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VMNVX vs. HDV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VMNVX vs. HDV

Last updated Aug 2, 2026
Documentation

VMNVX (Vanguard Global Minimum Volatility Fund Admiral Shares) and HDV (iShares Core High Dividend ETF) are both funds - VMNVX is a Global Equities fund managed by Vanguard, while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Over the past 10 years, VMNVX returned 8.45%/yr vs 9.66%/yr for HDV. Their 0.75 correlation means they have sometimes moved together and sometimes differently. VMNVX charges 0.14%/yr vs 0.08%/yr for HDV.

Performance

VMNVX vs. HDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Global Minimum Volatility Fund Admiral Shares (VMNVX) 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, VMNVX achieves a 10.21% return, which is significantly lower than HDV's 20.03% return. Over the past 10 years, VMNVX has underperformed HDV with an annualized return of 8.45%, while HDV has yielded a comparatively higher 9.66% annualized return.

VMNVX

1D
-0.06%
1M
0.46%
6M
6.43%
YTD
10.21%
1Y
15.46%
3Y*
13.49%
5Y*
9.12%
10Y*
8.45%
ALL TIME*
9.19%

HDV

1D
0.03%
1M
2.79%
6M
10.43%
YTD
20.03%
1Y
25.63%
3Y*
15.43%
5Y*
12.05%
10Y*
9.66%
ALL TIME*
10.83%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

HDV

iShares Core High Dividend ETF
$196.84M$160.55M$106.56M

VMNVX

Vanguard Global Minimum Volatility Fund Admiral Shares
$0.00$0.00$0.00

VMNVX vs. HDV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VMNVX
Vanguard Global Minimum Volatility Fund Admiral Shares		10.21%12.83%13.42%7.94%-4.46%15.40%-3.94%22.66%-1.70%16.03%
HDV
iShares Core High Dividend ETF		20.03%11.90%14.16%1.72%7.05%19.45%-6.48%20.22%-3.01%13.40%

Correlation

The correlation between VMNVX and HDV is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.56

Correlation (3Y)
Balances recent behavior with more history.

0.67

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.72

Correlation (10Y)
Provides a long-term view across more market conditions.

0.73

Correlation (All Time)
Calculated using the full available price history since Dec 17, 2013

0.75

The correlation between VMNVX and HDV shifts across timeframes, from 0.56 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

VMNVX vs. HDV - Sectors Allocation Comparison

Sectors
VMNVX
HDV

Technology

20.9%
0.9%

Financial Services

12.8%
4.7%

Healthcare

12.8%
23.9%

Industrials

11.4%
2.8%

Consumer Defensive

10.1%
24.3%

Communication Services

9.8%
5.2%

Consumer Cyclical

7.9%
9.3%

Utilities

7.1%
8.2%

Energy

4.3%
19.8%

Real Estate

2.8%

-

Basic Materials

0.2%
0.8%

Technology

VMNVX
20.9%
HDV
0.9%

Financial Services

VMNVX
12.8%
HDV
4.7%

Healthcare

VMNVX
12.8%
HDV
23.9%

Industrials

VMNVX
11.4%
HDV
2.8%

Consumer Defensive

VMNVX
10.1%
HDV
24.3%

Communication Services

VMNVX
9.8%
HDV
5.2%

Consumer Cyclical

VMNVX
7.9%
HDV
9.3%

Utilities

VMNVX
7.1%
HDV
8.2%

Energy

VMNVX
4.3%
HDV
19.8%

Real Estate

VMNVX
2.8%
HDV

-

Basic Materials

VMNVX
0.2%
HDV
0.8%

Compare stocks, funds, or ETFs

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

Vanguard Global Minimum Volatility Fund Admiral Shares

iShares Core High Dividend ETF

Often compared with VMNVX:
VMNVX vs. VMVFXVMNVX vs. VOOVMNVX vs. VIGVMNVX vs. VVIAXVMNVX vs. ^GSPCVMNVX vs. vtwaxVMNVX vs. VTWAX
Often compared with HDV:
HDV vs. SCHDHDV vs. VYMHDV vs. SPYDHDV vs. DGROHDV vs. DVYHDV vs. VIGHDV vs. SPY

Return for Risk

VMNVX vs. HDV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VMNVX
VMNVX Risk / Return Rank: 8181
Overall Rank
VMNVX Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
VMNVX Sortino Ratio Rank: 8585
Sortino Ratio Rank
VMNVX Omega Ratio Rank: 8282
Omega Ratio Rank
VMNVX Calmar Ratio Rank: 7474
Calmar Ratio Rank
VMNVX Martin Ratio Rank: 7777
Martin Ratio Rank
HDV
HDV Risk / Return Rank: 9292
Overall Rank
HDV Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
HDV Sortino Ratio Rank: 9393
Sortino Ratio Rank
HDV Omega Ratio Rank: 9090
Omega Ratio Rank
HDV Calmar Ratio Rank: 9494
Calmar Ratio Rank
HDV Martin Ratio Rank: 8989
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VMNVX vs. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Minimum Volatility Fund Admiral Shares (VMNVX) 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.

VMNVXHDVDifference
Sharpe ratioReturn per unit of total volatility
2.09
2.39

-0.30

Sortino ratioReturn per unit of downside risk
3.02
3.58

-0.57

Omega ratioGain probability vs. loss probability

1.38

1.42

-0.04

Calmar ratioReturn relative to maximum drawdown

2.34

4.98

-2.64

Martin ratioReturn relative to average drawdown

9.03

13.63

-4.60

VMNVX vs. HDV - Sharpe Ratio Comparison

The current VMNVX Sharpe Ratio is 2.09, which is comparable to the HDV Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of VMNVX 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

VMNVX vs. HDV - Drawdown Comparison

The maximum VMNVX drawdown since its inception was -33.11%, smaller than the maximum HDV drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for VMNVX and HDV.

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Drawdown Indicators

VMNVXHDVDifference

Max Drawdown

Largest peak-to-trough decline

-33.11%

-37.04%

+3.93%

Max Drawdown (1Y)

Largest decline over 1 year

-6.24%

-5.18%

-1.06%

Max Drawdown (3Y)

Largest decline over 3 years

-7.93%

-10.49%

+2.56%

Max Drawdown (5Y)

Largest decline over 5 years

-12.93%

-15.42%

+2.49%

Max Drawdown (10Y)

Largest decline over 10 years

-33.11%

-37.04%

+3.93%

Current Drawdown

Current decline from peak

-0.46%

-1.41%

+0.95%

Average Drawdown

Average peak-to-trough decline

-2.78%

-3.06%

+0.28%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.61%

1.89%

-0.28%

Volatility

VMNVX vs. HDV - Volatility Comparison

The current volatility for Vanguard Global Minimum Volatility Fund Admiral Shares (VMNVX) is 1.96%, while iShares Core High Dividend ETF (HDV) has a volatility of 4.98%. This indicates that VMNVX 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.

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Volatility by Period

VMNVXHDVDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.96%

4.98%

-3.02%

Volatility (6M)

Calculated over the trailing 6-month period

5.57%

8.72%

-3.15%

Volatility (1Y)

Calculated over the trailing 1-year period

7.01%

10.85%

-3.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.54%

12.95%

-3.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.91%

15.78%

-3.87%

VMNVX vs. HDV - Expense Ratio Comparison

VMNVX has a 0.14% 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

VMNVX vs. HDV - Dividend Comparison

VMNVX's dividend yield for the trailing twelve months is around 9.13%, more than HDV's 3.07% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VMNVX
Vanguard Global Minimum Volatility Fund Admiral Shares		9.13%10.07%3.84%3.13%5.03%6.33%2.15%4.62%7.37%2.31%2.82%3.30%

Frequently Asked Questions

VMNVX 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.

HDV has higher volatility (4.98%) compared to VMNVX (1.96%). In terms of maximum drawdown, VMNVX dropped -33.11% vs HDV's -37.04%.

HDV currently has the higher Sharpe Ratio (2.39 vs 2.09), 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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