FDV vs. DIVZ

Last updated Jun 4, 2026

FDV (Federated Hermes U.S. Strategic Dividend ETF) and DIVZ (Opal Dividend Income ETF) are both Large Cap Value Equities funds. Both are actively managed. Over the past 3 years, FDV returned 14.78%/yr vs 15.03%/yr for DIVZ. Their correlation of 0.81 suggests significant overlap in exposure. FDV charges 0.50%/yr vs 0.65%/yr for DIVZ.

Performance

FDV vs. DIVZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes U.S. Strategic Dividend ETF (FDV) 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, FDV achieves a 11.72% return, which is significantly higher than DIVZ's 3.10% return.

FDV

• 1D: 0.00%
• 1M: 1.90%
• YTD: 11.72%
• 6M: 11.46%
• 1Y: 19.71%
• 3Y*: 14.78%
• 5Y*: —
• 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)

FDV vs. DIVZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FDV Federated Hermes U.S. Strategic Dividend ETF	11.72%	11.01%	14.41%	-2.16%	1.92%
DIVZ Opal Dividend Income ETF	3.10%	16.72%	18.44%	-0.51%	0.66%

Correlation

The correlation between FDV and DIVZ is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Nov 17, 2022	0.81

The correlation between FDV and DIVZ has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.

FDV vs. DIVZ - Sectors Allocation Comparison

Sectors	FDV	DIVZ
Utilities	16.9%	17.2%
Financial Services	16.6%	8.7%
Healthcare	12.6%	16.0%
Consumer Defensive	11.8%	20.0%
Technology	10.9%	8.0%
Energy	9.7%	19.4%
Real Estate	9.0%	-
Consumer Cyclical	5.1%	6.6%
Industrials	3.8%	4.6%
Communication Services	2.0%	5.9%
Basic Materials	1.6%	5.7%

Return for Risk

FDV vs. DIVZ — Risk / Return Rank

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

FDV

FDV Risk / Return Rank: 63
FDV Sharpe Ratio Rank: 58
FDV Sortino Ratio Rank: 64
FDV Omega Ratio Rank: 55
FDV Calmar Ratio Rank: 74
FDV Martin Ratio Rank: 65

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.

FDV vs. DIVZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes U.S. Strategic Dividend ETF (FDV) 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.

	FDV	DIVZ	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.13	+0.88
Sortino ratio: Return per unit of downside risk	3.02	1.67	+1.36
Omega ratio: Gain probability vs. loss probability	1.35	1.19	+0.15
Calmar ratio: Return relative to maximum drawdown	3.78	1.79	+1.99
Martin ratio: Return relative to average drawdown	12.05	4.44	+7.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDV vs. DIVZ - Sharpe Ratio Comparison

The current FDV Sharpe Ratio is 2.01, which is higher than the DIVZ Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of FDV 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

	FDV	DIVZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	1.13	+0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.89	-0.07

Drawdowns

FDV vs. DIVZ - Drawdown Comparison

The maximum FDV drawdown since its inception was -16.70%, which is greater than DIVZ's maximum drawdown of -15.42%. Use the drawdown chart below to compare losses from any high point for FDV and DIVZ.

Drawdown Indicators

	FDV	DIVZ	Difference
Max Drawdown Largest peak-to-trough decline	-16.70%	-15.42%	-1.28%
Max Drawdown (1Y) Largest decline over 1 year	-5.70%	-5.83%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	-12.55%	-9.52%	-3.03%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.42%	—
Current Drawdown Current decline from peak	-0.39%	-4.50%	+4.11%
Average Drawdown Average peak-to-trough decline	-3.93%	-3.49%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	2.35%	-0.56%

Volatility

FDV vs. DIVZ - Volatility Comparison

The current volatility for Federated Hermes U.S. Strategic Dividend ETF (FDV) is 2.82%, while Opal Dividend Income ETF (DIVZ) has a volatility of 3.33%. This indicates that FDV experiences smaller price fluctuations and is considered to be less risky than DIVZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDV	DIVZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	3.33%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	6.82%	7.02%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	10.74%	9.28%	+1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.65%	12.65%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.65%	12.57%	+0.08%

FDV vs. DIVZ - Expense Ratio Comparison

FDV has a 0.50% expense ratio, which is lower than DIVZ's 0.65% expense ratio.

Dividends

FDV vs. DIVZ - Dividend Comparison

FDV's dividend yield for the trailing twelve months is around 2.56%, less than DIVZ's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021
DIVZ Opal Dividend Income ETF	2.60%	2.60%	2.63%	3.66%	3.23%	3.83%
FDV Federated Hermes U.S. Strategic Dividend ETF	2.56%	3.11%	3.12%	3.54%	0.18%	0.00%

Frequently Asked Questions

Can I hold both FDV and DIVZ in my portfolio?

FDV and DIVZ have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDV or DIVZ?

DIVZ has higher volatility (3.33%) compared to FDV (2.82%). In terms of maximum drawdown, FDV dropped -16.70% vs DIVZ's -15.42%.

Which ETF is better, FDV or DIVZ?

On 3-year performance, DIVZ leads with 15.03% vs 14.78% for FDV. On fees, FDV is cheaper at 0.50% per year. On volatility, FDV has been the lower-risk option at 2.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDV or DIVZ?

Over the 3-year period, DIVZ has performed better with a 15.03% return vs 14.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDV or DIVZ?

FDV is cheaper with a 0.50% expense ratio, compared with 0.65% for DIVZ.

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

DIVZ has the higher dividend yield at 2.60%, compared with 2.56% for FDV.

What is the main difference between FDV and DIVZ?

They also come from different issuers: Federated and TrueShares. Their fees differ too: 0.50% for FDV and 0.65% for DIVZ.

Which has better risk-adjusted returns?

FDV currently has the higher Sharpe Ratio (2.01 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.