HDV vs SCHD: Returns, Drawdowns and Dividends Since 2016
HDV (iShares Core High Dividend ETF) and SCHD (Schwab U.S. Dividend Equity ETF) mostly moved together (a daily correlation of 0.934, where 1 would mean identical). SCHD came out ahead, returning 13.8% a year with dividends reinvested from January 2016 to November 2026, against 11.2% for HDV.
Bought on any day and held five years, SCHD finished ahead 80% of the time. SCHD also fell less at its worst: 33.4%, against 37.0% for HDV.
| Measure | HDV | SCHD |
|---|---|---|
| Annual return | 11.2% | 13.8% |
| $10,000 grew to | $31,519 | $40,700 |
| Worst decline | −37.0%Mar 2020 | −33.4%Mar 2020 |
| Volatility Volatility How much the fund's daily returns swing: their standard deviation over this period, annualized with the square root of 252 trading days. | 15.5% | 16.4% |
| Sharpe ratio Sharpe ratio Return above T-bills for each unit of risk: daily returns minus the T-bill ETF BIL, averaged, divided by their standard deviation and annualized. Higher is better. T-bill funds show none. Sharpe ratio calculator | 0.63 | 0.74 |
| 12-month yield 12-month yield Cash dividends with ex-dividend dates in the past 12 months, divided by the latest closing price. | 3.1% | 2.9% |
| Best year | +20.2%2019 | +29.9%2021 |
| Worst year | −6.5%2020 | −5.6%2018 |
| Correlation between them Correlation How closely the two funds' daily returns moved together over this period: 1 means identical every day, 0 means no relation. | 0.934 | |
HDV: iShares Core High Dividend ETFSCHD: Schwab U.S. Dividend Equity ETF
Jan 4, 2016 to Nov 4, 2026, dividends reinvested.
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Worst declines
HDV fell 37.0% from Dec 23, 2019 to Mar 23, 2020 and was back at its high on Mar 8, 2021. SCHD fell 33.4% from Jan 23, 2020 to Mar 23, 2020 and was back at its high on Sep 2, 2020.
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Year by year
HDV was ahead in 4 of the 11 calendar years.
| Year | HDV | SCHD | Ahead (pts) |
|---|---|---|---|
| 2026 (to Nov 4) | +31.0% | +35.3% | SCHD+4.3 |
| 2025 | +11.9% | +4.3% | HDV+7.6 |
| 2024 | +14.2% | +11.7% | HDV+2.5 |
| 2023 | +1.7% | +4.6% | SCHD+2.8 |
| 2022 | +7.1% | −3.2% | HDV+10.3 |
| 2021 | +19.5% | +29.9% | SCHD+10.4 |
| 2020 | −6.5% | +15.1% | SCHD+21.5 |
| 2019 | +20.2% | +27.3% | SCHD+7.1 |
| 2018 | −3.0% | −5.6% | HDV+2.6 |
| 2017 | +13.4% | +20.9% | SCHD+7.5 |
| 2016 (from Jan 4) | +17.0% | +17.5% | SCHD+0.6 |
Held for 1, 3 or 5 years: which came out ahead
Buy on any trading day from Jan 4, 2016, hold for a set time, and see which fund ended higher. The periods overlap, so they show how much the start date mattered, not separate results.
| Hold | Days tested | Ahead more often | Median lead (pts) |
|---|---|---|---|
| 1 year | 2,474 | SCHD56% | +1.6 |
| 3 years | 1,970 | SCHD63% | +12.5 |
| 5 years | 1,466 | SCHD80% | +33.2 |
Median lead is the typical gap in total return across all start dates, in percentage points. The latest 5-year hold starts on Oct 27, 2021.
Dividends
Over the past 12 months HDV paid 3.1% of its price in dividends and SCHD 2.9%. The returns above already include them, reinvested on each ex-dividend date.
Dividends per share by year
| Year | HDV | SCHD |
|---|---|---|
| 2026 (to Nov 4) | $0.71 6 payments | $0.78 3 payments |
| 2025 | $0.78 4 payments | $1.05 4 payments |
| 2024 | $0.82 4 payments | $0.99 4 payments |
| 2023 | $0.78 4 payments | $0.89 4 payments |
| 2022 | $0.74 4 payments | $0.85 4 payments |
| 2021 | $0.70 4 payments | $0.75 4 payments |
| 2020 | $0.71 4 payments | $0.68 4 payments |
| 2019 | $0.64 4 payments | $0.57 4 payments |
| 2018 | $0.62 4 payments | $0.48 4 payments |
| 2017 | $0.59 4 payments | $0.45 4 payments |
| 2016 (from Jan 4) | $0.54 4 payments | $0.40 4 payments |
Per share in today's shares (earlier amounts are restated for share splits), by ex-dividend date.
The two funds
- HDV
- iShares Core High Dividend ETF, an ETF launched Mar 31, 2011. FinLab prices start Jan 4, 2016.
- HDV price and signal backtests
- SCHD
- Schwab U.S. Dividend Equity ETF, an ETF launched Oct 20, 2011. FinLab prices start Jan 4, 2016.
- SCHD price and signal backtests
More comparisons
Source: FinLab U.S. fund prices, Jan 4, 2016 to Nov 4, 2026, the days both funds traded. Returns use prices adjusted for dividends and splits, before taxes; annual return is compounded.
For research and education. Past returns do not guarantee future results, and this is not investment advice.