{"slug":"why-stocks-drop-on-the-ex-dividend-date","qid":"drop_per_dividend","label":"Opening drop per dollar of dividend paid, ex-dates 2021 to 2025","post_title":"Why stocks drop on the ex-dividend date","post_url":"/blog/why-stocks-drop-on-the-ex-dividend-date#q-drop_per_dividend","columns":["ticker","payment_count","avg_dividend_usd","drop_per_dollar_paid"],"rows":[{"ticker":"ABBV","payment_count":20,"avg_dividend_usd":1.476,"drop_per_dollar_paid":1.23},{"ticker":"CVX","payment_count":20,"avg_dividend_usd":1.5195,"drop_per_dollar_paid":1.1},{"ticker":"VZ","payment_count":20,"avg_dividend_usd":0.6556,"drop_per_dollar_paid":1.01},{"ticker":"MCD","payment_count":20,"avg_dividend_usd":1.5545,"drop_per_dollar_paid":0.95},{"ticker":"KO","payment_count":20,"avg_dividend_usd":0.463,"drop_per_dollar_paid":0.94},{"ticker":"XOM","payment_count":20,"avg_dividend_usd":0.928,"drop_per_dollar_paid":0.92},{"ticker":"PG","payment_count":20,"avg_dividend_usd":0.9441,"drop_per_dollar_paid":0.91},{"ticker":"JNJ","payment_count":20,"avg_dividend_usd":1.1695,"drop_per_dollar_paid":0.84},{"ticker":"PEP","payment_count":20,"avg_dividend_usd":1.2335,"drop_per_dollar_paid":0.76},{"ticker":"HD","payment_count":20,"avg_dividend_usd":2.038,"drop_per_dollar_paid":0.28}],"shape":"ranking","sql":"WITH\nprices AS\n(\n    SELECT\n        ticker,\n        date,\n        open_px,\n        any(close_px) OVER (PARTITION BY ticker ORDER BY date ASC ROWS BETWEEN 1 PRECEDING AND 1 PRECEDING) AS prior_close\n    FROM\n    (\n        SELECT\n            ticker,\n            date,\n            toFloat64(max(open))  AS open_px,\n            toFloat64(max(close)) AS close_px\n        FROM global_markets.stocks_daily_aggs\n        WHERE ticker IN ('KO','PG','JNJ','PEP','XOM','CVX','MCD','HD','VZ','ABBV')\n          AND date >= '2020-12-01'\n          AND date <  '2026-01-01'\n        GROUP BY ticker, date\n    )\n),\nex_days AS\n(\n    SELECT\n        ticker,\n        ex_dividend_date            AS ex_date,\n        toFloat64(max(cash_amount)) AS dividend\n    FROM global_markets.stocks_dividends\n    WHERE ticker IN ('KO','PG','JNJ','PEP','XOM','CVX','MCD','HD','VZ','ABBV')\n      AND ex_dividend_date >= '2021-01-01'\n      AND ex_dividend_date <  '2026-01-01'\n      AND cash_amount > 0\n    GROUP BY ticker, ex_dividend_date\n)\nSELECT\n    e.ticker                                                   AS ticker,\n    count()                                                    AS payment_count,\n    round(avg(e.dividend), 4)                                  AS avg_dividend_usd,\n    round(sum(p.prior_close - p.open_px) / sum(e.dividend), 2) AS drop_per_dollar_paid\nFROM ex_days AS e\nINNER JOIN prices AS p ON p.ticker = e.ticker AND p.date = e.ex_date\nWHERE p.prior_close > 0\nGROUP BY e.ticker\nORDER BY drop_per_dollar_paid DESC","computed_at":"2026-08-14T15:02:40.423939+00:00","elapsed":0.00373123}