HDV vs. SDY

Last updated Jun 12, 2026

HDV (iShares Core High Dividend ETF) and SDY (SPDR S&P Dividend ETF) are both exchange-traded funds - HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index, while SDY is a Mid Cap Value Equities fund tracking the S&P High Yield Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, HDV returned 9.37%/yr vs 9.52%/yr for SDY. Their correlation of 0.86 suggests significant overlap in exposure. HDV charges 0.08%/yr vs 0.35%/yr for SDY.

Performance

HDV vs. SDY - Performance Comparison

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

Returns By Period

In the year-to-date period, HDV achieves a 14.31% return, which is significantly higher than SDY's 9.47% return. Both investments have delivered pretty close results over the past 10 years, with HDV having a 9.37% annualized return and SDY not far ahead at 9.52%.

HDV

• 1D: -0.18%
• 1M: 1.58%
• YTD: 14.31%
• 6M: 14.38%
• 1Y: 21.29%
• 3Y*: 14.99%
• 5Y*: 10.72%
• 10Y*: 9.37%

SDY

• 1D: 0.82%
• 1M: 2.36%
• YTD: 9.47%
• 6M: 8.54%
• 1Y: 14.41%
• 3Y*: 10.29%
• 5Y*: 6.39%
• 10Y*: 9.52%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HDV vs. SDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDV iShares Core High Dividend ETF	14.31%	11.90%	14.16%	1.72%	7.05%	19.45%	-6.48%	20.22%	-3.01%	13.40%
SDY SPDR S&P Dividend ETF	9.47%	8.18%	8.45%	2.61%	-0.54%	25.32%	1.71%	23.29%	-2.74%	15.82%

Correlation

The correlation between HDV and SDY is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011	0.86

The correlation between HDV and SDY has been stable across timeframes, ranging from 0.76 to 0.86 - a consistent structural relationship.

HDV vs. SDY - Sectors Allocation Comparison

Sectors	HDV	SDY
Consumer Defensive	24.1%	17.1%
Energy	22.3%	4.6%
Healthcare	16.5%	6.2%
Financial Services	11.1%	11.5%
Utilities	9.2%	14.8%
Technology	8.2%	8.7%
Consumer Cyclical	6.1%	5.2%
Industrials	1.4%	17.5%
Basic Materials	1.2%	6.4%
Communication Services	0.1%	3.5%
Real Estate	-	4.6%

Return for Risk

HDV vs. SDY — Risk / Return Rank

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

HDV

HDV Risk / Return Rank: 81
HDV Sharpe Ratio Rank: 82
HDV Sortino Ratio Rank: 86
HDV Omega Ratio Rank: 78
HDV Calmar Ratio Rank: 87
HDV Martin Ratio Rank: 74

SDY

SDY Risk / Return Rank: 46
SDY Sharpe Ratio Rank: 49
SDY Sortino Ratio Rank: 53
SDY Omega Ratio Rank: 45
SDY Calmar Ratio Rank: 46
SDY Martin Ratio Rank: 38

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. SDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core High Dividend ETF (HDV) and SPDR S&P Dividend ETF (SDY). 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	SDY	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.39	+0.81
Sortino ratio: Return per unit of downside risk	3.26	2.14	+1.12
Omega ratio: Gain probability vs. loss probability	1.38	1.24	+0.14
Calmar ratio: Return relative to maximum drawdown	4.13	1.89	+2.24
Martin ratio: Return relative to average drawdown	11.43	5.11	+6.32

HDV vs. SDY - Sharpe Ratio Comparison

The current HDV Sharpe Ratio is 2.20, which is higher than the SDY Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of HDV and SDY, 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. SDY - Drawdown Comparison

The maximum HDV drawdown since its inception was -37.04%, smaller than the maximum SDY drawdown of -54.75%. Use the drawdown chart below to compare losses from any high point for HDV and SDY.

Drawdown Indicators

	HDV	SDY	Difference
Max Drawdown Largest peak-to-trough decline	-37.04%	-54.75%	+17.71%
Max Drawdown (1Y) Largest decline over 1 year	-5.18%	-7.67%	+2.49%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-14.39%	+3.90%
Max Drawdown (5Y) Largest decline over 5 years	-15.42%	-15.21%	-0.21%
Max Drawdown (10Y) Largest decline over 10 years	-37.04%	-36.70%	-0.34%
Current Drawdown Current decline from peak	-1.14%	-2.31%	+1.17%
Average Drawdown Average peak-to-trough decline	-3.08%	-6.20%	+3.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	2.83%	-0.96%

Volatility

HDV vs. SDY - Volatility Comparison

iShares Core High Dividend ETF (HDV) and SPDR S&P Dividend ETF (SDY) have volatilities of 3.01% and 2.90%, 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.

Volatility by Period

	HDV	SDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	2.90%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	7.46%	7.51%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	9.70%	10.41%	-0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.83%	14.05%	-1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.73%	17.09%	-1.36%

HDV vs. SDY - Expense Ratio Comparison

HDV has a 0.08% expense ratio, which is lower than SDY's 0.35% expense ratio.

Dividends

HDV vs. SDY - Dividend Comparison

HDV's dividend yield for the trailing twelve months is around 2.87%, more than SDY's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDV iShares Core High Dividend ETF	2.87%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%
SDY SPDR S&P Dividend ETF	2.44%	2.61%	2.56%	2.64%	2.55%	2.63%	2.85%	2.45%	2.73%	4.69%	3.30%	6.20%

Frequently Asked Questions

Can I hold both HDV and SDY in my portfolio?

HDV and SDY have a correlation of 0.76, 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 SDY?

HDV has higher volatility (3.01%) compared to SDY (2.90%). In terms of maximum drawdown, HDV dropped -37.04% vs SDY's -54.75%.

Which ETF is better, HDV or SDY?

On 10-year performance, SDY leads with 9.52% vs 9.37% for HDV. On fees, HDV is cheaper at 0.08% per year. On volatility, SDY 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 SDY?

Over the 10-year period, SDY has performed better with a 9.52% return vs 9.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDV or SDY?

HDV is cheaper with a 0.08% expense ratio, compared with 0.35% for SDY.

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

HDV has the higher dividend yield at 2.87%, compared with 2.44% for SDY.

What is the main difference between HDV and SDY?

HDV is categorized as Dividend, while SDY is Mid Cap Value Equities. HDV tracks Morningstar Dividend Yield Focus Index, while SDY tracks S&P High Yield Dividend Aristocrats Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.08% for HDV and 0.35% for SDY.

Which has better risk-adjusted returns?

HDV currently has the higher Sharpe Ratio (2.20 vs 1.39), 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.