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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 14, 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 (4.46% paid over the past 12 months vs 2.88% for 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

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 25.40% total return against 11.21%. The lead holds up over 10 years too: HDV has compounded at 10.23% a year, against 8.22% 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
HDV24.13%25.40%18.77%12.79%10.23%10.19%11.6%1.101.60-10.5%
SPYD10.25%11.21%15.19%7.25%8.22%8.81%14.2%0.690.99-16.1%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 14, 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$29.55 as of October 14, 2026$46.15 as of October 14, 2026
Distribution rate1.14%4.49%
Trailing 12-month yield2.88%4.46%
Distribution Safety Score™ 7992
Safety-Adjusted Yield 0.90%4.13%
Expense ratio0.08%0.07%
AUM$14.9B$7.13B
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
Beta0.280.6
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 (4.46% paid over the past 12 months vs 2.88% for HDV).

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Income calculator

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

iShares
ETFs467
Total AUM$4.70T

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

iShares, operated by BlackRock, is one of the largest and most established ETF providers globally, known for offering broad, liquid index-tracking funds across nearly all asset classes and investment styles. The lineup encompasses a comprehensive range of strategies including core equity and bond exposure, dividend and income-focused funds, covered call strategies, ESG and thematic investments, factor-based approaches, alternatives, commodities, and municipal bonds, serving both individual and institutional investors. With numerous popular ticker symbols and extensive diversification across geographies, sectors, and investment objectives, iShares provides one of the market's widest selections of ETFs for building diversified portfolios.

See our curated list of related YouTube videos on HDV.

See all ETFs from iShares
State Street
ETFs179
Total AUM$2.17T

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 ETFs from State Street

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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 has paid the higher yield over the past 12 months, 4.46% vs 2.88% for HDV. We compare trailing 12-month yields here because HDV's latest distribution annualizes to 1.14% against 2.88% actually paid over the past 12 months, so annualizing a single payment would misstate its income.

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 ($14.9B), 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 4.46% paid over the past 12 months vs 2.88% 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 $19.00 cash per distribution, while SPYD would produce $112.25 cash per distribution, at current distribution rates.

HDV yield1.14%
SPYD yield4.49%
Cash diff on $10K$93.25

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 0.28 for HDV and 0.6 for SPYD, making HDV the less volatile of the two by this measure.

HDV beta0.28
SPYD beta0.6

Fund details

HDV is managed by iShares (launched 03/29/2011) with $14.9B in assets. SPYD is managed by State Street (launched 10/21/2015) with $7.13B in assets.

HDV AUM$14.9B
SPYD AUM$7.13B
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Frequently asked questions

What is the current distribution rate for HDV and SPYD?

HDV currently distributes 1.14% and SPYD 4.49%, 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 has paid the higher trailing 12-month yield (4.46% vs 2.88%). We compare trailing 12-month yields here because HDV's latest distribution annualizes to 1.14% against 2.88% actually paid over the past 12 months, so annualizing a single payment would misstate its income. 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 92, HDV scores 79, so SPYD's payout currently looks the more resilient of the two. HDV has also shown lower price volatility (beta 0.28 vs 0.60 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 $19.00 cash per distribution ($114.00 annually). The same in SPYD would produce about $112.25 cash per distribution ($449.00 annually).

Which has performed better historically, HDV or SPYD?

HDV has outpaced SPYD over the trailing twelve months, posting a 25.40% total return against 11.21%. The lead holds up over 10 years too: HDV has compounded at 10.23% a year, against 8.22% 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 10, 2026.

Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.

Overview

HDV and SPYD are both dividend-focused ETFs tracking U.S. equity indexes, but they pursue fundamentally different screening philosophies. The result is a meaningful gap in yield, expense structure, and portfolio stability. That 219-basis-point gap reflects SPYD's concentration in dividend-paying value and energy names; HDV screens for dividend sustainability and balance-sheet strength first, then yield. Third, expense ratios are nearly identical—0.08% for HDV and 0.07% for SPYD—so cost is not a differentiator. SPYD carries a larger beta (0.6 vs. 0.28), suggesting higher sensitivity to broad market moves, while HDV's lower beta hints at a less volatile or more defensive composition.

Who each is best for

HDV: Fits investors seeking sustainable dividend income without chasing yield, who prefer monthly cash flow and value stability over maximum payouts. The quality screen appeals to those concerned about dividend cuts or deteriorating fundamentals.

SPYD: Designed for investors comfortable with higher current yield and willing to accept potential volatility in exchange for maximum distributions. The quarterly schedule suits those who can reinvest quarterly payouts effectively and who focus on the S&P 500 opportunity set.

Key risks to know

  • Yield sustainability and NAV drift. SPYD's 4.49% distribution rate—nearly double HDV's—raises the question of whether the portfolio's underlying earnings and cash flows can sustain these payouts long-term. Yields above 4% in a mature market warrant scrutiny for return-of-capital treatment or NAV erosion over time.
  • Sector and dividend concentration. SPYD's mechanical top-yield selection tends to overweight energy, utilities, and financials, creating exposure concentration that differs materially from broad-market diversification. HDV's quality filter should reduce this tilt, though holdings overlap will require verification.
  • Beta sensitivity and market timing. SPYD's 0.6 beta means it will amplify downturns relative to the broad market. HDV's 0.28 beta suggests more stability but less upside participation if equities rally sharply.
  • Rebalancing and turnover. SPYD's mechanical yield-ranking approach may drive higher portfolio turnover during market cycles, potentially generating tax leakage and trading friction.

Bottom line

If you prioritize current income and can tolerate higher volatility, SPYD's 4.49% yield offers more cash flow; if you want dividend income with a quality-focused buffer against cuts and a lower-volatility profile, HDV's 1.14% and 0.28 beta appeal to a different risk tolerance. Both carry expense ratios under 0.08%, so the choice hinges on how much yield you need, how much drawdown you can absorb, and whether you believe SPYD's distribution rate is sustainable. 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.