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TMAT vs. HDV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TMAT vs. HDV

Last updated Jun 24, 2026

TMAT (Main Thematic Innovation ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - TMAT is a Technology Equities fund tracking the MSCI ACWI Index, while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 5 years, TMAT returned 4.62%/yr vs 11.09%/yr for HDV. At a 0.27 correlation, their price movements are largely independent. TMAT charges 1.49%/yr vs 0.08%/yr for HDV.

Performance

TMAT vs. HDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Main Thematic Innovation ETF (TMAT) 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, TMAT achieves a 18.93% return, which is significantly higher than HDV's 14.07% return.

TMAT

1D
-3.52%
1M
3.97%
YTD
18.93%
6M
16.10%
1Y
34.95%
3Y*
27.57%
5Y*
4.62%
10Y*
—

HDV

1D
1.33%
1M
-1.35%
YTD
14.07%
6M
14.08%
1Y
21.06%
3Y*
15.48%
5Y*
11.09%
10Y*
9.45%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TMAT vs. HDV - Yearly Performance Comparison

2026 (YTD)20252024202320222021
TMAT
Main Thematic Innovation ETF		18.93%20.06%27.20%32.32%-39.29%-18.01%
HDV
iShares Core High Dividend ETF		14.07%11.90%14.16%1.72%7.05%18.55%

Correlation

The correlation between TMAT and HDV is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

-0.09

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

0.15

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

0.28

Correlation (All Time)
Calculated using the full available price history since Jan 29, 2021

0.27

The correlation between TMAT and HDV shifts across timeframes, from -0.09 (1 year) to 0.28 (5 years), reflecting how their relationship changes across market environments.

TMAT vs. HDV - Sectors Allocation Comparison

Sectors
TMAT
HDV

Technology

53.0%
0.2%

Industrials

23.0%
3.5%

Basic Materials

11.2%
0.8%

Healthcare

8.7%
22.6%

Communication Services

2.4%
5.7%

Utilities

2.2%
8.1%

Financial Services

2.1%
4.7%

Consumer Cyclical

1.6%
9.2%

Energy

0.3%
20.2%

Consumer Defensive

-

24.5%

Real Estate

-

-

Technology

TMAT
53.0%
HDV
0.2%

Industrials

TMAT
23.0%
HDV
3.5%

Basic Materials

TMAT
11.2%
HDV
0.8%

Healthcare

TMAT
8.7%
HDV
22.6%

Communication Services

TMAT
2.4%
HDV
5.7%

Utilities

TMAT
2.2%
HDV
8.1%

Financial Services

TMAT
2.1%
HDV
4.7%

Consumer Cyclical

TMAT
1.6%
HDV
9.2%

Energy

TMAT
0.3%
HDV
20.2%

Consumer Defensive

TMAT

-

HDV
24.5%

Real Estate

TMAT

-

HDV

-

Compare stocks, funds, or ETFs

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

Main Thematic Innovation ETF

iShares Core High Dividend ETF

Often compared with TMAT:
TMAT vs. UAETMAT vs. QQQTMAT vs. QTUM-USDTMAT vs. arkkTMAT vs. FTECTMAT vs. AIQTMAT vs. MGK
Often compared with HDV:
HDV vs. SCHDHDV vs. VYMHDV vs. SPYDHDV vs. DGROHDV vs. DVYHDV vs. VIGHDV vs. SPY

Return for Risk

TMAT vs. HDV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TMAT
TMAT Risk / Return Rank: 3636
Overall Rank
TMAT Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
TMAT Sortino Ratio Rank: 3838
Sortino Ratio Rank
TMAT Omega Ratio Rank: 3737
Omega Ratio Rank
TMAT Calmar Ratio Rank: 3535
Calmar Ratio Rank
TMAT Martin Ratio Rank: 2929
Martin Ratio Rank
HDV
HDV Risk / Return Rank: 7070
Overall Rank
HDV Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
HDV Sortino Ratio Rank: 7373
Sortino Ratio Rank
HDV Omega Ratio Rank: 6262
Omega Ratio Rank
HDV Calmar Ratio Rank: 8181
Calmar Ratio Rank
HDV Martin Ratio Rank: 6464
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.

TMAT vs. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Main Thematic Innovation ETF (TMAT) 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.

TMATHDVDifference
Sharpe ratioReturn per unit of total volatility
1.36
2.13

-0.77

Sortino ratioReturn per unit of downside risk
1.85
3.13

-1.27

Omega ratioGain probability vs. loss probability

1.23

1.36

-0.13

Calmar ratioReturn relative to maximum drawdown

1.62

4.09

-2.46

Martin ratioReturn relative to average drawdown

3.77

11.19

-7.42

TMAT vs. HDV - Sharpe Ratio Comparison

The current TMAT Sharpe Ratio is 1.36, which is lower than the HDV Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of TMAT 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

TMAT vs. HDV - Drawdown Comparison

The maximum TMAT drawdown since its inception was -58.55%, which is greater than HDV's maximum drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for TMAT and HDV.

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Drawdown Indicators

TMATHDVDifference

Max Drawdown

Largest peak-to-trough decline

-58.55%

-37.04%

-21.51%

Max Drawdown (1Y)

Largest decline over 1 year

-21.63%

-5.18%

-16.45%

Max Drawdown (3Y)

Largest decline over 3 years

-33.42%

-10.49%

-22.93%

Max Drawdown (5Y)

Largest decline over 5 years

-52.10%

-15.42%

-36.68%

Max Drawdown (10Y)

Largest decline over 10 years

—

-37.04%

—

Current Drawdown

Current decline from peak

-4.36%

-1.35%

-3.01%

Average Drawdown

Average peak-to-trough decline

-31.93%

-3.08%

-28.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.30%

1.89%

+7.41%

Volatility

TMAT vs. HDV - Volatility Comparison

Main Thematic Innovation ETF (TMAT) has a higher volatility of 11.45% compared to iShares Core High Dividend ETF (HDV) at 3.64%. This indicates that TMAT'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

TMATHDVDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.45%

3.64%

+7.81%

Volatility (6M)

Calculated over the trailing 6-month period

18.86%

7.61%

+11.25%

Volatility (1Y)

Calculated over the trailing 1-year period

25.75%

9.93%

+15.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.83%

12.81%

+18.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

30.75%

15.73%

+15.02%

TMAT vs. HDV - Expense Ratio Comparison

TMAT has a 1.49% expense ratio, which is higher than HDV's 0.08% expense ratio.

Dividends

TMAT vs. HDV - Dividend Comparison

TMAT's dividend yield for the trailing twelve months is around 0.02%, less than HDV's 2.90% yield.

PositionTTM20252024202320222021202020192018201720162015
HDV
iShares Core High Dividend ETF		2.90%3.22%3.67%3.82%3.56%3.47%4.07%3.27%3.67%3.27%3.28%3.92%
TMAT
Main Thematic Innovation ETF		0.02%0.02%0.00%0.00%0.34%0.20%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

TMAT and HDV have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TMAT has higher volatility (11.45%) compared to HDV (3.64%). In terms of maximum drawdown, TMAT dropped -58.55% vs HDV's -37.04%.

On 5-year performance, HDV leads with 11.09% vs 4.62% for TMAT. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 3.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, HDV has performed better with a 11.09% return vs 4.62%. 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 1.49% for TMAT.

HDV has the higher dividend yield at 2.90%, compared with 0.02% for TMAT.

TMAT is categorized as Technology Equities, while HDV is Dividend. TMAT tracks MSCI ACWI Index, while HDV tracks Morningstar Dividend Yield Focus Index. They also come from different issuers: Main Management and iShares. Their fees differ too: 1.49% for TMAT and 0.08% for HDV.

HDV currently has the higher Sharpe Ratio (2.13 vs 1.36), 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.

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