DV
Dividend Vision

ETF Comparison

DGRO vs VOO: A Dividend-Growth Screen, or the Full S&P 500?

A head-to-head of iShares Core Dividend Growth and Vanguard S&P 500 covering construction, overlap, and cost.

Updated October 8, 2026

How these figures are calculated: methodology.

Best for

  • DGROInvestors who want higher current income (2.00% vs 1.02% for VOO).
  • VOOInvestors who want simple, diversified core exposure in one low-cost fund.

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

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

DGRO has lagged VOO over the trailing twelve months, posting a 15.15% total return against 16.98%. The lead holds up over 10 years too: VOO has compounded at 15.57% a year, against 13.49% for DGRO. DGRO has been the steadier holding, though — annualized volatility of 11.7% against 14.8% for VOO. 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.
SymbolYTD cumulative1Y cumulative3Y annualized5Y annualized10Y annualizedSince Jun 2014Volatility Sharpe Sortino Max drawdown
DGRO12.29%15.15%18.68%11.01%13.49%12.27%11.7%1.081.58-14.0%
VOO14.88%16.98%23.23%13.78%15.57%13.94%14.8%1.111.61-18.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 9, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Jun 2014” measures every fund from June 12, 2014 — the start of shared available history — 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.
MetricDGROVOO
Full nameiShares Core Dividend Growth ETFVanguard S&P 500 ETF
IssueriSharesVanguard
Underlying indexMorningstar US Dividend Growth IndexS&P 500 Index
Last Close$76.88 as of October 8, 2026$711.28 as of October 8, 2026
Distribution rate2.00%1.02%
Trailing 12-month yield1.94%1.04%
Distribution Safety Score™ 100100
Safety-Adjusted Yield 2.00%1.02%
Expense ratio0.08%0.03%
AUM$42.2B$1046B
Distribution frequencyQuarterlyQuarterly
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.Track the performance of the S&P 500 Index, representing 500 of the largest U.S. companies.
Asset classEquityEquity
Inception date06/10/201409/07/2010
Beta0.661.0
Last dividend$0.385$1.8226
Ex-dividend date09/15/202609/28/2026

Bottom lineChoose DGRO if you want higher current income (2.00% vs 1.02% for VOO). Choose VOO if you want simple, diversified core exposure in one low-cost fund.

DGRO vs VOO: dividend growth or the S&P 500?

DGRO is a payout-growth screen. VOO is the S&P 500.

DGROVOO
UniverseUS dividend growersS&P 500
Expense ratio0.08%0.03%
Distribution rate2.00%1.02%
Fund size$42.2B$1046B
Model this comparison:
Compare in my portfolio Forecast income Save to watchlist

Income calculator

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

iShares
ETFs467
Total AUM$4679B

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

iShares, operated by BlackRock, is one of the largest and most established ETF providers globally, known for offering broad, liquid index-tracking funds across nearly all asset classes and investment styles. The lineup encompasses a comprehensive range of strategies including core equity and bond exposure, dividend and income-focused funds, covered call strategies, ESG and thematic investments, factor-based approaches, alternatives, commodities, and municipal bonds, serving both individual and institutional investors. With numerous popular ticker symbols and extensive diversification across geographies, sectors, and investment objectives, iShares provides one of the market's widest selections of ETFs for building diversified portfolios.

See our curated list of related YouTube videos on DGRO.

See all iShares ETFs
Vanguard
ETFs116
Total AUM$4668B

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

Vanguard is one of the largest and most established ETF issuers, known for low-cost, broadly diversified fund offerings built on passive indexing principles. Their lineup spans multiple asset classes and strategies, including core equity and bond index funds, dividend-focused portfolios, ESG-screened options, factor-based strategies, sector exposure, target-date retirement funds, and international investments across developed and emerging markets. The platform is characterized by its emphasis on accessibility and cost efficiency across a comprehensive range of fund families, serving both individual investors seeking broad market exposure and those pursuing specific income, sustainability, or thematic objectives.

See our curated list of related YouTube videos on VOO.

See all Vanguard ETFs

Want to go deeper?

Add these ETFs to a sample portfolio and forecast your dividend income over 5+ years — free to start, no credit card.

Compare in my portfolio Forecast income Save to watchlist

Quick verdict

DGRO (iShares Core Dividend Growth ETF) and VOO (Vanguard S&P 500 ETF) are both quarterly-pay dividend ETFs, but they take different approaches.

DGRO offers the higher yield at 2.00% vs 1.02% for VOO. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

VOO is cheaper with an expense ratio of 0.03% compared to 0.08%.

They have different reference exposures: DGRO is linked to Morningstar US Dividend Growth Index while VOO is linked to S&P 500 Index, which means their performance drivers differ.

VOO is the larger fund by assets ($1046B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose DGRO

iShares Core Dividend Growth ETF

  • Want higher current income — DGRO yields 2.00% vs 1.02% for VOO.
  • Want a quality-dividend tilt — screened payers rather than the broad index.
  • Prefer lower volatility — a beta of 0.7 vs 1.0 for VOO.

Choose VOO

Vanguard S&P 500 ETF

  • Want simple, diversified core exposure as a portfolio building block.
  • Want to keep costs low — a 0.03% expense ratio vs 0.08% for DGRO.

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 $50.00 cash per distribution, while VOO would produce $25.50 cash per distribution, at current distribution rates. Both pay quarterly distributions.

DGRO yield2.00%
VOO yield1.02%
Cash diff on $10K$24.50

Cost & efficiency

Over 10 years on $10,000, DGRO would cost approximately $80 in fees vs $30 for VOO (simplified, not compounded). The $50.00 difference may be offset by yield or performance.

DGRO ER0.08%
VOO ER0.03%

Strategy & risk

DGRO tracks Morningstar US Dividend Growth Index, while VOO tracks S&P 500 Index with a large cap approach. Beta is 0.66 for DGRO and 1.0 for VOO, making DGRO the less volatile of the two by this measure.

DGRO beta0.66
VOO beta1.0

Fund details

DGRO is managed by iShares (launched 06/10/2014) with $42.2B in assets. VOO is managed by Vanguard (launched 09/07/2010) with $1046B in assets.

DGRO AUM$42.2B
VOO AUM$1046B
Ready to act?
Open in Comparator Model in portfolio See pricing

Enjoyed this page?

Do us a favor — if you found this comparison useful, please share it with a friend researching dividend ETFs.

Frequently asked questions

What is the difference between DGRO and VOO?

DGRO (iShares Core Dividend Growth ETF) holds US dividend growers. VOO (Vanguard S&P 500 ETF) holds the S&P 500. One is a payout-growth screen; the other is the large-cap index. Cost is 0.08% versus 0.03%; size is $42.2B versus $1046B. Distributions are 2.00% and 1.02% as of October 2026. Screen versus index, not a tiny yield gap, is the comparison.

What is the current distribution rate for DGRO and VOO?

DGRO currently distributes 2.00% and VOO 1.02%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is DGRO or VOO better for dividend income?

It depends on your goals. DGRO 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.

Can I hold both DGRO and VOO?

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 VOO safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: DGRO scores 100, VOO scores 100. Neither has a clear safety edge on that measure. DGRO has also shown lower price volatility (beta 0.66 vs 1.00 for VOO). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, DGRO or VOO?

DGRO has an expense ratio of 0.08% while VOO charges 0.03%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in DGRO would generate roughly $50.00 cash per distribution ($200.00 annually). The same in VOO would produce about $25.50 cash per distribution ($102.00 annually).

Which has performed better historically, DGRO or VOO?

DGRO has lagged VOO over the trailing twelve months, posting a 15.15% total return against 16.98%. The lead holds up over 10 years too: VOO has compounded at 15.57% a year, against 13.49% for DGRO. DGRO has been the steadier holding, though — annualized volatility of 11.7% against 14.8% for VOO. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

DGRO vs VOO — at a glance

Generated October 3, 2026.

Overview

DGRO and VOO are both U.S. equity ETFs offering broad market exposure, but they serve different portfolio roles. DGRO tracks companies with consistent dividend-growth histories and screens out high-yielders and high-payout businesses. VOO tracks the S&P 500 without dividend or payout constraints, capturing the full market-cap-weighted index of 500 large-cap stocks.

How they differ

The biggest difference is mandate: DGRO applies dividend-growth filters that exclude high-yielding or heavily-leveraged payers, while VOO holds the entire S&P 500 regardless of dividend policy or payout ratio.

Second, their volatility differs meaningfully. DGRO has a beta of 0.66, meaning it typically moves about one-third less than broad market swings, while VOO tracks the S&P 500's full market swing (beta of 1.0). This lower beta in DGRO comes from its exclusion of high-yield, high-payout stocks and its dividend-growth bias, which tend to skew toward steadier-earnings companies.

Third, cost and scale diverge: VOO charges 0.03%, about 0.05% percentage points less than DGRO's 0.08%, and holds $1046B in assets versus DGRO's $42.2B—a sevenfold difference in asset base.

Who each is best for

DGRO: Fits investors seeking equity income from companies with proven dividend-raising track records, who tolerate somewhat lower volatility in exchange for screening out high-payout or value-trap characteristics, and who value a tighter disciplined focus over pure broad-market capture.

VOO: Designed for investors wanting unfiltered S&P 500 exposure—full market participation at minimal cost—who don't prioritize dividend income and prefer not to exclude dividend-paying or high-payout businesses on principle.

Key risks to know

  • Valuation and sector bias: DGRO's dividend-growth screen tilts the portfolio away from high-yielders and growth-light value stocks, which may cause it to lag in periods when the excluded segments outperform. Conversely, this tilt reduces exposure to beaten-down dividend stocks at cycle extremes.
  • Lower equity beta means lower upside in bull markets: DGRO's 0.66 beta indicates it will capture less of a sustained S&P 500 rally, a tradeoff for softer declines in downturns. Investors seeking maximum equity participation should understand this structural dampening.
  • Payout-ratio discipline creates concentration risk: By excluding companies in the top decile of dividend yield and those above a 75% payout ratio, DGRO's filter narrows the investable universe and may create unintended clustering around certain industry or size segments. Holdings-overlap data would be needed to assess this precisely.
  • Market-cap concentration in VOO: VOO's $1046B asset base and passive indexing approach mean it carries full S&P 500 concentration risk, including large-cap mega-stock exposure and sector weightings that shift with market prices.

Bottom line

If you want equity income from a curated set of dividend growers with lower volatility, DGRO's disciplined approach and 2.00% yield fit that profile. If you prioritize lowest cost and unfiltered S&P 500 participation, VOO's 0.03% expense ratio and full market capture stand out. Past performance doesn't predict future results, and your choice should reflect whether you value dividend-growth selectivity or broad-market simplicity.

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.

Dividend growth vs. high yield Yield on cost, explained How expense ratios eat returns

Still deciding? Compare them against your own portfolio

See how each ETF fits alongside your real holdings — forecast future income, analyze overlap, and gauge risk. Start a free 7-day Dividend Vision trial and make the call with your full portfolio in view.

Start Free Open in Comparator Browse Screener

These comparisons follow the Dividend Vision methodology.