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KBWD vs. HDV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KBWD vs. HDV

Last updated Jun 14, 2026

KBWD (Invesco KBW High Dividend Yield Financial ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - KBWD is a Financials Equities fund tracking the KBW Nasdaq Financial Sector Dividend Yield Index, while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, KBWD returned 5.25%/yr vs 9.47%/yr for HDV. A 0.62 correlation means they provide meaningful diversification when combined. KBWD charges 1.24%/yr vs 0.08%/yr for HDV.

Performance

KBWD vs. HDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW High Dividend Yield Financial ETF (KBWD) and iShares Core High Dividend ETF (HDV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, KBWD achieves a -3.74% return, which is significantly lower than HDV's 15.30% return. Over the past 10 years, KBWD has underperformed HDV with an annualized return of 5.25%, while HDV has yielded a comparatively higher 9.47% annualized return.

KBWD

1D
0.80%
1M
-1.25%
YTD
-3.74%
6M
-4.15%
1Y
3.52%
3Y*
5.00%
5Y*
0.34%
10Y*
5.25%

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

KBWD vs. HDV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
KBWD
Invesco KBW High Dividend Yield Financial ETF		-3.74%5.59%4.30%20.21%-19.14%31.89%-15.58%20.72%-8.70%12.06%
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%

Correlation

The correlation between KBWD and HDV is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.36

Correlation (3Y)
Calculated over the trailing 3-year period

0.51

Correlation (5Y)
Calculated over the trailing 5-year period

0.59

Correlation (10Y)
Calculated over the trailing 10-year period

0.61

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

0.62

Over the past year, the correlation between KBWD and HDV has dropped to 0.36 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

KBWD vs. HDV - Sectors Allocation Comparison

Sectors
KBWD
HDV

Financial Services

60.8%
10.8%

Real Estate

39.2%

-

Basic Materials

-

1.1%

Communication Services

-

0.1%

Consumer Cyclical

-

6.0%

Consumer Defensive

-

24.2%

Energy

-

21.0%

Healthcare

-

17.0%

Industrials

-

1.3%

Technology

-

9.7%

Utilities

-

8.9%

Financial Services

KBWD
60.8%
HDV
10.8%

Real Estate

KBWD
39.2%
HDV

-

Basic Materials

KBWD

-

HDV
1.1%

Communication Services

KBWD

-

HDV
0.1%

Consumer Cyclical

KBWD

-

HDV
6.0%

Consumer Defensive

KBWD

-

HDV
24.2%

Energy

KBWD

-

HDV
21.0%

Healthcare

KBWD

-

HDV
17.0%

Industrials

KBWD

-

HDV
1.3%

Technology

KBWD

-

HDV
9.7%

Utilities

KBWD

-

HDV
8.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco KBW High Dividend Yield Financial ETF

iShares Core High Dividend ETF

Often compared with KBWD:
KBWD vs. SCHDKBWD vs. JEPIKBWD vs. PGXKBWD vs. RIETKBWD vs. SPYKBWD vs. DXKBWD vs. SPHD
Often compared with HDV:
HDV vs. SCHDHDV vs. VYMHDV vs. SPYDHDV vs. DGROHDV vs. DVYHDV vs. VIGHDV vs. SPY

Return for Risk

KBWD vs. HDV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KBWD
KBWD Risk / Return Rank: 1111
Overall Rank
KBWD Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
KBWD Sortino Ratio Rank: 1111
Sortino Ratio Rank
KBWD Omega Ratio Rank: 1111
Omega Ratio Rank
KBWD Calmar Ratio Rank: 1111
Calmar Ratio Rank
KBWD Martin Ratio Rank: 1111
Martin Ratio Rank
HDV
HDV Risk / Return Rank: 8080
Overall Rank
HDV Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
HDV Sortino Ratio Rank: 8585
Sortino Ratio Rank
HDV Omega Ratio Rank: 7676
Omega Ratio Rank
HDV Calmar Ratio Rank: 8686
Calmar Ratio Rank
HDV Martin Ratio Rank: 7272
Martin Ratio Rank
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.

KBWD vs. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW High Dividend Yield Financial ETF (KBWD) 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.

KBWDHDVDifference
Sharpe ratioReturn per unit of total volatility
0.13
2.23

-2.10

Sortino ratioReturn per unit of downside risk
0.29
3.29

-3.00

Omega ratioGain probability vs. loss probability

1.03

1.38

-0.35

Calmar ratioReturn relative to maximum drawdown

0.13

4.18

-4.05

Martin ratioReturn relative to average drawdown

0.32

11.59

-11.27

KBWD vs. HDV - Sharpe Ratio Comparison

The current KBWD Sharpe Ratio is 0.13, which is lower than the HDV Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of KBWD 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.

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Drawdowns

KBWD vs. HDV - Drawdown Comparison

The maximum KBWD drawdown since its inception was -58.63%, which is greater than HDV's maximum drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for KBWD and HDV.

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Drawdown Indicators

KBWDHDVDifference

Max Drawdown

Largest peak-to-trough decline

-58.63%

-37.04%

-21.59%

Max Drawdown (1Y)

Largest decline over 1 year

-15.05%

-5.18%

-9.87%

Max Drawdown (3Y)

Largest decline over 3 years

-19.65%

-10.49%

-9.16%

Max Drawdown (5Y)

Largest decline over 5 years

-30.74%

-15.42%

-15.32%

Max Drawdown (10Y)

Largest decline over 10 years

-58.63%

-37.04%

-21.59%

Current Drawdown

Current decline from peak

-10.58%

-0.29%

-10.29%

Average Drawdown

Average peak-to-trough decline

-7.41%

-3.08%

-4.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.10%

1.87%

+4.23%

Volatility

KBWD vs. HDV - Volatility Comparison

Invesco KBW High Dividend Yield Financial ETF (KBWD) has a higher volatility of 4.70% compared to iShares Core High Dividend ETF (HDV) at 3.10%. This indicates that KBWD'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.

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Volatility by Period

KBWDHDVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.70%

3.10%

+1.60%

Volatility (6M)

Calculated over the trailing 6-month period

12.36%

7.44%

+4.92%

Volatility (1Y)

Calculated over the trailing 1-year period

15.59%

9.73%

+5.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.89%

12.83%

+7.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.25%

15.73%

+7.52%

KBWD vs. HDV - Expense Ratio Comparison

KBWD has a 1.24% expense ratio, which is higher than HDV's 0.08% expense ratio.

Dividends

KBWD vs. HDV - Dividend Comparison

KBWD's dividend yield for the trailing twelve months is around 14.14%, more than HDV's 2.84% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
KBWD
Invesco KBW High Dividend Yield Financial ETF		14.14%12.83%12.45%11.45%11.32%7.26%9.68%8.63%9.47%8.77%8.68%8.89%

Frequently Asked Questions

KBWD and HDV have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

KBWD has higher volatility (4.70%) compared to HDV (3.10%). In terms of maximum drawdown, KBWD dropped -58.63% vs HDV's -37.04%.

On 10-year performance, HDV leads with 9.47% vs 5.25% for KBWD. 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 5.25%. 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 1.24% for KBWD.

KBWD has the higher dividend yield at 14.14%, compared with 2.84% for HDV.

KBWD is categorized as Financials Equities, while HDV is Dividend. KBWD tracks KBW Nasdaq Financial Sector Dividend Yield Index, while HDV tracks Morningstar Dividend Yield Focus Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 1.24% for KBWD and 0.08% for HDV.

HDV currently has the higher Sharpe Ratio (2.23 vs 0.13), 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.

Portfolio Optimizer

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