HDV vs. LRGF

Last updated Jul 26, 2026

HDV (iShares Core High Dividend ETF) and LRGF (iShares MSCI USA Multifactor ETF) are both exchange-traded funds - HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index, while LRGF is a Large Cap Blend Equities fund tracking the MSCI USA Diversified Multi-Factor. Both are passively managed. Over the past 10 years, HDV returned 9.50%/yr vs 13.48%/yr for LRGF. Their 0.63 correlation means they have sometimes moved together and sometimes differently. HDV charges 0.08%/yr vs 0.20%/yr for LRGF.

Performance

HDV vs. LRGF - Performance Comparison

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

Returns By Period

In the year-to-date period, HDV achieves a 20.12% return, which is significantly higher than LRGF's 8.94% return. Over the past 10 years, HDV has underperformed LRGF with an annualized return of 9.50%, while LRGF has yielded a comparatively higher 13.48% annualized return.

HDV

• 1D: 1.23%
• 1M: 4.76%
• 6M: 13.60%
• YTD: 20.12%
• 1Y: 24.04%
• 3Y*: 15.34%
• 5Y*: 12.15%
• 10Y*: 9.50%
• ALL TIME*: 10.85%

LRGF

• 1D: 0.09%
• 1M: 1.20%
• 6M: 8.82%
• YTD: 8.94%
• 1Y: 15.34%
• 3Y*: 19.41%
• 5Y*: 13.20%
• 10Y*: 13.48%
• ALL TIME*: 12.23%

*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)
HDV iShares Core High Dividend ETF	$163.75M	$142.23M	$95.79M
LRGF iShares MSCI USA Multifactor ETF	$11.35M	$13.93M	$11.55M

HDV vs. LRGF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDV iShares Core High Dividend ETF	20.12%	11.90%	14.16%	1.72%	7.05%	19.45%	-6.48%	20.22%	-3.01%	13.40%
LRGF iShares MSCI USA Multifactor ETF	8.94%	16.48%	26.59%	25.85%	-14.77%	25.01%	11.11%	26.11%	-9.66%	21.13%

Correlation

The correlation between HDV and LRGF is 0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.00
Correlation (3Y) Balances recent behavior with more history.	0.30
Correlation (5Y) Shows whether the relationship held over a longer period.	0.52
Correlation (10Y) Provides a long-term view across more market conditions.	0.63
Correlation (All Time) Calculated using the full available price history since Apr 30, 2015	0.63

Over the past year, the correlation between HDV and LRGF has dropped to 0.00 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

HDV vs. LRGF - Sectors Allocation Comparison

Sectors	HDV	LRGF
Consumer Defensive	24.3%	4.9%
Healthcare	23.9%	9.4%
Energy	19.8%	3.1%
Consumer Cyclical	9.3%	10.5%
Utilities	8.2%	2.0%
Communication Services	5.2%	10.0%
Financial Services	4.7%	11.7%
Industrials	2.8%	8.3%
Technology	0.9%	37.3%
Basic Materials	0.8%	1.8%
Real Estate	-	1.1%

Return for Risk

HDV vs. LRGF — Risk / Return Rank

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

HDV

HDV Risk / Return Rank: 90
HDV Sharpe Ratio Rank: 91
HDV Sortino Ratio Rank: 93
HDV Omega Ratio Rank: 88
HDV Calmar Ratio Rank: 93
HDV Martin Ratio Rank: 87

LRGF

LRGF Risk / Return Rank: 52
LRGF Sharpe Ratio Rank: 52
LRGF Sortino Ratio Rank: 51
LRGF Omega Ratio Rank: 50
LRGF Calmar Ratio Rank: 51
LRGF Martin Ratio Rank: 59

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. LRGF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core High Dividend ETF (HDV) and iShares MSCI USA Multifactor ETF (LRGF). 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.

	HDV	LRGF	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.25	+0.99
Sortino ratio: Return per unit of downside risk	3.39	1.77	+1.62
Omega ratio: Gain probability vs. loss probability	1.39	1.22	+0.17
Calmar ratio: Return relative to maximum drawdown	4.65	1.78	+2.87
Martin ratio: Return relative to average drawdown	12.72	6.95	+5.76

HDV vs. LRGF - Sharpe Ratio Comparison

The current HDV Sharpe Ratio is 2.24, which is higher than the LRGF Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of HDV and LRGF, 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

HDV vs. LRGF - Drawdown Comparison

The maximum HDV drawdown since its inception was -37.04%, roughly equal to the maximum LRGF drawdown of -36.03%. Use the drawdown chart below to compare losses from any high point for HDV and LRGF.

Drawdown Indicators

	HDV	LRGF	Difference
Max Drawdown Largest peak-to-trough decline	-37.04%	-36.03%	-1.01%
Max Drawdown (1Y) Largest decline over 1 year	-5.18%	-8.92%	+3.74%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-19.44%	+8.95%
Max Drawdown (5Y) Largest decline over 5 years	-15.42%	-21.62%	+6.20%
Max Drawdown (10Y) Largest decline over 10 years	-37.04%	-36.03%	-1.01%
Current Drawdown Current decline from peak	0.00%	-2.11%	+2.11%
Average Drawdown Average peak-to-trough decline	-3.07%	-4.51%	+1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	2.28%	-0.39%

Volatility

HDV vs. LRGF - Volatility Comparison

iShares Core High Dividend ETF (HDV) has a higher volatility of 4.88% compared to iShares MSCI USA Multifactor ETF (LRGF) at 2.90%. This indicates that HDV's price experiences larger fluctuations and is considered to be riskier than LRGF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDV	LRGF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	2.90%	+1.98%
Volatility (6M) Calculated over the trailing 6-month period	8.55%	9.83%	-1.28%
Volatility (1Y) Calculated over the trailing 1-year period	10.74%	12.69%	-1.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.93%	17.07%	-4.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.77%	18.28%	-2.51%

HDV vs. LRGF - Expense Ratio Comparison

HDV has a 0.08% expense ratio, which is lower than LRGF's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

HDV vs. LRGF - Dividend Comparison

HDV's dividend yield for the trailing twelve months is around 3.07%, more than LRGF's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDV iShares Core High Dividend ETF	3.07%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%
LRGF iShares MSCI USA Multifactor ETF	1.09%	1.16%	1.23%	1.49%	1.78%	1.05%	1.35%	1.76%	3.27%	1.68%	1.56%	0.83%

Frequently Asked Questions

Can I hold both HDV and LRGF in my portfolio?

HDV and LRGF have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDV or LRGF?

HDV has higher volatility (4.88%) compared to LRGF (2.90%). In terms of maximum drawdown, HDV dropped -37.04% vs LRGF's -36.03%.

Which ETF is better, HDV or LRGF?

On 10-year performance, LRGF leads with 13.48% vs 9.50% for HDV. On fees, HDV is cheaper at 0.08% per year. On volatility, LRGF has been the lower-risk option at 2.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDV or LRGF?

Over the 10-year period, LRGF has performed better with a 13.48% return vs 9.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDV or LRGF?

HDV is cheaper with a 0.08% expense ratio, compared with 0.20% for LRGF.

Which ETF pays a higher dividend yield, HDV or LRGF?

HDV has the higher dividend yield at 3.07%, compared with 1.09% for LRGF.

What is the main difference between HDV and LRGF?

HDV is categorized as Dividend, while LRGF is Large Cap Blend Equities. HDV tracks Morningstar Dividend Yield Focus Index, while LRGF tracks MSCI USA Diversified Multi-Factor. Their fees differ too: 0.08% for HDV and 0.20% for LRGF.

Which has better risk-adjusted returns?

HDV currently has the higher Sharpe Ratio (2.24 vs 1.25), 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.