Forget the Dividend Aristocrats: $100,000 in DGRO Grew to $351,740 Including Dividends. NOBL Managed $254,580.

NOBL built its reputation on companies with iron-clad dividend records, but a rival ETF with far looser selection rules has outpaced it in every single time period investors can measure. The reason comes down to one structural flaw baked into…

The ETF Examiner desk. Editor: Ryne Mauck.

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The ProShares S&P 500 Dividend Aristocrats ETF (CBOE:NOBL) is the best-known fund in dividend investing. It holds S&P 500 companies with very long records of raising their payouts, and investors buy NOBL for that track record: businesses that kept raising dividends through recessions and rate shocks. A rival fund with looser selection rules, the iShares Core Dividend Growth ETF (NYSEARCA:DGRO), has pulled well ahead of it. Over ten years, $100,000 in DGRO grew to $351,740 including dividends, a 251.74% gain. The same position in NOBL grew to $254,580, a 154.58% gain. That leaves a gap of 97.16 percentage points. Both figures use a start date of October 7, 2016, so the comparison is like-for-like, and both include dividends.

The ten-year result holds up over shorter periods too.

Year to date, DGRO is up 11.9%, and NOBL is up 7.05%. DGRO leads in every window available, so one strong year doesn’t explain the gap. For a NOBL holder, that means the shortfall built up steadily over a full decade.

NOBL’s construction explains much of the lag. Its SEC holdings filing dated May 31, 2026, shows $11.06 billion in net assets spread across positions with similar weights. Nucor (NYSE:NUE | NUE Price Prediction), the largest reported position, made up 1.76% of net assets. Pentair (NYSE:PNR), one of the smallest reported equity positions, made up 1.15%. Those weights reflect that filing date, and the current portfolio may differ.

Because the largest and smallest positions sit so close together, no single company drives NOBL. That spreads risk, but it also limits upside. A fund spread equally across a fixed list can’t let one big winner grow into a large share of the portfolio the way a market-cap-weighted fund can.

NOBL picks companies based on how long and how consistently they have raised dividends, not on total return.

The ten-year gap of 97.16 points still stands, and the two funds answer different questions. NOBL picks the companies that have raised dividends the longest, while DGRO uses wider rules to select dividend growers.

Account type matters for anyone considering a change. Selling NOBL inside an IRA or 401(k) triggers no tax, so the tax picture differs there. Selling inside a taxable account locks in capital gains on years of price growth. Some investors in that situation may consider directing fresh money or future distributions into DGRO rather than selling existing NOBL shares.

Anyone drawn in by the ten-year numbers should know the most recent period went the other way. Over the past month, DGRO fell 2.72%, and NOBL fell 4.45%. At the October 6, 2026 close, DGRO traded at $76.60 and NOBL at $54.85. One month says little about a ten-year pattern, though NOBL’s steeper drop is consistent with its longer-term underperformance.

Investors seeking rising dividend income plus equity growth will find DGRO wins on every available price window, and the ten-year margin is too large to ignore. NOBL still fits investors who care most about the Aristocrats’ long records of payout increases. Other investors may want to research DGRO further as a dividend growth option and review how any change would affect their own tax situation.

Contact [email protected] for any questions or corrections.

Ryne Mauck is an investment writer covering exchange-traded funds, retirement planning, and portfolio strategy. Through his work at 24/7 Wall St. and other investment platforms, including Seeking Alpha, he aims to provide clear, research-driven insights that help investors make more informed decisions while maintaining a long-term approach to investing.

Ryne holds a B.Sc. in Finance and an M.A. in Political Science. He is a formerly registered Municipal Advisor Representative and has passed the Series 50, Series 63, and Series 65 exams. His articles are not intended to be, nor should they be interpreted as, financial advice.

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