Dividend Kings vs Dividend Aristocrats: What's the Difference?
Both represent elite dividend payers, but the requirements are different. Here's everything you need to know to understand these two prestigious lists.
Quick Comparison
Dividend Kings
- Requirement: 50+ consecutive years of dividend increases
- Index: Not an official S&P index
- Current Count: ~50 companies
- Key trait: Ultimate stability
Dividend Aristocrats
- Requirement: 25+ consecutive years + S&P 500 member
- Index: S&P 500 Dividend Aristocrats Index
- Current Count: ~66 companies
- Key trait: Large-cap quality
1. What Is a Dividend King?
A Dividend King is a company that has increased its dividend for 50 or more consecutive years. No other requirements.
50+ Years of Annual Dividend Increases
To reach Dividend King status in 2026, a company must have raised its dividend every year since 1976 or earlier. That means surviving recessions, market crashes, and industry disruptions while never cutting dividends.
The Dividend Kings list is not an official index. It's a community-tracked list of companies meeting the 50-year threshold. Companies can be any size, from any exchange.
2. What Is a Dividend Aristocrat?
A Dividend Aristocrat must meet three criteria:
- 25+ consecutive years of dividend increases
- Member of the S&P 500
- Minimum market cap and liquidity requirements
S&P 500 Dividend Aristocrats Index
The Dividend Aristocrats is an official S&P Dow Jones index, rebalanced quarterly. When a company gets removed from the S&P 500 or cuts its dividend, it's dropped from the Aristocrats list.
Because of the S&P 500 requirement, Dividend Aristocrats are all large-cap U.S. companies with substantial market capitalization.
3. Key Differences
| Criteria | Dividend Kings | Dividend Aristocrats |
|---|---|---|
| Consecutive Years | 50+ years | 25+ years |
| S&P 500 Membership | Not required | Required |
| Market Cap | Any size | Large-cap only |
| Official Index | No | Yes (S&P) |
| ETFs Available | Limited | Multiple (NOBL, etc.) |
| Number of Companies | ~50 | ~66 |
4. Overlap Between the Lists
Many Dividend Kings are also Dividend Aristocrats, but not all:
Kings that ARE Aristocrats
Large-cap Dividend Kings in the S&P 500:
- Coca-Cola (KO) - 62 years
- Johnson & Johnson (JNJ) - 62 years
- Procter & Gamble (PG) - 68 years
- 3M (MMM) - 66 years
Kings that are NOT Aristocrats
Small/mid-cap Kings outside S&P 500:
- American States Water (AWR) - 70 years
- Northwest Natural (NWN) - 68 years
- Farmers & Merchants Bank (FMCB) - 57 years
- SJW Group (SJW) - 57 years
Conversely, all Aristocrats with 50+ years automatically qualify as Kings. Aristocrats with 25-49 years are not Kings (yet).
5. Which Is Better for Investors?
It depends on your investment goals:
Choose Dividend Kings if...
- You prioritize the longest possible dividend track record
- You want exposure to smaller companies with proven dividend policies
- You're focused purely on dividend reliability over market cap
- You're willing to research individual stocks (no dominant ETF)
Choose Dividend Aristocrats if...
- You want large-cap stability and liquidity
- You prefer index-based investing (NOBL ETF available)
- You want official S&P oversight and quarterly rebalancing
- 25+ years feels like sufficient proof of dividend commitment
Many dividend growth investors own both, using Aristocrats as a core holding and adding individual Kings for diversification.
6. Notable Examples
| Company | Streak | King | Aristocrat |
|---|---|---|---|
| American States Water (AWR) | 70 years | Yes | No (not in S&P 500) |
| Procter & Gamble (PG) | 68 years | Yes | Yes |
| Coca-Cola (KO) | 62 years | Yes | Yes |
| AbbVie (ABBV) | 52 years | Yes | Yes |
| Automatic Data Processing (ADP) | 49 years | No (not yet) | Yes |
| Caterpillar (CAT) | 31 years | No | Yes |
7. View the Complete Lists
Billiver maintains both lists with dividend history, payout ratios, and safety scores:
Explore Further on Billiver
Disclaimer: This guide is for educational purposes only and does not constitute investment advice. List membership changes periodically. Past dividend history does not guarantee future payments. Always verify current status before investing.