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HDV vs. DVY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HDV vs. DVY

Last updated Jun 24, 2026

HDV (iShares Core High Dividend ETF) and DVY (iShares Select Dividend ETF) are both exchange-traded funds - HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index, while DVY is a Large Cap Value Equities fund tracking the Dow Jones U.S. Select Dividend Index. Both are passively managed. Over the past 10 years, HDV returned 9.45%/yr vs 10.39%/yr for DVY. Their correlation of 0.88 suggests significant overlap in exposure. HDV charges 0.08%/yr vs 0.39%/yr for DVY.

Performance

HDV vs. DVY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core High Dividend ETF (HDV) and iShares Select Dividend ETF (DVY). 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 DVY's 11.95% return. Over the past 10 years, HDV has underperformed DVY with an annualized return of 9.45%, while DVY has yielded a comparatively higher 10.39% 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%

DVY

1D
0.93%
1M
0.67%
YTD
11.95%
6M
11.29%
1Y
22.55%
3Y*
16.40%
5Y*
9.78%
10Y*
10.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HDV vs. DVY - 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%
DVY
iShares Select Dividend ETF		11.95%11.60%16.24%1.12%1.80%31.70%-4.91%22.62%-6.36%14.82%

Correlation

The correlation between HDV and DVY is 0.73, 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

0.73

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

0.80

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

0.85

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

0.86

Correlation (All Time)
Calculated using the full available price history since Mar 31, 2011

0.88

The correlation between HDV and DVY shifts across timeframes, from 0.73 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

HDV vs. DVY - Sectors Allocation Comparison

Sectors
HDV
DVY

Consumer Defensive

24.5%
13.4%

Healthcare

22.6%
5.1%

Energy

20.2%
8.2%

Consumer Cyclical

9.2%
10.0%

Utilities

8.1%
23.8%

Communication Services

5.7%
5.3%

Financial Services

4.7%
25.8%

Industrials

3.5%
2.1%

Basic Materials

0.8%
2.0%

Technology

0.2%
3.8%

Real Estate

-

-

Consumer Defensive

HDV
24.5%
DVY
13.4%

Healthcare

HDV
22.6%
DVY
5.1%

Energy

HDV
20.2%
DVY
8.2%

Consumer Cyclical

HDV
9.2%
DVY
10.0%

Utilities

HDV
8.1%
DVY
23.8%

Communication Services

HDV
5.7%
DVY
5.3%

Financial Services

HDV
4.7%
DVY
25.8%

Industrials

HDV
3.5%
DVY
2.1%

Basic Materials

HDV
0.8%
DVY
2.0%

Technology

HDV
0.2%
DVY
3.8%

Real Estate

HDV

-

DVY

-

Compare stocks, funds, or ETFs

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

iShares Core High Dividend ETF

iShares Select Dividend ETF

Often compared with HDV:
HDV vs. SCHDHDV vs. VYMHDV vs. SPYDHDV vs. DGROHDV vs. VIGHDV vs. SPYHDV vs. VOO
Often compared with DVY:
DVY vs. SCHDDVY vs. VYMDVY vs. DGRODVY vs. VIGDVY vs. SPYDDVY vs. VOODVY vs. DVYE

Return for Risk

HDV vs. DVY — 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
DVY
DVY Risk / Return Rank: 6464
Overall Rank
DVY Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
DVY Sortino Ratio Rank: 6767
Sortino Ratio Rank
DVY Omega Ratio Rank: 5858
Omega Ratio Rank
DVY Calmar Ratio Rank: 6868
Calmar Ratio Rank
DVY Martin Ratio Rank: 6666
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. DVY - Risk-Adjusted Trends Comparison

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

HDVDVYDifference
Sharpe ratioReturn per unit of total volatility
2.13
2.01

+0.12

Sortino ratioReturn per unit of downside risk
3.13
2.93

+0.19

Omega ratioGain probability vs. loss probability

1.36

1.34

+0.02

Calmar ratioReturn relative to maximum drawdown

4.09

3.29

+0.80

Martin ratioReturn relative to average drawdown

11.19

11.48

-0.29

HDV vs. DVY - Sharpe Ratio Comparison

The current HDV Sharpe Ratio is 2.13, which is comparable to the DVY Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of HDV and DVY, 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. DVY - Drawdown Comparison

The maximum HDV drawdown since its inception was -37.04%, smaller than the maximum DVY drawdown of -62.59%. Use the drawdown chart below to compare losses from any high point for HDV and DVY.

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Drawdown Indicators

HDVDVYDifference

Max Drawdown

Largest peak-to-trough decline

-37.04%

-62.59%

+25.55%

Max Drawdown (1Y)

Largest decline over 1 year

-5.18%

-6.89%

+1.71%

Max Drawdown (3Y)

Largest decline over 3 years

-10.49%

-16.00%

+5.51%

Max Drawdown (5Y)

Largest decline over 5 years

-15.42%

-17.54%

+2.12%

Max Drawdown (10Y)

Largest decline over 10 years

-37.04%

-41.59%

+4.55%

Current Drawdown

Current decline from peak

-1.35%

-1.28%

-0.07%

Average Drawdown

Average peak-to-trough decline

-3.08%

-8.77%

+5.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.89%

1.97%

-0.08%

Volatility

HDV vs. DVY - Volatility Comparison

iShares Core High Dividend ETF (HDV) and iShares Select Dividend ETF (DVY) have volatilities of 3.64% and 3.47%, 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

HDVDVYDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.64%

3.47%

+0.17%

Volatility (6M)

Calculated over the trailing 6-month period

7.61%

7.79%

-0.18%

Volatility (1Y)

Calculated over the trailing 1-year period

9.93%

11.28%

-1.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.81%

15.15%

-2.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.73%

18.02%

-2.29%

HDV vs. DVY - Expense Ratio Comparison

HDV has a 0.08% expense ratio, which is lower than DVY's 0.39% expense ratio.

Dividends

HDV vs. DVY - Dividend Comparison

HDV's dividend yield for the trailing twelve months is around 2.90%, less than DVY's 3.38% yield.

PositionTTM20252024202320222021202020192018201720162015
DVY
iShares Select Dividend ETF		3.38%3.65%3.65%3.82%3.43%3.12%3.66%3.41%3.58%3.00%3.04%3.45%
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 DVY have a correlation of 0.73, 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 DVY (3.47%). In terms of maximum drawdown, HDV dropped -37.04% vs DVY's -62.59%.

On 10-year performance, DVY leads with 10.39% vs 9.45% for HDV. On fees, HDV is cheaper at 0.08% per year. On volatility, DVY has been the lower-risk option at 3.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DVY has performed better with a 10.39% return vs 9.45%. 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 0.39% for DVY.

DVY has the higher dividend yield at 3.38%, compared with 2.90% for HDV.

HDV is categorized as Dividend, while DVY is Large Cap Value Equities. HDV tracks Morningstar Dividend Yield Focus Index, while DVY tracks Dow Jones U.S. Select Dividend Index. Their fees differ too: 0.08% for HDV and 0.39% for DVY.

HDV currently has the higher Sharpe Ratio (2.13 vs 2.01), 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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