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HDV vs. SPDG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HDV vs. SPDG

Last updated Aug 4, 2026
Documentation

HDV (iShares Core High Dividend ETF) and SPDG (SPDR Portfolio S&P Sector Neutral Dividend ETF) are both Dividend funds - HDV tracks the Morningstar Dividend Yield Focus Index while SPDG tracks the S&P Sector-Neutral High Yield Dividend Aristocrats Index. Both are passively managed. Over the past year, HDV returned 25.24% vs 25.12% for SPDG. Their 0.62 correlation means they have sometimes moved together and sometimes differently. HDV charges 0.08%/yr vs 0.05%/yr for SPDG.

Performance

HDV vs. SPDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core High Dividend ETF (HDV) and SPDR Portfolio S&P Sector Neutral Dividend ETF (SPDG). 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 19.66% return, which is significantly higher than SPDG's 14.79% return.

HDV

1D
-0.31%
1M
2.46%
6M
10.00%
YTD
19.66%
1Y
25.24%
3Y*
15.80%
5Y*
12.13%
10Y*
9.57%
ALL TIME*
10.80%

SPDG

1D
0.49%
1M
-0.29%
6M
6.75%
YTD
14.79%
1Y
25.12%
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
19.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

HDV

iShares Core High Dividend ETF
$168.30M$156.51M$108.57M

SPDG

SPDR Portfolio S&P Sector Neutral Dividend ETF
$47.62K$41.21K$36.93K

HDV vs. SPDG - Yearly Performance Comparison

2026 (YTD)202520242023
HDV
iShares Core High Dividend ETF		19.66%11.90%14.16%1.25%
SPDG
SPDR Portfolio S&P Sector Neutral Dividend ETF		14.79%11.66%20.22%8.09%

Correlation

The correlation between HDV and SPDG is 0.50, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.50

Correlation (All Time)
Calculated using the full available price history since Sep 12, 2023

0.62

The correlation between HDV and SPDG shifts across timeframes, from 0.50 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

HDV vs. SPDG - Sectors Allocation Comparison

Sectors
HDV
SPDG

Consumer Defensive

24.3%
5.4%

Healthcare

23.9%
10.2%

Energy

19.8%
4.1%

Consumer Cyclical

9.3%
9.6%

Utilities

8.2%
2.6%

Communication Services

5.2%
8.6%

Financial Services

4.7%
13.3%

Industrials

2.8%
9.0%

Technology

0.9%
32.4%

Basic Materials

0.8%
2.2%

Real Estate

-

2.4%

Consumer Defensive

HDV
24.3%
SPDG
5.4%

Healthcare

HDV
23.9%
SPDG
10.2%

Energy

HDV
19.8%
SPDG
4.1%

Consumer Cyclical

HDV
9.3%
SPDG
9.6%

Utilities

HDV
8.2%
SPDG
2.6%

Communication Services

HDV
5.2%
SPDG
8.6%

Financial Services

HDV
4.7%
SPDG
13.3%

Industrials

HDV
2.8%
SPDG
9.0%

Technology

HDV
0.9%
SPDG
32.4%

Basic Materials

HDV
0.8%
SPDG
2.2%

Real Estate

HDV

-

SPDG
2.4%

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

SPDR Portfolio S&P Sector Neutral Dividend ETF

Often compared with HDV:
HDV vs. SCHDHDV vs. VYMHDV vs. SPYDHDV vs. DGROHDV vs. DVYHDV vs. VIGHDV vs. SPY
Often compared with SPDG:
SPDG vs. SCHDSPDG vs. DIVBSPDG vs. SVAIXSPDG vs. SPYSPDG vs. DGROSPDG vs. SCHGSPDG vs. SCHB

Return for Risk

HDV vs. SPDG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
HDV
HDV Risk / Return Rank: 9191
Overall Rank
HDV Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
HDV Sortino Ratio Rank: 9393
Sortino Ratio Rank
HDV Omega Ratio Rank: 8989
Omega Ratio Rank
HDV Calmar Ratio Rank: 9494
Calmar Ratio Rank
HDV Martin Ratio Rank: 8888
Martin Ratio Rank
SPDG
SPDG Risk / Return Rank: 8282
Overall Rank
SPDG Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
SPDG Sortino Ratio Rank: 8585
Sortino Ratio Rank
SPDG Omega Ratio Rank: 8282
Omega Ratio Rank
SPDG Calmar Ratio Rank: 8181
Calmar Ratio Rank
SPDG Martin Ratio Rank: 7676
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HDV vs. SPDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core High Dividend ETF (HDV) and SPDR Portfolio S&P Sector Neutral Dividend ETF (SPDG). 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.

HDVSPDGDifference
Sharpe ratioReturn per unit of total volatility
2.34
2.03

+0.31

Sortino ratioReturn per unit of downside risk
3.53
2.91

+0.62

Omega ratioGain probability vs. loss probability

1.41

1.36

+0.05

Calmar ratioReturn relative to maximum drawdown

4.90

3.03

+1.87

Martin ratioReturn relative to average drawdown

13.39

9.88

+3.51

HDV vs. SPDG - Sharpe Ratio Comparison

The current HDV Sharpe Ratio is 2.34, which is comparable to the SPDG Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of HDV and SPDG, 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. SPDG - Drawdown Comparison

The maximum HDV drawdown since its inception was -37.04%, which is greater than SPDG's maximum drawdown of -15.67%. Use the drawdown chart below to compare losses from any high point for HDV and SPDG.

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Drawdown Indicators

HDVSPDGDifference

Max Drawdown

Largest peak-to-trough decline

-37.04%

-15.67%

-21.37%

Max Drawdown (1Y)

Largest decline over 1 year

-5.18%

-8.34%

+3.16%

Max Drawdown (3Y)

Largest decline over 3 years

-10.49%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-15.42%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-37.04%

—

—

Current Drawdown

Current decline from peak

-1.72%

-2.29%

+0.57%

Average Drawdown

Average peak-to-trough decline

-3.06%

-2.19%

-0.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.89%

2.55%

-0.66%

Volatility

HDV vs. SPDG - Volatility Comparison

iShares Core High Dividend ETF (HDV) has a higher volatility of 4.52% compared to SPDR Portfolio S&P Sector Neutral Dividend ETF (SPDG) at 3.53%. This indicates that HDV's price experiences larger fluctuations and is considered to be riskier than SPDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HDVSPDGDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.52%

3.53%

+0.99%

Volatility (6M)

Calculated over the trailing 6-month period

8.66%

9.54%

-0.88%

Volatility (1Y)

Calculated over the trailing 1-year period

10.83%

12.45%

-1.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.95%

14.10%

-1.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.79%

14.10%

+1.69%

HDV vs. SPDG - Expense Ratio Comparison

HDV has a 0.08% expense ratio, which is higher than SPDG's 0.05% expense ratio. However, 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. SPDG - Dividend Comparison

HDV's dividend yield for the trailing twelve months is around 3.08%, more than SPDG's 2.71% yield.

PositionTTM20252024202320222021202020192018201720162015
HDV
iShares Core High Dividend ETF		3.08%3.22%3.67%3.82%3.56%3.47%4.07%3.27%3.67%3.27%3.28%3.92%
SPDG
SPDR Portfolio S&P Sector Neutral Dividend ETF		2.71%2.87%2.61%0.90%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

HDV and SPDG have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HDV has higher volatility (4.52%) compared to SPDG (3.53%). In terms of maximum drawdown, HDV dropped -37.04% vs SPDG's -15.67%.

On 1-year performance, HDV leads with 25.24% vs 25.12% for SPDG. On fees, SPDG is cheaper at 0.05% per year. On volatility, SPDG has been the lower-risk option at 3.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, HDV has performed better with a 25.24% return vs 25.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPDG is cheaper with a 0.05% expense ratio, compared with 0.08% for HDV.

HDV has the higher dividend yield at 3.08%, compared with 2.71% for SPDG.

HDV tracks Morningstar Dividend Yield Focus Index, while SPDG tracks S&P Sector-Neutral High Yield Dividend Aristocrats Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.08% for HDV and 0.05% for SPDG.

HDV currently has the higher Sharpe Ratio (2.34 vs 2.03), 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.

Portfolio Optimizer

Find the right allocation for HDV and SPDG

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