), Amplify combines traditional income strategies with alternative themes and emerging asset classes, appealing to investors seeking both yield and exposure to innovation-driven sectors.

See our curated list of related YouTube videos on DIVO.

See all Amplify ETFs ETFs

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Quick verdict

DGRO (iShares Core Dividend Growth ETF) and DIVO (Amplify CWP Enhanced Dividend Income ETF) are both dividend ETFs, but they take different approaches.

DIVO offers the higher yield at 4.63% vs 1.66% for DGRO. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

DGRO is cheaper with an expense ratio of 0.08% compared to 0.56%.

DGRO is the larger fund by assets ($43.8B), which generally means tighter spreads and better liquidity.

Who should choose each?

Choose DGRO

iShares Core Dividend Growth ETF

  • Want a quality-dividend tilt — screened payers rather than the broad index.
  • Want to keep costs low — a 0.08% expense ratio vs 0.56% for DIVO.

Choose DIVO

Amplify CWP Enhanced Dividend Income ETF

  • Want higher current income — DIVO yields 4.63% vs 1.66% for DGRO.
  • Want broad equity exposure.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, DGRO would generate roughly $13.83/month, while DIVO would produce $38.58/month, at current distribution rates.

DGRO yield1.66%
DIVO yield4.63%
Monthly diff on $10K$24.75

Cost & efficiency

Over 10 years on $10,000, DGRO would cost approximately $80 in fees vs $560 for DIVO (simplified, not compounded). The $480.00 difference may be offset by yield or performance.

DGRO ER0.08%
DIVO ER0.56%

Strategy & risk

DGRO tracks Morningstar US Dividend Growth Index, while DIVO is an ETF built around a derivative overlay strategy. Beta is 0.67 for DGRO and 0.54 for DIVO, making DIVO the less volatile of the two by this measure.

DGRO beta0.67
DIVO beta0.54

Fund details

DGRO is managed by iShares (launched 06/10/2014) with $43.8B in assets. DIVO is managed by Amplify ETFs (launched 12/14/2016) with $7.86B in assets.

DGRO AUM$43.8B
DIVO AUM$7.86B
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Frequently asked questions

What is the current distribution yield for DGRO and DIVO?

DGRO currently distributes 1.66% and DIVO 4.63%, based on fund data updated August 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is DGRO or DIVO better for dividend income?

It depends on your goals. DIVO currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between DGRO and DIVO?

DGRO (iShares Core Dividend Growth ETF) tracks Morningstar US Dividend Growth Index, while DIVO (Amplify CWP Enhanced Dividend Income ETF) is an ETF built around a derivative overlay strategy. They are issued by iShares and Amplify ETFs respectively.

Can I hold both DGRO and DIVO?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is DGRO or DIVO safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — DGRO scores 100, DIVO scores 93, so DGRO's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, DGRO or DIVO?

DGRO has an expense ratio of 0.08% while DIVO charges 0.56%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in DGRO vs DIVO generate?

At current rates, $10,000 in DGRO would generate roughly $13.83 per month ($166.00 annually). The same in DIVO would produce about $38.58 per month ($463.00 annually).

Which has performed better historically, DGRO or DIVO?

DGRO has outpaced DIVO over the trailing twelve months, posting a 22.64% total return against 19.44%. The lead holds up over 10 years too: DGRO has compounded at 13.58% a year, against 12.98% for DIVO. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

DGRO vs DIVO — at a glance

Generated August 15, 2026.

Overview

DGRO and DIVO are both U.S. dividend-focused ETFs, but they pursue fundamentally different strategies. DGRO tracks a growth-oriented dividend index that emphasizes companies with rising dividend histories and low payout ratios. DIVO layers covered call options on top of a dividend-paying equity portfolio to generate higher current income. The result: DGRO targets long-term dividend growth; DIVO optimizes for immediate yield.

How they differ

The biggest difference is strategy. DGRO is a plain-vanilla indexed fund seeking to capture dividend-growth compounding over time, while DIVO actively sells covered calls against its holdings to boost distributions—a synthetic income approach that caps upside. DGRO's 1.66% distribution yield reflects the underlying dividend growth stocks, whereas DIVO's 4.66% is boosted significantly by option premiums. This shows in fees: DGRO costs 0.08% annually, while DIVO's 0.56% reflects the operational overhead of active derivatives management. DGRO also carries higher market sensitivity (beta of 0.67 versus DIVO's 0.54), suggesting it moves more with broad equity market swings.

Who each is best for

DGRO: Fits investors pursuing dividend growth as a wealth-building tool over decades, comfortable with lower current yields in exchange for the compounding effect of rising payouts.

DIVO: Designed for income-focused allocations that prioritize monthly cash flow and don't expect significant capital appreciation, or for investors comfortable trading upside potential for enhanced distributions.

Key risks to know

  • NAV erosion at synthetic yields above 4%: DIVO's 4.66% distribution rate, driven by covered call premiums, creates structural headwind for long-term NAV preservation. When option income dominates dividend income, returns-of-capital become likely, eroding book value over time.
  • Capped upside from call option overlays: DIVO's covered call strategy systematically collects premiums but forgoes gains above the strike price. In strong bull markets, this drag compounds—shareholders miss the upside moves they paid for.
  • Lower equity beta exposure: Both funds carry below-market beta (DIVO at 0.54, DGRO at 0.67), meaning they will lag in extended equity rallies and may underperform in risk-on environments. DIVO's lower beta reflects its call overlay dampening volatility, which also dampens gains.
  • AUM and liquidity gap: DGRO's $43.4B in assets dwarfs DIVO's $7.61B, creating tighter spreads and deeper liquidity for DGRO. Smaller asset bases can experience greater NAV volatility during stress periods.

Bottom line

If you're building long-term wealth through dividend reinvestment and can tolerate modest current yields, DGRO's low-cost, growth-oriented approach aligns with that path. If you're extracting income monthly and willing to forfeit capital appreciation upside in exchange, DIVO's option-enhanced distributions are a structural fit—though watch for NAV erosion as distributions run ahead of underlying dividend growth. Past performance doesn't predict future results, and option strategies carry tail risks not captured in simple yield comparisons.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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