Both drought and aridity indicate imbalance in water availability. While drought is a natural temporal hazard, aridity is a constant climatic feature. This paper investigates the changes in drought characteristics across different aridity zones with and without consideration of potential evapotranspiration (PET), as a means to better assess drought in a warming climate. Two drought indexes are employed: (1) Standardized precipitation index (SPI), which is solely based on precipitation; and (2) Reconnaissance drought index (RDI), which, in addition to precipitation, takes PET into account. The two indexes are first employed to observed precipitation and PET data for the period 1960–2009 from the CRU (Climate Research Unit, University of East Anglia) TS 3.1 database. The results indicate that although all the aridity zones experience both downward and upward drought trends, no significant trend is found over large parts of the zones. However, the agreement between SPI and RDI reduces from the hyper-arid zone on one extreme toward the humid zone on the other. In the three more humid zones (i.e. semi-arid, sub-humid, and humid), the indexes exhibit different trends, with RDI showing more decreasing trends (i.e. becoming drier). While SPI generally shows more drought prone areas than RDI for the pre-1998 period, the opposite is observed for the post-1998 period. Given the known changes to PET in observed records, and also expected increases as global warming intensifies, these results suggest that RDI will be consistently different to the SPI as global warming intensifies. This hypothesis is further tested for historic and future climate projections from the CSIRO (Commonwealth Scientific and Industrial Research Organisation, Australia) Mk3.6 global climate model (GCM), with use of the fifth phase of the Coupled Model Intercomparison Project (CMIP5) and RCP8.5 (Representative Concentration Pathways). In this case, PET is calculated using FAO56-PM model for assessment of RDI. The results suggest that agreement between SPI and RDI is affected and decreases remarkably over time (between 1850 and 2100). All these lead to the conclusion that, in the face of climate change, PET, an important component in the hydrologic cycle, should not be ignored in drought modeling.