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Dividend Vision

ETF Comparison

DVY vs HDV: Which Is the Better Pick in 2026?

A head-to-head comparison of iShares Select Dividend ETF and iShares Core High Dividend ETF covering yield, cost, risk, and income potential.

Data updated August 13, 2026

Best for

  • DVYInvestors who want higher current income (3.06% vs 1.20% for HDV).
  • HDVInvestors who want a quality-dividend tilt rather than the whole market.

Jump to the side-by-side numbers

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
Last Close$163.07 as of August 13, 2026$29.07 as of August 13, 2026
Distribution yield3.06%1.20%
Distribution Safety Score™ 10089
Expense ratio0.38%0.08%
AUM$23.8B$14.9B
Distribution frequencyQuarterlyQuarterly
Underlying indexDow Jones U.S. Select Dividend IndexMorningstar Dividend Yield Focus Index
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
Beta0.560.3
Last dividend$1.2470$0.0870
Ex-dividend date06/15/202607/15/2026

Bottom lineChoose DVY if you want higher current income (3.06% vs 1.20% for HDV). Choose HDV if you want a quality-dividend tilt rather than the whole market.

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Income calculator

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

iShares
ETFs469
Total AUM$4661B

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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Visual comparison

Key metrics

Projected income on $10K

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

Total returns

DVY has lagged HDV over the trailing twelve months, posting a 24.44% total return against 25.43%. The picture flips over 10 years, though — DVY has compounded at 10.34% a year, ahead of HDV at 9.71%. 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
DVY16.12%24.44%16.83%10.31%10.34%11.52%13.9%0.801.15-16.0%
HDV20.79%25.43%15.89%12.22%9.71%10.90%11.6%0.891.27-10.5%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 12, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Mar 2011” measures every fund from March 31, 2011 — the youngest fund's first trading day — 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.

Quick verdict

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

DVY offers the higher yield at 3.06% vs 1.20% 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 track different benchmarks: DVY is linked to Dow Jones U.S. Select Dividend Index while HDV tracks Morningstar Dividend Yield Focus Index, which means their performance drivers differ.

DVY is the larger fund by assets ($23.8B), which generally means tighter spreads and better liquidity.

Who should choose each?

Choose DVY

iShares Select Dividend ETF

  • Want higher current income — DVY yields 3.06% vs 1.20% 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 0.6 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 $25.50/month, while HDV would produce $10.00/month, at current distribution rates. Both pay quarterly distributions.

DVY yield3.06%
HDV yield1.20%
Monthly diff on $10K$15.50

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 0.56 for DVY and 0.3 for HDV, indicating HDV is less volatile relative to the market.

DVY beta0.56
HDV beta0.3

Fund details

DVY is managed by iShares (launched 11/03/2003) with $23.8B in assets. HDV is managed by iShares (launched 03/29/2011) with $14.9B in assets.

DVY AUM$23.8B
HDV AUM$14.9B
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Frequently asked questions

What is the current distribution yield for DVY and HDV?

DVY currently distributes 3.06% and HDV 1.20%, based on fund data updated August 2026. Distribution yield 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.

What is the difference between DVY and HDV?

DVY (iShares Select Dividend ETF) tracks Dow Jones U.S. Select Dividend Index with a dividend approach, while HDV (iShares Core High Dividend ETF) tracks Morningstar Dividend Yield Focus Index. They are issued by iShares and iShares respectively.

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 89, so DVY's payout currently looks the more resilient of the two. HDV has also shown lower price volatility (beta 0.30 vs 0.56 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 $25.50 per month ($306.00 annually). The same in HDV would produce about $10.00 per month ($120.00 annually).

Which has performed better historically, DVY or HDV?

DVY has lagged HDV over the trailing twelve months, posting a 24.44% total return against 25.43%. The picture flips over 10 years, though — DVY has compounded at 10.34% a year, ahead of HDV at 9.71%. 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 August 8, 2026.

Overview

DVY and HDV are both broad U.S. dividend-focused ETFs tracking different indexes, but they diverge sharply in their screening philosophy. DVY ranks stocks primarily by dividend yield, while HDV layers in quality and financial health filters. The result: DVY yields 3.08% with lower defensive characteristics, while HDV yields only 1.21% but targets companies with stronger balance sheets.

How they differ

The biggest difference is selection methodology. DVY tracks the Dow Jones U.S. Select Dividend Index, which ranks constituents by yield alone, making it a pure high-yield play. HDV uses the Morningstar Dividend Yield Focus Index, which screens for quality metrics and financial health alongside yield—a more conservative approach that trades yield for stability. That difference shows in beta: HDV's 0.32 beta suggests it will swing less than the market, while DVY's 0.57 beta signals more downside participation when stocks fall. On fees, HDV wins decisively at 0.08% versus DVY's 0.38%, a meaningful gap on long holding periods. DVY's $23.8B in assets dwarfs HDV's $14.9B, offering tighter trading spreads, though both funds have substantial scale.

Who each is best for

DVY: Fits investors seeking current income from a yield-ranked portfolio who can tolerate moderate volatility and accept that high-yield stocks may have weaker fundamentals or higher payout ratios.

HDV: Designed for investors who prioritize balance-sheet strength and dividend sustainability over maximum current yield, and who value a lower expense ratio as a long-term advantage.

Key risks to know

  • Yield-ranking concentration risk in DVY. By construction, DVY buys the highest-yielding stocks without quality screens, which can mean higher allocations to mature, slower-growth, or financially stressed companies. This approach can amplify downside in a yield-compression or economic downturn.
  • Quality trade-off in HDV. While HDV's screens reduce financial risk, they also trim yield substantially—a 1.21% distribution rate means the fund accepts lower income today in pursuit of capital stability. If yields rise sector-wide, HDV may lag on total return.
  • Beta and downside participation. DVY's 0.57 beta will likely fall harder in a market correction than HDV's 0.32 beta. For investors building a defensive core, HDV's lower systematic risk is a structural advantage; for yield chasers, DVY's volatility is the cost of higher current income.
  • Overlap in underlying exposures. Both funds hold U.S. dividend payers, so their holdings may overlap significantly. Verifying sector and individual stock concentration before holding both is prudent if diversification is a goal.

Bottom line

DVY prioritizes income and pure dividend ranking, making it suitable for investors comfortable with the quality trade-off and market volatility that come with yield-focused selection. HDV targets a gentler ride by filtering for financial health, accepting lower current yield in exchange for lower fees and defensive characteristics. Neither is objectively superior—the choice hinges on whether you need maximum current income or prefer lower expense drag and dampened downside participation. 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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