BDVL vs HXE: Grades, Fees and Holdings Compared

iShares Disciplined Volatility Equity Active ETF

BDVLANasdaq

Mast HedgeIndex Adaptive Equities ETF

HXE—NYSE Arca

Overlap

15.1%by weight

Expense ratio

BDVL −0.60pt a year

BDVL0.39%HXE0.99%

Avg volume · 30D

BDVL 52.0×the volume

BDVL236KHXE4.55K

BDVL vs HXE Performance

Sep 30, 2026 – Oct 30, 2026

+1.4%BDVL−0.2%HXE

Expense ratio: BDVL 0.39%, better; HXE 0.99%
Fund size: BDVL $1.77B; HXE $33M
1Y total return: BDVL +9.6%; HXE No data
Holdings: BDVL 423; HXE 77
Avg volume (30D): BDVL 236K sh, better; HXE 4.55K sh
NAV per share: BDVL $26.44; HXE $25.78
52W range

ETF.net Grade

—HXENot yet graded

Pillar letters and Scores for BDVL, HXE, with each pillar’s weight
Pillar	BDVL	HXE
Cost30% weight	A79	Not scored
Mission25% weight	Not scored	Not scored
Risk15% weight	A80	Not scored
Tradability15% weight	B68	Not scored
Holdings10% weight	A88	Not scored
Durability5% weight	A93	Not scored

Rank among Global Active Equity funds

How we build Categories ›

Global Active Equity⁠

Category · 44 funds

See all 44 ›

BDVL ranks 1st of 44 funds in the Global Active Equity Category.

Rank 1AAVTMAvantis Total Equity Markets ETF 1Score 79
Rank 1ABDVLiShares Disciplined Volatility Equity Active ETFScore 79
Rank 1ADFAWDimensional World Equity ETFScore 79
HXENot yet graded

Our read on each fund

ETF.net Research

BDVLAiShares Disciplined Volatility Equity Active ETF

HXE—Mast HedgeIndex Adaptive Equities ETF

In short

BDVL A global low-volatility fund with an active engine: a quant model picks roughly 500 stocks on low vol, quality and value, scored against MSCI's ACWI Minimum Volatility Index. Fee: 0.39% net of a waiver through June 30, 2028.

HXE No data

Stated mandate

BDVL The Fund seeks risk-adjusted total return through active management of equity exposure, with a focus on managing volatility relative to the broad equity market.

HXE No data

Why people hold it

BDVL Costs 0.39% net of a waiver through June 30, 2028, below the median fee among global active equity peers and under sibling fund BFLX at 0.40%.
Roughly 500 holdings worldwide, so no single stock runs the show. Its holdings build and risk profile rank among the strongest in its peer group.
Built to hold core equity exposure while leaning toward stocks that have shown smaller price swings than the broad market.ishares.com
Trading since 2017, a long life for an active equity ETF, and it has gathered billions from investors along the way.

HXE No data

Worth knowing

BDVL A model, not an index, picks the names. Active discretion cuts both ways against the MSCI minimum-volatility benchmark it is measured by.
The low-vol tilt means lighter exposure to the market's most volatile high-flyers, which shapes how it behaves when those names run.
Cheaper active options sit in the same category: AVTM at 0.22% and AVGE at 0.23% deliver broad global equity without the volatility focus.

HXE No data

Full BDVL profile⁠

Full HXE profile⁠

BDVL vs HXE Holdings

How BDVL and HXE differ

Overlap by weight

15.1%

Shared holdings make up 60.3% of HXE and 15.6% of BDVL.

Level by level

Holdings32 in both15.1%
Countryby domicile69.7%
Asset classEquity100%

Sector

No Sector split for HXE.

Country, concentration and asset class

Country by domicile

Country weights in BDVL and HXE, widest gap first
Country	More in BDVLMore in HXE	BDVL	HXE
United States	HXE +30.2 points	69.5%	99.7%
Japan	BDVL +8.1 points	8.1%	0.0%
China	BDVL +5.4 points	5.4%	0.0%
Taiwan	BDVL +3.5 points	3.5%	0.0%
India	BDVL +2.8 points	2.8%	0.0%
Germany	BDVL +2.8 points	2.8%	0.0%
Netherlands	BDVL +2.6 points	2.6%	0.0%
Switzerland	BDVL +2.1 points	2.2%	0.1%
Other countries (4)	BDVL +2.9 points	3.1%	0.1%

Outside the US: BDVL 62% developed, 38% emerging.

Concentration

Weight in the 10 largest Holdings

BDVL17.0%
HXE52.9%

Securities held

BDVL401
HXE77

Asset class

BDVL: Equity
HXE: Equity

Holdings

Only in BDVL369
In both32
Only in HXE45

Only in BDVL

369 securities, 100% of BDVL by weight

Asml Holding1.95%
Microsoft1.73%
Amazon.com Inc1.33%
Progressive1.17%
Taiwan Semiconductor Manufacturing1.11%
Coca-Cola1.10%
Southern1.07%
Airbus Group1.02%
Howmet Aerospace1.02%
Deutsche Telekom N AG0.93%
Salesforce0.90%
Keysight Technologies0.87%
Travelers Companies0.86%
Republic Services Inc0.86%
Duke Energy Corp0.86%
Waste Management Inc0.80%
Motorola Solutions Inc0.79%
Bank of China Ltd H0.78%
Novartis AG0.77%
Autodesk0.77%
Vertex Pharmaceuticals0.76%
Gilead Sciences0.74%
Vertiv Holdings Class A0.73%
United Parcel Service Inc Class B0.73%
Northrop Grumman Corp0.72%
Cencora0.70%
Rolls-Royce Holdings PLC0.69%
S&P Global0.69%
NVIDIA0.68%
Steris0.67%
Elevance Health Inc0.66%
Honeywell International Inc0.66%
Trane Technologies PLC0.66%
Otsuka Corp0.64%
Occidental Petroleum Corp0.64%
Rwe AG0.62%
Msci0.62%
Procter & Gamble0.61%
Verisign0.61%
Teledyne Technologies0.61%
Kroger0.61%
Workday Class A0.60%
Chubb0.58%
Softbank0.58%
Dollar General Corp0.58%
Monster Beverage0.57%
Roper Technologies0.56%
Cadence Design Systems0.55%
Advanced Micro Devices0.54%
Royal Bank of Canada0.54%

Only in HXE

45 securities, 100% of HXE by weight

Medtronic PLC5.23%
Us T Bill Zcp 12/24/265.13%
Us T Bill Zcp 01/21/275.10%
Us T Bill Zcp 02/18/275.10%
Us T Bill Zcp 04/15/275.06%
Us T Bill Zcp 03/18/275.06%
Markel Group Inc5.06%
Us T Bill Zcp 06/10/275.03%
Us T Bill Zcp 05/13/275.03%
Us T Bill Zcp 08/05/274.99%
Us T Bill Zcp 07/08/274.99%
Us T Bill Zcp 09/02/274.96%
Us T Bill Zcp 09/30/274.96%
Intuit Inc4.24%
Tesla Inc3.75%
Tyler Technologies Inc3.08%
Eli Lilly & Co3.06%
JPMorgan Chase & Co2.38%
Thermo Fisher Scientific Inc2.38%
Brown & Brown Inc2.21%
Us T Bill Zcp 11/27/262.06%
Chewy Inc - Class A2.00%
West Pharmaceutical Services1.78%
Equifax Inc1.64%
Kinsale Capital Group Inc1.51%
News Corp - Class B1.47%
Waters Corp1.42%
Caris Life Sciences Inc1.42%
Danaher Corp1.37%
Avantor Inc1.37%
Charles River Laboratories1.13%
Iqvia Holdings Inc1.06%
Coca-Cola Consolidated Inc0.96%
Philip Morris Interna0.89%
Medpace Holdings Inc0.88%
Palo Alto Networks Inc0.84%
Caterpillar Inc0.81%
Humana Inc0.77%
Wells Fargo & Co0.70%
Oracle Corp0.65%
Sun Communities Inc0.64%
Kla Corp0.57%
Illumina Inc0.57%
Dillards Inc-Cl A0.56%
Repligen Corp0.36%

Weight gaps

All 32 Holdings in both funds, largest gap first.

Holding weights in BDVL and HXE, widest gap first
Holding	More in BDVLMore in HXE	BDVL	HXE
Colgate-PalmoliveCL	HXE +7.03 points	0.05%	7.08%
Broadridge Financial Solutions IncBR	HXE +3.51 points	0.46%	3.97%
Broadcom IncAVGO	HXE +3.31 points	0.92%	4.23%
AbbVieABBV	HXE +3.14 points	0.48%	3.62%
News Class ANWSA	HXE +3.11 points	0.24%	3.35%
Meta Platforms Class AMETA	HXE +2.80 points	0.80%	3.60%
Micron TechnologyMU	HXE +2.68 points	0.09%	2.77%
Alphabet Class CGOOG	HXE +2.54 points	0.98%	3.52%
UnitedHealth GroupUNH	HXE +2.17 points	0.45%	2.62%
BiogenBIIB	HXE +1.69 points	0.10%	1.79%
Exxonmobil Holdings CorpXOM	HXE +1.36 points	0.62%	1.98%
Johnson & JohnsonJNJ	HXE +1.18 points	0.55%	1.73%
Walt DisneyDIS	HXE +1.03 points	0.44%	1.47%
WalmartWMT	HXE +0.96 points	0.43%	1.39%
Palantir Technologies Class APLTR	HXE +0.90 points	0.24%	1.14%
Visa Class AV	HXE +0.81 points	1.00%	1.81%
Ge AerospaceGE	HXE +0.71 points	0.17%	0.88%
Merck & Co IncMRK	HXE +0.61 points	0.38%	0.99%
ChevronCVX	HXE +0.60 points	0.55%	1.15%
Crowdstrike Holdings Class ACRWD	HXE +0.58 points	0.13%	0.71%
Ge VernovaGEV	HXE +0.56 points	0.08%	0.64%
Mastercard Class AMA	BDVL +0.55 points	1.88%	1.33%
Cisco Systems IncCSCO	HXE +0.51 points	0.55%	1.06%
Texas InstrumentTXN	HXE +0.48 points	0.30%	0.78%
Home DepotHD	HXE +0.47 points	0.42%	0.89%
Goldman Sachs GroupGS	HXE +0.42 points	0.33%	0.75%
Costco Wholesale CorpCOST	HXE +0.41 points	0.80%	1.21%
Linde PLCLIN	HXE +0.38 points	0.23%	0.61%
International Business Machines CoIBM	HXE +0.35 points	0.31%	0.66%
Intel CorporationINTC	HXE +0.35 points	0.69%	1.04%
NetflixNFLX	HXE +0.30 points	0.40%	0.70%
Lam ResearchLRCX	HXE +0.27 points	0.60%	0.87%

All 514 BDVL holdings⁠All 83 HXE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BDVL vs HXE Cost

Overpaying HXE vs BDVL

$10,627

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BDVL 0.39%
$7,898
HXE 0.99%
$18,525

Amount$10,000

Years30 years

Cost over time

BDVL 0.39%
HXE 0.99%
Overpaying

Year by year

Year	BDVL	HXE	Overpaying
10	$705	$1,746	$1,041
20	$2,725	$6,565	$3,840
30	$7,898	$18,525	$10,627

Expense ratio

0.39%BDVL, cheaper
0.99%HXE

BDVL0.39%HXE0.99%

0.22%1.19%

Middle half of Global Active Equity funds
Median 0.69%

BDVL 9th cheapest of 44 funds

HXE 38th cheapest of 44 funds

BDVL vs HXE Dividends

Last 12 months to Oct 30, 2026

Payout (12M): BDVL No data; HXE None
Last payment: BDVL $0.22; HXE No data
Ex-dividend: BDVL Jun 15, 2026; HXE No data
Paid on: BDVL Jun 18, 2026; HXE No data
Frequency: BDVL Twice a year; HXE No data

Distribution history

Per share, 2025 to 2026, same scale for both

BDVLTwice a year · 2 paymentsAll BDVL payments⁠

HXEAll HXE payments⁠

No distribution history available.

BDVL vs HXE Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BDVL 8.7%since Oct 2025HXE No data
Return per unit of riskSharpe ratio, 3 years: BDVL 0.60since Oct 2025HXE No data
Worst fallMax drawdown, 5 years: BDVL −7.7%since Sep 2025HXE No data
Market sensitivityBeta, 5 years: BDVL 0.61HXE 0.00; Market = 1

BDVL and HXE in the news

All news⁠

New ETFs
Mast lists HXF at 0.80% with HedgeIndex in the name and no index in the mandate
Sep 4, 2026HXE

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BDVL vs HXE

In short

Stated mandate

Why people hold it

Worth knowing

How BDVL and HXE differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BDVL

Only in HXE

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Mast lists HXF at 0.80% with HedgeIndex in the name and no index in the mandate