Dividend comparison
HDV vs SPYD: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for iShares Core High Dividend ETF and State Street SPDR Portfolio S&P 500 High Dividend ETF, side by side. Updated October 21, 2026.
HDV vs SPYD: key differences
The short answer, from the latest data on this page.
- Fees. SPYD is cheaper at 0.07% a year versus 0.08% for HDV. On $10,000 that is $1 a year less in fees.
- Income. SPYD pays more income, yielding 4.33% over the last twelve months versus 2.83% for HDV. That is about $150 more a year on $10,000. Both pay quarterly.
- Performance. Over the last 5 years, HDV returned 82.2% versus 38.0% for SPYD, with dividends reinvested. $10,000 would have grown to $18,215 in HDV and $13,797 in SPYD.
- Risk. SPYD has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -22.2%, against -15.4% for HDV.
- Diversification. SPYD holds 78 positions and HDV holds 74. The ten largest positions make up 57.4% of HDV and 16.4% of SPYD.
- Overlap. 22% of the two portfolios overlap by weight, across 21 shared holdings.
- Dividend growth. SPYD grew its yearly payout 6.0% a year over the last 4 years, versus 2.8% for HDV.
- Size. HDV is the larger fund with $15.5 billion in assets, against $7.3 billion for SPYD.
Bottom line: HDV fits better if you care most about stronger 5-year returns and smaller drawdowns. SPYD fits better if you care most about more income today and faster dividend growth.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | HDV iShares Core High Dividend ETF | SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF |
|---|---|---|
| Dividend yield (TTM) | 2.83% | 4.33% |
| Dividend / share (TTM) | $0.85 | $2.06 |
| Payout frequency | Quarterly | Quarterly |
| Last dividend | $0.0560 on Sep 21, 2026 | $0.5178 on Sep 23, 2026 |
| Ex-dividend date | Sep 16, 2026 | Sep 21, 2026 |
| Dividend growth (CAGR) | 2.8% over 4 yrs | 6.0% over 4 yrs |
| Price | $30.11 | $47.60 |
| Dividend growth streak | — | 2 years |
| Beta | 0.30 | 0.64 |
| Max drawdown (5Y) | -15.4% | -22.2% |
| Market cap | $15.63B | $7.34B |
| Exchange | AMEX | AMEX |
| Expense ratio | 0.08% | 0.07% |
| Assets under management | $15.52B | $7.26B |
| Number of holdings | 74 | 78 |
| Top 10 concentration | 57.4% | 16.4% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
HDV
$23.58/mo
$283 /yr at 2.83% yield
SPYD
$36.06/mo
$433 /yr at 4.33% yield
Dividend history
Total dividends paid per share in each calendar year. HDV pays quarterly; SPYD pays quarterly.
| Year | HDV | SPYD |
|---|---|---|
| 2025 | $0.7821 | $1.9570 |
| 2024 | $0.8230 | $1.8637 |
| 2023 | $0.7787 | $1.8276 |
| 2022 | $0.7431 | $1.9833 |
| 2021 | $0.7016 | $1.5492 |
Strategy: Dividend equity
Rules-based equity funds that screen for companies paying sustainable or rising dividends, aiming at income plus long-term share-price participation. The screen is what defines the fund: yield-ranked indexes deliver more cash now, dividend-growth indexes deliberately exclude the highest payers in favor of durability. Both approaches produce a sector mix that looks nothing like the broad market, typically heavier in financials, healthcare, staples and industrials.
Expect stretches of underperformance versus the broad market whenever leadership comes from the high-growth, low-yield companies these screens exclude.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $18,215 in HDV and $13,797 in SPYD.
| Period | HDV | SPYD |
|---|---|---|
| 1 month | 4.77% | 1.13% |
| 3 months | 7.46% | -3.62% |
| Year to date | 26.57% | 10.06% |
| 1 year | 26.83% | 9.07% |
| 3 years | 70.79% | 54.50% |
| 5 years | 82.15% | 37.97% |
- HDV
- SPYD
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
- HDV
- SPYD
HDV vs SPYD holdings overlap
22% overlap by weight, with 21 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Top 10 holdings
Largest positions by portfolio weight.
HDV74 holdings total
Quick verdict
HDV fits better if you care most about stronger 5-year returns and smaller drawdowns. SPYD fits better if you care most about more income today and faster dividend growth. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how HDV vs SPYD fits with the rest of your holdings. Free to start — no credit card required for the trial.
Frequently asked questions
Is HDV or SPYD better for dividend income?
It depends on your goals. HDV currently yields 2.83% Trailing Twelve Months (TTM) while SPYD yields 4.33%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between HDV and SPYD?
iShares Core High Dividend ETF (HDV) is an ETF listed on AMEX. State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, HDV or SPYD?
SPYD has the lower expense ratio. HDV charges 0.08% a year and SPYD charges 0.07%, a difference of $1 a year on a $10,000 investment.
Which has performed better, HDV or SPYD?
Over the last 5 years, HDV has the higher total return with dividends reinvested: HDV returned 82.2% and SPYD returned 38.0%. Past performance does not predict future returns.
Which is riskier, HDV or SPYD?
Measured by the worst peak-to-trough decline over the last five years, SPYD has been riskier: HDV fell as much as 15.4% and SPYD as much as 22.2%. Their betas are 0.30 and 0.64.
How much do HDV and SPYD overlap?
About 22% of the two portfolios overlap by weight, across 21 shared holdings. The largest shared positions are PFE, CVX, MDT. Holding both still adds meaningful diversification.
How often do HDV and SPYD pay dividends?
Both pay quarterly. The most recent payments were $0.0560 for HDV and $0.5178 for SPYD.
How much income does $10,000 in HDV vs SPYD generate?
At current TTM yields, $10,000 in HDV would generate roughly $23.58 per month ($283 annually). The same amount in SPYD would produce about $36.06 per month ($433 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both HDV and SPYD?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare HDV vs SPYD with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how HDV and SPYD fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.