The Fidelity High Dividend ETF (FDVV +0.30%) and the iShares Core High Dividend ETF (HDV +0.48%) diverge most on sector mix and recent returns, with FDVV charging a slightly higher fee but delivering stronger performance and more tech exposure.
Both FDVV and HDV target U.S. stocks with above-average dividends, but their portfolios and risk profiles set them apart. This comparison looks at cost, returns, risk, portfolio makeup, and liquidity to help investors weigh which high-yield approach may appeal more for their needs.
Snapshot (cost & size)
| Metric | HDV | FDVV |
|---|---|---|
| Issuer | IShares | Fidelity |
| Expense ratio | 0.08% | 0.15% |
| 1-yr return (as of 2026-03-11) | 17.6% | 19.31% |
| Dividend yield | 2.9% | 2.8% |
| Beta | 0.42 | 0.80 |
| AUM | $13.8 billion | $8.9 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months.
FDVV charges a higher expense ratio than HDV, though both remain low-cost by industry standards. The two funds currently deliver nearly the same dividend yield, so the main cost difference comes down to fees rather than income.
Performance & risk comparison
| Metric | HDV | FDVV |
|---|---|---|
| Max drawdown (5 y) | -15.41% | -20.17% |
| Growth of $1,000 over 5 years | $1,423 | $1,603 |
FDVV has delivered a stronger total return over five years, growing $1,000 to $1,603 versus $1,423 for HDV. However, FDVV has also experienced a deeper maximum drawdown, highlighting its greater volatility.
NYSEMKT: HDV
Key Data Points
What's inside
FDVV tracks a high-dividend strategy with a notable tilt toward technology (25%), financial services (17%), and consumer cyclical stocks (16%), holding 119 companies as of 9.5 years since inception. Its top three positions—Nvidia (NVDA +0.64%), Apple (AAPL +0.73%), and Microsoft (MSFT 1.21%)—account for over 16% of assets, creating a meaningful tech overweight compared to many dividend peers.
By contrast, HDV takes a more defensive approach, heavily weighted to consumer defensive (28%), energy (26%), and healthcare (17%) sectors. Its largest holdings—Exxon Mobil (XOM +0.64%), Chevron (CVX +0.66%), and Johnson & Johnson (JNJ +1.28%)—reflect this conservative, income-focused tilt. Neither ETF includes leverage, currency hedging, or other structural quirks.
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NYSEMKT: FDVV
Key Data Points
What this means for investors
High-dividend ETFs tend to conjure images of utilities, oil majors, and pharmaceutical giants — the classic income stalwarts. FDVV quietly scrambles that picture. Fidelity's High Dividend ETF uses a forward-looking screen that evaluates companies on expected dividend growth, not just current yield, which is why you'll find Nvidia, Microsoft, and Apple in the mix alongside the traditional income names. HDV, by contrast, is a stricter gatekeeper: iShares' fund pulls from roughly 80 of the highest-yielding U.S. stocks that pass Morningstar's financial health and competitive moat screens, with no appetite for tech giants not yet generating the kind of consistent payouts that qualify.
The result is two ETFs with a similar name but strikingly different personalities. FDVV is broader and more balanced, but you pay nearly twice the fee for that flexibility. HDV is cheaper, but its tight roster means when healthcare stumbles or energy pulls back, the whole fund feels it.
Investors who want dividend income without completely abandoning growth will find FDVV the more flexible choice. HDV makes more sense for income-first investors who prefer traditional dividend sectors and are comfortable with a concentrated, lower-cost fund where three sectors — healthcare, energy, and consumer staples — do most of the heavy lifting.
