DGRO vs. HDV

Last updated Jun 3, 2026

DGRO (iShares Core Dividend Growth ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index, while HDV is a Large Cap Value Equities fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, DGRO returned 13.33%/yr vs 9.22%/yr for HDV. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.08% expense ratio.

Performance

DGRO vs. HDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core Dividend Growth ETF (DGRO) and iShares Core High Dividend ETF (HDV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DGRO achieves a 9.06% return, which is significantly lower than HDV's 12.28% return. Over the past 10 years, DGRO has outperformed HDV with an annualized return of 13.33%, while HDV has yielded a comparatively lower 9.22% annualized return.

DGRO

• 1D: 0.83%
• 1M: 2.63%
• YTD: 9.06%
• 6M: 10.08%
• 1Y: 23.65%
• 3Y*: 17.10%
• 5Y*: 10.72%
• 10Y*: 13.33%

HDV

• 1D: 0.85%
• 1M: -0.73%
• YTD: 12.28%
• 6M: 12.66%
• 1Y: 19.90%
• 3Y*: 14.80%
• 5Y*: 10.35%
• 10Y*: 9.22%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DGRO vs. HDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGRO iShares Core Dividend Growth ETF	9.06%	15.69%	16.62%	10.47%	-7.91%	26.64%	9.50%	29.87%	-2.38%	23.00%
HDV iShares Core High Dividend ETF	12.28%	11.90%	14.16%	1.72%	7.05%	19.45%	-6.48%	20.22%	-3.01%	13.40%

Correlation

The correlation between DGRO and HDV is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.86

The correlation between DGRO and HDV shifts across timeframes, from 0.67 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

DGRO vs. HDV - Sectors Allocation Comparison

Sectors	DGRO	HDV
Financial Services	21.2%	11.1%
Technology	19.4%	8.2%
Healthcare	16.4%	16.5%
Consumer Defensive	11.5%	24.1%
Industrials	10.8%	1.4%
Utilities	6.9%	9.2%
Consumer Cyclical	5.7%	6.1%
Energy	5.6%	22.3%
Basic Materials	2.5%	1.2%
Communication Services	0.1%	0.1%
Real Estate	-	-

Return for Risk

DGRO vs. HDV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DGRO

DGRO Risk / Return Rank: 76
DGRO Sharpe Ratio Rank: 76
DGRO Sortino Ratio Rank: 81
DGRO Omega Ratio Rank: 76
DGRO Calmar Ratio Rank: 73
DGRO Martin Ratio Rank: 74

HDV

HDV Risk / Return Rank: 64
HDV Sharpe Ratio Rank: 61
HDV Sortino Ratio Rank: 65
HDV Omega Ratio Rank: 57
HDV Calmar Ratio Rank: 77
HDV Martin Ratio Rank: 61

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DGRO vs. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Dividend Growth ETF (DGRO) and iShares Core High Dividend ETF (HDV). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	DGRO	HDV	Difference
Sharpe ratio Return per unit of total volatility	2.51	2.06	+0.45
Sortino ratio Return per unit of downside risk	3.64	3.05	+0.59
Omega ratio Gain probability vs. loss probability	1.46	1.35	+0.10
Calmar ratio Return relative to maximum drawdown	3.71	3.96	-0.25
Martin ratio Return relative to average drawdown	14.35	11.09	+3.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DGRO vs. HDV - Sharpe Ratio Comparison

The current DGRO Sharpe Ratio is 2.51, which is comparable to the HDV Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of DGRO and HDV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DGRO	HDV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	2.06	+0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.81	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.59	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.72	+0.05

Drawdowns

DGRO vs. HDV - Drawdown Comparison

The maximum DGRO drawdown since its inception was -35.10%, smaller than the maximum HDV drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for DGRO and HDV.

Drawdown Indicators

	DGRO	HDV	Difference
Max Drawdown Largest peak-to-trough decline	-35.10%	-37.04%	+1.94%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-5.18%	-1.29%
Max Drawdown (3Y) Largest decline over 3 years	-14.03%	-10.49%	-3.54%
Max Drawdown (5Y) Largest decline over 5 years	-19.31%	-15.42%	-3.89%
Max Drawdown (10Y) Largest decline over 10 years	-35.10%	-37.04%	+1.94%
Current Drawdown Current decline from peak	0.00%	-2.90%	+2.90%
Average Drawdown Average peak-to-trough decline	-3.45%	-3.09%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	1.85%	-0.18%

Volatility

DGRO vs. HDV - Volatility Comparison

The current volatility for iShares Core Dividend Growth ETF (DGRO) is 2.36%, while iShares Core High Dividend ETF (HDV) has a volatility of 3.23%. This indicates that DGRO experiences smaller price fluctuations and is considered to be less risky than HDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGRO	HDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.36%	3.23%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	6.96%	7.59%	-0.63%
Volatility (1Y) Calculated over the trailing 1-year period	9.47%	9.73%	-0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.82%	12.82%	+1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.63%	15.73%	+0.90%

DGRO vs. HDV - Expense Ratio Comparison

Both DGRO and HDV have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

DGRO vs. HDV - Dividend Comparison

DGRO's dividend yield for the trailing twelve months is around 1.95%, less than HDV's 2.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.95%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
HDV iShares Core High Dividend ETF	2.92%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%

Frequently Asked Questions

Can I hold both DGRO and HDV in my portfolio?

DGRO and HDV have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGRO or HDV?

HDV has higher volatility (3.23%) compared to DGRO (2.36%). In terms of maximum drawdown, DGRO dropped -35.10% vs HDV's -37.04%.

Which ETF is better, DGRO or HDV?

On 10-year performance, DGRO leads with 13.33% vs 9.22% for HDV. Both ETFs have the same 0.08% expense ratio. On volatility, DGRO has been the lower-risk option at 2.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DGRO or HDV?

Over the 10-year period, DGRO has performed better with a 13.33% return vs 9.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DGRO or HDV?

DGRO and HDV have the same expense ratio: 0.08% per year.

Which ETF pays a higher dividend yield, DGRO or HDV?

HDV has the higher dividend yield at 2.92%, compared with 1.95% for DGRO.

What is the main difference between DGRO and HDV?

DGRO is categorized as Large Cap Growth Equities, while HDV is Large Cap Value Equities. DGRO tracks Morningstar US Dividend Growth Index, while HDV tracks Morningstar Dividend Yield Focus Index.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.51 vs 2.06), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.