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Canadian Dividend Aristocrats

The 2021 Canadian Dividend Aristocrats are Canadian stocks that that have grown their dividend for 5+ years in a row. There are about 86 stocks on the list as of September 30, 2021. But 5 years or more of dividend growth does not by itself qualify a stock as a Canadian Dividend Aristocrat. In order to be included on the list a company must meet three criteria:

  • Be a member of the S&P Canada BMI and Toronto Stock Exchange
  • Have raised the regular dividend per share for 5+ consecutive years but can maintain the same dividend for a maximum of two consecutive years within that five-year period. For new additions, the company must have increased its dividend in the first year of the prior five years. 
  • Have a market capitalization of at least $300 CAD million
  • The index is weight by dividend yield
  • Individual stocks are capped at an 8% weighting and subject to a basket liquidity maximum weight. BL maximum weight is determined by dividing the three-month average daily value traded by the BL amount of CAD 100 million.

Notably, these criteria are very different from those that are used to determine the list of Dividend Aristocrats in the U.S. These stocks can be found in the S&P 500 Dividend Aristocrats index. There are currently 65 constituents of the U.S. index. On the other hand, there are currently 86 constituents in the Canadian index. These stocks can be found in the S&P/TSX Canadian Dividend Aristocrats index. Note that some of the Canadian Dividend Aristocrats trade on other exchanges as well.

These companies have survived periods of inflation, stock market crashes, global crises, and deep recessions but still met the aforesaid criteria. Hence, this list serves as a starting point for small investors seeking to research potential ideas for Canadian dividend stocks.

Canadian Dividend Aristocrats
Canadian Dividend Aristocrats 2021

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Performance Update of the Canadian Dividend Aristocrats 2021

The Canadian Dividend Aristocrats 2021 currently (as of September 30, 2021) has a yield of about 3.91% and the average forward price-to-earnings ratio is approximately 13.9X. The mean market capitalization is roughly $23,741 million (all dollar values are in CAD) and the median market capitalization is roughly $8,685 million. The market cap ranges between approximately $882 million to $179,589 million. The total market capitalization is approximately $2,021.844 million.

In 2020, the Canadian Dividend Aristocrats provided a total return of -2.34%. This was the lowest return since 2018 and the third negative return in the past decade. The price return was -6.87%. This performance was relatively poor considering the strong positive market returns of most U.S indices. This was at least in part caused by dividend cuts and suspensions for some Canadian stocks as well as the poor outlook for Financials, Utilities, Real Estate, and Energy, which are four of the top five sectors in the list.

Historical Performance

As a group, the Canadian Dividend Aristocrats have exhibited better risk-adjusted returns compared with the benchmark index, which is the S&P/TSX Composite Index. Over the past decade, the Canadian Dividend Aristocrats have had an annualized total return of 8.4% and a standard deviation of 12.63%, while the benchmark (the S&P/TSX Composite Index) has had an annualized total returns of 7.44% and a standard deviation of 11.78%. Over the trailing 5-years the Canadian Dividend Aristocrats have had an annualized total return of 9.63% and a standard deviation of 15.8%, while the benchmark has had annualized total returns of 10.77% and a standard deviation of 13.61%.

Canadian Dividend Aristocrats Historical Performance
Source: S&P 500 Dow Jones Indices

The table below the calendar year performance from 2011 to 2020.

Source: S&P 500 Dow Jones Indices

Impending Changes to the Canadian Dividend Aristocrats in 2021

On January 22, 2021, the S&P Dow Jones Indices announced that the list would be changes with an effective date of February 1, 2021. This will have the effect of adding six net names to the list for a total of 85 stocks.

Source: S&P 500 Dow Jones Indices

Additions to the Canadian Dividend Aristocrats in 2020

The sector composition has changed with time due to changes in the index composition. The index was updated on February 3, 2020 when 14 stocks were added to the Canadian Dividend Aristocrats list.

Source: S&P 500 Dow Jones Indices

Deletions to the Canadian Dividend Aristocrats in 2020

On April 23, 2020 eight stocks were deleted from the list due to dividend cuts and/or suspensions. The deletions were effective on May 1, 2020.

Source: S&P 500 Dow Jones Indices

On May 25, 2020 another five stocks sere deleted from the list due to dividend cuts or suspension. The deletions were effective June 1, 2020.

Source: S&P 500 Dow Jones Indices

On June 23, 2020 one stock was deleted from list due to a dividend cut or suspension. The deletion was effective on July 1, 2020.

Source: S&P 500 Dow Jones Indices

Other Dividend Stock Lists

For U.S. stocks, I have previously provided the following lists:

For U.K. stocks, I have written about:

Other dividend stock lists

Details on the Canadian Dividend Aristocrats 2021

The list of Canadian Dividend Aristocrats 2021 is a fairly select list since there are only 86 companies. This is out of the over 1,600 companies listed on the Toronto Stock Exchange at end of January 2020.

Canadian Dividend Aristocrats Sector Breakdown

The sector breakdown for the Canadian Dividend Aristocrats 2021 is seen in the chart below as of September 30, 2020. Stocks from the Financials sector have the greatest representation on the list of Dividend Aristocrats at about 29%. The second sector with high representation is Energy at approximately 16.1%. The third sector is Industrials at about 10.6%. These three sectors make top the majority of the Canadian Dividend Aristocrats at 55.7% of the total. Note that this relative ranking has changed in 2020 as energy stocks have cut or suspended dividends this sector’s relative ranking has dropped. However, the addition of some companies in 2021 has caused this sector’s relative ranking to rise again.

Stocks in the financial sector tend to have somewhat more volatile earnings and cash flows that depend on the stock market valuation as well as interest rates. Industrial sector stocks also have more volatile earnings and cash flows but many have low payout ratios letting them grow the dividends during recessions and economic downturns. On the other hand, Energy tends to have fluctuating revenue, earnings, and cash flow but over time can generate decent returns. So, their presence in the top three is not surprising.

Canadian Dividend Aristocrats Sector Breakdown
Source: S&P 500 Dow Jones Indices

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The sector ranking for the Canadian Dividend Aristocrats 2020 is unlike the U.S. Dividend Aristocrats, which have Industrials, Consumer Staples, and Financials as the top three sectors. It is also unlike the UK High Yield Dividend Aristocrats that has Financial, Consumer Staples, and Real Estate in the top three sectors.

Market Size of the Canadian Dividend Aristocrats 2021

The largest Canadian Dividend Aristocrat by market capitalization is Royal Bank of Canada (TSE:RB). Combined the 86 Canadian Dividend Aristocrats have a total market capitalization of over $2.042 trillion. The mean market capitalization is about $23,741 million and the median market capitalization is roughly $8,685 million. The stock with the largest market capitalization is about $165,040 million and the stock with the smallest market capitalization is roughly $816 million.

The largest Canadian Dividend Aristocrat is Royal Bank (TSE:RY) and the smallest is Fiera Capital Corp (TSE:FSZ). The one with the highest yield is Keyera Corp (TSE:KEY) and the one with the lowest yield is Boyd Group (TSE:BYD). Canadian Utilities (TSE:CU) is the Canadian Dividend Aristocrat with longest streak of consecutively increasing the dividend at 48 years. Fortis Inc (TSE:FTS) has the second longest streak of consecutive dividend increases at 46 years.

List of Canadian Dividend Aristocrats in 2021 – Updated 09/30/21

On average the Canadian Dividend Aristocrats 2021 have a yield of about 3.91%, which is greater than that of the U.S. Dividend Aristocrats. The top 10 members make up about 25.9% of the index and list.

The Canadian Dividend Aristocrat list serves as a screen for further investigating a stock for a dividend growth portfolio. It is a list of companies with stable businesses that have competitive advantages and have returned cash to shareowners consistently through dividends.

TickerNameWeight (%)
KEYKEYERA CORP3.17
SRU.UNSMARTCENTRES RL ESTATE INVESTMENT3.04
PPLPEMBINA PIPELINE CORP2.94
ENBENBRIDGE INC2.91
CNQCANADIAN NATURAL RESOURCES LTD2.68
POWPOWER CORPORATION OF CANADA2.47
EIFEXCHANGE INCOME CORP2.19
FSZFIERA CAPITAL CORP CLASS A2.19
GWOGREAT WEST LIFECO INC2.18
BCEBCE INC2.11
TRPTC ENERGY CORP2.11
CPXCAPITAL POWER CORP2.09
CMCANADIAN IMPERIAL BANK OF COMMERCE2.08
SMU.UNSUMMIT INDUSTRIAL INCOME REIT UNIT1.96
CUCANADIAN UTILITIES LTD CLASS A1.82
BNSBANK OF NOVA SCOTIA1.76
IMOIMPERIAL OIL LTD1.76
BMOBANK OF MONTREAL1.73
CSH.UNCHARTWELL RETIREMENT RESIDENCES RE1.73
CRT.UNCT REIT UNITS TRUST1.71
NANATIONAL BANK OF CANADA1.62
FNFIRST NATIONAL FINANCIAL CORP1.58
CWBCANADIAN WESTERN BANK1.57
EMAEMERA INC1.56
ACO.XATCO LTD CLASS I1.55
TTELUS CORP1.55
TDTORONTO DOMINION1.5
MFCMANULIFE FINANCIAL CORP1.49
RYROYAL BANK OF CANADA1.48
GRT.UNGRANITE REAL ESTATE INVESTMENT STA1.43
NWCNORTH WEST COMPANY INC1.41
AP.UNALLIED PROPERTIES REAL ESTATE INVT1.4
AREAECON GROUP INC1.32
SLFSUN LIFE FINANCIAL INC1.3
IAGIA FINANCIAL INC1.27
FTSFORTIS INC1.26
SISSAVARIA CORP1.25
TCL.ATRANSCONTINENTAL SUB VOTING INC CL1.24
ITPINTERTAPE POLYMER GROUP INC1.19
TFIITFI INTERNATIONAL INC1.05
FTTFINNING INTERNATIONAL INC1.04
GSYGOEASY LTD1.04
QSRRESTAURANTS BRANDS INTERNATIONAL I1.01
WNGEORGE WESTON LTD1
CAR.UNCANADIAN APARTMENT PROPERTIES REAL0.97
AQNALGONQUIN POWER UTILITIES CORP0.96
LLOBLAW COMPANIES LTD0.92
PBHPREMIUM BRANDS HOLDINGS CORP0.91
CTC.ACANADIAN TIRE LTD CLASS A0.88
IIP.UNINTERRENT REAL ESTATE INVESTMENT T0.87
PKIPARKLAND CORP0.83
CCACOGECO COMMUNICATIONS SUBORDINATE0.81
TRITHOMSON REUTERS CORP0.78
IFCINTACT FINANCIAL CORP0.76
CGOCOGECO INC0.75
MGMAGNA INTERNATIONAL INC0.73
QBR.BQUEBECOR INC CLASS B0.73
XTMX GROUP LTD0.71
ECNECN CAPITAL CORP0.71
MFIMAPLE LEAF FOODS INC0.71
STNSTANTEC INC0.63
EQBEQUITABLE GROUP INC0.62
OTEXOPEN TEXT CORP0.55
INEINNERGEX RENEWABLE ENERGY INC0.55
CNRCANADIAN NATIONAL RAILWAY0.53
TIHTOROMONT INDUSTRIES LTD0.51
SAPSAPUTO INC0.51
MRUMETRO INC0.51
BAM.ABROOKFIELD ASSET MANAGEMENT INC CL0.5
AEMAGNICO EAGLE MINES LTD0.47
EMP.AEMPIRE LTD CLASS A0.47
BDGIBADGER INFRASTRUCTURE SOLUTIONS LT0.44
CCL.BCCL INDUSTRIES INC CLASS B0.41
RBARITCHIE BROS AUCTIONEERS INC0.39
SJSTELLA JONES INC0.34
WPMWHEATON PRECIOUS METALS CORP0.33
ATD.BALIMENTATION COUCHE TARD SUB VOTIN0.31
BLXBORALEX INC CLASS A0.3
FNVFRANCO NEVADA CORP0.27
CPCANADIAN PACIFIC RAILWAY LTD0.25
ENGHENGHOUSE SYSTEMS LTD0.23
ONEXONEX CORP0.21
FSVFIRSTSERVICE SUBORDINATE VOTING CO0.19
CJTCARGOJET INC0.12
DOLDOLLARAMA INC0.12
BYDBOYD GROUP INCOME INC0.09
Source: iShares S&P/TSX Canadian Dividend Aristocrats Index ETF and S&P/TSX Canadian Dividend Aristocrats Index (as September 30 30, 2021)

Analyses on Stocks in the Canadian Dividend Aristocrats 2021

Dividend Champion Analysis: Canadian National Railways (CNI) Is The Newest Champion

Enbridge (ENB): A High Yield Dividend Stock But Be Cautious

Thomson Reuters (TRI): A Dividend Champion

BMO – High Dividend Yield and Safety from Canada’s Oldest Bank

BCE – Dividend Income Appeal

Prior Year Lists and Articles

The List of Canadian Dividend Aristocrats in 2020


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