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Dividend Vision

ETF Comparison

HDV vs SPHD: Two Different High-Dividend Screens

A head-to-head of iShares Core High Dividend and Invesco S&P 500 High Dividend Low Volatility covering screens and cost.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • HDVInvestors who want a quality-dividend tilt rather than the whole market.
  • SPHDInvestors who want higher current income (5.02% vs 2.40% for HDV).

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.

HDV has outpaced SPHD over the trailing twelve months, posting a 17.85% total return against 1.77%. The lead holds up over 10 years too: HDV has compounded at 9.49% a year, against 6.57% for SPHD. 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 Oct 2012Volatility Sharpe Sortino Max drawdown
HDV17.15%17.85%16.66%11.86%9.49%9.88%11.6%0.951.36-10.5%
SPHD3.65%1.77%12.42%6.73%6.57%8.93%13.0%0.560.80-13.3%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 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 Oct 2012” measures every fund from October 18, 2012 — 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.
MetricHDVSPHD
Full nameiShares Core High Dividend ETFInvesco S&P 500 High Dividend Low Volatility ETF
IssueriSharesInvesco
Underlying indexMorningstar Dividend Yield Focus IndexS&P 500 Low Volatility High Dividend Index
Last Close$28.04 as of October 2, 2026$48.16 as of October 2, 2026
Distribution rate2.40%5.02%
Trailing 12-month yield3.04%5.12%
Distribution Safety Score™ 7991
Safety-Adjusted Yield 1.90%4.57%
Expense ratio0.08%0.30%
AUM$14.7B$3.24B
Distribution frequencyMonthlyMonthly
ObjectiveSeeks 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.Seeks monthly income by tracking the S&P 500 Low Volatility High Dividend Index, investing at least 90% of total assets in the 50 least volatile high-yielding constituents of the S&P 500.
Asset classEquityEquity
Inception date03/29/201110/18/2012
Beta0.290.43
Last dividend$0.056$0.20156
Ex-dividend date09/16/202609/21/2026

Bottom lineChoose HDV if you want a quality-dividend tilt rather than the whole market. Choose SPHD if you want higher current income (5.02% vs 2.40% for HDV).

HDV vs SPHD: two high-dividend screens

HDV screens quality high-dividend names. SPHD adds a low-vol filter.

HDVSPHD
ScreenQuality high dividendS&P 500 high-div low-vol
Expense ratio0.08%0.30%
Distribution rate2.40%5.02%
Fund size$14.7B$3.24B
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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$4683B

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 HDV.

See all iShares ETFs
Invesco
ETFs246
Total AUM$1012B

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

Invesco is a major ETF provider known for offering a comprehensive lineup spanning multiple asset classes and investment strategies. The company specializes in income-focused products including dividend, covered call, and bond strategies, while also maintaining broad exposure across equity, factor-based, thematic, and ESG investing themes. Invesco's portfolio ranges from index-tracking funds to alternatives and specialized offerings like digital assets and BulletShares, making it one of the more expansive ETF families available to investors.

See our curated list of related YouTube videos on SPHD.

See all Invesco ETFs

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Quick verdict

HDV (iShares Core High Dividend ETF) and SPHD (Invesco S&P 500 High Dividend Low Volatility ETF) are both monthly-pay dividend ETFs, but they take different approaches.

SPHD offers the higher yield at 5.02% vs 2.40% 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 0.30%.

They have different reference exposures: HDV is linked to Morningstar Dividend Yield Focus Index while SPHD is linked to S&P 500 Low Volatility High Dividend Index, which means their performance drivers differ.

HDV is the larger fund by assets ($14.7B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

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 0.30% for SPHD.

Choose SPHD

Invesco S&P 500 High Dividend Low Volatility ETF

  • Want higher current income — SPHD yields 5.02% vs 2.40% for HDV.
  • Want a quality-dividend tilt — screened payers rather than the broad index.

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, HDV would generate roughly $20.00 cash per distribution, while SPHD would produce $41.83 cash per distribution, at current distribution rates. Both pay monthly distributions.

HDV yield2.40%
SPHD yield5.02%
Cash diff on $10K$21.83

Cost & efficiency

Over 10 years on $10,000, HDV would cost approximately $80 in fees vs $300 for SPHD (simplified, not compounded). The $220.00 difference may be offset by yield or performance.

HDV ER0.08%
SPHD ER0.30%

Strategy & risk

HDV tracks Morningstar Dividend Yield Focus Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index with a dividend approach. Beta is 0.29 for HDV and 0.43 for SPHD, making HDV the less volatile of the two by this measure.

HDV beta0.29
SPHD beta0.43

Fund details

HDV is managed by iShares (launched 03/29/2011) with $14.7B in assets. SPHD is managed by Invesco (launched 10/18/2012) with $3.24B in assets.

HDV AUM$14.7B
SPHD AUM$3.24B
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Frequently asked questions

What is the difference between HDV and SPHD?

HDV (iShares Core High Dividend ETF) screens quality high-dividend US stocks. SPHD (Invesco S&P 500 High Dividend Low Volatility ETF) screens S&P 500 high-yield names with a low-volatility filter. Both are stock-dividend funds, not overlays. Cost is 0.08% versus 0.30%; size is $14.7B versus $3.24B. Distributions are 2.40% and 5.02% as of October 2026. Screen rules, not a one-date yield, are the live difference.

What is the current distribution rate for HDV and SPHD?

HDV currently distributes 2.40% and SPHD 5.02%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is HDV or SPHD better for dividend income?

It depends on your goals. SPHD 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 HDV and SPHD?

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 HDV or SPHD safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SPHD scores 91, HDV scores 79, so SPHD's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, HDV or SPHD?

HDV has an expense ratio of 0.08% while SPHD charges 0.30%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in HDV would generate roughly $20.00 cash per distribution ($240.00 annually). The same in SPHD would produce about $41.83 cash per distribution ($502.00 annually).

Which has performed better historically, HDV or SPHD?

HDV has outpaced SPHD over the trailing twelve months, posting a 17.85% total return against 1.77%. The lead holds up over 10 years too: HDV has compounded at 9.49% a year, against 6.57% for SPHD. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

HDV vs SPHD — at a glance

Generated October 4, 2026.

Overview

HDV and SPHD are both U.S. dividend-focused ETFs that pay monthly, but they differ fundamentally in breadth and volatility profile. This structural difference produces a stark yield gap: SPHD's 5.02% contrasts with HDV's 2.40%, reflecting concentration in a much tighter subset of large-cap stocks.

How they differ

The biggest distinction is concentration: SPHD holds only 50 S&P 500 constituents, while HDV draws from a much broader Morningstar universe screened for quality metrics like profitability and financial strength. That narrower SPHD portfolio explains its higher yield—5.02% versus 2.40%—and also its higher expense ratio (0.30% versus 0.08%), though both are low in absolute terms.

Risk profile is the second divider. SPHD's beta of 0.43 sits above HDV's 0.29, a notable spread that reflects SPHD's tighter focus on the 50 least volatile S&P 500 names. Despite its low-volatility label, SPHD is more sensitive to broad market moves than HDV.

Who each is best for

HDV: Fits investors seeking broad-based dividend exposure with minimal overlap risk, who can live with a modest yield in exchange for a lower expense ratio and exposure to quality-screened companies across the full dividend universe.

SPHD: Fits investors comfortable with concentrated S&P 500 dividend exposure who prioritize higher current income and can accept tighter sector and single-name concentration in pursuit of the 50 least volatile high-dividend stocks.

Key risks to know

  • Concentration and sector drift in SPHD. Limiting exposure to 50 S&P 500 names—the intersection of low volatility and high yield—can concentrate holdings in specific sectors (utilities, energy, consumer staples) and leave SPHD vulnerable to crowded-trade exits or shifts in dividend-stock leadership. HDV's broader approach mitigates this but introduces idiosyncratic company risk across a larger pool.
  • Yield sustainability and capital erosion. SPHD's 5.02% yield is roughly double HDV's; if underlying stock prices or dividends decline, SPHD shareholders may face sharper NAV compression.
  • Tracking error during market stress. SPHD's strategy of isolating low-volatility high-dividend names may diverge sharply from broad S&P 500 performance in rotation periods; HDV's quality and yield screening may similarly underperform growth or momentum rallies. Both are index funds, but their narrower definitions of "dividend stock" introduce active-style tracking risk.
  • Beta and correlation mismatch. SPHD's higher beta (0.43 vs. 0.29) means it will amplify downside moves in market selloffs despite its low-volatility label; this apparent paradox reflects the risk of holding concentrated high-yield stocks whose low historical volatility may not persist.

Bottom line

If you want broad, quality-screened dividend exposure with minimal overlap and a rock-bottom cost, HDV's 0.08% ratio and $14.7B asset base stand out. If you're chasing higher current income and can accept concentration risk in the 50 least volatile S&P 500 dividend payers, SPHD's 5.02% yield may justify its 0.30% fee and narrower holdings. The yield gap is real, but so is the concentration; neither approach is risk-free. Past performance does not guarantee 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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These comparisons follow the Dividend Vision methodology.