Dividend Achievers: The 10-Year Growth List

The Dividend Achievers represent the entry-level tier of dividend growth royalty. Maintained by Nasdaq, the Dividend Achievers Index tracks companies that have increased their annual dividend for at least 10 consecutive years. With over 300 qualifying companies, this is the largest and most accessible of the major dividend growth lists — and it captures many high-quality companies that are still years away from reaching Aristocrat or King status.

The 10-year threshold is strategically important because it is long enough to filter out companies that raise dividends during good times but cut them at the first sign of trouble, yet short enough to include rapidly growing companies in sectors like technology and healthcare that have only recently begun paying dividends. This balance makes the Achievers list one of the most practically useful tools for building a dividend growth portfolio.

How the Dividend Achievers Index Works

The official Nasdaq U.S. Dividend Achievers Select Index (formerly the Broad Dividend Achievers Index) uses the following criteria:

• 10+ consecutive years of dividend increases: The annual per-share dividend must have been raised every year for at least 10 years.
• Minimum average daily trading volume: The stock must meet liquidity requirements to ensure institutional investors can buy and sell efficiently.
• Listed on a U.S. exchange: Includes NYSE, Nasdaq, and CBOE-listed securities.
• Excludes certain structures: Limited partnerships, REITs, and other pass-through entities may be excluded from the "Select" version of the index.

The index is reconstituted annually, with companies added as they reach the 10-year milestone and removed if they cut, freeze, or fail to raise their dividend.

Notable Dividend Achievers

The Achievers list includes a fascinating mix of established blue chips and newer dividend growers:

• Apple (AAPL) — Started paying dividends in 2012; now has 12+ years of increases with a low yield but massive buybacks supplementing returns
• Microsoft (MSFT) — 20+ years of dividend growth with double-digit annual increases in recent years
• Visa (V) — 15+ years of increases with annual growth rates exceeding 15%, one of the fastest dividend growers
• Home Depot (HD) — 14+ years of increases with 10%+ annual growth rates
• UnitedHealth Group (UNH) — 14+ years, growing dividends at approximately 15% annually
• Broadcom (AVGO) — 13+ years with aggressive dividend growth fueled by semiconductor and software revenue
• Texas Instruments (TXN) — 20+ years, a semiconductor company with one of the best capital return programs in tech

Notice how many of these are technology companies — a sector almost entirely absent from the Aristocrats and Kings lists. The Achievers list is the primary way to find tech-sector dividend growers with proven track records.

The VIG ETF: Investing in Achievers

The Vanguard Dividend Appreciation ETF (VIG) is the most popular fund based on the Dividend Achievers methodology. With over $80 billion in assets, VIG is one of the largest dividend-focused ETFs in the world. It tracks the S&P U.S. Dividend Growers Index (which uses similar 10-year criteria) and is market-cap weighted, giving the largest companies the biggest positions.

VIG's top holdings include many of the fastest-growing dividend payers in the U.S. market — Microsoft, Apple, JPMorgan Chase, and UnitedHealth. The ETF yields approximately 1.7% to 2.0%, which is lower than high-yield alternatives but reflects the growth orientation of the underlying companies. VIG investors are prioritizing future income growth over current yield.

Other ETFs based on Achiever-style criteria include:

• iShares Core Dividend Growth (DGRO) — requires 5+ years of growth, broader than VIG
• WisdomTree U.S. Quality Dividend Growth (DGRW) — quality and growth screening
• Vanguard International Dividend Appreciation (VIGI) — the international version of VIG

Achievers vs. Aristocrats: Which Is Better?

This is not an either/or question — the lists serve different purposes:

• Achievers for growth: The 10-year threshold captures companies in their prime dividend growth phase. Many Achievers are increasing dividends at 10% to 20% per year — far faster than most Aristocrats. These are the companies whose current low yields will become high yields on your original cost basis over time.
• Aristocrats for reliability: The 25-year threshold filters for companies with proven staying power. Aristocrats have survived more economic cycles and are statistically less likely to cut their dividends.
• Best approach — use both: Build a core of Aristocrats for stability and current income, then add Achievers for growth and future income. As Achievers mature into Aristocrats, your portfolio benefits from their transition.

Finding Tomorrow's Aristocrats

One of the most powerful uses of the Achievers list is identifying future Aristocrats while they are still growing fast and priced for growth. Look for Achievers with:

• 15+ years of growth: They are halfway to Aristocrat status and have proven durability through at least one downturn.
• Payout ratios below 60%: Plenty of room to continue raising dividends even if earnings stall temporarily.
• Revenue growth above inflation: The company's business is still expanding, supporting future dividend increases.
• Low debt-to-equity ratios: Financial flexibility to maintain dividends during downturns.
• Competitive moats: Brand power, switching costs, network effects, or regulatory advantages that protect earnings.

Companies like Visa (V), Microsoft (MSFT), and UnitedHealth (UNH) are Achievers today that are strong candidates to become Aristocrats within the next decade. Buying them now at 15 years into their streak means you get the full benefit of their growth phase while the market may not yet be pricing in Aristocrat-level reliability.