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HDLG.L vs. HDLV.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HDLG.L vs. HDLV.L

Last updated Jun 5, 2026

HDLG.L (Invesco S&P 500 High Dividend Low Volatility UCITS ETF) and HDLV.L (Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist) are both S&P 500 funds from Invesco tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, HDLG.L returned 7.28%/yr vs 7.27%/yr for HDLV.L. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.30% expense ratio.

Performance

HDLG.L vs. HDLV.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco S&P 500 High Dividend Low Volatility UCITS ETF (HDLG.L) and Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist (HDLV.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

HDLG.L is traded in GBp, while HDLV.L is traded in USD. To make them comparable, the HDLV.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with HDLG.L having a 4.61% return and HDLV.L slightly higher at 4.82%. Both investments have delivered pretty close results over the past 10 years, with HDLG.L having a 7.28% annualized return and HDLV.L not far behind at 7.27%.

HDLG.L

1D
0.11%
1M
0.95%
YTD
4.61%
6M
4.86%
1Y
9.65%
3Y*
8.12%
5Y*
6.17%
10Y*
7.28%

HDLV.L

1D
0.05%
1M
0.85%
YTD
4.82%
6M
4.78%
1Y
9.73%
3Y*
8.20%
5Y*
6.17%
10Y*
7.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HDLG.L vs. HDLV.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HDLG.L
Invesco S&P 500 High Dividend Low Volatility UCITS ETF		4.61%-3.57%18.46%-4.52%12.44%26.47%-13.89%15.07%-1.67%1.44%
HDLV.L
Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist		4.82%-3.80%18.42%-3.86%12.40%25.97%-13.54%14.30%-1.59%1.74%

Correlation

The correlation between HDLG.L and HDLV.L is 0.93, 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

0.93

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

0.93

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

0.92

Correlation (10Y)
Calculated over the trailing 10-year period

0.92

Correlation (All Time)
Calculated using the full available price history since May 13, 2015

0.92

The correlation between HDLG.L and HDLV.L has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

HDLG.L vs. HDLV.L - Sectors Allocation Comparison

Sectors
HDLG.L
HDLV.L

Real Estate

21.3%
20.1%

Consumer Defensive

18.4%
17.8%

Financial Services

15.9%
15.6%

Utilities

13.8%
13.7%

Energy

12.0%
14.1%

Communication Services

8.5%
8.6%

Healthcare

5.0%
5.1%

Consumer Cyclical

3.5%
3.4%

Technology

1.5%
1.4%

Industrials

0.0%
0.0%

Basic Materials

0.0%

-

Real Estate

HDLG.L
21.3%
HDLV.L
20.1%

Consumer Defensive

HDLG.L
18.4%
HDLV.L
17.8%

Financial Services

HDLG.L
15.9%
HDLV.L
15.6%

Utilities

HDLG.L
13.8%
HDLV.L
13.7%

Energy

HDLG.L
12.0%
HDLV.L
14.1%

Communication Services

HDLG.L
8.5%
HDLV.L
8.6%

Healthcare

HDLG.L
5.0%
HDLV.L
5.1%

Consumer Cyclical

HDLG.L
3.5%
HDLV.L
3.4%

Technology

HDLG.L
1.5%
HDLV.L
1.4%

Industrials

HDLG.L
0.0%
HDLV.L
0.0%

Basic Materials

HDLG.L
0.0%
HDLV.L

-

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Invesco S&P 500 High Dividend Low Volatility UCITS ETF

Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist

Often compared with HDLG.L:
HDLG.L vs. VHYL.ASHDLG.L vs. D5BM.DEHDLG.L vs. USDV.LHDLG.L vs. VUSA.LHDLG.L vs. SCHDHDLG.L vs. XNAQ.LHDLG.L vs. SPY
Often compared with HDLV.L:
HDLV.L vs. VWRA.LHDLV.L vs. VHYD.LHDLV.L vs. UDVD.LHDLV.L vs. S5SD.LHDLV.L vs. XDIV.TOHDLV.L vs. SPXP.LHDLV.L vs. SPLV

Return for Risk

HDLG.L vs. HDLV.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HDLG.L
HDLG.L Risk / Return Rank: 2626
Overall Rank
HDLG.L Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
HDLG.L Sortino Ratio Rank: 2626
Sortino Ratio Rank
HDLG.L Omega Ratio Rank: 2323
Omega Ratio Rank
HDLG.L Calmar Ratio Rank: 2929
Calmar Ratio Rank
HDLG.L Martin Ratio Rank: 2626
Martin Ratio Rank
HDLV.L
HDLV.L Risk / Return Rank: 2323
Overall Rank
HDLV.L Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
HDLV.L Sortino Ratio Rank: 2424
Sortino Ratio Rank
HDLV.L Omega Ratio Rank: 2222
Omega Ratio Rank
HDLV.L Calmar Ratio Rank: 2626
Calmar Ratio Rank
HDLV.L Martin Ratio Rank: 2323
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.

HDLG.L vs. HDLV.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 High Dividend Low Volatility UCITS ETF (HDLG.L) and Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist (HDLV.L). 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.

HDLG.LHDLV.LDifference
Sharpe ratioReturn per unit of total volatility
0.91
0.86

+0.06

Sortino ratioReturn per unit of downside risk
1.37
1.27

+0.11

Omega ratioGain probability vs. loss probability

1.15

1.15

+0.01

Calmar ratioReturn relative to maximum drawdown

1.39

1.46

-0.08

Martin ratioReturn relative to average drawdown

3.55

3.67

-0.12

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDLG.L vs. HDLV.L - Sharpe Ratio Comparison

The current HDLG.L Sharpe Ratio is 0.91, which is comparable to the HDLV.L Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of HDLG.L and HDLV.L, 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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Sharpe Ratios by Period

HDLG.LHDLV.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.91

0.86

+0.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.48

0.45

+0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

0.44

+0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

0.55

+0.02

Drawdowns

HDLG.L vs. HDLV.L - Drawdown Comparison

The maximum HDLG.L drawdown since its inception was -33.75%, roughly equal to the maximum HDLV.L drawdown of -34.19%. Use the drawdown chart below to compare losses from any high point for HDLG.L and HDLV.L.

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Drawdown Indicators

HDLG.LHDLV.LDifference

Max Drawdown

Largest peak-to-trough decline

-33.75%

-34.19%

+0.44%

Max Drawdown (1Y)

Largest decline over 1 year

-6.92%

-6.62%

-0.30%

Max Drawdown (3Y)

Largest decline over 3 years

-15.61%

-15.54%

-0.07%

Max Drawdown (5Y)

Largest decline over 5 years

-17.84%

-17.87%

+0.03%

Max Drawdown (10Y)

Largest decline over 10 years

-33.75%

-34.19%

+0.44%

Current Drawdown

Current decline from peak

-4.90%

-4.74%

-0.16%

Average Drawdown

Average peak-to-trough decline

-6.30%

-6.28%

-0.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.71%

2.65%

+0.06%

Volatility

HDLG.L vs. HDLV.L - Volatility Comparison

The current volatility for Invesco S&P 500 High Dividend Low Volatility UCITS ETF (HDLG.L) is 2.93%, while Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist (HDLV.L) has a volatility of 3.18%. This indicates that HDLG.L experiences smaller price fluctuations and is considered to be less risky than HDLV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HDLG.LHDLV.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.93%

3.18%

-0.25%

Volatility (6M)

Calculated over the trailing 6-month period

8.26%

8.86%

-0.60%

Volatility (1Y)

Calculated over the trailing 1-year period

10.53%

11.34%

-0.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.96%

13.86%

-0.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.66%

16.38%

-0.72%

HDLG.L vs. HDLV.L - Expense Ratio Comparison

Both HDLG.L and HDLV.L have an expense ratio of 0.30%.

Dividends

HDLG.L vs. HDLV.L - Dividend Comparison

HDLG.L's dividend yield for the trailing twelve months is around 3.73%, which matches HDLV.L's 3.74% yield.

PositionTTM20252024202320222021202020192018201720162015
HDLG.L
Invesco S&P 500 High Dividend Low Volatility UCITS ETF		3.73%3.93%3.46%4.12%3.49%3.30%4.65%3.77%3.67%3.18%2.88%1.86%
HDLV.L
Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist		3.74%3.91%3.54%4.04%3.56%3.37%4.35%3.69%3.79%3.07%3.07%1.89%

Frequently Asked Questions

With a correlation of 0.93, HDLG.L and HDLV.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Both ETFs have the same 0.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

HDLG.L and HDLV.L have the same expense ratio: 0.30% per year.

Both ETFs track S&P 500 Low Volatility High Dividend Index.

Portfolio Optimizer

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