DVY vs. VOO

Last updated Aug 4, 2026

DVY (iShares Select Dividend ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - DVY is a Large Cap Value Equities fund tracking the Dow Jones U.S. Select Dividend Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, DVY returned 10.30%/yr vs 15.17%/yr for VOO. Their 0.76 correlation means they have sometimes moved together and sometimes differently. DVY charges 0.39%/yr vs 0.03%/yr for VOO.

Performance

DVY vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Select Dividend ETF (DVY) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DVY achieves a 16.44% return, which is significantly higher than VOO's 11.72% return. Over the past 10 years, DVY has underperformed VOO with an annualized return of 10.30%, while VOO has yielded a comparatively higher 15.17% annualized return.

DVY

• 1D: 0.37%
• 1M: 1.72%
• 6M: 8.71%
• YTD: 16.44%
• 1Y: 25.20%
• 3Y*: 16.20%
• 5Y*: 10.93%
• 10Y*: 10.30%
• ALL TIME*: 9.04%

VOO

• 1D: 1.42%
• 1M: 1.69%
• 6M: 9.53%
• YTD: 11.72%
• 1Y: 23.30%
• 3Y*: 20.85%
• 5Y*: 13.12%
• 10Y*: 15.17%
• ALL TIME*: 14.88%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DVY iShares Select Dividend ETF	$59.40M	$73.22M	$70.33M
VOO Vanguard S&P 500 ETF	$3.97B	$3.80B	$5.49B

DVY vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DVY iShares Select Dividend ETF	16.44%	11.60%	16.24%	1.12%	1.80%	31.70%	-4.91%	22.62%	-6.36%	14.82%
VOO Vanguard S&P 500 ETF	11.72%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between DVY and VOO is 0.29, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.29
Correlation (3Y) Balances recent behavior with more history.	0.49
Correlation (5Y) Shows whether the relationship held over a longer period.	0.62
Correlation (10Y) Provides a long-term view across more market conditions.	0.68
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.76

Over the past year, the correlation between DVY and VOO has dropped to 0.29 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.

DVY vs. VOO - Sectors Allocation Comparison

Sectors	DVY	VOO
Financial Services	26.1%	11.4%
Utilities	24.2%	2.2%
Consumer Defensive	13.5%	4.5%
Consumer Cyclical	10.1%	9.5%
Energy	8.2%	3.0%
Communication Services	5.2%	9.9%
Healthcare	5.2%	8.9%
Technology	3.7%	38.6%
Industrials	2.1%	8.5%
Basic Materials	1.8%	1.7%
Real Estate	-	1.8%

Return for Risk

DVY vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DVY

DVY Risk / Return Rank: 89
DVY Sharpe Ratio Rank: 90
DVY Sortino Ratio Rank: 91
DVY Omega Ratio Rank: 86
DVY Calmar Ratio Rank: 88
DVY Martin Ratio Rank: 87

VOO

VOO Risk / Return Rank: 78
VOO Sharpe Ratio Rank: 79
VOO Sortino Ratio Rank: 77
VOO Omega Ratio Rank: 78
VOO Calmar Ratio Rank: 74
VOO Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DVY vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Select Dividend ETF (DVY) and Vanguard S&P 500 ETF (VOO). 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.

	DVY	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.25	1.83	+0.42
Sortino ratio: Return per unit of downside risk	3.31	2.53	+0.79
Omega ratio: Gain probability vs. loss probability	1.38	1.33	+0.06
Calmar ratio: Return relative to maximum drawdown	3.67	2.63	+1.04
Martin ratio: Return relative to average drawdown	13.13	11.23	+1.89

DVY vs. VOO - Sharpe Ratio Comparison

The current DVY Sharpe Ratio is 2.25, which is comparable to the VOO Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of DVY and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DVY vs. VOO - Drawdown Comparison

The maximum DVY drawdown since its inception was -62.59%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for DVY and VOO.

Drawdown Indicators

	DVY	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-62.59%	-33.99%	-28.60%
Max Drawdown (1Y) Largest decline over 1 year	-6.89%	-8.90%	+2.01%
Max Drawdown (3Y) Largest decline over 3 years	-16.00%	-18.69%	+2.69%
Max Drawdown (5Y) Largest decline over 5 years	-17.54%	-24.52%	+6.98%
Max Drawdown (10Y) Largest decline over 10 years	-41.59%	-33.99%	-7.60%
Current Drawdown Current decline from peak	-2.18%	0.00%	-2.18%
Average Drawdown Average peak-to-trough decline	-8.73%	-3.67%	-5.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	2.08%	-0.16%

Volatility

DVY vs. VOO - Volatility Comparison

iShares Select Dividend ETF (DVY) and Vanguard S&P 500 ETF (VOO) have volatilities of 3.84% and 3.81%, 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

	DVY	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.84%	3.81%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	7.95%	10.18%	-2.23%
Volatility (1Y) Calculated over the trailing 1-year period	11.25%	12.80%	-1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.12%	16.95%	-1.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	18.02%	+0.01%

DVY vs. VOO - Expense Ratio Comparison

DVY has a 0.39% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

DVY vs. VOO - Dividend Comparison

DVY's dividend yield for the trailing twelve months is around 3.25%, more than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVY iShares Select Dividend ETF	3.25%	3.65%	3.65%	3.82%	3.43%	3.12%	3.66%	3.41%	3.58%	3.00%	3.04%	3.45%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both DVY and VOO in my portfolio?

DVY and VOO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVY or VOO?

DVY has higher volatility (3.84%) compared to VOO (3.81%). In terms of maximum drawdown, DVY dropped -62.59% vs VOO's -33.99%.

Which ETF is better, DVY or VOO?

On 10-year performance, VOO leads with 15.17% vs 10.30% for DVY. On fees, VOO is cheaper at 0.03% 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, DVY or VOO?

Over the 10-year period, VOO has performed better with a 15.17% return vs 10.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVY or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.39% for DVY.

Which ETF pays a higher dividend yield, DVY or VOO?

DVY has the higher dividend yield at 3.25%, compared with 1.05% for VOO.

What is the main difference between DVY and VOO?

DVY is categorized as Large Cap Value Equities, while VOO is S&P 500. DVY tracks Dow Jones U.S. Select Dividend Index, while VOO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.39% for DVY and 0.03% for VOO.

Which has better risk-adjusted returns?

DVY currently has the higher Sharpe Ratio (2.25 vs 1.83), 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.