DIVB vs. DIVZ

Last updated Jun 4, 2026

DIVB (iShares U.S. Dividend and Buyback ETF) and DIVZ (Opal Dividend Income ETF) are both exchange-traded funds - DIVB is a Large Cap Blend Equities fund tracking the Morningstar US Dividend and Buyback Index, while DIVZ is a Large Cap Value Equities fund actively managed by TrueShares. DIVB is passively managed, while DIVZ is actively managed. Over the past 5 years, DIVB returned 12.19%/yr vs 8.36%/yr for DIVZ. Their correlation of 0.84 suggests significant overlap in exposure. DIVB charges 0.25%/yr vs 0.65%/yr for DIVZ.

Performance

DIVB vs. DIVZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Dividend and Buyback ETF (DIVB) and Opal Dividend Income ETF (DIVZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIVB achieves a 17.35% return, which is significantly higher than DIVZ's 3.10% return.

DIVB

• 1D: -0.56%
• 1M: 8.55%
• YTD: 17.35%
• 6M: 17.71%
• 1Y: 29.81%
• 3Y*: 22.07%
• 5Y*: 12.19%
• 10Y*: —

DIVZ

• 1D: -0.26%
• 1M: -0.16%
• YTD: 3.10%
• 6M: 3.41%
• 1Y: 10.40%
• 3Y*: 15.03%
• 5Y*: 8.36%
• 10Y*: —

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

DIVB vs. DIVZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DIVB iShares U.S. Dividend and Buyback ETF	17.35%	15.09%	18.59%	13.27%	-10.51%	29.46%
DIVZ Opal Dividend Income ETF	3.10%	16.72%	18.44%	-0.51%	3.51%	19.74%

Correlation

The correlation between DIVB and DIVZ is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 29, 2021	0.84

The correlation between DIVB and DIVZ shifts across timeframes, from 0.70 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DIVB vs. DIVZ — Risk / Return Rank

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

DIVB

DIVB Risk / Return Rank: 79
DIVB Sharpe Ratio Rank: 80
DIVB Sortino Ratio Rank: 82
DIVB Omega Ratio Rank: 77
DIVB Calmar Ratio Rank: 82
DIVB Martin Ratio Rank: 76

DIVZ

DIVZ Risk / Return Rank: 31
DIVZ Sharpe Ratio Rank: 30
DIVZ Sortino Ratio Rank: 31
DIVZ Omega Ratio Rank: 28
DIVZ Calmar Ratio Rank: 36
DIVZ Martin Ratio Rank: 30

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.

DIVB vs. DIVZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Dividend and Buyback ETF (DIVB) and Opal Dividend Income ETF (DIVZ). 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.

	DIVB	DIVZ	Difference
Sharpe ratio Return per unit of total volatility	2.65	1.13	+1.52
Sortino ratio Return per unit of downside risk	3.73	1.67	+2.06
Omega ratio Gain probability vs. loss probability	1.47	1.19	+0.27
Calmar ratio Return relative to maximum drawdown	4.39	1.79	+2.60
Martin ratio Return relative to average drawdown	14.95	4.44	+10.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DIVB vs. DIVZ - Sharpe Ratio Comparison

The current DIVB Sharpe Ratio is 2.65, which is higher than the DIVZ Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of DIVB and DIVZ, 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

	DIVB	DIVZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.65	1.13	+1.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.66	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.89	-0.13

Drawdowns

DIVB vs. DIVZ - Drawdown Comparison

The maximum DIVB drawdown since its inception was -36.93%, which is greater than DIVZ's maximum drawdown of -15.42%. Use the drawdown chart below to compare losses from any high point for DIVB and DIVZ.

Drawdown Indicators

	DIVB	DIVZ	Difference
Max Drawdown Largest peak-to-trough decline	-36.93%	-15.42%	-21.51%
Max Drawdown (1Y) Largest decline over 1 year	-6.82%	-5.83%	-0.99%
Max Drawdown (3Y) Largest decline over 3 years	-15.45%	-9.52%	-5.93%
Max Drawdown (5Y) Largest decline over 5 years	-21.08%	-15.42%	-5.66%
Current Drawdown Current decline from peak	-0.56%	-4.50%	+3.94%
Average Drawdown Average peak-to-trough decline	-4.99%	-3.49%	-1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	2.35%	-0.35%

Volatility

DIVB vs. DIVZ - Volatility Comparison

iShares U.S. Dividend and Buyback ETF (DIVB) and Opal Dividend Income ETF (DIVZ) have volatilities of 3.34% and 3.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIVB	DIVZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.34%	3.33%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	8.44%	7.02%	+1.42%
Volatility (1Y) Calculated over the trailing 1-year period	11.33%	9.28%	+2.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.23%	12.65%	+2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.38%	12.57%	+5.81%

DIVB vs. DIVZ - Expense Ratio Comparison

DIVB has a 0.25% expense ratio, which is lower than DIVZ's 0.65% expense ratio.

Dividends

DIVB vs. DIVZ - Dividend Comparison

DIVB's dividend yield for the trailing twelve months is around 2.19%, less than DIVZ's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DIVB iShares U.S. Dividend and Buyback ETF	2.19%	2.50%	2.61%	3.18%	2.02%	1.63%	2.08%	2.07%	2.52%	0.37%
DIVZ Opal Dividend Income ETF	2.60%	2.60%	2.63%	3.66%	3.23%	3.83%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DIVB and DIVZ in my portfolio?

DIVB and DIVZ have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIVB or DIVZ?

DIVB has higher volatility (3.34%) compared to DIVZ (3.33%). In terms of maximum drawdown, DIVB dropped -36.93% vs DIVZ's -15.42%.

Which ETF is better, DIVB or DIVZ?

On 5-year performance, DIVB leads with 12.19% vs 8.36% for DIVZ. On fees, DIVB is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIVB or DIVZ?

Over the 5-year period, DIVB has performed better with a 12.19% return vs 8.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVB or DIVZ?

DIVB is cheaper with a 0.25% expense ratio, compared with 0.65% for DIVZ.

Which ETF pays a higher dividend yield, DIVB or DIVZ?

DIVZ has the higher dividend yield at 2.60%, compared with 2.19% for DIVB.

What is the main difference between DIVB and DIVZ?

DIVB is categorized as Large Cap Blend Equities, while DIVZ is Large Cap Value Equities. They also come from different issuers: iShares and TrueShares. Their fees differ too: 0.25% for DIVB and 0.65% for DIVZ.

Which has better risk-adjusted returns?

DIVB currently has the higher Sharpe Ratio (2.65 vs 1.13), 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.