LVHD vs. HDV

Last updated Apr 2, 2026

Compare and contrast key facts about Legg Mason Low Volatility High Dividend ETF (LVHD) and iShares Core High Dividend ETF (HDV).

LVHD and HDV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. LVHD is a passively managed fund by Franklin Templeton that tracks the performance of the QS Low Volatility High Dividend Index. It was launched on Dec 29, 2015. HDV is a passively managed fund by iShares that tracks the performance of the Morningstar Dividend Yield Focus Index. It was launched on Mar 29, 2011. Both LVHD and HDV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

LVHD vs. HDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Legg Mason Low Volatility High Dividend ETF (LVHD) and iShares Core High Dividend ETF (HDV). The values are adjusted to include any dividend payments, if applicable.

LVHD vs. HDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LVHD Legg Mason Low Volatility High Dividend ETF	6.73%	7.50%	10.18%	-0.95%	-1.82%	26.90%	-1.28%	22.91%	-5.58%	14.25%
HDV iShares Core High Dividend ETF	10.85%	11.90%	14.16%	1.72%	7.05%	19.45%	-6.48%	20.22%	-3.01%	13.40%

Returns By Period

In the year-to-date period, LVHD achieves a 6.73% return, which is significantly lower than HDV's 10.85% return. Over the past 10 years, LVHD has underperformed HDV with an annualized return of 8.18%, while HDV has yielded a comparatively higher 9.38% annualized return.

LVHD

• 1D: -0.18%
• 1M: -4.83%
• YTD: 6.73%
• 6M: 5.06%
• 1Y: 7.56%
• 3Y*: 8.47%
• 5Y*: 7.55%
• 10Y*: 8.18%

HDV

• 1D: -1.29%
• 1M: -3.84%
• YTD: 10.85%
• 6M: 10.91%
• 1Y: 14.78%
• 3Y*: 13.48%
• 5Y*: 10.90%
• 10Y*: 9.38%

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

LVHD vs. HDV - Expense Ratio Comparison

LVHD has a 0.27% 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%.

LVHD

Legg Mason Low Volatility High Dividend ETF

HDV

iShares Core High Dividend ETF

Return for Risk

LVHD vs. HDV — Risk / Return Rank

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

LVHD

LVHD Risk / Return Rank: 32
LVHD Sharpe Ratio Rank: 32
LVHD Sortino Ratio Rank: 31
LVHD Omega Ratio Rank: 29
LVHD Calmar Ratio Rank: 33
LVHD Martin Ratio Rank: 33

HDV

HDV Risk / Return Rank: 58
HDV Sharpe Ratio Rank: 64
HDV Sortino Ratio Rank: 60
HDV Omega Ratio Rank: 61
HDV Calmar Ratio Rank: 53
HDV Martin Ratio Rank: 52

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.

LVHD vs. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Legg Mason Low Volatility High Dividend ETF (LVHD) 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.

	LVHD	HDV	Difference
Sharpe ratio Return per unit of total volatility	0.63	1.16	-0.53
Sortino ratio Return per unit of downside risk	0.95	1.60	-0.65
Omega ratio Gain probability vs. loss probability	1.13	1.23	-0.11
Calmar ratio Return relative to maximum drawdown	0.85	1.41	-0.56
Martin ratio Return relative to average drawdown	3.03	5.27	-2.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LVHD vs. HDV - Sharpe Ratio Comparison

The current LVHD Sharpe Ratio is 0.63, which is lower than the HDV Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of LVHD and HDV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LVHD	HDV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	1.16	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.86	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.60	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.72	-0.15

Correlation

The correlation between LVHD and HDV is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

LVHD vs. HDV - Dividend Comparison

LVHD's dividend yield for the trailing twelve months is around 3.20%, more than HDV's 2.95% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LVHD Legg Mason Low Volatility High Dividend ETF	3.20%	3.35%	4.23%	3.55%	3.30%	2.56%	3.27%	3.30%	3.82%	3.33%	2.48%	0.00%
HDV iShares Core High Dividend ETF	2.95%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%

Drawdowns

LVHD vs. HDV - Drawdown Comparison

The maximum LVHD drawdown since its inception was -37.32%, roughly equal to the maximum HDV drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for LVHD and HDV.

Drawdown Indicators

	LVHD	HDV	Difference
Max Drawdown Largest peak-to-trough decline	-37.32%	-37.04%	-0.28%
Max Drawdown (1Y) Largest decline over 1 year	-8.38%	-9.78%	+1.40%
Max Drawdown (5Y) Largest decline over 5 years	-16.75%	-15.42%	-1.33%
Max Drawdown (10Y) Largest decline over 10 years	-37.32%	-37.04%	-0.28%
Current Drawdown Current decline from peak	-4.83%	-3.84%	-0.99%
Average Drawdown Average peak-to-trough decline	-4.05%	-3.09%	-0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	2.69%	-0.30%

Volatility

LVHD vs. HDV - Volatility Comparison

The current volatility for Legg Mason Low Volatility High Dividend ETF (LVHD) is 2.77%, while iShares Core High Dividend ETF (HDV) has a volatility of 2.95%. This indicates that LVHD experiences smaller price fluctuations and is considered to be less risky than HDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LVHD	HDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.77%	2.95%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	6.49%	7.18%	-0.69%
Volatility (1Y) Calculated over the trailing 1-year period	11.99%	12.80%	-0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.87%	12.80%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.49%	15.70%	-0.21%