Introduction
Launched over two decades ago, the S&P 500® Dividend Aristocrats® has established itself as a defining benchmark for measuring companies with sustained records of dividend growth. By focusing on companies that have increased their dividends for at least 25 consecutive years, the index tracks constituents that have historically demonstrated financial strength, disciplined management and resilience across market cycles. Over the long term, it has outperformed the S&P 500 on a risk-adjusted basis, while also exhibiting downside resilience, higher dividend yield and sustained dividend growth among its constituents.
The S&P Dividend Aristocrats Index Series has since expanded across the U.S. equity market cap segments, beginning with the S&P MidCap 400® Dividend Aristocrats in January 2015 and most recently with the S&P SmallCap 600® Dividend Aristocrats in April 2026. Together, the three indices provide a consistent, rules-based framework for targeting dividend growth companies across the large-, mid- and small-cap U.S. equity segments. This paper examines their methodologies, performance and characteristics, both individually and as complementary building blocks.
Methodology Overview
Each index draws constituents from a distinct underlying index—the S&P 500, S&P 400® or S&P 600®—resulting in no constituent overlap across market cap segments. The indices use a transparent, rules-based selection process based on a sustained record of consecutive annual dividend increases. The minimum required history varies by universe to reflect the differing dividend profiles and operating histories of large-, mid- and small-cap companies: at least 25 consecutive years of dividend increases for the S&P 500 Dividend Aristocrats, 15 years for the S&P MidCap 400 Dividend Aristocrats and 10 years for the S&P SmallCap 600 Dividend Aristocrats.
All companies that meet the applicable eligibility criteria are included. This straightforward, rules-based approach typically results in a selective set of constituents, which are equally weighted to increase diversification and limit the influence of the largest companies.
