HDV vs. XLRE
HDV (iShares Core High Dividend ETF) and XLRE (Real Estate Select Sector SPDR Fund) are both exchange-traded funds - HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index, while XLRE is a REIT fund tracking the Real Estate Select Sector Index. Both are passively managed. Over the past 10 years, HDV returned 9.47%/yr vs 7.15%/yr for XLRE. A 0.57 correlation means they provide meaningful diversification when combined. HDV charges 0.08%/yr vs 0.13%/yr for XLRE.
Performance
HDV vs. XLRE - Performance Comparison
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Returns By Period
In the year-to-date period, HDV achieves a 15.30% return, which is significantly higher than XLRE's 13.17% return. Over the past 10 years, HDV has outperformed XLRE with an annualized return of 9.47%, while XLRE has yielded a comparatively lower 7.15% annualized return.
HDV
- 1D
- 0.87%
- 1M
- 2.05%
- YTD
- 15.30%
- 6M
- 15.20%
- 1Y
- 21.86%
- 3Y*
- 15.16%
- 5Y*
- 10.91%
- 10Y*
- 9.47%
XLRE
- 1D
- 0.98%
- 1M
- 3.30%
- YTD
- 13.17%
- 6M
- 13.29%
- 1Y
- 12.05%
- 3Y*
- 10.41%
- 5Y*
- 3.32%
- 10Y*
- 7.15%
HDV vs. XLRE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HDV iShares Core High Dividend ETF | 15.30% | 11.90% | 14.16% | 1.72% | 7.05% | 19.45% | -6.48% | 20.22% | -3.01% | 13.40% |
XLRE Real Estate Select Sector SPDR Fund | 13.17% | 2.63% | 5.09% | 12.36% | -26.25% | 46.10% | -2.18% | 28.68% | -2.39% | 10.69% |
Correlation
The correlation between HDV and XLRE is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Oct 8, 2015 | 0.57 |
The correlation between HDV and XLRE has been stable across timeframes, ranging from 0.57 to 0.62 - a consistent structural relationship.
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Return for Risk
HDV vs. XLRE — Risk / Return Rank
HDV
XLRE
HDV vs. XLRE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core High Dividend ETF (HDV) and Real Estate Select Sector SPDR Fund (XLRE). 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 | XLRE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.42 | ||
| Sortino ratioReturn per unit of downside risk | +2.11 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.15 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 4.18 | 1.34 | +2.84 |
| Martin ratioReturn relative to average drawdown | 11.59 | 3.69 | +7.90 |
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Drawdowns
HDV vs. XLRE - Drawdown Comparison
The maximum HDV drawdown since its inception was -37.04%, roughly equal to the maximum XLRE drawdown of -38.83%. Use the drawdown chart below to compare losses from any high point for HDV and XLRE.
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Drawdown Indicators
| HDV | XLRE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.04% | -38.83% | +1.79% |
Max Drawdown (1Y)Largest decline over 1 year | -5.18% | -8.33% | +3.15% |
Max Drawdown (3Y)Largest decline over 3 years | -10.49% | -16.74% | +6.25% |
Max Drawdown (5Y)Largest decline over 5 years | -15.42% | -34.12% | +18.70% |
Max Drawdown (10Y)Largest decline over 10 years | -37.04% | -38.83% | +1.79% |
Current DrawdownCurrent decline from peak | -0.29% | 0.00% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -3.08% | -9.58% | +6.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.87% | 3.03% | -1.16% |
Volatility
HDV vs. XLRE - Volatility Comparison
The current volatility for iShares Core High Dividend ETF (HDV) is 3.10%, while Real Estate Select Sector SPDR Fund (XLRE) has a volatility of 4.81%. This indicates that HDV experiences smaller price fluctuations and is considered to be less risky than XLRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDV | XLRE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.10% | 4.81% | -1.71% |
Volatility (6M)Calculated over the trailing 6-month period | 7.44% | 10.20% | -2.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.73% | 13.83% | -4.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.83% | 19.10% | -6.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.73% | 20.42% | -4.69% |
HDV vs. XLRE - Expense Ratio Comparison
HDV has a 0.08% expense ratio, which is lower than XLRE's 0.13% 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. XLRE - Dividend Comparison
HDV's dividend yield for the trailing twelve months is around 2.84%, less than XLRE's 3.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HDV iShares Core High Dividend ETF | 2.84% | 3.22% | 3.67% | 3.82% | 3.56% | 3.47% | 4.07% | 3.27% | 3.67% | 3.27% | 3.28% | 3.92% |
XLRE Real Estate Select Sector SPDR Fund | 3.08% | 3.45% | 3.43% | 3.31% | 3.70% | 2.61% | 3.15% | 3.06% | 3.78% | 3.25% | 4.22% | 1.09% |
Frequently Asked Questions
HDV and XLRE have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLRE has higher volatility (4.81%) compared to HDV (3.10%). In terms of maximum drawdown, HDV dropped -37.04% vs XLRE's -38.83%.
On 10-year performance, HDV leads with 9.47% vs 7.15% for XLRE. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 3.10%. 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 9.47% return vs 7.15%. 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 0.13% for XLRE.
XLRE has the higher dividend yield at 3.08%, compared with 2.84% for HDV.
HDV is categorized as Dividend, while XLRE is REIT. HDV tracks Morningstar Dividend Yield Focus Index, while XLRE tracks Real Estate Select Sector Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.08% for HDV and 0.13% for XLRE.
HDV currently has the higher Sharpe Ratio (2.23 vs 0.81), 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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