Board/The income overlay/Category

Dividend ETFs

Dividend ETFs are one of eight categories inside the income overlay, one of 22 market stories StoryVector measures. 147 US ETFs sit in it, with $626.1 billion between them, 57.2% of the narrative’s capital. The largest, VIG, holds 18.3% of the category.

Part ofThe income overlayWARM level 46.0, 15 of 22Open the narrative →
147ETFs in this category
$626.1 bncapital
57.2%of the narrative’s capital
VIGlargest ETF, 18.3% of the category
What decides it

The level of the cash rate

The outside variable that changes how this category compares with its alternative. A mechanism, never a direction.

Where it sits in the narrative

The income overlay divides into eight categories by written rules. This one holds 57.2% of its capital.

Dividend ETFs57.2%147 ETFs
Municipal income20.1%142 ETFs
Index covered call18.1%159 ETFs
Preferred stock3.8%29 ETFs
Single-stock option income0.6%62 ETFs
Daily-expiry income0.2%8 ETFs
Levered and inverse wrappers0.1%17 ETFs
Buffered and defined-outcome0.0%6 ETFs

The six largest dividend ETFs

Each ETF’s share of this category’s capital, and its size.

VIG18.3%$114.5 bn
SCHD17.2%$107.9 bn
VYM13.4%$84.0 bn
DGRO6.7%$41.9 bn
CGDV6.1%$38.4 bn
RDVY4.0%$24.9 bn

Companies shared, in the ten largest positions

How many of the same companies two ETFs hold among their ten largest positions. Same category, very different portfolios.

VIGSCHDVYMDGROCGDV
SCHD0
VYM42
DGRO636
CGDV2012
RDVY00000

Ten largest positions only. The two biggest, VIG and SCHD, hold no company in common there. VIG and DGRO share six, the most of any pair. The category is the same either way.

Published as

Posted on LinkedIn on September 15, 2026. See the post ↗

First slide: The two biggest dividend ETFs look different insideCarousel · slides, PDFThe two biggest dividend ETFs look different insideWhat the label covers, and what it hides.Open the slides →
Clip · 11 secondsThe same finding, in motionPlays here.

Common questions

Which are the largest dividend ETFs?

By share of the category’s capital: VIG (18.3%), SCHD (17.2%) and VYM (13.4%).

How much is invested in dividend ETFs?

$626.1 billion across 147 US ETFs, 57.2% of the capital in the income overlay.

What decides how dividend ETFs compare with the alternative?

The level of the cash rate. That is the outside variable that changes how the category compares with its alternative: a mechanism, not a forecast.

Do the largest dividend ETFs hold the same companies?

Ten largest positions only. The two biggest, VIG and SCHD, hold no company in common there. VIG and DGRO share six, the most of any pair. The category is the same either way.

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Every figure on this page is this week’s, from holdings fetched Oct 1. Capital here is each ETF’s full assets, counted in the one narrative it carries as its main one; ownership on the narrative page is exposure weighted, so the two are never added. The level belongs to the narrative, because attention is scored per narrative and not per category. ETFs are listed by measured share; placement cannot be bought. Nothing here is investment advice. How the measurement works →