ETF Evaluator:
T. Rowe Price Dividend Growth ETF (TDVG)
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(as of Jul 31)
Best Performing in Large Blend Over the Last Year
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ETF Details
T. Rowe Price Dividend Growth ETF Overview
T. Rowe Price Dividend Growth ETF (TDVG) is an actively managed U.S. Equity Large Blend exchange-traded fund (ETF). T. Rowe Price launched the ETF in 2020.
The investment seeks dividend income and long-term capital growth.
The fund normally invests at least 80% of its assets in stocks that have a strong track record of paying dividends or are expected to pay dividends over time (even if not currently paying dividends) (or futures that have similar economic characteristics). It primarily invests in exchange-traded securities that trade synchronously with the fund's shares, cash, and cash equivalents. The fund may also invest in ADRs and common stocks listed on a foreign exchange that trade on such exchange synchronously with the fund's shares (i.e., during the U.S. listing exchange's trading hours).
About T. Rowe Price Dividend Growth ETF (TDVG)
There are 1 members of the management team with an average tenure of 5.91 years: Thomas Huber (2020). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and S&P 500 (TR) (1970) index with a weighting of 100%. T. Rowe Price Dividend Growth ETF has 94 securities in its portfolio. The top 10 holdings constitute 29.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
T. Rowe Price Dividend Growth ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. T. Rowe Price Dividend Growth ETF has 6.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 92.9% There is 6.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). T. Rowe Price Dividend Growth ETF has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is below the $13 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TDVG Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The T. Rowe Price Dividend Growth ETF expense ratio is average compared to funds in the Large Blend category. T. Rowe Price Dividend Growth ETF has an expense ratio of 0.50%, which is 19% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. T. Rowe Price Dividend Growth ETF has a portfolio turnover rate of 17%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 162% for the Large Blend category.
Recently, in the month of June 2026, T. Rowe Price Dividend Growth ETF returned 2.2%, which earned it a grade of A, as the Large Blend category had an average return of -0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
T. Rowe Price Dividend Growth ETF has a trailing yield of 0.98%, which is below the 1.12% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
T. Rowe Price Dividend Growth ETF Grades
Year to date, the ETF has returned 9.6%, 0.7 percentage points worse than the category, which translates into a grade of C. The fund has returned 16.8% over the past year (grade of D), 15.0% over the past three years (grade of F) and 10.4% per year over the past five years (grade of D).
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TDVG Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TDVG Return (NAV) | 2.2% | 10.1% | 16.8% | 15.0% | 10.4% | na |
| TDVG Return (Price) | 2.4% | 10.1% | 16.9% | 15.0% | 10.4% | na |
| NAV +/- Price Return | -0.146% | -0.010% | -0.112% | -0.031% | -0.019% | na |
| Large Blend Avg | -0.0% | 14.5% | 20.9% | 18.8% | 11.8% | 14.1% |
| TDVG Grade (NAV) | A | F | D | F | D | na |
| +/- Category (NAV) | 2.2% | -4.4% | -4.0% | -3.9% | -1.4% | na |
| TDVG Tax-Cost Ratio | na | na | 0.4% | 0.5% | 0.5% | na |
TDVG Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TDVG Return (NAV) | 9.6% | 14.8% | 13.6% | 13.7% | -10.0% | 26.1% | na | na | na | na | na |
| TDVG Return (Price) | 9.6% | 14.8% | 13.5% | 14.0% | -10.2% | 26.2% | na | na | na | na | na |
| NAV +/- Price Ret | 0.006% | 0.001% | -0.008% | 0.019% | 0.013% | 0.004% | na | na | na | na | na |
| Large Blend Avg | 10.3% | 15.4% | 21.8% | 22.9% | -17.1% | 26.9% | 18.6% | 29.7% | -5.0% | 21.6% | 11.2% |
| TDVG Grade (NAV) | C | D | F | F | A | D | na | na | na | na | na |
| +/- Category | -0.7% | -0.6% | -8.2% | -9.2% | 7.1% | -0.8% | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.71 |
| R-Squared: | 73% |
| Standard Deviation: | 10.9% |
| Category Risk Index: | 0.81 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.89 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 1.0% |
| Total Assets: | $ 1,376 Mil |
| Share Class Assets: | $ 1,376 Mil |
| Turnover: | 17.3% |
| Expense Ratio: | 0.50% |
| Index Fund: | No |
| Index Tracked: | Russell 3000 TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 5.9 years | |||
| Average Tenure: 5.9 years | |||
| Managers (Year): Huber Thomas (2020) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 94 |
| % in Top 10 Holdings: | 29.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.2% |
Portfolio Allocation |
|
| Domestic Stock: | 92.9% |
| Foreign Stock: | 6.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | |
| Inception Date: | August 4, 2020 |
Expenses and Fees
| Expense Ratio (%): | 0.50% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.42% |
