The 2023 Canadian Dividend Aristocrats are Canadian stocks that have grown their dividend for 5+ years in a row. There are 90 stocks on the list as of November 30, 2023. 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 67 constituents of the U.S. index.
On the other hand, there are currently 90 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 also trade on other exchanges.
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Market Update of the Canadian Dividend Aristocrats 2023
The Canadian Dividend Aristocrats 2023 currently (as of July 31, 2023) has a yield of about 4.7%, and the average forward price-to-earnings (P/E) ratio is approximately 12X.
The mean market capitalization is roughly $25,394 million (all dollar values are in CAD), and the median market capitalization is approximately $9,390 million. The market cap ranges between about $416 million to $171,196 million. The total market capitalization is $2,285,474 million.
In 2022, the Canadian Dividend Aristocrats provided a total return of (-3.7%). This return was the third negative return since 2018. The price return was (-7.83%). This performance was better than the S&P 500 Index in 2022 at (-6.21%).
Historical Performance
As a group, the Canadian Dividend Aristocrats have exhibited slightly lower 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 7.34% and a standard deviation of 13.32%, while the benchmark, the S&P/TSX Composite Index, had annualized total return of 7.86% and a standard deviation of 12.33%.
Over the trailing five years, the Canadian Dividend Aristocrats have had an annualized total return of 8.75% and a standard deviation of 17.07%. The benchmark has had annualized total returns of 8.82% and a standard deviation of 15.72%.
The table below shows the calendar year performance from 2013 to 2022.
Changes to the Canadian Dividend Aristocrats in 2023
On January 24, 2022, the S&P Dow Jones Indices announced the list would be changed effective February 1, 2023. Five stocks were added, and seven stocks were deleted from the list of Canadian Dividend Aristocrats. There were 91 companies on the list after the changes were completed.
Other Dividend Stock Lists
For U.S. stocks, we have previously provided the following lists:
- List of Dividend Kings in 2023
- List of Dividend Aristocrats in 2023
- List of Dividend Champions in 2023
- List of Dividend Contenders in 2023
- List of Dividend Challengers in 2023
- Dogs of the Dow in 2023
For UK stocks, we have written about the following:
Other dividend stock lists
Details on the Canadian Dividend Aristocrats 2023
The Canadian Dividend Aristocrats 2022 is relatively select since it comprises only 91companies. This number is out of the over 1,600 companies listed on the Toronto Stock Exchange.
Canadian Dividend Aristocrats Sector Breakdown
The chart below shows the sector breakdown for the Canadian Dividend Aristocrats 2022 is seen in the chart below.
Stocks from the Financials sector have the most significant representation on the list of Dividend Aristocrats at about 30.5%. Stocks in the Financial sector tend to have more volatile earnings and cash flows that depend on the stock market valuation and interest rates.
The sector with the second highest representation is Industrials, at approximately 11.7%. The Industrial sector tends to have cyclical revenue, earnings, and cash flow but can generate decent returns over time. So, its presence in the top three is not surprising. In addition, some companies in the sector keep the payout ratio relatively low to allow for future dividend increases.
The third sector is Energy at about 10.9%. 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 because as revenue and profits climb, the share price increases.
These three sectors comprise the majority of the Canadian Dividend Aristocrats at 53.1%.
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The sector ranking for the Canadian Dividend Aristocrats 2023 is unlike the US Dividend Aristocrats, which have Consumer Staples, Industrials, and Materials as the top three sectors.
It is also unlike the UK High Yield Dividend Aristocrats, which has Financials, Real Estate, and Industrials as the top three sectors.
Market Size of the Canadian Dividend Aristocrats 2023
The largest Canadian Dividend Aristocrat by market capitalization is the Royal Bank of Canada (TSE: RY), with a market capitalization of about $140.40 billion (this section uses US dollars). Conversely, the stock with the smallest market capitalization is Fiera Capital (TSE: FSZ), with roughly $889.89 million market capitalization. Combined, the 91 Canadian Dividend Aristocrats have a total market capitalization of over $2.339 trillion.
Other Statistics
Canadian Utilities (TSE: CU) is the Canadian Dividend Aristocrat with the longest dividend increase streak at 50 years. Fortis Inc (TSE: FTS) has the second-longest streak of consecutive dividend increases at 49 years.
The top 10 members comprise about 21.5% of the Index and list. The greatest weighting is at 2.7%.
List of Canadian Dividend Aristocrats in 2023
Source: iShares S&P/TSX Canadian Dividend Aristocrats Index ETF and S&P/TSX Canadian Dividend Aristocrats Index
| Ticker | Name | Weight (%) |
|---|---|---|
| ARE | AECON GROUP INC | 2.87 |
| CSH.UN | CHARTWELL RETIREMENT RESIDENCES RE | 2.73 |
| GWO | GREAT WEST LIFECO INC | 2.49 |
| CM | CANADIAN IMPERIAL BANK OF COMMERCE | 2.16 |
| POW | POWER CORPORATION OF CANADA | 2.09 |
| MFC | MANULIFE FINANCIAL CORP | 1.97 |
| TRP | TC ENERGY CORP | 1.93 |
| PKI | PARKLAND CORP | 1.92 |
| CWB | CANADIAN WESTERN BANK | 1.90 |
| FSZ | FIERA CAPITAL CORP CLASS A | 1.87 |
| ENB | ENBRIDGE INC | 1.82 |
| BNS | BANK OF NOVA SCOTIA | 1.80 |
| BAM | BROOKFIELD ASSET MANAGEMENT VOTING | 1.73 |
| PPL | PEMBINA PIPELINE CORP | 1.71 |
| TCL.A | TRANSCONTINENTAL SUB VOTING INC CL | 1.68 |
| FN | FIRST NATIONAL FINANCIAL CORP | 1.68 |
| BCE | BCE INC | 1.63 |
| CRT.UN | CT REIT UNITS TRUST | 1.56 |
| EMA | EMERA INC | 1.55 |
| CNQ | CANADIAN NATURAL RESOURCES LTD | 1.52 |
| SLF | SUN LIFE FINANCIAL INC | 1.50 |
| NWC | NORTH WEST COMPANY INC | 1.48 |
| AP.UN | ALLIED PROPERTIES REAL ESTATE INVT | 1.47 |
| GSY | GOEASY LTD | 1.46 |
| BMO | BANK OF MONTREAL | 1.45 |
| T | TELUS CORP | 1.40 |
| GRT.UN | GRANITE REAL ESTATE INVESTMENT STA | 1.40 |
| CGO | COGECO INC | 1.39 |
| CTC.A | CANADIAN TIRE LTD CLASS A | 1.37 |
| NA | NATIONAL BANK OF CANADA | 1.36 |
| KMP.UN | KILLAM APARTMENT REIT UNITS CLASS | 1.35 |
| TD | TORONTO DOMINION | 1.32 |
| RY | ROYAL BANK OF CANADA | 1.31 |
| CPX | CAPITAL POWER CORP | 1.30 |
| FTS | FORTIS INC | 1.29 |
| OTEX | OPEN TEXT CORP | 1.28 |
| CU | CANADIAN UTILITIES LTD CLASS A | 1.28 |
| EIF | EXCHANGE INCOME CORP | 1.26 |
| QBR.B | QUEBECOR INC CLASS B | 1.26 |
| QSR | RESTAURANTS BRANDS INTERNATIONAL I | 1.22 |
| ACO.X | ATCO LTD CLASS I | 1.20 |
| IAG | IA FINANCIAL INC | 1.19 |
| SIS | SAVARIA CORP | 1.19 |
| PBH | PREMIUM BRANDS HOLDINGS CORP | 1.15 |
| MI.UN | MINTO APARTMENT REIT UNITS TRUST | 1.09 |
| CAR.UN | CANADIAN APARTMENT PROPERTIES REAL | 1.08 |
| CCA | COGECO COMMUNICATIONS SUBORDINATE | 1.08 |
| EQB | EQB INC | 1.05 |
| ABX | BARRICK GOLD CORP | 1.04 |
| MFI | MAPLE LEAF FOODS INC | 1.03 |
| H | HYDRO ONE LTD | 1.02 |
| BDGI | BADGER INFRASTRUCTURE SOLUTIONS LT | 1.01 |
| AEM | AGNICO EAGLE MINES LTD | 0.95 |
| FTT | FINNING INTERNATIONAL INC | 0.94 |
| IMO | IMPERIAL OIL LTD | 0.92 |
| MG | MAGNA INTERNATIONAL INC | 0.91 |
| X | TMX GROUP LTD | 0.91 |
| CF | CANACCORD GENUITY GROUP INC | 0.86 |
| SJ | STELLA JONES INC | 0.83 |
| IIP.UN | INTERRENT REAL ESTATE INVESTMENT T | 0.82 |
| PAAS | PAN AMERICAN SILVER CORP | 0.69 |
| IFC | INTACT FINANCIAL CORP | 0.67 |
| ADEN | ADENTRA INC | 0.63 |
| WFG | WEST FRASER TIMBER LTD | 0.60 |
| NTR | NUTRIEN LTD | 0.60 |
| ENGH | ENGHOUSE SYSTEMS LTD | 0.59 |
| CNR | CANADIAN NATIONAL RAILWAY | 0.58 |
| TRI | THOMSON REUTERS CORP | 0.58 |
| TIH | TOROMONT INDUSTRIES LTD | 0.56 |
| EMP.A | EMPIRE LTD CLASS A | 0.56 |
| STN | STANTEC INC | 0.54 |
| TFII | TFI INTERNATIONAL INC | 0.53 |
| WPM | WHEATON PRECIOUS METALS CORP | 0.53 |
| JWEL | JAMIESON WELLNESS INC | 0.53 |
| CCL.B | CCL INDUSTRIES INC CLASS B | 0.51 |
| SAP | SAPUTO INC | 0.51 |
| WN | GEORGE WESTON LTD | 0.47 |
| L | LOBLAW COMPANIES LTD | 0.46 |
| MRU | METRO INC | 0.42 |
| TOU | TOURMALINE OIL CORP | 0.42 |
| ALS | ALTIUS MINERALS CORP | 0.38 |
| ATD | ALIMENTATION COUCHE TARD INC | 0.37 |
| BN | BROOKFIELD CORP CLASS A | 0.30 |
| CJT | CARGOJET INC | 0.30 |
| WCN | WASTE CONNECTIONS INC | 0.28 |
| FSV | FIRSTSERVICE SUBORDINATE VOTING CO | 0.24 |
| CP | CANADIAN PACIFIC KANSAS CITY LTD | 0.24 |
| FNV | FRANCO NEVADA CORP | 0.22 |
| BYD | BOYD GROUP INCOME INC | 0.12 |
| DOL | DOLLARAMA INC | 0.10 |
Analyses on Stocks in the Canadian Dividend Aristocrats in 2022
Prior Year Lists
- The List of Canadian Dividend Aristocrats in 2022
- The List of Canadian Dividend Aristocrats in 2021
- The List of Canadian Dividend Aristocrats in 2020
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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.