IYLD vs MDIV: Grades, Fees and Holdings Compared

iShares Morningstar Multi-Asset Income ETF

IYLDACboe

Multi-Asset Diversified Income Index Fund

MDIVBNasdaq

Overlap

1.8%by weight

Expense ratio

IYLD −0.21pt a year

IYLD0.50%MDIV0.71%

Avg volume · 30D

MDIV 3.1×the volume

IYLD18.7KMDIV58.4K

10Y return · a year

MDIV +1.6pt

IYLD+3.6%MDIV+5.2%

IYLD vs MDIV Performance

Oct 29, 2021 – Oct 30, 2026

+16.0%IYLD+34.8%MDIV

Expense ratio: IYLD 0.50%, better; MDIV 0.71%
Fund size: IYLD $129M; MDIV $418M
1Y total return: IYLD +6.5%; MDIV +11.5%, better
Yield (12M): IYLD 4.79%; MDIV 7.48%, better
Holdings: IYLD 19355; MDIV 124
Avg volume (30D): IYLD 18.7K sh; MDIV 58.4K sh, better
NAV per share: IYLD $21.64; MDIV $16.18
52W range

ETF.net Grade

Pillar letters and Scores for IYLD, MDIV, with each pillar’s weight
Pillar	IYLD	MDIV
Cost30% weight	A79Higher	C50
Mission25% weight	A100Higher	A86
Risk15% weight	B69Higher	B55
Tradability15% weight	C53	A74Higher
Holdings10% weight	A88Higher	B67
Durability5% weight	A85Higher	A83

Rank among Multi-Asset Income funds

How we build Categories ›

Same Category. IYLD and MDIV are both graded against the same 15 Multi-Asset Income funds, so their Grades compare head to head.

Multi-Asset Income⁠

Category · 15 funds

See all 15 ›

IYLD ranks 2nd and MDIV 4th of 15 funds in the Multi-Asset Income Category.

Rank 1AINCMFranklin Income Focus ETFScore 82
Rank 2AIYLDiShares Morningstar Multi-Asset Income ETFScore 79
Rank 3AINKMState Street Income Allocation ETFScore 72
Rank 4BMDIVMulti-Asset Diversified Income Index FundScore 66
Rank 5BALTYGlobal X Alternative Income ETFScore 57

Our read on each fund

ETF.net Research

IYLDAiShares Morningstar Multi-Asset Income ETF

MDIVBMulti-Asset Diversified Income Index Fund

In short

IYLD One ticker, one income engine. IYLD is a fund of iShares funds, bundling equity, bond and other income funds into a single monthly-paying package that has run on the same playbook since 2012.

MDIV Five income sleeves in one ticker: dividend stocks, REITs, preferreds, MLPs and a high-yield bond ETF, each reset to roughly 20% every quarter. Trading since 2012 and paying monthly, it spreads the yield hunt instead of making one big bet.

Stated mandate

IYLD The Fund seeks to track an index of underlying equity, fixed-income, and other income funds designed to provide high current income while offering an opportunity for capital appreciation.

MDIV The Fund seeks investment results that generally track the price and yield of the Nasdaq US Multi-Asset Diversified Income Index before fees and expenses.

Why people hold it

IYLD A single trade buys a whole income lineup: the index it follows is built from underlying equity, fixed-income and other income funds, so the mixing and rebalancing happen inside the wrapper.ishares.com
0.50% a year, comfortably below the typical fee in its allocation peer group. Cheap for a multi-asset income build.
Pays monthly, which lines the cash flow up with how most people actually pay bills.ishares.com
Hews closely to the Morningstar Multi-Asset High Income Index it targets, one of the tighter index implementations in its peer group. No manager guesswork bolted on top.

MDIV Five slices, one ticker: dividend stocks, REITs, preferreds, MLPs and a high-yield bond ETF, each rebalanced back to about 20% each quarter.sec.gov
Each segment filters out names whose annual volatility runs more than 15 percentage points above its benchmark, so the wildest high-yielders get screened.ftportfolios.com nasdaqomx.com
Trading since 2012 and paying monthly, with about 120 holdings, it ranks as one of the stronger implementations in the multi-asset income group.

Worth knowing

IYLD Small and thinly traded. Expect wider bid-ask spreads than the mega-funds, which matters most on larger orders.
Income comes first here: capital appreciation is the secondary goal in its own objective, so it is built differently from a growth-tilted allocation fund.
Broad allocation rivals cost far less (IRTR at 0.08%, AOA at 0.19%), though neither is built around high current income.

MDIV 0.71% net of a waiver through January 31, 2027 (0.83% gross) sits near the category median, but above peers like INCM at 0.38% and IYLD at 0.50%.
The high-yield sleeve is owned through another ETF, which may be a First Trust fund, so a slice of the cost and credit exposure sits one layer down.sec.gov
All five sleeves are income assets: preferreds, high-yield bonds, REITs and MLPs can lean the same way when rates or credit spreads move.nasdaqomx.com

Full IYLD profile⁠

Full MDIV profile⁠

IYLD vs MDIV Holdings

How IYLD and MDIV differ

Overlap by weight

1.8%

Shared holdings make up 34.5% of MDIV and 1.8% of IYLD.

Level by level

Holdings45 in both1.8%
Sector11 Sectors55.0%
Countryby domicile65.2%

Sector

Sector weights in IYLD and MDIV, widest gap first
Sector	More in IYLDMore in MDIV	IYLD	MDIV
Energy	MDIV +30.3 points	4.6%	34.9%
Financials	IYLD +14.1 points	28.1%	13.9%
Real Estate	MDIV +11.8 points	20.9%	32.7%
Industrials	IYLD +9.1 points	9.8%	0.7%
Materials	IYLD +5.1 points	5.1%	0.0%
Technology	IYLD +4.8 points	4.8%	0.0%
Consumer Discretionary	IYLD +4.7 points	5.3%	0.6%
Health Care	IYLD +4.0 points	5.8%	1.8%
Utilities	MDIV +2.9 points	6.0%	8.9%
Communication	IYLD +2.0 points	3.7%	1.7%
Consumer Staples	IYLD +1.3 points	6.1%	4.8%

Country, concentration and asset class

Country by domicile

Country weights in IYLD and MDIV, widest gap first
Country	More in IYLDMore in MDIV	IYLD	MDIV
United States	MDIV +34.8 points	64.4%	99.2%
Japan	IYLD +10.2 points	10.2%	0.0%
United Kingdom	IYLD +5.3 points	5.3%	0.0%
Australia	IYLD +4.2 points	4.2%	0.0%
Supranational	IYLD +3.4 points	3.4%	0.0%
France	IYLD +2.7 points	2.7%	0.0%
Switzerland	IYLD +1.9 points	1.9%	0.0%
Canada	IYLD +1.8 points	2.6%	0.8%
Other countries (5)	IYLD +5.4 points	5.4%	0.0%

Outside the US: IYLD 90% developed, 10% emerging.

Concentration

Weight in the 10 largest Holdings

IYLD4.6%
MDIV32.1%

Securities held

IYLD19,284
MDIV123

Asset class

IYLD: Multi-Asset
MDIV: Multi-Asset

Holdings

Only in IYLD19,239
In both45
Only in MDIV78

Only in IYLD

19,239 securities, 97.3% of IYLD by weight

Strategy Inc0.52%
Boeing Co0.48%
Welltower0.46%
Mitsubishi Ufj Financial Group0.45%
Shell0.43%
Hsbc Holdings PLC0.41%
Nestle SA0.37%
Toyota Motor0.36%
Prologis Reit0.33%
Super Micro Computer Inc0.32%
Hewlett Packard Enterprise Conv Pr0.32%
Wells Fargo & Company Series L0.32%
Oracle Corporation0.32%
Alphabet Inc0.31%
Roche Ps Par AG0.31%
Alphabet Inc0.31%
Bhp Group Ltd0.30%
Sumitomo Mitsui Financial Group0.29%
Equinix Reit0.27%
Novartis AG0.27%
Nextera Energy Units0.26%
Allianz0.26%
Totalenergies0.26%
Nextera Energy Inc0.26%
Mizuho Financial Group0.22%
Bank of America Corp0.21%
Iberdrola0.21%
Unilever PLC0.20%
Siemens N AG0.19%
Simon Property Group Reit Inc0.19%
Digital Realty Trust Reit0.18%
Bp PLC0.18%
Banco Bilbao Vizcaya Argentaria0.18%
Mitsubishi0.18%
National Australia Bank0.18%
Westpac Banking Corporation0.17%
British American Tobacco0.17%
European Bank For Reconstruction A Mtn 4.27% 02/20/2028 (Ebrd)0.17%
Anz Group Holdings Ltd0.17%
Kkr & Co Inc0.16%
Zurich Insurance Group AG0.16%
Softbank Group Corp0.15%
Unicredit0.15%
Microchip Technology Incorporated0.15%
Southern Company (The)0.15%
International Bank For Reconstruct Mtn 4.37% 08/19/2027 (Ibrd)0.15%
Mitsui0.15%
European Bank For Reconstruction A Mtn 4.14% 02/16/2029 (Ebrd)0.15%
Oversea-Chinese Banking0.15%
Realty Income Reit0.15%

Only in MDIV

78 securities, 65.2% of MDIV by weight

First Trust Tactical High Yield ETF20.34%
Kimbell Royalty Partners LP1.38%
Mach Natural Resources LP1.37%
AGNC Investment Corp.1.34%
ARMOUR Residential REIT, Inc.1.28%
TXO Partners, L.P.1.27%
Icahn Enterprises, L.P.1.27%
Dorchester Minerals, L.P.1.17%
Alliance Resource Partners, L.P.1.12%
Western Midstream Partners LP1.12%
CrossAmerica Partners LP1.10%
Black Stone Minerals, L.P.0.96%
Delek Logistics Partners LP0.90%
USA Compression Partners LP0.89%
Mplx Lp0.87%
Plains All American Pipeline, L.P.0.81%
Energy Transfer LP0.76%
American National Group Inc., Series D, 7.375%0.74%
Plains GP Holdings, L.P. (Class A)0.73%
Pfizer Inc.0.72%
Hess Midstream LP (Class A)0.72%
Altria Group, Inc.0.69%
Global Partners LP0.67%
Enterprise Products Partners L.P.0.67%
Viper Energy, Inc. (Class A)0.66%
American Tower Corporation0.60%
The Kraft Heinz Company0.59%
Lamar Advertising Company0.58%
Cheniere Energy Partners, L.P.0.56%
General Mills, Inc.0.56%
Sunoco LP0.54%
Verizon Communications Inc.0.52%
Edison International0.50%
Northwest Bancshares, Inc.0.50%
First Interstate BancSystem, Inc.0.50%
Avista Corporation0.49%
ONEOK, Inc.0.46%
Kimberly-Clark Corporation0.46%
Prudential Financial, Inc.0.44%
Black Hills Corporation0.44%
Spire Inc.0.43%
T. Rowe Price Group, Inc.0.42%
Eversource Energy0.41%
UGI Corporation0.41%
Northwest Natural Holding Company0.40%
Chevron Corporation0.40%
PepsiCo, Inc.0.40%
Main Street Capital Corporation0.40%
Truist Financial Corporation0.39%
Honeywell International Inc.0.39%

Weight gaps

All 45 Holdings in both funds, largest gap first.

Holding weights in IYLD and MDIV, widest gap first
Holding	More in IYLDMore in MDIV	IYLD	MDIV
Rithm Capital CorpRITM	MDIV +1.31 points	0.01%	1.32%
Annaly Capital Management IncNLY	MDIV +1.30 points	0.02%	1.32%
New Residential Investment Corp	MDIV +1.21 points	0.02%	1.23%
Apple Hospitality Reit IncAPLE	MDIV +0.94 points	0.01%	0.95%
Gaming and Leisure Properties ReitGLPI	MDIV +0.89 points	0.03%	0.92%
Agnc Investment CorpAGNCN	MDIV +0.87 points	0.03%	0.90%
Agnc Investment CorpAGNCO	MDIV +0.86 points	0.03%	0.89%
New Residential Investment Corp	MDIV +0.84 points	0.04%	0.88%
Vici Pptys IncVICI	MDIV +0.84 points	0.07%	0.91%
Agnc Investment CorpAGNCP	MDIV +0.83 points	0.04%	0.87%
Annaly Capital Management Inc	MDIV +0.82 points	0.06%	0.88%
Lincoln National Corporation	MDIV +0.82 points	0.03%	0.85%
Citigroup Capital Xiii	MDIV +0.81 points	0.18%	0.99%
Epr Properties ReitEPR	MDIV +0.80 points	0.01%	0.81%
Annaly Capital Management Inc	MDIV +0.79 points	0.03%	0.82%
Four Corners Property Inc TrustFCPT	MDIV +0.77 points	<0.01%	0.78%
Algonquin Power & Utilities CorpAQNB	MDIV +0.76 points	0.03%	0.79%
Synchrony Financial	MDIV +0.76 points	0.04%	0.80%
Fifth Third Bancorp Depositary ShaFITBI	MDIV +0.75 points	0.04%	0.79%
Cubesmart ReitCUBE	MDIV +0.74 points	0.03%	0.77%
Jackson Financial Inc	MDIV +0.74 points	0.04%	0.78%
Banc of California Inc	MDIV +0.74 points	0.04%	0.78%
Omega Healthcare Investors ReitOHI	MDIV +0.73 points	0.04%	0.77%
Chs Cumulative Redeemable Pref ClaCHSCO	MDIV +0.71 points	0.04%	0.75%
Allstate Corporation (The)	MDIV +0.69 points	0.04%	0.73%
Apollo Global Management IncAPOS	MDIV +0.68 points	0.05%	0.73%
Getty Realty ReitGTY	MDIV +0.68 points	<0.01%	0.68%
Chs IncCHSCL	MDIV +0.67 points	0.04%	0.71%
Athene Holding LtdATHS	MDIV +0.65 points	0.04%	0.69%
Reinsurance Group of America IncorRZC	MDIV +0.65 points	0.05%	0.70%
Rexford Industrial Realty ReitREXR	MDIV +0.64 points	0.02%	0.66%
Morgan Stanley	MDIV +0.64 points	0.06%	0.70%
Nnn ReitNNN	MDIV +0.63 points	0.02%	0.65%
National Health Investors ReitNHI	MDIV +0.62 points	<0.01%	0.63%
Chs IncCHSCN	MDIV +0.62 points	0.03%	0.65%
W. P. Carey ReitWPC	MDIV +0.60 points	0.04%	0.64%
Morgan Stanley Ds	MDIV +0.60 points	0.06%	0.66%
Extra Space Storage ReitEXR	MDIV +0.57 points	0.09%	0.66%
Kimco Realty Reit CorpKIM	MDIV +0.55 points	0.04%	0.59%
Brixmor Property Group Reit IncBRX	MDIV +0.52 points	0.02%	0.54%
Stag Industrial ReitSTAG	MDIV +0.49 points	0.02%	0.51%
Regency Centers Reit CorpREG	MDIV +0.48 points	0.04%	0.52%
Essential Properties Realty TrustEPRT	MDIV +0.47 points	0.02%	0.49%
Public Storage ReitPSA	MDIV +0.38 points	0.17%	0.55%
Bank of Hawaii CorpBOH	MDIV +0.31 points	0.01%	0.32%

All IYLD holdings⁠All 123 MDIV 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.

IYLD vs MDIV Cost

Overpaying MDIV vs IYLD

$3,803

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

IYLD 0.50%
$9,979
MDIV 0.71%
$13,782

Amount$10,000

Years30 years

Cost over time

IYLD 0.50%
MDIV 0.71%
Overpaying

Year by year

Year	IYLD	MDIV	Overpaying
10	$900	$1,267	$367
20	$3,460	$4,824	$1,364
30	$9,979	$13,782	$3,803

Expense ratio

0.50%IYLD, cheaper
0.71%MDIV

IYLD0.50%MDIV0.71%

0.15%1.37%

Middle half of Multi-Asset Income funds
Median 0.71%

IYLD 3rd cheapest of 15 funds

MDIV 8th cheapest of 15 funds

IYLD vs MDIV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IYLD 4.79%; MDIV 7.48%, better
Payout (12M): IYLD $1.04; MDIV $1.21
Last payment: IYLD $0.08; MDIV $0.08
Ex-dividend: IYLD Oct 2, 2026; MDIV Oct 21, 2026
Paid on: IYLD Oct 7, 2026; MDIV Oct 30, 2026
Frequency: IYLD Monthly; MDIV Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

IYLDMonthly · 45 paymentsAll IYLD payments⁠

MDIVMonthly · 46 paymentsAll MDIV payments⁠

IYLD vs MDIV Risk

Fall from peak · 5 years

IYLD
MDIV

Risk facts

VolatilityStd dev, 3 years: IYLD 6.3%, betterMDIV 8.5%
Return per unit of riskSharpe ratio, 3 years: IYLD 0.95, betterMDIV 0.82
Worst fallMax drawdown, 5 years: IYLD −22.4%MDIV −13.1%, better
Market sensitivityBeta, 5 years: IYLD 0.60MDIV 0.69; Market = 1

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