USCF vs. HDV

Last updated Jun 4, 2026

USCF (Themes US Cash Flow Champions ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - USCF is a Large Cap Value Equities fund tracking the Solactive US Cash Flow Champions Index - Benchmark TR Gross, while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past year, USCF returned 16.50% vs 20.35% for HDV. A 0.70 correlation means they provide meaningful diversification when combined. USCF charges 0.29%/yr vs 0.08%/yr for HDV.

Performance

USCF vs. HDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes US Cash Flow Champions ETF (USCF) 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, USCF achieves a 3.99% return, which is significantly lower than HDV's 12.69% return.

USCF

• 1D: -0.16%
• 1M: 1.07%
• YTD: 3.99%
• 6M: 4.77%
• 1Y: 16.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

USCF vs. HDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USCF Themes US Cash Flow Champions ETF	3.99%	15.71%	17.65%	2.14%
HDV iShares Core High Dividend ETF	12.69%	11.90%	14.16%	1.04%

Correlation

The correlation between USCF and HDV is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since Dec 14, 2023	0.70

The correlation between USCF and HDV has been stable across timeframes, ranging from 0.61 to 0.70 - a consistent structural relationship.

USCF vs. HDV - Sectors Allocation Comparison

Sectors	USCF	HDV
Financial Services	43.1%	11.1%
Energy	21.1%	22.3%
Healthcare	16.6%	16.5%
Technology	9.7%	8.2%
Consumer Defensive	3.4%	24.1%
Consumer Cyclical	2.7%	6.1%
Basic Materials	1.7%	1.2%
Communication Services	0.6%	0.1%
Industrials	0.4%	1.4%
Real Estate	0.1%	-
Utilities	-	9.2%

Return for Risk

USCF vs. HDV — Risk / Return Rank

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

USCF

USCF Risk / Return Rank: 44
USCF Sharpe Ratio Rank: 36
USCF Sortino Ratio Rank: 34
USCF Omega Ratio Rank: 37
USCF Calmar Ratio Rank: 59
USCF Martin Ratio Rank: 52

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.

USCF vs. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US Cash Flow Champions ETF (USCF) 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.

	USCF	HDV	Difference
Sharpe ratio: Return per unit of total volatility	1.29	2.10	-0.81
Sortino ratio: Return per unit of downside risk	1.83	3.11	-1.28
Omega ratio: Gain probability vs. loss probability	1.24	1.36	-0.12
Calmar ratio: Return relative to maximum drawdown	2.88	3.95	-1.06
Martin ratio: Return relative to average drawdown	8.69	11.02	-2.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USCF vs. HDV - Sharpe Ratio Comparison

The current USCF Sharpe Ratio is 1.29, which is lower than the HDV Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of USCF 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

	USCF	HDV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	2.10	-0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.81	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	0.72	+0.35

Drawdowns

USCF vs. HDV - Drawdown Comparison

The maximum USCF drawdown since its inception was -16.67%, smaller than the maximum HDV drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for USCF and HDV.

Drawdown Indicators

	USCF	HDV	Difference
Max Drawdown Largest peak-to-trough decline	-16.67%	-37.04%	+20.37%
Max Drawdown (1Y) Largest decline over 1 year	-5.75%	-5.18%	-0.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.04%	—
Current Drawdown Current decline from peak	-0.75%	-2.54%	+1.79%
Average Drawdown Average peak-to-trough decline	-2.23%	-3.09%	+0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	1.85%	+0.05%

Volatility

USCF vs. HDV - Volatility Comparison

The current volatility for Themes US Cash Flow Champions ETF (USCF) is 2.52%, while iShares Core High Dividend ETF (HDV) has a volatility of 3.19%. This indicates that USCF 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

	USCF	HDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.52%	3.19%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	10.07%	7.56%	+2.51%
Volatility (1Y) Calculated over the trailing 1-year period	12.82%	9.73%	+3.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.16%	12.82%	+2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.16%	15.73%	-0.57%

USCF vs. HDV - Expense Ratio Comparison

USCF has a 0.29% expense ratio, which is higher than HDV's 0.08% expense ratio.

Dividends

USCF vs. HDV - Dividend Comparison

USCF's dividend yield for the trailing twelve months is around 1.77%, 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%
USCF Themes US Cash Flow Champions ETF	1.77%	1.84%	1.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USCF and HDV in my portfolio?

USCF and HDV have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USCF or HDV?

HDV has higher volatility (3.19%) compared to USCF (2.52%). In terms of maximum drawdown, USCF dropped -16.67% vs HDV's -37.04%.

Which ETF is better, USCF or HDV?

On 1-year performance, HDV leads with 20.35% vs 16.50% for USCF. On fees, HDV is cheaper at 0.08% per year. On volatility, USCF has been the lower-risk option at 2.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USCF or HDV?

Over the 1-year period, HDV has performed better with a 20.35% return vs 16.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USCF or HDV?

HDV is cheaper with a 0.08% expense ratio, compared with 0.29% for USCF.

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

HDV has the higher dividend yield at 2.91%, compared with 1.77% for USCF.

What is the main difference between USCF and HDV?

USCF is categorized as Large Cap Value Equities, while HDV is Dividend. USCF tracks Solactive US Cash Flow Champions Index - Benchmark TR Gross, while HDV tracks Morningstar Dividend Yield Focus Index. They also come from different issuers: Themes and iShares. Their fees differ too: 0.29% for USCF and 0.08% for HDV.

Which has better risk-adjusted returns?

HDV currently has the higher Sharpe Ratio (2.10 vs 1.29), 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.