Resilience in a Market Downturn
Dividend growth strategies held up better than the broader market in the first half of 2023.. They have also performed well in rising markets. The key is quality—dividend growers have demonstrated hallmarks of quality like stable earnings, solid fundamentals, and strong histories of profit and growth.
Quality Drove Results
While the S&P 500® declined more than 7% in a one-year period ending 3/31/2023, dividend growth strategies fared far better. And that wasn’t limited to the domestic large-cap stock universe. It applied to mid-cap and small-cap stocks as well.
1-Year Outperformance
March 31, 2022 - March 31, 2023

Source: Bloomberg. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged, and one cannot invest in an index.
Strong Up/Down Capture Ratios
Index inception - June 30, 2023

Source: Morningstar. S&P 500 Dividend Aristocrats: 5/2/05–6/30/23. S&P MidCap 400 Dividend Aristocrats: 1/5/15–6/30/23. Russell 2000 Dividend Growth: 11/11/14–6/30/23. “Up capture ratio” measures the performance of a fund or index relative to a benchmark when that benchmark has risen. Likewise, “down capture ratio” measures performance during periods when the benchmark has declined. Ratios are calculated by dividing monthly returns for the fund’s index by the monthly returns of the primary index during the stated time period and multiplying that factor by 100.
How Can This Benefit Investors?
The more uncertain the markets, the more investors may want to consider incorporating a dividend growth strategy into their portfolio to help contribute to a more resilient portfolio. ProShares offers the only ETF tracking the S&P 500 Dividend Aristocrats Index, as well as dividend growth ETFs covering various U.S. market caps, technology and international markets.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Shares are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Market price returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. ET (when NAV is normally determined for most funds) and do not represent the returns you would receive if you traded shares at other times. Your brokerage commissions will reduce returns. Current performance may be lower or higher than the performance quoted. Standardized returns and data current to the most recent month end may be obtained by visiting ProShares.com.