HDV vs USMV Overlap
Both funds come from IShares. HDV is a dividend-focused equity ETF, while USMV is an equity ETF. HDV and USMV show limited overlap, with an estimated weighted overlap of 18.67%. They share 29 holdings in the loaded dataset, led by DUK, XOM, and CSCO.
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Quick Answer
Both funds come from IShares. HDV is a dividend-focused equity ETF, while USMV is an equity ETF. HDV and USMV show limited overlap, with an estimated weighted overlap of 18.67%. They share 29 holdings in the loaded dataset, led by DUK, XOM, and CSCO.
- 18.67% weighted overlap across 29 shared holdings.
- The top three shared holdings explain 24.43% of the measured overlap.
- HDV and USMV are closer in breadth than a broad-vs-niche ETF pair.
- The overlap is mostly explained by the top shared positions rather than sector labels alone.
- Holding both can still add materially different exposure.
Data Freshness
- HDV holdings
- Mar 12, 2026
- USMV holdings
- Mar 12, 2026
- Overlap computed
- Mar 13, 2026
- Data source
- Financial Modeling Prep
Review the methodology for the overlap formula and refresh policy.
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About These ETFs
What Stands Out In This Comparison
What This Means
Both funds come from IShares. HDV is a dividend-focused equity ETF, while USMV is an equity ETF. HDV and USMV do not own much of the same portfolio weight. That usually means you are combining different parts of the market, with only a small amount of duplication through names like DUK, XOM, and CSCO.
How They Differ
Both funds come from IShares. HDV is a dividend-focused equity ETF, while USMV is an equity ETF. Neither fund clearly dominates on breadth, so the practical difference is more about weighting, index construction, and cost. HDV has the lower expense ratio, while USMV charges more for its exposure.
What Drives The Overlap
The overlap is driven by a relatively small set of large shared positions. The top three shared holdings account for 24.43% of the score, which means the result is heavily influenced by the biggest common weights rather than a long tail of tiny positions.
When One May Fit Better
Because HDV and USMV are closer in breadth, the better fit usually comes down to index methodology, issuer preference, and cost. HDV has the lower expense ratio, while USMV charges more for its exposure.
Overlap Driver Snapshot
Concentration
The top three shared holdings explain 24.43% of the full overlap score.
That helps show whether the score comes from a handful of giant shared positions or from a broader mix of common holdings.
Shared Sector Tilt
Sector tags are not consistently available for the biggest shared positions in this dataset, so this comparison leans more on the specific holdings than on sector labels.
Top Shared Holdings
These are the holdings contributing the most to the overlap score between HDV and USMV.
| Holding | Name | HDV Wt. | USMV Wt. | Overlap |
|---|---|---|---|---|
| DUK | DUKE ENERGY CORP | 1.77% | 1.53% | 1.53% |
| XOM | EXXON MOBIL CORP | 10.54% | 1.52% | 1.52% |
| CSCO | CISCO SYSTEMS INC | 3.02% | 1.51% | 1.51% |
| SO | SOUTHERN | 1.74% | 1.50% | 1.50% |
| JNJ | JOHNSON & JOHNSON | 7.19% | 1.50% | 1.50% |
| KO | COCA-COLA | 4.20% | 1.17% | 1.17% |
| PG | PROCTER & GAMBLE | 5.29% | 1.16% | 1.16% |
| PEP | PEPSICO INC | 4.09% | 1.02% | 1.02% |
| CL | COLGATE-PALMOLIVE | 0.97% | 0.95% | 0.95% |
| GILD | GILEAD SCIENCES INC | 2.29% | 0.92% | 0.92% |
Why These ETFs Overlap
Both funds come from IShares. HDV is a dividend-focused equity ETF, while USMV is an equity ETF. The overlap exists because both funds allocate meaningful weight to the same holdings. In this dataset, the biggest shared drivers are DUK, XOM, and CSCO, which appear in both portfolios and push the overlap score higher.
Holding both HDV and USMV can make sense if you want exposure to different sleeves of the market. The overlap is small enough that both funds may still improve diversification.
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Frequently Asked Questions About HDV and USMV
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How Overlap Is Calculated
A straightforward approach used by portfolio analysts.
For every stock that appears in both ETFs, we take the smaller of the two weights. Adding up all those minimums gives the total overlap percentage. A score of 100% means the two ETFs hold the exact same stocks in the same proportions.
Want the full explanation? Read the methodology page.