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Dividend Vision

ETF Comparison

FDVV vs VOO: A Yield Screen, or Broad Large Caps?

A head-to-head of Fidelity High Dividend and Vanguard's S&P 500 ETF covering the screen, cost, and what holding both already shares.

Updated September 30, 2026

How these figures are calculated: methodology.

Best for

  • FDVVInvestors who want higher current income (2.38% vs 1.04% for VOO).
  • VOOInvestors who want simple, diversified core exposure in one low-cost fund.

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. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

FDVV has lagged VOO over the trailing twelve months, posting a 12.61% total return against 16.19%. The lead holds up over 10 years too: VOO has compounded at 15.39% a year, against 12.99% for FDVV. 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.
SymbolYTD cumulative1Y cumulative3Y annualized5Y annualized10Y annualizedSince Sep 2016Volatility Sharpe Sortino Max drawdown
FDVV8.87%12.61%20.34%13.75%12.99%13.10%12.6%1.121.62-15.9%
VOO12.52%16.19%22.89%13.48%15.39%15.36%14.9%1.091.58-18.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Sep 2016” measures every fund from September 15, 2016 — 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.
MetricFDVVVOO
Full nameFidelity High Dividend ETFVanguard S&P 500 ETF
IssuerFidelity InvestmentsVanguard
Underlying indexFidelity High Dividend IndexS&P 500 Index
Last Close$60.73 as of September 30, 2026$700.86 as of September 30, 2026
Distribution rate2.38%1.04%
Trailing 12-month yield2.82%1.06%
Distribution Safety Score™ 93100
Safety-Adjusted Yield 2.21%1.04%
Expense ratio0.15%0.03%
AUM$10.3B$1041B
Distribution frequencyQuarterlyQuarterly
ObjectiveSeeks to track the Fidelity High Dividend Index, investing at least 80% of assets in large- and mid-capitalization high-dividend-paying companies expected to keep paying and growing their dividends.Track the performance of the S&P 500 Index, representing 500 of the largest U.S. companies.
Asset classEquityEquity
Inception date09/12/201609/07/2010
Beta0.761.0
Last dividend$0.362$1.8226 payable today
Ex-dividend date09/18/202609/28/2026

Bottom lineChoose FDVV if you want higher current income (2.38% vs 1.04% for VOO). Choose VOO if you want simple, diversified core exposure in one low-cost fund.

FDVV vs VOO: high dividend or the S&P 500?

FDVV is a high-dividend screen. VOO is the index. Holding both doubles large-cap names already inside VOO.

FDVVVOO
What it ownsFidelity High Dividend IndexS&P 500 Index
Expense ratio0.15%0.03%
Distribution rate2.38%1.04%
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Income calculator

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

Fidelity Investments
ETFs85
Total AUM$210B

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

Fidelity Investments is one of the largest asset managers globally and maintains a substantial presence in the ETF market with a diverse lineup spanning multiple investment strategies. Their offerings cover a wide spectrum of approaches including traditional dividend and income strategies, factor-based and thematic investing, international equity exposure, bond allocations, and index-tracking funds. The issuer is known for both broad market accessibility and specialized strategies, serving investors across various risk profiles and investment objectives.

See our curated list of related YouTube videos on FDVV.

See all Fidelity Investments ETFs
Vanguard
ETFs116
Total AUM$4677B

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

Vanguard is one of the largest and most established ETF issuers, known for low-cost, broadly diversified fund offerings built on passive indexing principles. Their lineup spans multiple asset classes and strategies, including core equity and bond index funds, dividend-focused portfolios, ESG-screened options, factor-based strategies, sector exposure, target-date retirement funds, and international investments across developed and emerging markets. The platform is characterized by its emphasis on accessibility and cost efficiency across a comprehensive range of fund families, serving both individual investors seeking broad market exposure and those pursuing specific income, sustainability, or thematic objectives.

See our curated list of related YouTube videos on VOO.

See all Vanguard ETFs

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Quick verdict

FDVV (Fidelity High Dividend ETF) and VOO (Vanguard S&P 500 ETF) are both quarterly-pay dividend ETFs, but they take different approaches.

FDVV offers the higher yield at 2.38% vs 1.04% for VOO. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

VOO is cheaper with an expense ratio of 0.03% compared to 0.15%.

They have different reference exposures: FDVV is linked to Fidelity High Dividend Index while VOO is linked to S&P 500 Index, which means their performance drivers differ.

VOO is the larger fund by assets ($1041B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose FDVV

Fidelity High Dividend ETF

  • Want higher current income — FDVV yields 2.38% vs 1.04% for VOO.
  • Want a quality-dividend tilt — screened payers rather than the broad index.
  • Prefer lower volatility — a beta of 0.8 vs 1.0 for VOO.

Choose VOO

Vanguard S&P 500 ETF

  • Want simple, diversified core exposure as a portfolio building block.
  • Want to keep costs low — a 0.03% expense ratio vs 0.15% for FDVV.

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, FDVV would generate roughly $59.50 cash per distribution, while VOO would produce $26.00 cash per distribution, at current distribution rates. Both pay quarterly distributions.

FDVV yield2.38%
VOO yield1.04%
Cash diff on $10K$33.50

Cost & efficiency

Over 10 years on $10,000, FDVV would cost approximately $150 in fees vs $30 for VOO (simplified, not compounded). The $120.00 difference may be offset by yield or performance.

FDVV ER0.15%
VOO ER0.03%

Strategy & risk

FDVV tracks Fidelity High Dividend Index, while VOO tracks S&P 500 Index with a large cap approach. Beta is 0.76 for FDVV and 1.0 for VOO, making FDVV the less volatile of the two by this measure.

FDVV beta0.76
VOO beta1.0

Fund details

FDVV is managed by Fidelity Investments (launched 09/12/2016) with $10.3B in assets. VOO is managed by Vanguard (launched 09/07/2010) with $1041B in assets.

FDVV AUM$10.3B
VOO AUM$1041B
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Frequently asked questions

What is the difference between FDVV and VOO?

FDVV (Fidelity High Dividend ETF) tracks Fidelity High Dividend Index and distributes 2.38% quarterly. VOO (Vanguard S&P 500 ETF) tracks S&P 500 Index and distributes 1.04%. Cost is 0.15% versus 0.03%. A high-dividend screen versus the index is the decision. Figures as of September 2026.

What is the current distribution rate for FDVV and VOO?

FDVV currently distributes 2.38% and VOO 1.04%, 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 FDVV or VOO better for dividend income?

It depends on your goals. FDVV 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 FDVV and VOO?

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 FDVV or VOO safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — VOO scores 100, FDVV scores 93, so VOO's payout currently looks the more resilient of the two. FDVV has also shown lower price volatility (beta 0.76 vs 1.00 for VOO). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, FDVV or VOO?

FDVV has an expense ratio of 0.15% while VOO charges 0.03%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in FDVV vs VOO generate?

At current rates, $10,000 in FDVV would generate roughly $59.50 cash per distribution ($238.00 annually). The same in VOO would produce about $26.00 cash per distribution ($104.00 annually).

Which has performed better historically, FDVV or VOO?

FDVV has lagged VOO over the trailing twelve months, posting a 12.61% total return against 16.19%. The lead holds up over 10 years too: VOO has compounded at 15.39% a year, against 12.99% for FDVV. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

FDVV vs VOO — at a glance

Generated September 26, 2026.

Overview

FDVV and VOO are both broad-market U.S. equity ETFs tracking different indexes, but they diverge sharply in scope and income focus. VOO tracks the entire S&P 500, capturing all 500 large-cap names with market-weight exposure. FDVV selects only the highest-dividend-paying companies from the large- and mid-cap universe, concentrating holdings in firms expected to sustain and grow their payouts. The result is a yielding portfolio versus a core market tracker. The income gap is substantial: FDVV's 2.38% distribution rate nearly doubles VOO's 1.04%, reflecting FDVV's tilt toward dividend payers. FDVV's 0.76 beta suggests lower volatility than the broader market, whereas VOO's 1.0 beta represents full market moves. VOO's asset base of $1041B dwarfs FDVV's $10.3B, reflecting VOO's role as an industry cornerstone for passive U.S. equity exposure.

Who each is best for

FDVV: Fits investors who want to emphasize dividend income and can tolerate a narrower, screened holding of dividend-growth companies in place of market-cap exposure. The lower beta appeals to those seeking potential downside dampening.

VOO: Fits investors building a core U.S. equity anchor who accept market-weight exposure and lower yields in exchange for simplicity, broad diversification across all 500 S&P members, and minimal fees.

Key risks to know

  • Dividend concentration risk: FDVV excludes or underweights non-dividend payers and low-yielders, creating exposure to a subset of the market. If low-yield or growth names outperform, FDVV will lag VOO.
  • Beta divergence and style drift: FDVV's 0.76 beta may compress or expand with market cycles. High-dividend stocks tend to behave like bond proxies in falling-rate environments and may swing sharply in rising-rate ones, creating volatility patterns that differ from the market's.
  • Dividend sustainability: Index membership requires expected dividend growth, but no guarantee prevents dividend cuts or suspensions. Economic weakness can trigger payouts that don't recover.
  • Tax efficiency of distributions: FDVV's 2.38% yield generates more taxable distributions per year than VOO's 1.04%, a drag in non-sheltered accounts.
  • Expense ratio gap: Although 0.15% is still low, it is five times VOO's 0.03%, a minor but real drag on long-term returns.

Bottom line

If you want broad S&P 500 exposure with minimal cost and maximum simplicity, VOO is the clear core holding; if you prioritize current income and are willing to accept dividend-screen concentration and lower market participation, FDVV offers a meaningfully higher payout and lower volatility. The tradeoff is between a market-tracking baseline and an income-tilted subset—past performance does not predict future results, and dividend-yield strategies underperform in periods when growth stocks lead.

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.

How to read a fund's stats How expense ratios eat returns Correlation between two funds

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These comparisons follow the Dividend Vision methodology.