XOUT vs. HDV

Last updated Jun 24, 2026

XOUT (GraniteShares XOUT U.S. Large Cap ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - XOUT is a Large Cap Growth Equities fund tracking the XOUT U.S. Large Cap Index, while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 5 years, XOUT returned 8.53%/yr vs 11.09%/yr for HDV. At a 0.41 correlation, their price movements are largely independent. XOUT charges 0.60%/yr vs 0.08%/yr for HDV.

Performance

XOUT vs. HDV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares XOUT U.S. Large Cap ETF (XOUT) 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, XOUT achieves a -10.33% return, which is significantly lower than HDV's 14.07% return.

XOUT

• 1D: 0.51%
• 1M: -4.09%
• YTD: -10.33%
• 6M: -11.73%
• 1Y: -0.34%
• 3Y*: 15.07%
• 5Y*: 8.53%
• 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)

XOUT vs. HDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XOUT GraniteShares XOUT U.S. Large Cap ETF	-10.33%	18.18%	23.11%	42.32%	-28.18%	26.13%	28.71%	11.72%
HDV iShares Core High Dividend ETF	14.07%	11.90%	14.16%	1.72%	7.05%	19.45%	-6.48%	6.29%

Correlation

The correlation between XOUT and HDV is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since Oct 7, 2019	0.41

The correlation between XOUT and HDV shifts across timeframes, from -0.12 (1 year) to 0.41 (all time), reflecting how their relationship changes across market environments.

XOUT vs. HDV - Sectors Allocation Comparison

Sectors	XOUT	HDV
Technology	35.1%	0.2%
Healthcare	17.3%	22.6%
Consumer Cyclical	15.4%	9.2%
Communication Services	12.4%	5.7%
Financial Services	9.6%	4.7%
Consumer Defensive	5.7%	24.5%
Industrials	3.3%	3.5%
Basic Materials	0.6%	0.8%
Real Estate	0.4%	-
Energy	0.2%	20.2%
Utilities	-	8.1%

Return for Risk

XOUT vs. HDV — Risk / Return Rank

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

XOUT

XOUT Risk / Return Rank: 8
XOUT Sharpe Ratio Rank: 9
XOUT Sortino Ratio Rank: 8
XOUT Omega Ratio Rank: 8
XOUT Calmar Ratio Rank: 9
XOUT Martin Ratio Rank: 8

HDV

HDV Risk / Return Rank: 70
HDV Sharpe Ratio Rank: 68
HDV Sortino Ratio Rank: 73
HDV Omega Ratio Rank: 62
HDV Calmar Ratio Rank: 81
HDV Martin Ratio Rank: 64

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.

XOUT vs. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares XOUT U.S. Large Cap ETF (XOUT) 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.

	XOUT	HDV	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	2.13	-2.15
Sortino ratio: Return per unit of downside risk	0.11	3.13	-3.01
Omega ratio: Gain probability vs. loss probability	1.01	1.36	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.01	4.09	-4.10
Martin ratio: Return relative to average drawdown	-0.04	11.19	-11.22

XOUT vs. HDV - Sharpe Ratio Comparison

The current XOUT Sharpe Ratio is -0.02, which is lower than the HDV Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of XOUT 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.

Drawdowns

XOUT vs. HDV - Drawdown Comparison

The maximum XOUT drawdown since its inception was -31.29%, smaller than the maximum HDV drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for XOUT and HDV.

Drawdown Indicators

	XOUT	HDV	Difference
Max Drawdown Largest peak-to-trough decline	-31.29%	-37.04%	+5.75%
Max Drawdown (1Y) Largest decline over 1 year	-23.21%	-5.18%	-18.03%
Max Drawdown (3Y) Largest decline over 3 years	-23.77%	-10.49%	-13.28%
Max Drawdown (5Y) Largest decline over 5 years	-31.29%	-15.42%	-15.87%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.04%	—
Current Drawdown Current decline from peak	-12.97%	-1.35%	-11.62%
Average Drawdown Average peak-to-trough decline	-8.42%	-3.08%	-5.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.55%	1.89%	+7.66%

Volatility

XOUT vs. HDV - Volatility Comparison

GraniteShares XOUT U.S. Large Cap ETF (XOUT) has a higher volatility of 8.52% compared to iShares Core High Dividend ETF (HDV) at 3.64%. This indicates that XOUT'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.

Volatility by Period

	XOUT	HDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.52%	3.64%	+4.88%
Volatility (6M) Calculated over the trailing 6-month period	16.61%	7.61%	+9.00%
Volatility (1Y) Calculated over the trailing 1-year period	20.02%	9.93%	+10.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.87%	12.81%	+9.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.22%	15.73%	+7.49%

XOUT vs. HDV - Expense Ratio Comparison

XOUT has a 0.60% expense ratio, which is higher than HDV's 0.08% expense ratio.

Dividends

XOUT vs. HDV - Dividend Comparison

XOUT has not paid dividends to shareholders, while HDV's dividend yield for the trailing twelve months is around 2.90%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XOUT GraniteShares XOUT U.S. Large Cap ETF	0.00%	0.00%	0.00%	0.40%	0.51%	0.28%	0.53%	0.19%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XOUT and HDV in my portfolio?

XOUT and HDV have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XOUT or HDV?

XOUT has higher volatility (8.52%) compared to HDV (3.64%). In terms of maximum drawdown, XOUT dropped -31.29% vs HDV's -37.04%.

Which ETF is better, XOUT or HDV?

On 5-year performance, HDV leads with 11.09% vs 8.53% for XOUT. 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.

Which ETF has performed better, XOUT or HDV?

Over the 5-year period, HDV has performed better with a 11.09% return vs 8.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XOUT or HDV?

HDV is cheaper with a 0.08% expense ratio, compared with 0.60% for XOUT.

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

HDV has the higher dividend yield at 2.90%, compared with 0.00% for XOUT.

What is the main difference between XOUT and HDV?

XOUT is categorized as Large Cap Growth Equities, while HDV is Dividend. XOUT tracks XOUT U.S. Large Cap Index, while HDV tracks Morningstar Dividend Yield Focus Index. They also come from different issuers: GraniteShares and iShares. Their fees differ too: 0.60% for XOUT and 0.08% for HDV.

Which has better risk-adjusted returns?

HDV currently has the higher Sharpe Ratio (2.13 vs -0.02), 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.