The 2022 Canadian Dividend Aristocrats are Canadian stocks that have grown their dividend for 5+ years in a row. There are about 93 stocks on the list as of September 30, 2022. However, five years or more of dividend growth does not by itself qualify a stock as a Canadian Dividend Aristocrat. 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
- Increased 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
In addition, the Canadian Dividend Aristocrats follow these rules.
- The Index is weighted 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.
The Index is updated annually in January.
Notably, these criteria are very different from those used to determine the list of Dividend Aristocrats in the US. These stocks can be found in the S&P 500 Dividend Aristocrats Index. There are currently 64 constituents of the US index.
On the other hand, there are currently 93 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.
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Market Update of the Canadian Dividend Aristocrats 2022
The Canadian Dividend Aristocrats 2022 currently (as of September 30, 2022) has a yield of about 4.56%, and the average forward price-to-earnings (P/E) ratio is approximately 11.93X.
The mean market capitalization is roughly $22,057 million (all dollar values are in CAD), and the median market capitalization is approximately $7,267 million. The market cap ranges between about $426 million to $173,446 million. The total market capitalization is roughly $2,051,322 million.
In 2021, the Canadian Dividend Aristocrats provided a total return of 25.9%. This return was the highest return since 2019 and the second-highest return in the past decade. The price return was 20.93%. This performance was slightly worse than the performance of the S&P 500 Index in 2021 at 28.71%.
As a group, the Canadian Dividend Aristocrats have exhibited slightly higher total annualized returns than the benchmark index, the S&P/TSX Composite Index.
Over the past decade, the Canadian Dividend Aristocrats have had an annualized total return of 7.23% and a standard deviation of 16.78%, while the benchmark (the S&P/TSX Composite Index) had annualized total returns of 7.3% and a standard deviation of 11.81%.
Over the trailing 5-years, the Canadian Dividend Aristocrats have had an annualized total return of 6.09% and a standard deviation of 15.97%, while the benchmark has had annualized total returns of 6.54% and a standard deviation of 14.99%.
The table below the calendar year performance from 2012 to 2021.
Changes to the Canadian Dividend Aristocrats in 2022
On June 30, 2022, Intertape Polymer Group was dropped from there Index. The company was acquired by Clearlake Capital Group. There were 93 companies on the list after the acquisition.
On January 24, 2022, the S&P Dow Jones Indices announced the list would be changed effective February 1, 2022. Ten stocks were added, and two stocks were deleted from the list of Canadian Dividend Aristocrats. There were 94 companies on the list after the changes were completed.
Changes to the Canadian Dividend Aristocrats in 2021
On January 22, 2021, the S&P Dow Jones Indices announced that the list would be changed effective February 1, 2021. This action added nine stocks and deleted three stocks from the list of Canadian Dividend Aristocrats for a net gain of six stocks. There were 85 companies on the list once the change took effect.
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.
Deletions to the Canadian Dividend Aristocrats in 2020
On April 23, 2020, eight stocks were deleted from the list due to dividend cuts or suspensions. The deletions were effective on May 1, 2020.
On May 25, 2020, another five stocks were deleted from the list due to dividend cuts or suspensions. The deletions were effective June 1, 2020.
On June 23, 2020, one stock was deleted from the list due to a dividend cut or suspension. The deletion was effective on July 1, 2020.
Other Dividend Stock Lists
For US stocks, I have previously provided the following lists:
- List of Dividend Kings in 2022
- List of Dividend Aristocrats in 2022
- List of Dividend Champions in 2022
- List of Dividend Contenders in 2022
- List of Dividend Challengers in 2022
- Dogs of the Dow in 2022
For UK stocks, I have written about:
Other dividend stock lists
- Simply Investing Report & Analysis Platform*
- 6,000+ stocks on the NYSE, NASDAQ, and TSX
- 120+ metrics and financial data updated daily
- Portfolios, watch lists, dividend income, e-mail alerts, etc.
- List of top ranked stocks based on the 12 Rules of Simply Investing
- 14-day free trial
- Simply Investing Course*
- 10 modules and 27 lessons
- Access to 21-years of stock data and portfolio tracker
- 1-month free access the Report & Analysis Platform
- Lifetime access to the course and 30-day money back guarantee
- Use the Simply Investing Coupon Code DIVPOWER15 for 15% off.
Details on the Canadian Dividend Aristocrats 2021
The list of Canadian Dividend Aristocrats 2022 is relatively select since it comprises only 93 companies. This number is out of the over 1,600 companies listed on the Toronto Stock Exchange at the end of January 2020.
Canadian Dividend Aristocrats Sector Breakdown
The chart below shows the sector breakdown for the Canadian Dividend Aristocrats 2022 is seen in the chart below as of September 30, 2022.
Stocks from the Financials sector have the most significant representation on the list of Dividend Aristocrats at about 24.6%. Stocks in the Financial sector tend to have somewhat more volatile earnings and cash flows that depend on the stock market valuation and interest rates.
The sector with the second highest representation is Energy at approximately 14.9%. The Energy sector tends to have fluctuating revenue, earnings, and cash flow but can generate decent returns over time. So, its presence in the top three is not surprising. Note that this relative ranking 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.
Utilities is the third sector at roughly 11.7%. This sector has performed relatively well during the market downturn in 2022.
The fourth sector is Real Estate at about 11.5%. Real Estate stocks have been performing better since the sub-prime mortgage crisis. Many are now more conservatively managed. In addition, real estate investment trusts (REITs) had a good decade, except for the downturn in 2020.
These three sectors make up the majority of the Canadian Dividend Aristocrats at 51.7% of the total.
The sector ranking for the Canadian Dividend Aristocrats 2022 is unlike the US Dividend Aristocrats, which have Consumer Staples, Industrials, and Materials as the top three sectors.
Unlike the UK High Yield Dividend Aristocrats, it has Financials, Industrials, and Consumer Staples as the top three sectors.
Market Size of the Canadian Dividend Aristocrats 2022
The largest Canadian Dividend Aristocrat by market capitalization is the Royal Bank of Canada (TSE: RY), with a market capitalization of about $125.32 billion (this section uses US dollars). Conversely, the stock with the smallest market capitalization is Tecsys (TSE:TCS), with roughly $426 million market capitalization. Combined, the 93 Canadian Dividend Aristocrats have a total market capitalization of over $2.501 trillion.
Canadian Utilities (TSE: CU) is the Canadian Dividend Aristocrat with the longest streak of increasing the dividend at 49 years. Fortis Inc (TSE:FTS) has the second-longest streak of consecutive dividend increases at 48 years.
List of Canadian Dividend Aristocrats in 2022 – Updated 09/30/22
On average, the Canadian Dividend Aristocrats 2022 have a distribution yield of about 3.40% and a 12-month trailing yield of 3.31%, which are higher than that of the US Dividend Aristocrats.
The top 10 members make up about 25.23% of the Index and list.
|PPL||PEMBINA PIPELINE CORP||2.89|
|FSZ||FIERA CAPITAL CORP CLASS A||2.83|
|SGR.UN||SLATE GROCERY REIT UNITS CLASS U||2.8|
|CPX||CAPITAL POWER CORP||2.79|
|EIF||EXCHANGE INCOME CORP||2.17|
|TRP||TC ENERGY CORP||2.15|
|CU||CANADIAN UTILITIES LTD CLASS A||1.98|
|FN||FIRST NATIONAL FINANCIAL CORP||1.92|
|SRU.UN||SMARTCENTRES RL ESTATE INVESTMENT||1.91|
|MFC||MANULIFE FINANCIAL CORP||1.9|
|CNQ||CANADIAN NATURAL RESOURCES LTD||1.79|
|ACO.X||ATCO LTD CLASS I||1.77|
|CRT.UN||CT REIT UNITS TRUST||1.72|
|NWC||NORTH WEST COMPANY INC||1.66|
|AQN||ALGONQUIN POWER UTILITIES CORP||1.65|
|GWO||GREAT WEST LIFECO INC||1.63|
|CSH.UN||CHARTWELL RETIREMENT RESIDENCES RE||1.56|
|QSR||RESTAURANTS BRANDS INTERNATIONAL I||1.52|
|INE||INNERGEX RENEWABLE ENERGY INC||1.51|
|POW||POWER CORPORATION OF CANADA||1.46|
|TCL.A||TRANSCONTINENTAL SUB VOTING INC CL||1.39|
|QBR.B||QUEBECOR INC CLASS B||1.37|
|BMO||BANK OF MONTREAL||1.34|
|CM||CANADIAN IMPERIAL BANK OF COMMERCE||1.34|
|BNS||BANK OF NOVA SCOTIA||1.33|
|NA||NATIONAL BANK OF CANADA||1.29|
|RY||ROYAL BANK OF CANADA||1.25|
|IAG||IA FINANCIAL INC||1.24|
|SLF||SUN LIFE FINANCIAL INC||1.19|
|IMO||IMPERIAL OIL LTD||1.15|
|IFC||INTACT FINANCIAL CORP||1.1|
|ARE||AECON GROUP INC||1|
|AP.UN||ALLIED PROPERTIES REAL ESTATE INVT||0.98|
|X||TMX GROUP LTD||0.96|
|CTC.A||CANADIAN TIRE LTD CLASS A||0.96|
|AEM||AGNICO EAGLE MINES LTD||0.95|
|CCA||COGECO COMMUNICATIONS SUBORDINATE||0.83|
|BDGI||BADGER INFRASTRUCTURE SOLUTIONS LT||0.83|
|GRT.UN||GRANITE REAL ESTATE INVESTMENT STA||0.82|
|KMP.UN||KILLAM APARTMENT REIT UNITS CLASS||0.81|
|FTT||FINNING INTERNATIONAL INC||0.8|
|CWB||CANADIAN WESTERN BANK||0.78|
|RBA||RITCHIE BROS AUCTIONEERS INC||0.76|
|SMU.UN||SUMMIT INDUSTRIAL INCOME REIT UNIT||0.75|
|WN||GEORGE WESTON LTD||0.74|
|ALS||ALTIUS MINERALS CORP||0.73|
|CAR.UN||CANADIAN APARTMENT PROPERTIES REAL||0.73|
|MFI||MAPLE LEAF FOODS INC||0.71|
|SJ||STELLA JONES INC||0.7|
|L||LOBLAW COMPANIES LTD||0.69|
|ABX||BARRICK GOLD CORP||0.65|
|CNR||CANADIAN NATIONAL RAILWAY||0.63|
|EMP.A||EMPIRE LTD CLASS A||0.59|
|PBH||PREMIUM BRANDS HOLDINGS CORP||0.59|
|TRI||THOMSON REUTERS CORP||0.59|
|MG||MAGNA INTERNATIONAL INC||0.58|
|IIP.UN||INTERRENT REAL ESTATE INVESTMENT T||0.57|
|JWEL||JAMIESON WELLNESS INC||0.53|
|CCL.B||CCL INDUSTRIES INC CLASS B||0.5|
|WPM||WHEATON PRECIOUS METALS CORP||0.48|
|OTEX||OPEN TEXT CORP||0.48|
|PAAS||PAN AMERICAN SILVER CORP||0.47|
|TIH||TOROMONT INDUSTRIES LTD||0.45|
|TFII||TFI INTERNATIONAL INC||0.41|
|ATD||ALIMENTATION COUCHE TARD INC||0.39|
|CF||CANACCORD GENUITY GROUP INC||0.36|
|FNV||FRANCO NEVADA CORP||0.35|
|ENGH||ENGHOUSE SYSTEMS LTD||0.35|
|CP||CANADIAN PACIFIC RAILWAY LTD||0.34|
|WFG||WEST FRASER TIMBER LTD||0.3|
|BAM.A||BROOKFIELD ASSET MANAGEMENT INC CL||0.29|
|HDI||HARDWOODS DISTRIBUTION INC||0.28|
|FSV||FIRSTSERVICE SUBORDINATE VOTING CO||0.13|
|BYD||BOYD GROUP INCOME INC||0.12|
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
- Imperial Oil (IMO) Is Gushing Free Cash Flow
Prior Year Lists and Articles
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Prakash Kolli is the founder of the Dividend Power site. He is a self-taught investor, analyst, and writer on dividend growth stocks and financial independence. His writings can be found on Seeking Alpha, InvestorPlace, Business Insider, Nasdaq, TalkMarkets, ValueWalk, The Money Show, Forbes, Yahoo Finance, and leading financial sites. In addition, he is part of the Portfolio Insight and Sure Dividend teams. He was recently in the top 1.0% and 100 (73 out of over 13,450) financial bloggers, as tracked by TipRanks (an independent analyst tracking site) for his articles on Seeking Alpha.