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Dividend Vision

ETF Comparison

HDV vs DVY: Same Idea, Different Dividend Rulebooks

A head-to-head of iShares Core High Dividend and iShares Select Dividend covering index rules, cost, and cash.

Data updated September 18, 2026

Best for

  • DVYInvestors who want higher current income (3.36% vs 2.34% for HDV).
  • HDVInvestors who want a quality-dividend tilt rather than the whole market.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings.

DVY has lagged HDV over the trailing twelve months, posting a 17.14% total return against 21.60%. The picture flips over 10 years, though — DVY has compounded at 10.30% a year, ahead of HDV at 9.89%. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD1Y3Y5Y10YSince Mar 2011Volatility Sharpe Sortino Max drawdown
DVY13.61%17.14%16.35%10.41%10.30%11.28%13.8%0.771.10-16.0%
HDV20.08%21.60%15.70%12.56%9.89%10.78%11.6%0.871.25-10.5%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Mar 2011” measures every fund from March 31, 2011 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricDVYHDV
Full nameiShares Select Dividend ETFiShares Core High Dividend ETF
IssueriSharesiShares
Underlying indexDow Jones U.S. Select Dividend IndexMorningstar Dividend Yield Focus Index
Last Close$158.24 as of September 18, 2026$28.74 as of September 18, 2026
Distribution rate3.36%2.34%
Distribution Safety Score™ 10079
Safety-Adjusted Yield 3.36%1.85%
Expense ratio0.38%0.08%
AUM$23.1B$15.3B
Distribution frequencyQuarterlyMonthly
ObjectiveSeeks to track the Dow Jones U.S. Select Dividend Index, investing at least 80% of assets in the index constituents — leading U.S. stocks ranked by dividend yield.Seeks to track the Morningstar Dividend Yield Focus Index, investing at least 80% of assets in income-paying U.S. securities screened for company quality and financial health.
Asset classEquityEquity
Inception date11/03/200303/29/2011
Beta0.530.29
Last dividend$1.329 payable today$0.056 declared, pays 09/21/2026
Ex-dividend date09/15/202609/16/2026

Bottom lineChoose DVY if you want higher current income (3.36% vs 2.34% for HDV). Choose HDV if you want a quality-dividend tilt rather than the whole market.

DVY vs HDV: two iShares dividend screens

Same shop, two rulebooks. Index rules and payout cadence should drive the choice, not a one-date yield.

DVYHDV
IndexDow Jones U.S. Select Dividend IndexMorningstar Dividend Yield Focus Index
Payout cadencequarterlymonthly
Expense ratio0.38%0.08%
Distribution rate3.36%2.34%
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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

iShares
ETFs466
Total AUM$4551B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

iShares is one of the largest ETF providers globally, known for offering a broad, diversified lineup of exchange-traded funds across multiple asset classes and investment strategies. The company operates 215 funds spanning 15 distinct families, including popular offerings in dividend income, covered call strategies, bonds, equities, ESG-focused investments, and factor-based approaches, with widely-held tickers like AGG (bond), ACWI (global equity), and AOA (allocation). iShares is characterized by its comprehensive fund ecosystem that serves both core portfolio holdings and specialized investment strategies, making it a prominent player for investors seeking both traditional and alternative income-generating ETF solutions.

See our curated list of related YouTube videos on DVY and HDV.

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Quick verdict

DVY (iShares Select Dividend ETF) and HDV (iShares Core High Dividend ETF) are both dividend ETFs, but they take different approaches.

DVY offers the higher yield at 3.36% vs 2.34% for HDV. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

HDV is cheaper with an expense ratio of 0.08% compared to 0.38%.

They have different reference exposures: DVY is linked to Dow Jones U.S. Select Dividend Index while HDV is linked to Morningstar Dividend Yield Focus Index, which means their performance drivers differ.

DVY is the larger fund by assets ($23.1B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose DVY

iShares Select Dividend ETF

  • Want higher current income — DVY yields 3.36% vs 2.34% for HDV.
  • Want a quality-dividend tilt — screened payers rather than the broad index.

Choose HDV

iShares Core High Dividend ETF

  • Want a quality-dividend tilt — screened payers rather than the broad index.
  • Want to keep costs low — a 0.08% expense ratio vs 0.38% for DVY.
  • Prefer lower volatility — a beta of 0.3 vs 0.5 for DVY.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, DVY would generate roughly $28.00/month, while HDV would produce $19.50/month, at current distribution rates.

DVY yield3.36%
HDV yield2.34%
Monthly diff on $10K$8.50

Cost & efficiency

Over 10 years on $10,000, DVY would cost approximately $380 in fees vs $80 for HDV (simplified, not compounded). The $300.00 difference may be offset by yield or performance.

DVY ER0.38%
HDV ER0.08%

Strategy & risk

DVY tracks Dow Jones U.S. Select Dividend Index with a dividend approach, while HDV tracks Morningstar Dividend Yield Focus Index. Beta is 0.53 for DVY and 0.29 for HDV, making HDV the less volatile of the two by this measure.

DVY beta0.53
HDV beta0.29

Fund details

DVY is managed by iShares (launched 11/03/2003) with $23.1B in assets. HDV is managed by iShares (launched 03/29/2011) with $15.3B in assets.

DVY AUM$23.1B
HDV AUM$15.3B
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Frequently asked questions

What is the difference between HDV and DVY?

Both are iShares US dividend screens. HDV (iShares Core High Dividend ETF) tracks Morningstar Dividend Yield Focus Index and pays monthly. DVY (iShares Select Dividend ETF) tracks Dow Jones U.S. Select Dividend Index and pays quarterly. Cost is 0.08% versus 0.38%; distributions are 2.34% and 3.36% as of September 2026. Index rules and payout cadence are the decision, not which yield is larger on one date.

What is the current distribution rate for DVY and HDV?

DVY currently distributes 3.36% and HDV 2.34%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is DVY or HDV better for dividend income?

It depends on your goals. DVY currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both DVY and HDV?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is DVY or HDV safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — DVY scores 100, HDV scores 79, so DVY's payout currently looks the more resilient of the two. HDV has also shown lower price volatility (beta 0.29 vs 0.53 for DVY). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, DVY or HDV?

DVY has an expense ratio of 0.38% while HDV charges 0.08%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in DVY vs HDV generate?

At current rates, $10,000 in DVY would generate roughly $28.00 per month ($336.00 annually). The same in HDV would produce about $19.50 per month ($234.00 annually).

Which has performed better historically, DVY or HDV?

DVY has lagged HDV over the trailing twelve months, posting a 17.14% total return against 21.60%. The picture flips over 10 years, though — DVY has compounded at 10.30% a year, ahead of HDV at 9.89%. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

DVY vs HDV — at a glance

Generated September 19, 2026.

Overview

DVY and HDV are both U.S. dividend-focused equity ETFs managed by iShares, but they pursue meaningfully different selection philosophies. DVY tracks the Dow Jones U.S. Select Dividend Index and targets high-yielding stocks with less constraint on quality, while HDV uses the Morningstar Dividend Yield Focus Index and screens its constituents for financial health alongside yield. The choice between them hinges on how much you're willing to prioritize raw dividend income versus the stability of the companies paying it.

How they differ

The first major difference is index construction. DVY ranks U.S. stocks primarily by dividend yield—a passive, yield-first approach—whereas HDV layers quality screens (financial health, sustainability signals) on top of yield, creating a more filtered universe. That quality filter shows up in the numbers: DVY's 3.36% yield is notably higher than HDV's 2.34%, but DVY's beta of 0.53 is roughly double HDV's 0.29, suggesting DVY's portfolio is more economically sensitive.

Second, cost and structure differ sharply. Despite the lower expense ratio, HDV commands a smaller asset base at $15.3B compared to DVY's $23.1B.

Third, the yield gap reflects genuine composition risk. DVY's 3.36% yield implies the fund is holding companies with either genuinely high payout ratios or more cyclical earnings; DVY's inception in 11/03/2003 gives it longer operating history, but that higher yield is not free. HDV's quality overlay and lower yield suggest lower NAV erosion risk from unsustainable distributions, a trade most income investors face: chase yield now or preserve capital.

Who each is best for

DVY: Fits investors who prioritize current income and can tolerate higher stock-market beta, viewing the higher yield as compensation for cyclical earnings exposure and the potential for distribution cuts in downturns.

Key risks to know

  • Yield sustainability at DVY's level. A 3.36% yield on a large-cap equity fund suggests either high payout ratios or elevated cyclical earnings. Economic downturns or industry-specific stress may pressure dividend coverage, forcing cuts that erode NAV alongside equity declines.
  • Beta and volatility asymmetry. DVY's 0.53 versus HDV's 0.29 reflects materially different equity-market sensitivity. DVY will amplify downturns, which is fine for long-term holders but painful for those relying on distributions during market stress.
  • Quality screening effectiveness. HDV's financial-health filters are only as good as Morningstar's ongoing methodology. A sudden shift in screening criteria or a breakdown in the firm's quality metrics could alter the fund's risk profile without warning.
  • Overlap in underlying holdings. Both funds hold large-cap U.S. dividend payers, so their portfolios likely overlap significantly. Holding both does not diversify away single-stock or sector concentration risk; verify the actual composition before assuming complementary coverage.

Bottom line

If you want the highest income today and accept equity-market volatility as the price, DVY's 3.36% yield and lower fee structure appeal to buy-and-hold dividend seekers. If you prefer steadier, higher-quality businesses and are comfortable with HDV's 2.34% yield—plus its lower fee of 0.08% and monthly distributions—the trade-off is more durable income at the cost of near-term yield. Neither approach guarantees future distributions or protects against market drawdowns; past performance does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

What the distribution rate really tells you Why a high yield isn't high income How to read a fund's stats

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