MTUM vs. HDV

Last updated Jul 26, 2026

MTUM (iShares MSCI USA Momentum Factor ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, MTUM returned 16.00%/yr vs 9.50%/yr for HDV. Their 0.53 correlation means they have sometimes moved together and sometimes differently. MTUM charges 0.15%/yr vs 0.08%/yr for HDV.

Performance

MTUM vs. HDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Momentum Factor ETF (MTUM) 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, MTUM achieves a 22.65% return, which is significantly higher than HDV's 20.12% return. Over the past 10 years, MTUM has outperformed HDV with an annualized return of 16.00%, while HDV has yielded a comparatively lower 9.50% annualized return.

MTUM

• 1D: -2.42%
• 1M: -9.70%
• 6M: 20.16%
• YTD: 22.65%
• 1Y: 27.88%
• 3Y*: 28.98%
• 5Y*: 13.15%
• 10Y*: 16.00%
• ALL TIME*: 15.84%

HDV

• 1D: 1.23%
• 1M: 4.76%
• 6M: 13.60%
• YTD: 20.12%
• 1Y: 24.04%
• 3Y*: 15.34%
• 5Y*: 12.15%
• 10Y*: 9.50%
• ALL TIME*: 10.85%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HDV iShares Core High Dividend ETF	$163.75M	$142.23M	$95.79M
MTUM iShares MSCI USA Momentum Factor ETF	$620.00M	$622.73M	$495.72M

MTUM vs. HDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MTUM iShares MSCI USA Momentum Factor ETF	22.65%	22.15%	32.89%	9.15%	-18.27%	13.36%	29.86%	27.25%	-1.67%	37.50%
HDV iShares Core High Dividend ETF	20.12%	11.90%	14.16%	1.72%	7.05%	19.45%	-6.48%	20.22%	-3.01%	13.40%

Correlation

The correlation between MTUM and HDV is -0.11, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.11
Correlation (3Y) Balances recent behavior with more history.	0.15
Correlation (5Y) Shows whether the relationship held over a longer period.	0.39
Correlation (10Y) Provides a long-term view across more market conditions.	0.46
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013	0.53

The correlation between MTUM and HDV shifts across timeframes, from -0.11 (1 year) to 0.53 (all time), reflecting how their relationship changes across market environments.

MTUM vs. HDV - Sectors Allocation Comparison

Sectors	MTUM	HDV
Technology	48.0%	0.9%
Industrials	15.3%	2.8%
Energy	11.3%	19.8%
Financial Services	5.2%	4.7%
Communication Services	4.9%	5.2%
Healthcare	4.0%	23.9%
Consumer Defensive	3.9%	24.3%
Consumer Cyclical	3.0%	9.3%
Basic Materials	2.1%	0.8%
Real Estate	1.5%	-
Utilities	0.6%	8.2%

Return for Risk

MTUM vs. HDV — Risk / Return Rank

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

MTUM

MTUM Risk / Return Rank: 55
MTUM Sharpe Ratio Rank: 49
MTUM Sortino Ratio Rank: 46
MTUM Omega Ratio Rank: 50
MTUM Calmar Ratio Rank: 66
MTUM Martin Ratio Rank: 62

HDV

HDV Risk / Return Rank: 90
HDV Sharpe Ratio Rank: 91
HDV Sortino Ratio Rank: 93
HDV Omega Ratio Rank: 88
HDV Calmar Ratio Rank: 93
HDV Martin Ratio Rank: 87

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.

MTUM vs. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) 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.

	MTUM	HDV	Difference
Sharpe ratio: Return per unit of total volatility	1.18	2.24	-1.06
Sortino ratio: Return per unit of downside risk	1.66	3.39	-1.73
Omega ratio: Gain probability vs. loss probability	1.22	1.39	-0.17
Calmar ratio: Return relative to maximum drawdown	2.31	4.65	-2.34
Martin ratio: Return relative to average drawdown	7.45	12.72	-5.27

MTUM vs. HDV - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 1.18, which is lower than the HDV Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of MTUM 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

MTUM vs. HDV - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum HDV drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for MTUM and HDV.

Drawdown Indicators

	MTUM	HDV	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-37.04%	+2.96%
Max Drawdown (1Y) Largest decline over 1 year	-12.49%	-5.18%	-7.31%
Max Drawdown (3Y) Largest decline over 3 years	-20.99%	-10.49%	-10.50%
Max Drawdown (5Y) Largest decline over 5 years	-32.28%	-15.42%	-16.86%
Max Drawdown (10Y) Largest decline over 10 years	-34.08%	-37.04%	+2.96%
Current Drawdown Current decline from peak	-11.25%	0.00%	-11.25%
Average Drawdown Average peak-to-trough decline	-6.20%	-3.07%	-3.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.87%	1.89%	+1.98%

Volatility

MTUM vs. HDV - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 11.65% compared to iShares Core High Dividend ETF (HDV) at 4.88%. This indicates that MTUM'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

	MTUM	HDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.65%	4.88%	+6.77%
Volatility (6M) Calculated over the trailing 6-month period	22.19%	8.55%	+13.64%
Volatility (1Y) Calculated over the trailing 1-year period	24.47%	10.74%	+13.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.65%	12.93%	+8.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.60%	15.77%	+5.83%

MTUM vs. HDV - Expense Ratio Comparison

MTUM has a 0.15% 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

MTUM vs. HDV - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.60%, less than HDV's 3.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDV iShares Core High Dividend ETF	3.07%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%
MTUM iShares MSCI USA Momentum Factor ETF	0.60%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%

Frequently Asked Questions

Can I hold both MTUM and HDV in my portfolio?

MTUM and HDV have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MTUM or HDV?

MTUM has higher volatility (11.65%) compared to HDV (4.88%). In terms of maximum drawdown, MTUM dropped -34.08% vs HDV's -37.04%.

Which ETF is better, MTUM or HDV?

On 10-year performance, MTUM leads with 16.00% vs 9.50% for HDV. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 4.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTUM or HDV?

Over the 10-year period, MTUM has performed better with a 16.00% return vs 9.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTUM or HDV?

HDV is cheaper with a 0.08% expense ratio, compared with 0.15% for MTUM.

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

HDV has the higher dividend yield at 3.07%, compared with 0.60% for MTUM.

What is the main difference between MTUM and HDV?

MTUM is categorized as Momentum, while HDV is Dividend. MTUM tracks MSCI USA Momentum SR Variant Index, while HDV tracks Morningstar Dividend Yield Focus Index. Their fees differ too: 0.15% for MTUM and 0.08% for HDV.

Which has better risk-adjusted returns?

HDV currently has the higher Sharpe Ratio (2.24 vs 1.18), 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.