LVHD vs. MADVX

Last updated Jun 4, 2026

LVHD (Legg Mason Low Volatility High Dividend ETF) and MADVX (BlackRock Equity Dividend Fund) are both funds - LVHD is a Volatility Hedged Equity fund tracking the QS Low Volatility High Dividend Index, while MADVX is a Large Cap Value Equities fund managed by BlackRock. Over the past 10 years, LVHD returned 8.03%/yr vs 11.51%/yr for MADVX. A 0.74 correlation means they provide meaningful diversification when combined. LVHD charges 0.27%/yr vs 0.68%/yr for MADVX.

Performance

LVHD vs. MADVX - Performance Comparison

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

Returns By Period

In the year-to-date period, LVHD achieves a 6.72% return, which is significantly lower than MADVX's 9.66% return. Over the past 10 years, LVHD has underperformed MADVX with an annualized return of 8.03%, while MADVX has yielded a comparatively higher 11.51% annualized return.

LVHD

• 1D: -0.14%
• 1M: -1.27%
• YTD: 6.72%
• 6M: 6.51%
• 1Y: 9.60%
• 3Y*: 9.33%
• 5Y*: 6.06%
• 10Y*: 8.03%

MADVX

• 1D: 0.66%
• 1M: 3.69%
• YTD: 9.66%
• 6M: 11.95%
• 1Y: 25.07%
• 3Y*: 16.11%
• 5Y*: 9.18%
• 10Y*: 11.51%

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

LVHD vs. MADVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LVHD Legg Mason Low Volatility High Dividend ETF	6.72%	7.50%	10.18%	-0.95%	-1.82%	26.90%	-1.28%	22.91%	-5.58%	14.25%
MADVX BlackRock Equity Dividend Fund	9.66%	21.70%	6.98%	12.71%	-3.97%	20.13%	4.03%	27.58%	-7.15%	16.31%

Correlation

The correlation between LVHD and MADVX is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Dec 30, 2015	0.74

The correlation between LVHD and MADVX shifts across timeframes, from 0.62 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

LVHD vs. MADVX — Risk / Return Rank

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

LVHD

LVHD Risk / Return Rank: 28
LVHD Sharpe Ratio Rank: 28
LVHD Sortino Ratio Rank: 27
LVHD Omega Ratio Rank: 25
LVHD Calmar Ratio Rank: 31
LVHD Martin Ratio Rank: 28

MADVX

MADVX Risk / Return Rank: 62
MADVX Sharpe Ratio Rank: 65
MADVX Sortino Ratio Rank: 63
MADVX Omega Ratio Rank: 59
MADVX Calmar Ratio Rank: 57
MADVX Martin Ratio Rank: 63

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. MADVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Legg Mason Low Volatility High Dividend ETF (LVHD) and BlackRock Equity Dividend Fund (MADVX). 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	MADVX	Difference
Sharpe ratio: Return per unit of total volatility	1.01	2.37	-1.35
Sortino ratio: Return per unit of downside risk	1.51	3.32	-1.81
Omega ratio: Gain probability vs. loss probability	1.17	1.43	-0.26
Calmar ratio: Return relative to maximum drawdown	1.56	2.91	-1.35
Martin ratio: Return relative to average drawdown	3.98	12.30	-8.32
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. MADVX - Sharpe Ratio Comparison

The current LVHD Sharpe Ratio is 1.01, which is lower than the MADVX Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of LVHD and MADVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LVHD	MADVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	2.37	-1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.65	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.71	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.67	-0.10

Drawdowns

LVHD vs. MADVX - Drawdown Comparison

The maximum LVHD drawdown since its inception was -37.32%, smaller than the maximum MADVX drawdown of -50.00%. Use the drawdown chart below to compare losses from any high point for LVHD and MADVX.

Drawdown Indicators

	LVHD	MADVX	Difference
Max Drawdown Largest peak-to-trough decline	-37.32%	-50.00%	+12.68%
Max Drawdown (1Y) Largest decline over 1 year	-6.17%	-9.01%	+2.84%
Max Drawdown (3Y) Largest decline over 3 years	-14.29%	-15.22%	+0.93%
Max Drawdown (5Y) Largest decline over 5 years	-16.75%	-18.05%	+1.30%
Max Drawdown (10Y) Largest decline over 10 years	-37.32%	-35.94%	-1.38%
Current Drawdown Current decline from peak	-4.84%	0.00%	-4.84%
Average Drawdown Average peak-to-trough decline	-4.05%	-5.29%	+1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	2.13%	+0.29%

Volatility

LVHD vs. MADVX - Volatility Comparison

Legg Mason Low Volatility High Dividend ETF (LVHD) and BlackRock Equity Dividend Fund (MADVX) have volatilities of 2.86% and 2.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LVHD	MADVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	2.91%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	6.64%	8.70%	-2.06%
Volatility (1Y) Calculated over the trailing 1-year period	9.52%	11.10%	-1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.87%	14.21%	-1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.50%	16.31%	-0.81%

LVHD vs. MADVX - Expense Ratio Comparison

LVHD has a 0.27% expense ratio, which is lower than MADVX's 0.68% expense ratio.

Dividends

LVHD vs. MADVX - Dividend Comparison

LVHD's dividend yield for the trailing twelve months is around 3.40%, less than MADVX's 9.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LVHD Legg Mason Low Volatility High Dividend ETF	3.40%	3.35%	4.23%	3.55%	3.30%	2.56%	3.27%	3.30%	3.82%	3.33%	2.48%	0.00%
MADVX BlackRock Equity Dividend Fund	9.36%	10.23%	8.58%	7.08%	13.50%	12.15%	6.35%	13.15%	14.04%	14.38%	7.98%	18.44%

Frequently Asked Questions

Can I hold both LVHD and MADVX in my portfolio?

LVHD and MADVX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LVHD or MADVX?

MADVX has higher volatility (2.91%) compared to LVHD (2.86%). In terms of maximum drawdown, LVHD dropped -37.32% vs MADVX's -50.00%.

Which has better risk-adjusted returns?

MADVX currently has the higher Sharpe Ratio (2.37 vs 1.01), 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.