DV
Dividend Vision

ETF Comparison

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

A head-to-head comparison of iShares Core High Dividend ETF and State Street® SPDR® Portfolio S&P 500® High Dividend ETF covering yield, cost, risk, and income potential.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • HDVInvestors who want a quality-dividend tilt rather than the whole market.
  • SPYDInvestors who want higher current income (4.56% 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 SPYD over the trailing twelve months, posting a 17.85% total return against 7.45%. The lead holds up over 10 years too: HDV has compounded at 9.49% a year, against 7.84% for SPYD. 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 2015Volatility Sharpe Sortino Max drawdown
HDV17.15%17.85%16.66%11.86%9.49%9.69%11.6%0.951.36-10.5%
SPYD7.53%7.45%14.83%7.37%7.84%8.67%14.2%0.660.95-16.1%

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 2015” measures every fund from October 22, 2015 — 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.
MetricHDVSPYD
Full nameiShares Core High Dividend ETFState Street® SPDR® Portfolio S&P 500® High Dividend ETF
IssueriSharesState Street
Underlying indexMorningstar Dividend Yield Focus IndexS&P 500 High Dividend Index
Last Close$28.04 as of October 2, 2026$45.39 as of October 2, 2026
Distribution rate2.40%4.56%
Trailing 12-month yield3.04%4.54%
Distribution Safety Score™ 7993
Safety-Adjusted Yield 1.90%4.24%
Expense ratio0.08%0.07%
AUM$14.7B$7.19B
Distribution frequencyMonthlyQuarterly
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.Track the S&P 500 High Dividend Index, holding the highest-yielding stocks within the S&P 500.
Asset classEquityEquity
Inception date03/29/201110/21/2015
Beta0.290.59
Last dividend$0.056$0.518
Ex-dividend date09/16/202609/21/2026

Bottom lineChoose HDV if you want a quality-dividend tilt rather than the whole market. Choose SPYD if you want higher current income (4.56% vs 2.40% for HDV).

Model this comparison:
Compare in my portfolio Forecast income Save to watchlist

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
State Street
ETFs179
Total AUM$2146B

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

State Street Global Advisors (SSGA) is one of the largest ETF providers globally, known for its flagship SPDR suite of exchange-traded products that serve both institutional and retail investors across a broad range of asset classes. Their 88-fund lineup spans diverse strategies including sector exposure (Select Sector SPDR), income generation (Income and Select Sector SPDR Premium Income families), commodities (including the widely-held GLD gold ETF), bonds, ESG-focused investments, and thematic allocations, with popular tickers like DIA (Diamonds Trust), FEZ (Eurozone exposure), and JNK (high-yield bonds) among their most recognized funds. The issuer is characterized by its comprehensive coverage across multiple market segments and its emphasis on both traditional index-based products and specialized strategies like covered call income funds and factor-based investing.

See our curated list of related YouTube videos on SPYD.

See all State Street ETFs

Want to go deeper?

Add these ETFs to a sample portfolio and forecast your dividend income over 5+ years — free to start, no credit card.

Compare in my portfolio Forecast income Save to watchlist

Quick verdict

HDV (iShares Core High Dividend ETF) and SPYD (State Street® SPDR® Portfolio S&P 500® High Dividend ETF) are both dividend ETFs, but they take different approaches.

SPYD offers the higher yield at 4.56% vs 2.40% for HDV. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SPYD is cheaper with an expense ratio of 0.07% compared to 0.08%.

They have different reference exposures: HDV is linked to Morningstar Dividend Yield Focus Index while SPYD is linked to S&P 500 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.
  • Prefer lower volatility — a beta of 0.3 vs 0.6 for SPYD.

Choose SPYD

State Street® SPDR® Portfolio S&P 500® High Dividend ETF

  • Want higher current income — SPYD yields 4.56% vs 2.40% for HDV.
  • Want a quality-dividend tilt — screened payers rather than the broad index.
  • Want to keep costs low — a 0.07% expense ratio vs 0.08% for HDV.

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 SPYD would produce $114.00 cash per distribution, at current distribution rates.

HDV yield2.40%
SPYD yield4.56%
Cash diff on $10K$94.00

Cost & efficiency

Over 10 years on $10,000, HDV would cost approximately $80 in fees vs $70 for SPYD (simplified, not compounded). The $10.00 difference may be offset by yield or performance.

HDV ER0.08%
SPYD ER0.07%

Strategy & risk

HDV tracks Morningstar Dividend Yield Focus Index, while SPYD tracks S&P 500 High Dividend Index with a dividend approach. Beta is 0.29 for HDV and 0.59 for SPYD, making HDV the less volatile of the two by this measure.

HDV beta0.29
SPYD beta0.59

Fund details

HDV is managed by iShares (launched 03/29/2011) with $14.7B in assets. SPYD is managed by State Street (launched 10/21/2015) with $7.19B in assets.

HDV AUM$14.7B
SPYD AUM$7.19B
Ready to act?
Open in Comparator Model in portfolio See pricing

Enjoyed this page?

Do us a favor — if you found this comparison useful, please share it with a friend researching dividend ETFs.

Frequently asked questions

What is the current distribution rate for HDV and SPYD?

HDV currently distributes 2.40% and SPYD 4.56%, 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 SPYD better for dividend income?

It depends on your goals. SPYD 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 HDV and SPYD?

HDV (iShares Core High Dividend ETF) tracks Morningstar Dividend Yield Focus Index, while SPYD (State Street® SPDR® Portfolio S&P 500® High Dividend ETF) tracks S&P 500 High Dividend Index with a dividend approach. They are issued by iShares and State Street respectively.

Can I hold both HDV and SPYD?

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 SPYD safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SPYD scores 93, HDV scores 79, so SPYD's payout currently looks the more resilient of the two. HDV has also shown lower price volatility (beta 0.29 vs 0.59 for SPYD). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, HDV or SPYD?

HDV has an expense ratio of 0.08% while SPYD charges 0.07%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in HDV would generate roughly $20.00 cash per distribution ($240.00 annually). The same in SPYD would produce about $114.00 cash per distribution ($456.00 annually).

Which has performed better historically, HDV or SPYD?

HDV has outpaced SPYD over the trailing twelve months, posting a 17.85% total return against 7.45%. The lead holds up over 10 years too: HDV has compounded at 9.49% a year, against 7.84% for SPYD. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

HDV vs SPYD — at a glance

Generated October 3, 2026.

Overview

HDV and SPYD are both U.S. dividend-focused ETFs, but they cast different nets. HDV tracks the Morningstar Dividend Yield Focus Index, which screens the broader market for quality dividend payers. SPYD tracks the S&P 500 High Dividend Index, selecting only from the S&P 500's highest-yielding constituents. The result: SPYD leans toward mega-cap value stocks, while HDV's quality filter pulls in a wider range of dividend payers across market caps.

How they differ

SPYD's 4.56% distribution rate nearly doubles HDV's 2.40%, the single biggest gap between them—SPYD achieves this by narrowing its universe to the S&P 500's top dividend yielders, while HDV prioritizes financial health and quality alongside yield. Both carry minimal expense ratios (0.08% for HDV, 0.07% for SPYD), but SPYD costs 0.01% less. HDV is the larger fund at $14.7B, nearly double SPYD's $7.19B. Finally, HDV's beta of 0.29 reflects lower equity-market sensitivity than SPYD's 0.59, suggesting HDV's quality screen dampens volatility relative to broader market swings.

Who each is best for

  • HDV: Fits investors seeking a gentler equity-dividend exposure with quality guardrails, comfortable accepting lower yield in exchange for financial-strength screening and less market-correlated price movement.
  • SPYD: Designed for yield-focused investors comfortable concentrating in the S&P 500's highest payers, willing to accept higher volatility and market-beta sensitivity in pursuit of current income.

Key risks to know

  • Yield sustainability: SPYD's 4.56% rate implies a distribution yield well above broader-market averages. High-yielding stocks are often mature, low-growth companies at risk of dividend cuts during recessions; SPYD's concentration in these names amplifies that exposure.
  • Value drag: Both funds screen for dividends, tilting heavily toward value and mature sectors. Extended growth-led market cycles or sector rotation away from income stocks can produce significant underperformance relative to broad-market or growth-tilted benchmarks.
  • Concentration in the S&P 500: SPYD's mandate to stay within the S&P 500 limits its universe to large-cap stocks; a structural shift favoring mid-cap or small-cap dividend payers would exclude those opportunities.
  • NAV sensitivity to rate movements: Dividend stocks trade with bond-like characteristics—their prices often fall when interest rates rise, since the relative attractiveness of fixed income improves. Both funds carry this rate-duration risk, though SPYD's higher yield makes it more rate-sensitive on a basis-point move.

Bottom line

If you want steady, quality-screened income with lower market sensitivity, HDV's 2.40% yield and 0.08% expense ratio suit a longer holding horizon. If you prioritize maximum current yield and don't mind tighter S&P 500 concentration, SPYD's 4.56% distribution rate may appeal—though the tradeoff is exposure to higher payout sustainability risk. Past performance doesn't predict future results; both funds' yields depend on companies' continued willingness and ability to distribute cash.

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

Still deciding? Compare them against your own portfolio

See how each ETF fits alongside your real holdings — forecast future income, analyze overlap, and gauge risk. Start a free 7-day Dividend Vision trial and make the call with your full portfolio in view.

Start Free Open in Comparator Browse Screener

These comparisons follow the Dividend Vision methodology.