HDV vs. SPHD
HDV (iShares Core High Dividend ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both Dividend funds - HDV tracks the Morningstar Dividend Yield Focus Index while SPHD tracks the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, HDV returned 9.36%/yr vs 7.41%/yr for SPHD. Their correlation of 0.88 suggests significant overlap in exposure. HDV charges 0.08%/yr vs 0.30%/yr for SPHD.
Performance
HDV vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, HDV achieves a 14.11% return, which is significantly higher than SPHD's 8.51% return. Over the past 10 years, HDV has outperformed SPHD with an annualized return of 9.36%, while SPHD has yielded a comparatively lower 7.41% annualized return.
HDV
- 1D
- -1.03%
- 1M
- 1.04%
- YTD
- 14.11%
- 6M
- 13.57%
- 1Y
- 20.60%
- 3Y*
- 14.34%
- 5Y*
- 10.83%
- 10Y*
- 9.36%
SPHD
- 1D
- -1.12%
- 1M
- 4.38%
- YTD
- 8.51%
- 6M
- 7.65%
- 1Y
- 12.70%
- 3Y*
- 11.55%
- 5Y*
- 6.57%
- 10Y*
- 7.41%
HDV vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HDV iShares Core High Dividend ETF | 14.11% | 11.90% | 14.16% | 1.72% | 7.05% | 19.45% | -6.48% | 20.22% | -3.01% | 13.40% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 8.51% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between HDV and SPHD is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.88 |
The correlation between HDV and SPHD has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.
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Return for Risk
HDV vs. SPHD — Risk / Return Rank
HDV
SPHD
HDV vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core High Dividend ETF (HDV) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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 | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.19 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 4.00 | 1.74 | +2.26 |
| Martin ratioReturn relative to average drawdown | 11.07 | 4.31 | +6.77 |
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Drawdowns
HDV vs. SPHD - Drawdown Comparison
The maximum HDV drawdown since its inception was -37.04%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for HDV and SPHD.
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Drawdown Indicators
| HDV | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.04% | -41.39% | +4.35% |
Max Drawdown (1Y)Largest decline over 1 year | -5.18% | -7.33% | +2.15% |
Max Drawdown (3Y)Largest decline over 3 years | -10.49% | -13.29% | +2.80% |
Max Drawdown (5Y)Largest decline over 5 years | -15.42% | -19.50% | +4.08% |
Max Drawdown (10Y)Largest decline over 10 years | -37.04% | -41.39% | +4.35% |
Current DrawdownCurrent decline from peak | -1.31% | -1.63% | +0.32% |
Average DrawdownAverage peak-to-trough decline | -3.08% | -4.70% | +1.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.87% | 2.96% | -1.09% |
Volatility
HDV vs. SPHD - Volatility Comparison
The current volatility for iShares Core High Dividend ETF (HDV) is 3.28%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 3.91%. This indicates that HDV experiences smaller price fluctuations and is considered to be less risky than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDV | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.28% | 3.91% | -0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 7.53% | 7.86% | -0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.79% | 11.27% | -1.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.84% | 14.21% | -1.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.74% | 17.66% | -1.92% |
HDV vs. SPHD - Expense Ratio Comparison
HDV has a 0.08% expense ratio, which is lower than SPHD's 0.30% expense ratio.
Dividends
HDV vs. SPHD - Dividend Comparison
HDV's dividend yield for the trailing twelve months is around 3.56%, less than SPHD's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HDV iShares Core High Dividend ETF | 3.56% | 3.22% | 3.67% | 3.82% | 3.56% | 3.47% | 4.07% | 3.27% | 3.67% | 3.27% | 3.28% | 3.92% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.45% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
Frequently Asked Questions
HDV and SPHD have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHD has higher volatility (3.91%) compared to HDV (3.28%). In terms of maximum drawdown, HDV dropped -37.04% vs SPHD's -41.39%.
On 10-year performance, HDV leads with 9.36% vs 7.41% for SPHD. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HDV has performed better with a 9.36% return vs 7.41%. 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 0.30% for SPHD.
SPHD has the higher dividend yield at 4.45%, compared with 3.56% for HDV.
HDV tracks Morningstar Dividend Yield Focus Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.08% for HDV and 0.30% for SPHD.
HDV currently has the higher Sharpe Ratio (2.12 vs 1.13), 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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