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HDV vs. DGRO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HDV vs. DGRO

Last updated Jun 24, 2026

HDV (iShares Core High Dividend ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 10 years, HDV returned 9.45%/yr vs 13.62%/yr for DGRO. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.08% expense ratio.

Performance

HDV vs. DGRO - Performance Comparison

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

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Returns By Period

In the year-to-date period, HDV achieves a 14.07% return, which is significantly higher than DGRO's 9.19% return. Over the past 10 years, HDV has underperformed DGRO with an annualized return of 9.45%, while DGRO has yielded a comparatively higher 13.62% annualized return.

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%

DGRO

1D
0.32%
1M
0.80%
YTD
9.19%
6M
8.52%
1Y
22.22%
3Y*
16.92%
5Y*
11.00%
10Y*
13.62%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HDV vs. DGRO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HDV
iShares Core High Dividend ETF		14.07%11.90%14.16%1.72%7.05%19.45%-6.48%20.22%-3.01%13.40%
DGRO
iShares Core Dividend Growth ETF		9.19%15.69%16.62%10.47%-7.91%26.64%9.50%29.87%-2.38%23.00%

Correlation

The correlation between HDV and DGRO is 0.66, 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

0.66

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

0.76

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

0.81

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

0.84

Correlation (All Time)
Calculated using the full available price history since Jun 12, 2014

0.85

The correlation between HDV and DGRO shifts across timeframes, from 0.66 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

HDV vs. DGRO - Sectors Allocation Comparison

Sectors
HDV
DGRO

Consumer Defensive

24.5%
11.1%

Healthcare

22.6%
16.5%

Energy

20.2%
5.1%

Consumer Cyclical

9.2%
5.4%

Utilities

8.1%
6.4%

Communication Services

5.7%
0.1%

Financial Services

4.7%
20.6%

Industrials

3.5%
10.4%

Basic Materials

0.8%
2.4%

Technology

0.2%
22.0%

Real Estate

-

-

Consumer Defensive

HDV
24.5%
DGRO
11.1%

Healthcare

HDV
22.6%
DGRO
16.5%

Energy

HDV
20.2%
DGRO
5.1%

Consumer Cyclical

HDV
9.2%
DGRO
5.4%

Utilities

HDV
8.1%
DGRO
6.4%

Communication Services

HDV
5.7%
DGRO
0.1%

Financial Services

HDV
4.7%
DGRO
20.6%

Industrials

HDV
3.5%
DGRO
10.4%

Basic Materials

HDV
0.8%
DGRO
2.4%

Technology

HDV
0.2%
DGRO
22.0%

Real Estate

HDV

-

DGRO

-

Compare stocks, funds, or ETFs

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iShares Core High Dividend ETF

iShares Core Dividend Growth ETF

Often compared with HDV:
HDV vs. SCHDHDV vs. VYMHDV vs. SPYDHDV vs. DVYHDV vs. VIGHDV vs. SPYHDV vs. VOO
Often compared with DGRO:
DGRO vs. SCHDDGRO vs. VIGDGRO vs. VYMDGRO vs. VOODGRO vs. DGRWDGRO vs. DIVODGRO vs. NOBL

Return for Risk

HDV vs. DGRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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
DGRO
DGRO Risk / Return Rank: 7575
Overall Rank
DGRO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
DGRO Sortino Ratio Rank: 8181
Sortino Ratio Rank
DGRO Omega Ratio Rank: 7575
Omega Ratio Rank
DGRO Calmar Ratio Rank: 7171
Calmar Ratio Rank
DGRO Martin Ratio Rank: 7373
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.

HDV vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core High Dividend ETF (HDV) and iShares Core Dividend Growth ETF (DGRO). 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.

HDVDGRODifference
Sharpe ratioReturn per unit of total volatility
2.13
2.35

-0.22

Sortino ratioReturn per unit of downside risk
3.13
3.41

-0.29

Omega ratioGain probability vs. loss probability

1.36

1.42

-0.06

Calmar ratioReturn relative to maximum drawdown

4.09

3.45

+0.64

Martin ratioReturn relative to average drawdown

11.19

13.31

-2.12

HDV vs. DGRO - Sharpe Ratio Comparison

The current HDV Sharpe Ratio is 2.13, which is comparable to the DGRO Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of HDV and DGRO, 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

HDV vs. DGRO - Drawdown Comparison

The maximum HDV drawdown since its inception was -37.04%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for HDV and DGRO.

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Drawdown Indicators

HDVDGRODifference

Max Drawdown

Largest peak-to-trough decline

-37.04%

-35.10%

-1.94%

Max Drawdown (1Y)

Largest decline over 1 year

-5.18%

-6.47%

+1.29%

Max Drawdown (3Y)

Largest decline over 3 years

-10.49%

-14.03%

+3.54%

Max Drawdown (5Y)

Largest decline over 5 years

-15.42%

-19.31%

+3.89%

Max Drawdown (10Y)

Largest decline over 10 years

-37.04%

-35.10%

-1.94%

Current Drawdown

Current decline from peak

-1.35%

-0.90%

-0.45%

Average Drawdown

Average peak-to-trough decline

-3.08%

-3.43%

+0.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.89%

1.67%

+0.22%

Volatility

HDV vs. DGRO - Volatility Comparison

iShares Core High Dividend ETF (HDV) has a higher volatility of 3.64% compared to iShares Core Dividend Growth ETF (DGRO) at 2.63%. This indicates that HDV's price experiences larger fluctuations and is considered to be riskier than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HDVDGRODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.64%

2.63%

+1.01%

Volatility (6M)

Calculated over the trailing 6-month period

7.61%

6.94%

+0.67%

Volatility (1Y)

Calculated over the trailing 1-year period

9.93%

9.53%

+0.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.81%

13.80%

-0.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.73%

16.60%

-0.87%

HDV vs. DGRO - Expense Ratio Comparison

Both HDV and DGRO have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

HDV vs. DGRO - Dividend Comparison

HDV's dividend yield for the trailing twelve months is around 2.90%, more than DGRO's 1.97% yield.

PositionTTM20252024202320222021202020192018201720162015
DGRO
iShares Core Dividend Growth ETF		1.97%2.09%2.26%2.45%2.34%1.93%2.30%2.21%2.44%2.03%2.27%2.52%
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

HDV and DGRO have a correlation of 0.66, 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 DGRO (2.63%). In terms of maximum drawdown, HDV dropped -37.04% vs DGRO's -35.10%.

On 10-year performance, DGRO leads with 13.62% vs 9.45% for HDV. Both ETFs have the same 0.08% expense ratio. On volatility, DGRO has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DGRO has performed better with a 13.62% return vs 9.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HDV and DGRO have the same expense ratio: 0.08% per year.

HDV has the higher dividend yield at 2.90%, compared with 1.97% for DGRO.

HDV is categorized as Dividend, while DGRO is Large Cap Growth Equities. HDV tracks Morningstar Dividend Yield Focus Index, while DGRO tracks Morningstar US Dividend Growth Index.

DGRO currently has the higher Sharpe Ratio (2.35 vs 2.13), 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.

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