VGWE.DE vs. HDLV.DE

Last updated Jul 16, 2026

VGWE.DE (Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Accumulating) and HDLV.DE (Invesco S&P 500 High Dividend Low Volatility UCITS ETF) are both Dividend funds - VGWE.DE tracks the FTSE All-World High Dividend Yield Index while HDLV.DE tracks the S&P 500 Low Volatility High Dividend Net Total Return Index. Both are passively managed. Over the past 5 years, VGWE.DE returned 12.25%/yr vs 7.83%/yr for HDLV.DE. A 0.70 correlation means they provide meaningful diversification when combined. VGWE.DE charges 0.29%/yr vs 0.30%/yr for HDLV.DE.

Performance

VGWE.DE vs. HDLV.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Accumulating (VGWE.DE) and Invesco S&P 500 High Dividend Low Volatility UCITS ETF (HDLV.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGWE.DE achieves a 16.24% return, which is significantly higher than HDLV.DE's 13.82% return.

VGWE.DE

• 1D: 0.00%
• 1M: 1.91%
• 6M: 12.22%
• YTD: 16.24%
• 1Y: 28.52%
• 3Y*: 17.50%
• 5Y*: 12.25%
• 10Y*: —

HDLV.DE

• 1D: 0.71%
• 1M: 3.67%
• 6M: 10.54%
• YTD: 13.82%
• 1Y: 14.93%
• 3Y*: 10.95%
• 5Y*: 7.83%
• 10Y*: 6.14%

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

VGWE.DE vs. HDLV.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VGWE.DE Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Accumulating	16.24%	12.81%	15.59%	7.89%	0.02%	27.81%	7.83%
HDLV.DE Invesco S&P 500 High Dividend Low Volatility UCITS ETF	13.82%	-8.06%	23.32%	-2.45%	6.28%	35.97%	2.09%

Correlation

The correlation between VGWE.DE and HDLV.DE is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jun 3, 2020	0.70

Over the past year, the correlation between VGWE.DE and HDLV.DE has dropped to 0.50 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

Return for Risk

VGWE.DE vs. HDLV.DE — Risk / Return Rank

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

VGWE.DE

VGWE.DE Risk / Return Rank: 94
VGWE.DE Sharpe Ratio Rank: 95
VGWE.DE Sortino Ratio Rank: 95
VGWE.DE Omega Ratio Rank: 94
VGWE.DE Calmar Ratio Rank: 92
VGWE.DE Martin Ratio Rank: 93

HDLV.DE

HDLV.DE Risk / Return Rank: 46
HDLV.DE Sharpe Ratio Rank: 45
HDLV.DE Sortino Ratio Rank: 49
HDLV.DE Omega Ratio Rank: 40
HDLV.DE Calmar Ratio Rank: 55
HDLV.DE Martin Ratio Rank: 43

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.

VGWE.DE vs. HDLV.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Accumulating (VGWE.DE) and Invesco S&P 500 High Dividend Low Volatility UCITS ETF (HDLV.DE). 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.

	VGWE.DE	HDLV.DE	Difference
Sharpe ratio: Return per unit of total volatility	3.03	1.33	+1.70
Sortino ratio: Return per unit of downside risk	4.24	2.02	+2.23
Omega ratio: Gain probability vs. loss probability	1.56	1.22	+0.33
Calmar ratio: Return relative to maximum drawdown	4.73	2.27	+2.47
Martin ratio: Return relative to average drawdown	18.75	5.78	+12.97

VGWE.DE vs. HDLV.DE - Sharpe Ratio Comparison

The current VGWE.DE Sharpe Ratio is 3.03, which is higher than the HDLV.DE Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of VGWE.DE and HDLV.DE, 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

VGWE.DE vs. HDLV.DE - Drawdown Comparison

The maximum VGWE.DE drawdown since its inception was -16.43%, smaller than the maximum HDLV.DE drawdown of -39.21%. Use the drawdown chart below to compare losses from any high point for VGWE.DE and HDLV.DE.

Drawdown Indicators

	VGWE.DE	HDLV.DE	Difference
Max Drawdown Largest peak-to-trough decline	-16.43%	-39.21%	+22.78%
Max Drawdown (1Y) Largest decline over 1 year	-6.00%	-6.56%	+0.56%
Max Drawdown (3Y) Largest decline over 3 years	-16.43%	-19.09%	+2.66%
Max Drawdown (5Y) Largest decline over 5 years	-16.43%	-19.99%	+3.56%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.21%	—
Current Drawdown Current decline from peak	-0.16%	-1.67%	+1.51%
Average Drawdown Average peak-to-trough decline	-2.33%	-8.69%	+6.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	2.58%	-1.06%

Volatility

VGWE.DE vs. HDLV.DE - Volatility Comparison

The current volatility for Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Accumulating (VGWE.DE) is 1.82%, while Invesco S&P 500 High Dividend Low Volatility UCITS ETF (HDLV.DE) has a volatility of 3.74%. This indicates that VGWE.DE experiences smaller price fluctuations and is considered to be less risky than HDLV.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGWE.DE	HDLV.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	3.74%	-1.92%
Volatility (6M) Calculated over the trailing 6-month period	7.11%	8.69%	-1.58%
Volatility (1Y) Calculated over the trailing 1-year period	9.37%	11.17%	-1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.49%	13.63%	-2.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.18%	17.11%	-4.93%

VGWE.DE vs. HDLV.DE - Expense Ratio Comparison

VGWE.DE has a 0.29% expense ratio, which is lower than HDLV.DE's 0.30% expense ratio.

Dividends

VGWE.DE vs. HDLV.DE - Dividend Comparison

VGWE.DE has not paid dividends to shareholders, while HDLV.DE's dividend yield for the trailing twelve months is around 3.44%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDLV.DE Invesco S&P 500 High Dividend Low Volatility UCITS ETF	3.44%	4.01%	3.43%	4.14%	3.60%	3.24%	4.64%	3.68%	3.70%	3.22%	2.93%	1.86%
VGWE.DE Vanguard FTSE All-World High Dividend Yield UCITS ETF USD Accumulating	0.00%	0.00%	0.00%	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 VGWE.DE and HDLV.DE in my portfolio?

VGWE.DE and HDLV.DE have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VGWE.DE or HDLV.DE?

On fees, VGWE.DE is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VGWE.DE or HDLV.DE?

VGWE.DE is cheaper with a 0.29% expense ratio, compared with 0.30% for HDLV.DE.

What is the main difference between VGWE.DE and HDLV.DE?

VGWE.DE tracks FTSE All-World High Dividend Yield Index, while HDLV.DE tracks S&P 500 Low Volatility High Dividend Net Total Return Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.29% for VGWE.DE and 0.30% for HDLV.DE.