OUSA vs. HDV

Last updated Jun 4, 2026

OUSA (OShares U.S. Quality Dividend ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - OUSA is a Large Cap Growth Equities fund tracking the O'Shares US Quality Dividend Index, while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, OUSA returned 10.22%/yr vs 9.26%/yr for HDV. Their correlation of 0.81 suggests significant overlap in exposure. OUSA charges 0.48%/yr vs 0.08%/yr for HDV.

Performance

OUSA vs. HDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in OShares U.S. Quality Dividend ETF (OUSA) 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, OUSA achieves a 1.05% return, which is significantly lower than HDV's 12.69% return. Over the past 10 years, OUSA has outperformed HDV with an annualized return of 10.22%, while HDV has yielded a comparatively lower 9.26% annualized return.

OUSA

• 1D: -0.75%
• 1M: 1.02%
• YTD: 1.05%
• 6M: 1.29%
• 1Y: 9.81%
• 3Y*: 12.63%
• 5Y*: 8.62%
• 10Y*: 10.22%

HDV

• 1D: 0.37%
• 1M: 0.29%
• YTD: 12.69%
• 6M: 12.16%
• 1Y: 20.35%
• 3Y*: 14.94%
• 5Y*: 10.32%
• 10Y*: 9.26%

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

OUSA vs. HDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OUSA OShares U.S. Quality Dividend ETF	1.05%	10.23%	17.09%	13.44%	-9.33%	23.75%	6.96%	25.03%	-3.11%	18.81%
HDV iShares Core High Dividend ETF	12.69%	11.90%	14.16%	1.72%	7.05%	19.45%	-6.48%	20.22%	-3.01%	13.40%

Correlation

The correlation between OUSA and HDV is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jul 15, 2015	0.81

Over the past year, the correlation between OUSA and HDV has dropped to 0.56 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

OUSA vs. HDV - Sectors Allocation Comparison

Sectors	OUSA	HDV
Technology	23.4%	8.2%
Financial Services	18.5%	11.1%
Healthcare	14.1%	16.5%
Consumer Cyclical	13.4%	6.1%
Industrials	11.6%	1.4%
Communication Services	11.4%	0.1%
Consumer Defensive	7.6%	24.1%
Basic Materials	-	1.2%
Energy	-	22.3%
Real Estate	-	-
Utilities	-	9.2%

Return for Risk

OUSA vs. HDV — Risk / Return Rank

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

OUSA

OUSA Risk / Return Rank: 27
OUSA Sharpe Ratio Rank: 28
OUSA Sortino Ratio Rank: 28
OUSA Omega Ratio Rank: 26
OUSA Calmar Ratio Rank: 25
OUSA Martin Ratio Rank: 29

HDV

HDV Risk / Return Rank: 64
HDV Sharpe Ratio Rank: 61
HDV Sortino Ratio Rank: 66
HDV Omega Ratio Rank: 57
HDV Calmar Ratio Rank: 76
HDV Martin Ratio Rank: 61

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.

OUSA vs. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for OShares U.S. Quality Dividend ETF (OUSA) 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.

	OUSA	HDV	Difference
Sharpe ratio: Return per unit of total volatility	1.01	2.10	-1.09
Sortino ratio: Return per unit of downside risk	1.53	3.11	-1.58
Omega ratio: Gain probability vs. loss probability	1.18	1.36	-0.18
Calmar ratio: Return relative to maximum drawdown	1.18	3.95	-2.77
Martin ratio: Return relative to average drawdown	4.19	11.02	-6.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OUSA vs. HDV - Sharpe Ratio Comparison

The current OUSA Sharpe Ratio is 1.01, which is lower than the HDV Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of OUSA 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.

Sharpe Ratios by Period

	OUSA	HDV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	2.10	-1.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.81	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.59	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.72	-0.04

Drawdowns

OUSA vs. HDV - Drawdown Comparison

The maximum OUSA drawdown since its inception was -33.12%, smaller than the maximum HDV drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for OUSA and HDV.

Drawdown Indicators

	OUSA	HDV	Difference
Max Drawdown Largest peak-to-trough decline	-33.12%	-37.04%	+3.92%
Max Drawdown (1Y) Largest decline over 1 year	-8.36%	-5.18%	-3.18%
Max Drawdown (3Y) Largest decline over 3 years	-13.14%	-10.49%	-2.65%
Max Drawdown (5Y) Largest decline over 5 years	-19.54%	-15.42%	-4.12%
Max Drawdown (10Y) Largest decline over 10 years	-33.12%	-37.04%	+3.92%
Current Drawdown Current decline from peak	-2.58%	-2.54%	-0.04%
Average Drawdown Average peak-to-trough decline	-3.53%	-3.09%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	1.85%	+0.50%

Volatility

OUSA vs. HDV - Volatility Comparison

The current volatility for OShares U.S. Quality Dividend ETF (OUSA) is 2.25%, while iShares Core High Dividend ETF (HDV) has a volatility of 3.19%. This indicates that OUSA 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

	OUSA	HDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.25%	3.19%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	7.18%	7.56%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	9.75%	9.73%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.30%	12.82%	+0.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.16%	15.73%	-0.57%

OUSA vs. HDV - Expense Ratio Comparison

OUSA has a 0.48% expense ratio, which is higher than HDV's 0.08% expense ratio.

Dividends

OUSA vs. HDV - Dividend Comparison

OUSA's dividend yield for the trailing twelve months is around 1.42%, less than HDV's 2.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDV iShares Core High Dividend ETF	2.91%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%
OUSA OShares U.S. Quality Dividend ETF	1.42%	1.39%	1.50%	1.81%	1.92%	1.56%	2.03%	2.31%	3.06%	2.15%	2.32%	1.17%

Frequently Asked Questions

Can I hold both OUSA and HDV in my portfolio?

OUSA and HDV have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OUSA or HDV?

HDV has higher volatility (3.19%) compared to OUSA (2.25%). In terms of maximum drawdown, OUSA dropped -33.12% vs HDV's -37.04%.

Which ETF is better, OUSA or HDV?

On 10-year performance, OUSA leads with 10.22% vs 9.26% for HDV. On fees, HDV is cheaper at 0.08% per year. On volatility, OUSA has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OUSA or HDV?

Over the 10-year period, OUSA has performed better with a 10.22% return vs 9.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUSA or HDV?

HDV is cheaper with a 0.08% expense ratio, compared with 0.48% for OUSA.

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

HDV has the higher dividend yield at 2.91%, compared with 1.42% for OUSA.

What is the main difference between OUSA and HDV?

OUSA is categorized as Large Cap Growth Equities, while HDV is Dividend. OUSA tracks O'Shares US Quality Dividend Index, while HDV tracks Morningstar Dividend Yield Focus Index. They also come from different issuers: O'Shares Investments and iShares. Their fees differ too: 0.48% for OUSA and 0.08% for HDV.

Which has better risk-adjusted returns?

HDV currently has the higher Sharpe Ratio (2.10 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.