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HDV vs. VOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HDV vs. VOO

Last updated Aug 2, 2026
Documentation

HDV (iShares Core High Dividend ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, HDV returned 9.66%/yr vs 15.14%/yr for VOO. Their 0.71 correlation means they have sometimes moved together and sometimes differently. HDV charges 0.08%/yr vs 0.03%/yr for VOO.

Performance

HDV vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core High Dividend ETF (HDV) and Vanguard S&P 500 ETF (VOO). 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 20.03% return, which is significantly higher than VOO's 10.16% return. Over the past 10 years, HDV has underperformed VOO with an annualized return of 9.66%, while VOO has yielded a comparatively higher 15.14% annualized return.

HDV

1D
0.03%
1M
2.79%
6M
10.43%
YTD
20.03%
1Y
25.63%
3Y*
15.43%
5Y*
12.05%
10Y*
9.66%
ALL TIME*
10.83%

VOO

1D
0.71%
1M
0.26%
6M
8.58%
YTD
10.16%
1Y
21.58%
3Y*
19.42%
5Y*
12.83%
10Y*
15.14%
ALL TIME*
14.78%
*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
$196.84M$160.55M$106.56M

VOO

Vanguard S&P 500 ETF
$3.82B$3.78B$5.44B

HDV vs. VOO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HDV
iShares Core High Dividend ETF		20.03%11.90%14.16%1.72%7.05%19.45%-6.48%20.22%-3.01%13.40%
VOO
Vanguard S&P 500 ETF		10.16%17.82%24.98%26.32%-18.17%28.79%18.32%31.37%-4.50%21.77%

Correlation

The correlation between HDV and VOO 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.

0.29

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.50

Correlation (10Y)
Provides a long-term view across more market conditions.

0.63

Correlation (All Time)
Calculated using the full available price history since Mar 31, 2011

0.71

The correlation between HDV and VOO shifts across timeframes, from -0.00 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.

HDV vs. VOO - Sectors Allocation Comparison

Sectors
HDV
VOO

Consumer Defensive

24.3%
4.5%

Healthcare

23.9%
8.9%

Energy

19.8%
3.0%

Consumer Cyclical

9.3%
9.5%

Utilities

8.2%
2.2%

Communication Services

5.2%
9.9%

Financial Services

4.7%
11.4%

Industrials

2.8%
8.5%

Technology

0.9%
38.6%

Basic Materials

0.8%
1.7%

Real Estate

-

1.8%

Consumer Defensive

HDV
24.3%
VOO
4.5%

Healthcare

HDV
23.9%
VOO
8.9%

Energy

HDV
19.8%
VOO
3.0%

Consumer Cyclical

HDV
9.3%
VOO
9.5%

Utilities

HDV
8.2%
VOO
2.2%

Communication Services

HDV
5.2%
VOO
9.9%

Financial Services

HDV
4.7%
VOO
11.4%

Industrials

HDV
2.8%
VOO
8.5%

Technology

HDV
0.9%
VOO
38.6%

Basic Materials

HDV
0.8%
VOO
1.7%

Real Estate

HDV

-

VOO
1.8%

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

Vanguard S&P 500 ETF

Often compared with HDV:
HDV vs. SCHDHDV vs. VYMHDV vs. SPYDHDV vs. DGROHDV vs. DVYHDV vs. VIGHDV vs. SPY
Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. FXAIXVOO vs. SPYVOO vs. VGT

Return for Risk

HDV vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
HDV
HDV Risk / Return Rank: 9292
Overall Rank
HDV Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
HDV Sortino Ratio Rank: 9393
Sortino Ratio Rank
HDV Omega Ratio Rank: 9090
Omega Ratio Rank
HDV Calmar Ratio Rank: 9494
Calmar Ratio Rank
HDV Martin Ratio Rank: 8989
Martin Ratio Rank
VOO
VOO Risk / Return Rank: 6868
Overall Rank
VOO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 6565
Sortino Ratio Rank
VOO Omega Ratio Rank: 6666
Omega Ratio Rank
VOO Calmar Ratio Rank: 6464
Calmar Ratio Rank
VOO 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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core High Dividend ETF (HDV) and Vanguard S&P 500 ETF (VOO). 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.

HDVVOODifference
Sharpe ratioReturn per unit of total volatility
2.39
1.53

+0.85

Sortino ratioReturn per unit of downside risk
3.58
2.13

+1.45

Omega ratioGain probability vs. loss probability

1.42

1.28

+0.14

Calmar ratioReturn relative to maximum drawdown

4.98

2.21

+2.77

Martin ratioReturn relative to average drawdown

13.63

9.44

+4.19

HDV vs. VOO - Sharpe Ratio Comparison

The current HDV Sharpe Ratio is 2.39, which is higher than the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of HDV and VOO, 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. VOO - Drawdown Comparison

The maximum HDV drawdown since its inception was -37.04%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for HDV and VOO.

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Drawdown Indicators

HDVVOODifference

Max Drawdown

Largest peak-to-trough decline

-37.04%

-33.99%

-3.05%

Max Drawdown (1Y)

Largest decline over 1 year

-5.18%

-8.90%

+3.72%

Max Drawdown (3Y)

Largest decline over 3 years

-10.49%

-18.69%

+8.20%

Max Drawdown (5Y)

Largest decline over 5 years

-15.42%

-24.52%

+9.10%

Max Drawdown (10Y)

Largest decline over 10 years

-37.04%

-33.99%

-3.05%

Current Drawdown

Current decline from peak

-1.41%

-1.38%

-0.03%

Average Drawdown

Average peak-to-trough decline

-3.06%

-3.67%

+0.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.89%

2.08%

-0.19%

Volatility

HDV vs. VOO - Volatility Comparison

iShares Core High Dividend ETF (HDV) has a higher volatility of 4.98% compared to Vanguard S&P 500 ETF (VOO) at 3.54%. This indicates that HDV's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HDVVOODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.98%

3.54%

+1.44%

Volatility (6M)

Calculated over the trailing 6-month period

8.72%

10.10%

-1.38%

Volatility (1Y)

Calculated over the trailing 1-year period

10.85%

12.82%

-1.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.95%

16.93%

-3.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.78%

18.01%

-2.23%

HDV vs. VOO - Expense Ratio Comparison

HDV has a 0.08% expense ratio, which is higher than VOO's 0.03% 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. VOO - Dividend Comparison

HDV's dividend yield for the trailing twelve months is around 3.07%, more than VOO's 1.07% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VOO
Vanguard S&P 500 ETF		1.07%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%

Frequently Asked Questions

HDV and VOO 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.

HDV has higher volatility (4.98%) compared to VOO (3.54%). In terms of maximum drawdown, HDV dropped -37.04% vs VOO's -33.99%.

On 10-year performance, VOO leads with 15.14% vs 9.66% for HDV. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VOO has performed better with a 15.14% return vs 9.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOO is cheaper with a 0.03% expense ratio, compared with 0.08% for HDV.

HDV has the higher dividend yield at 3.07%, compared with 1.07% for VOO.

HDV is categorized as Dividend, while VOO is S&P 500. HDV tracks Morningstar Dividend Yield Focus Index, while VOO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.08% for HDV and 0.03% for VOO.

HDV currently has the higher Sharpe Ratio (2.39 vs 1.53), 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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