ETF Versus

HDV vs TLT

iShares Core High Dividend ETF vs iShares 20+ Year Treasury Bond ETF

Last updated: 2026-04-02

HDV iShares

iShares Core High Dividend ETF (HDV) is an exchange-traded fund issued by iShares that provides exposure to U.S. dividend-paying stocks selected for yield or dividend growth. It charges a low expense ratio of 0.08%. The fund offers an attractive dividend yield of 2.96%. Launched in 2011, the fund has a 15-year track record.

AUM: $13.5B ER: 0.08% Yield: 2.96% Since: Mar 29, 2011
TLT iShares

iShares 20+ Year Treasury Bond ETF (TLT) is an exchange-traded fund issued by iShares that provides exposure to long-duration U.S. Treasury bonds with high interest rate sensitivity. It charges a low expense ratio of 0.15%. The fund offers a high dividend yield of 4.51%. Launched in 2002, the fund has a 24-year track record.

AUM: $41.7B ER: 0.15% Yield: 4.51% Since: Jul 22, 2002

Quick Verdict

HDV has a slightly lower expense ratio (0.08% vs 0.15%), saving about $139 per $10,000 over 10 years. Over the past year, HDV has significantly outperformed with a 11.2% return vs -5.7%. Income investors may prefer TLT for its higher yield (4.5% vs 3.0%).

Key Metrics

Metric HDV TLT
Expense Ratio 0.08% 0.15%
Dividend Yield 3.0% 4.5%
Fund Family iShares iShares
Category US Dividend US Long-Term Treasury

Performance Chart

Indexed to 100 at start (5-year comparison)

60 77 94 111 128 145 2021-04 2022-06 2023-09 2024-12 2026-04
HDV +39.8%
TLT -37.0%

Performance Comparison

Period HDV TLT Difference
1 Month -4.43% -3.74% -0.69%
3 Months +9.57% -0.88% +10.45%
6 Months +9.49% -3.49% +12.98%
YTD +9.57% -0.88% +10.45%
1 Year +11.17% -5.72% +16.89%
3 Years +30.22% -19.08% +49.30%
5 Years +39.76% -37.00% +76.76%

Fee Impact Over Time

Estimated fee cost difference assuming 8% annual returns

Investment Period HDV Fees TLT Fees You Save
$10.000 10 years $159 $298 $139
$10.000 20 years $686 $1.278 $592
$10.000 30 years $2.212 $4.109 $1.897
$50.000 10 years $797 $1.490 $693
$50.000 30 years $11.061 $20.547 $9.486
$100.000 30 years $22.123 $41.094 $18.971

Risk Metrics

Based on 5 years of daily returns

Metric HDV TLT
Annualized Volatility 13.0% 15.9%
Max Drawdown -16.9% -46.4%
Sharpe Ratio 0.24 -0.79

Dividend Comparison

Metric HDV TLT
Annual Dividend (per share) $3.96 $3.89
Dividend Yield 2.96% 4.51%
Distribution Frequency Quarterly Monthly

Top Holdings

HDV Top Holdings

NameWeight
Exxon Mobil CorporationXOM9.48%
Chevron CorporationCVX7.13%
Johnson & JohnsonJNJ6.04%
AbbVie Inc.ABBV5.48%
The Procter & Gamble CompanyPG4.40%
Philip Morris International Inc.PM4.20%
Merck & Co., Inc.MRK4.20%
The Home Depot, Inc.HD4.05%
The Progressive CorporationPGR3.80%
The Coca-Cola CompanyKO3.77%

Which One Should You Choose?

Choose HDV if...

you want the lowest fees and plan to buy and hold long-term. Over decades, the expense ratio difference compounds significantly.

Choose HDV if...

recent performance momentum matters to your strategy. Note that past performance doesn't guarantee future results.

Choose TLT if...

you prioritize dividend income and want higher regular distributions from your portfolio.

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