HDV vs. MTUM

Last updated Jul 26, 2026

HDV (iShares Core High Dividend ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 10 years, HDV returned 9.50%/yr vs 16.00%/yr for MTUM. Their 0.53 correlation means they have sometimes moved together and sometimes differently. HDV charges 0.08%/yr vs 0.15%/yr for MTUM.

Performance

HDV vs. MTUM - 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 Momentum Factor ETF (MTUM). 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 lower than MTUM's 22.65% return. Over the past 10 years, HDV has underperformed MTUM with an annualized return of 9.50%, while MTUM has yielded a comparatively higher 16.00% 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%

MTUM

• 1D: -2.42%
• 1M: -9.70%
• 6M: 20.16%
• YTD: 22.65%
• 1Y: 27.88%
• 3Y*: 28.98%
• 5Y*: 13.15%
• 10Y*: 16.00%
• ALL TIME*: 15.84%

*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
MTUM iShares MSCI USA Momentum Factor ETF	$620.00M	$622.73M	$495.72M

HDV vs. MTUM - 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%
MTUM iShares MSCI USA Momentum Factor ETF	22.65%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%

Correlation

The correlation between HDV and MTUM is -0.11, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.11
Correlation (3Y) Balances recent behavior with more history.	0.15
Correlation (5Y) Shows whether the relationship held over a longer period.	0.39
Correlation (10Y) Provides a long-term view across more market conditions.	0.46
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.53

The correlation between HDV and MTUM shifts across timeframes, from -0.11 (1 year) to 0.53 (all time), reflecting how their relationship changes across market environments.

HDV vs. MTUM - Sectors Allocation Comparison

Sectors	HDV	MTUM
Consumer Defensive	24.3%	3.9%
Healthcare	23.9%	4.0%
Energy	19.8%	11.3%
Consumer Cyclical	9.3%	3.0%
Utilities	8.2%	0.6%
Communication Services	5.2%	4.9%
Financial Services	4.7%	5.2%
Industrials	2.8%	15.3%
Technology	0.9%	48.0%
Basic Materials	0.8%	2.1%
Real Estate	-	1.5%

Return for Risk

HDV vs. MTUM — 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

MTUM

MTUM Risk / Return Rank: 55
MTUM Sharpe Ratio Rank: 49
MTUM Sortino Ratio Rank: 46
MTUM Omega Ratio Rank: 50
MTUM Calmar Ratio Rank: 66
MTUM Martin Ratio Rank: 62

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. MTUM - 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 Momentum Factor ETF (MTUM). 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	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.18	+1.06
Sortino ratio: Return per unit of downside risk	3.39	1.66	+1.73
Omega ratio: Gain probability vs. loss probability	1.39	1.22	+0.17
Calmar ratio: Return relative to maximum drawdown	4.65	2.31	+2.34
Martin ratio: Return relative to average drawdown	12.72	7.45	+5.27

HDV vs. MTUM - Sharpe Ratio Comparison

The current HDV Sharpe Ratio is 2.24, which is higher than the MTUM Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of HDV and MTUM, 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. MTUM - Drawdown Comparison

The maximum HDV drawdown since its inception was -37.04%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for HDV and MTUM.

Drawdown Indicators

	HDV	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-37.04%	-34.08%	-2.96%
Max Drawdown (1Y) Largest decline over 1 year	-5.18%	-12.49%	+7.31%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-20.99%	+10.50%
Max Drawdown (5Y) Largest decline over 5 years	-15.42%	-32.28%	+16.86%
Max Drawdown (10Y) Largest decline over 10 years	-37.04%	-34.08%	-2.96%
Current Drawdown Current decline from peak	0.00%	-11.25%	+11.25%
Average Drawdown Average peak-to-trough decline	-3.07%	-6.20%	+3.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	3.87%	-1.98%

Volatility

HDV vs. MTUM - Volatility Comparison

The current volatility for iShares Core High Dividend ETF (HDV) is 4.88%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 11.65%. This indicates that HDV experiences smaller price fluctuations and is considered to be less risky than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDV	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	11.65%	-6.77%
Volatility (6M) Calculated over the trailing 6-month period	8.55%	22.19%	-13.64%
Volatility (1Y) Calculated over the trailing 1-year period	10.74%	24.47%	-13.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.93%	21.65%	-8.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.77%	21.60%	-5.83%

HDV vs. MTUM - Expense Ratio Comparison

HDV has a 0.08% expense ratio, which is lower than MTUM's 0.15% 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. MTUM - Dividend Comparison

HDV's dividend yield for the trailing twelve months is around 3.07%, more than MTUM's 0.60% 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%
MTUM iShares MSCI USA Momentum Factor ETF	0.60%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%

Frequently Asked Questions

Can I hold both HDV and MTUM in my portfolio?

HDV and MTUM have a correlation of -0.11, 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 MTUM?

MTUM has higher volatility (11.65%) compared to HDV (4.88%). In terms of maximum drawdown, HDV dropped -37.04% vs MTUM's -34.08%.

Which ETF is better, HDV or MTUM?

On 10-year performance, MTUM leads with 16.00% vs 9.50% for HDV. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 4.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDV or MTUM?

Over the 10-year period, MTUM has performed better with a 16.00% 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 MTUM?

HDV is cheaper with a 0.08% expense ratio, compared with 0.15% for MTUM.

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

HDV has the higher dividend yield at 3.07%, compared with 0.60% for MTUM.

What is the main difference between HDV and MTUM?

HDV is categorized as Dividend, while MTUM is Momentum. HDV tracks Morningstar Dividend Yield Focus Index, while MTUM tracks MSCI USA Momentum SR Variant Index. Their fees differ too: 0.08% for HDV and 0.15% for MTUM.

Which has better risk-adjusted returns?

HDV currently has the higher Sharpe Ratio (2.24 vs 1.18), 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.