IWX vs. HDV

Last updated Jun 26, 2026

IWX (iShares Russell Top 200 Value ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - IWX is a Large Cap Value Equities fund tracking the Russell Top 200 Value Index, while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, IWX returned 12.38%/yr vs 9.58%/yr for HDV. Their correlation of 0.84 suggests significant overlap in exposure. IWX charges 0.20%/yr vs 0.08%/yr for HDV.

Performance

IWX vs. HDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Top 200 Value ETF (IWX) and iShares Core High Dividend ETF (HDV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWX achieves a 16.33% return, which is significantly higher than HDV's 14.65% return. Over the past 10 years, IWX has outperformed HDV with an annualized return of 12.38%, while HDV has yielded a comparatively lower 9.58% annualized return.

IWX

• 1D: 1.25%
• 1M: 2.38%
• YTD: 16.33%
• 6M: 15.40%
• 1Y: 29.72%
• 3Y*: 19.25%
• 5Y*: 11.93%
• 10Y*: 12.38%

HDV

• 1D: 0.62%
• 1M: 0.27%
• YTD: 14.65%
• 6M: 14.27%
• 1Y: 22.51%
• 3Y*: 15.50%
• 5Y*: 11.09%
• 10Y*: 9.58%

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

IWX vs. HDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWX iShares Russell Top 200 Value ETF	16.33%	18.23%	14.89%	10.45%	-5.33%	23.33%	1.46%	25.82%	-6.53%	14.05%
HDV iShares Core High Dividend ETF	14.65%	11.90%	14.16%	1.72%	7.05%	19.45%	-6.48%	20.22%	-3.01%	13.40%

Correlation

The correlation between IWX and HDV is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011	0.84

Over the past year, the correlation between IWX and HDV has dropped to 0.47 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

IWX vs. HDV - Sectors Allocation Comparison

Sectors	IWX	HDV
Financial Services	20.6%	4.7%
Technology	18.5%	0.2%
Healthcare	12.1%	22.6%
Industrials	10.8%	3.5%
Communication Services	10.5%	5.7%
Consumer Defensive	7.6%	24.5%
Consumer Cyclical	6.5%	9.2%
Energy	5.8%	20.2%
Basic Materials	2.9%	0.8%
Utilities	2.9%	8.1%
Real Estate	1.8%	-

Return for Risk

IWX vs. HDV — Risk / Return Rank

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

IWX

IWX Risk / Return Rank: 91
IWX Sharpe Ratio Rank: 93
IWX Sortino Ratio Rank: 93
IWX Omega Ratio Rank: 91
IWX Calmar Ratio Rank: 88
IWX Martin Ratio Rank: 92

HDV

HDV Risk / Return Rank: 81
HDV Sharpe Ratio Rank: 82
HDV Sortino Ratio Rank: 86
HDV Omega Ratio Rank: 77
HDV Calmar Ratio Rank: 87
HDV Martin Ratio Rank: 74

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.

IWX vs. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 Value ETF (IWX) and iShares Core High Dividend ETF (HDV). 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.

	IWX	HDV	Difference
Sharpe ratio: Return per unit of total volatility	2.83	2.28	+0.55
Sortino ratio: Return per unit of downside risk	3.94	3.33	+0.61
Omega ratio: Gain probability vs. loss probability	1.51	1.39	+0.12
Calmar ratio: Return relative to maximum drawdown	4.53	4.37	+0.16
Martin ratio: Return relative to average drawdown	19.23	11.94	+7.29

IWX vs. HDV - Sharpe Ratio Comparison

The current IWX Sharpe Ratio is 2.83, which is comparable to the HDV Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of IWX and HDV, 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

IWX vs. HDV - Drawdown Comparison

The maximum IWX drawdown since its inception was -35.76%, roughly equal to the maximum HDV drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for IWX and HDV.

Drawdown Indicators

	IWX	HDV	Difference
Max Drawdown Largest peak-to-trough decline	-35.76%	-37.04%	+1.28%
Max Drawdown (1Y) Largest decline over 1 year	-6.59%	-5.18%	-1.41%
Max Drawdown (3Y) Largest decline over 3 years	-13.37%	-10.49%	-2.88%
Max Drawdown (5Y) Largest decline over 5 years	-18.13%	-15.42%	-2.71%
Max Drawdown (10Y) Largest decline over 10 years	-35.76%	-37.04%	+1.28%
Current Drawdown Current decline from peak	-0.09%	-0.84%	+0.75%
Average Drawdown Average peak-to-trough decline	-3.81%	-3.08%	-0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	1.89%	-0.34%

Volatility

IWX vs. HDV - Volatility Comparison

iShares Russell Top 200 Value ETF (IWX) has a higher volatility of 4.12% compared to iShares Core High Dividend ETF (HDV) at 3.33%. This indicates that IWX's price experiences larger fluctuations and is considered to be riskier than HDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWX	HDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	3.33%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	8.33%	7.61%	+0.72%
Volatility (1Y) Calculated over the trailing 1-year period	10.57%	9.95%	+0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.90%	12.81%	+1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.50%	15.72%	+0.78%

IWX vs. HDV - Expense Ratio Comparison

IWX has a 0.20% expense ratio, which is higher than HDV's 0.08% 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

IWX vs. HDV - Dividend Comparison

IWX's dividend yield for the trailing twelve months is around 1.45%, less than HDV's 2.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDV iShares Core High Dividend ETF	2.88%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%
IWX iShares Russell Top 200 Value ETF	1.45%	1.59%	1.97%	2.13%	2.07%	1.79%	2.12%	2.60%	2.66%	2.12%	2.22%	2.77%

Frequently Asked Questions

Can I hold both IWX and HDV in my portfolio?

IWX and HDV have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWX or HDV?

IWX has higher volatility (4.12%) compared to HDV (3.33%). In terms of maximum drawdown, IWX dropped -35.76% vs HDV's -37.04%.

Which ETF is better, IWX or HDV?

On 10-year performance, IWX leads with 12.38% vs 9.58% for HDV. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 3.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWX or HDV?

Over the 10-year period, IWX has performed better with a 12.38% return vs 9.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWX or HDV?

HDV is cheaper with a 0.08% expense ratio, compared with 0.20% for IWX.

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

HDV has the higher dividend yield at 2.88%, compared with 1.45% for IWX.

What is the main difference between IWX and HDV?

IWX is categorized as Large Cap Value Equities, while HDV is Dividend. IWX tracks Russell Top 200 Value Index, while HDV tracks Morningstar Dividend Yield Focus Index. Their fees differ too: 0.20% for IWX and 0.08% for HDV.

Which has better risk-adjusted returns?

IWX currently has the higher Sharpe Ratio (2.83 vs 2.28), 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.