Key Takeaways
- Dividend Champions, Aristocrats, and Kings all track companies with consecutive dividend increase streaks but use different criteria
- Champions require 25+ years but no S&P 500 membership — the broadest list of the three
- Aristocrats require 25+ years AND S&P 500 membership — the most restrictive for its tenure level
- Kings require 50+ years with no index requirement — the longest streak but open to all company sizes
Dividend investors often encounter three overlapping lists — Dividend Champions, Dividend Aristocrats, and Dividend Kings — and the differences between them can be confusing. All three track companies with long records of consecutive annual dividend increases, but they differ in the required streak length, index membership requirements, and who maintains the list. Understanding these distinctions helps you choose the right universe of stocks for your portfolio and avoid missing high-quality companies that appear on one list but not another.
Side-by-Side Comparison
| Criteria | Dividend Champions | Dividend Aristocrats | Dividend Kings |
|---|---|---|---|
| Min. Consecutive Years | 25 | 25 | 50 |
| Index Requirement | None | S&P 500 | None |
| Approx. Number of Companies | ~140 | ~67 | ~53 |
| Maintained By | Community (DRIP Investing) | S&P Dow Jones Indices | Community (various) |
| Official Index/ETF | No | Yes (NOBL) | No |
| Includes Small/Mid-Caps | Yes | No | Yes |
Dividend Champions: The Broadest List
The Dividend Champions list was originally created and maintained by the late David Fish, a respected member of the dividend investing community, through his "CCC List" (Champions, Contenders, Challengers). It is now maintained by the DRIP Investing Resource Center. Champions are defined as companies with at least 25 consecutive years of dividend increases, with no requirement for index membership, minimum market cap, or trading volume.
Because there is no size filter, the Champions list is significantly larger than the Aristocrats list — approximately 140 companies versus 67. It includes everything the Aristocrats list has, plus dozens of mid-cap and small-cap companies that the S&P 500 requirement excludes. For investors who believe great dividend stocks exist outside the mega-cap universe, the Champions list is the most comprehensive starting point.
The CCC List also tracks two additional tiers:
- Contenders: Companies with 10 to 24 consecutive years of dividend increases (~300 companies)
- Challengers: Companies with 5 to 9 consecutive years of dividend increases (~350 companies)
Combined, the full CCC List contains roughly 700+ companies — a massive universe for dividend stock research. Many future Aristocrats and Kings will come from today's Contenders and Challengers.
Dividend Aristocrats: The Prestige List
The Dividend Aristocrats share the same 25-year requirement as Champions but add the critical filter of S&P 500 membership. This means every Aristocrat is a large-cap company with at least $14.5 billion in market cap, positive earnings, and high trading liquidity. The Aristocrats list is the only one of the three maintained by an official index provider (S&P Dow Jones Indices) and backed by a tradeable index and ETF (NOBL).
The S&P 500 filter is both the Aristocrats' greatest strength and greatest limitation. On one hand, it ensures every company is large, established, and institutional-quality. On the other, it excludes excellent dividend growers that happen to be mid-cap. A company like American States Water (AWR) — with 69+ years of dividend growth — is a King and a Champion but NOT an Aristocrat because it is not in the S&P 500.
Dividend Kings: The Ultimate Survivors
The Dividend Kings require the longest streak at 50+ years but, like Champions, have no index membership requirement. This creates an interesting dynamic: every King is automatically a Champion (since 50 > 25), but not every King is an Aristocrat. Approximately 35 to 40 of the roughly 53 Kings are large enough to also be Aristocrats, while the remainder are mid-cap and small-cap companies.
Companies on One List but Not Others
Understanding the overlaps and gaps reveals interesting investment opportunities:
- Champion but not Aristocrat: A mid-cap company with 25+ years of growth that is not in the S&P 500. Examples include many regional banks, utilities, and industrial companies. These are often overlooked by large institutional investors, creating potential value opportunities.
- King but not Aristocrat: A company with 50+ years of growth but too small for the S&P 500. Examples: American States Water (AWR), Northwest Natural (NWN), SJW Group (SJW).
- Aristocrat but not King: An S&P 500 company with 25 to 49 years of growth. These companies are "working toward" King status. Examples: ADP (ADP), McDonald's (MCD), Walmart (WMT).
Which List Should You Use?
The best list depends on your investment approach:
- Use the Aristocrats if you want a simple, institutional-quality list of large-cap dividend growers with an easy ETF option (NOBL).
- Use the Champions/CCC List if you want the broadest universe for screening and are willing to research mid-cap and small-cap companies. This is the best list for active stock pickers.
- Use the Kings if you prioritize the absolute longest track records and want to focus on the most battle-tested companies regardless of size.
- Use all three together for comprehensive research. Start with the Kings for the core of your portfolio, add Aristocrats for large-cap breadth, and explore Champions for hidden gems.
Also consider the Dividend Achievers, which require only 10 consecutive years of growth. This shorter threshold captures younger companies with strong growth potential that have not yet reached Champion or Aristocrat status.
Frequently Asked Questions
Where can I find the full CCC List?
The CCC List is published monthly by the DRIP Investing Resource Center and is freely available as a spreadsheet. It includes all Champions, Contenders, and Challengers with detailed data on yields, payout ratios, and growth rates. You can also use our dividend screener to filter stocks by years of consecutive dividend growth.
Does the streak count matter more than the growth rate?
Not necessarily. A company with 10 years of 12% annual dividend growth may be a better investment than one with 50 years of 2% growth. The streak indicates reliability, but the growth rate determines how quickly your income compounds. Ideally, look for companies with long streaks AND healthy growth rates.
Are there international equivalents?
The S&P Pan Asia Dividend Aristocrats and S&P Europe 350 Dividend Aristocrats exist but use different criteria (typically 7 to 10 years of growth). There is no widely recognized international Kings or Champions list. The longest international dividend streaks tend to be found in the U.K., Canada, and Switzerland.