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DIVZ vs. HDV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DIVZ vs. HDV

Last updated Jun 24, 2026

DIVZ (Opal Dividend Income ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - DIVZ is a Large Cap Value Equities fund actively managed by TrueShares, while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. DIVZ is actively managed, while HDV is passively managed. Over the past 5 years, DIVZ returned 9.40%/yr vs 11.09%/yr for HDV. Their correlation of 0.87 suggests significant overlap in exposure. DIVZ charges 0.65%/yr vs 0.08%/yr for HDV.

Performance

DIVZ vs. HDV - Performance Comparison

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

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Returns By Period

In the year-to-date period, DIVZ achieves a 4.86% return, which is significantly lower than HDV's 14.07% return.

DIVZ

1D
1.12%
1M
-1.44%
YTD
4.86%
6M
4.61%
1Y
12.20%
3Y*
15.51%
5Y*
9.40%
10Y*
—

HDV

1D
1.33%
1M
-1.35%
YTD
14.07%
6M
14.08%
1Y
21.06%
3Y*
15.48%
5Y*
11.09%
10Y*
9.45%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DIVZ vs. HDV - Yearly Performance Comparison

2026 (YTD)20252024202320222021
DIVZ
Opal Dividend Income ETF		4.86%16.72%18.44%-0.51%3.51%19.03%
HDV
iShares Core High Dividend ETF		14.07%11.90%14.16%1.72%7.05%18.92%

Correlation

The correlation between DIVZ and HDV is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.80

Correlation (3Y)
Calculated over the trailing 3-year period

0.81

Correlation (5Y)
Calculated over the trailing 5-year period

0.86

Correlation (All Time)
Calculated using the full available price history since Jan 28, 2021

0.87

The correlation between DIVZ and HDV has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.

DIVZ vs. HDV - Sectors Allocation Comparison

Sectors
DIVZ
HDV

Consumer Defensive

19.5%
24.5%

Healthcare

18.2%
22.6%

Energy

14.7%
20.2%

Utilities

13.1%
8.1%

Industrials

9.8%
3.5%

Financial Services

9.4%
4.7%

Basic Materials

5.7%
0.8%

Communication Services

5.6%
5.7%

Technology

3.7%
0.2%

Consumer Cyclical

3.7%
9.2%

Real Estate

-

-

Consumer Defensive

DIVZ
19.5%
HDV
24.5%

Healthcare

DIVZ
18.2%
HDV
22.6%

Energy

DIVZ
14.7%
HDV
20.2%

Utilities

DIVZ
13.1%
HDV
8.1%

Industrials

DIVZ
9.8%
HDV
3.5%

Financial Services

DIVZ
9.4%
HDV
4.7%

Basic Materials

DIVZ
5.7%
HDV
0.8%

Communication Services

DIVZ
5.6%
HDV
5.7%

Technology

DIVZ
3.7%
HDV
0.2%

Consumer Cyclical

DIVZ
3.7%
HDV
9.2%

Real Estate

DIVZ

-

HDV

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Opal Dividend Income ETF

iShares Core High Dividend ETF

Often compared with DIVZ:
DIVZ vs. SCHDDIVZ vs. CGDVDIVZ vs. DIVBDIVZ vs. SELVDIVZ vs. MGVDIVZ vs. DHSDIVZ vs. VFLO
Often compared with HDV:
HDV vs. SCHDHDV vs. VYMHDV vs. SPYDHDV vs. DGROHDV vs. DVYHDV vs. VIGHDV vs. SPY

Return for Risk

DIVZ vs. HDV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DIVZ
DIVZ Risk / Return Rank: 3838
Overall Rank
DIVZ Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
DIVZ Sortino Ratio Rank: 3838
Sortino Ratio Rank
DIVZ Omega Ratio Rank: 3535
Omega Ratio Rank
DIVZ Calmar Ratio Rank: 4444
Calmar Ratio Rank
DIVZ Martin Ratio Rank: 3535
Martin Ratio Rank
HDV
HDV Risk / Return Rank: 7070
Overall Rank
HDV Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
HDV Sortino Ratio Rank: 7373
Sortino Ratio Rank
HDV Omega Ratio Rank: 6262
Omega Ratio Rank
HDV Calmar Ratio Rank: 8181
Calmar Ratio Rank
HDV Martin Ratio Rank: 6464
Martin Ratio Rank
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.

DIVZ vs. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Opal Dividend Income ETF (DIVZ) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

DIVZHDVDifference
Sharpe ratioReturn per unit of total volatility
1.29
2.13

-0.84

Sortino ratioReturn per unit of downside risk
1.88
3.13

-1.24

Omega ratioGain probability vs. loss probability

1.22

1.36

-0.14

Calmar ratioReturn relative to maximum drawdown

2.10

4.09

-1.99

Martin ratioReturn relative to average drawdown

4.98

11.19

-6.21

DIVZ vs. HDV - Sharpe Ratio Comparison

The current DIVZ Sharpe Ratio is 1.29, which is lower than the HDV Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of DIVZ 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.

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Drawdowns

DIVZ vs. HDV - Drawdown Comparison

The maximum DIVZ drawdown since its inception was -15.42%, smaller than the maximum HDV drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for DIVZ and HDV.

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Drawdown Indicators

DIVZHDVDifference

Max Drawdown

Largest peak-to-trough decline

-15.42%

-37.04%

+21.62%

Max Drawdown (1Y)

Largest decline over 1 year

-5.83%

-5.18%

-0.65%

Max Drawdown (3Y)

Largest decline over 3 years

-9.52%

-10.49%

+0.97%

Max Drawdown (5Y)

Largest decline over 5 years

-15.42%

-15.42%

0.00%

Max Drawdown (10Y)

Largest decline over 10 years

—

-37.04%

—

Current Drawdown

Current decline from peak

-2.87%

-1.35%

-1.52%

Average Drawdown

Average peak-to-trough decline

-3.48%

-3.08%

-0.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.45%

1.89%

+0.56%

Volatility

DIVZ vs. HDV - Volatility Comparison

Opal Dividend Income ETF (DIVZ) and iShares Core High Dividend ETF (HDV) have volatilities of 3.51% and 3.64%, 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.

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Volatility by Period

DIVZHDVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.51%

3.64%

-0.13%

Volatility (6M)

Calculated over the trailing 6-month period

7.24%

7.61%

-0.37%

Volatility (1Y)

Calculated over the trailing 1-year period

9.48%

9.93%

-0.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.63%

12.81%

-0.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.56%

15.73%

-3.17%

DIVZ vs. HDV - Expense Ratio Comparison

DIVZ has a 0.65% expense ratio, which is higher than HDV's 0.08% expense ratio.

Dividends

DIVZ vs. HDV - Dividend Comparison

DIVZ's dividend yield for the trailing twelve months is around 2.55%, less than HDV's 2.90% yield.

PositionTTM20252024202320222021202020192018201720162015
DIVZ
Opal Dividend Income ETF		2.55%2.60%2.63%3.66%3.23%3.83%0.00%0.00%0.00%0.00%0.00%0.00%
HDV
iShares Core High Dividend ETF		2.90%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

DIVZ and HDV have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HDV has higher volatility (3.64%) compared to DIVZ (3.51%). In terms of maximum drawdown, DIVZ dropped -15.42% vs HDV's -37.04%.

On 5-year performance, HDV leads with 11.09% vs 9.40% for DIVZ. On fees, HDV is cheaper at 0.08% per year. On volatility, DIVZ has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, HDV has performed better with a 11.09% return vs 9.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HDV is cheaper with a 0.08% expense ratio, compared with 0.65% for DIVZ.

HDV has the higher dividend yield at 2.90%, compared with 2.55% for DIVZ.

DIVZ is categorized as Large Cap Value Equities, while HDV is Dividend. They also come from different issuers: TrueShares and iShares. Their fees differ too: 0.65% for DIVZ and 0.08% for HDV.

HDV currently has the higher Sharpe Ratio (2.13 vs 1.29), 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.

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