SPHB vs SPY
Invesco S&P 500 High Beta ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SPHB or SPY?
Each has led over a different period.
SPY has a lower expense ratio. SPHB led over 1Y and 3Y, SPY over 5Y and the full window. SPHB is less concentrated, with 18.7% of the fund in its ten largest positions against 37.1%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SPHB | SPY |
|---|---|---|
| Expense Ratio | 0.25% | 0.09%Best |
| AUM | $818M | $797.9B |
| Dividend Yield | 0.52% | 1.00% |
| Holdings | 103 | 504 |
| YTD Return | +12.66%Best | +11.28% |
| 1Y Return | +21.29%Best | +13.46% |
| 3Y Return (annualized) | +24.46%Best | +20.37% |
| 5Y Return (annualized) | +11.22% | +11.54%Best |
| Volatility (annualized) | 24.6% | 14.2%Best |
| Max Drawdown | -47.8% | -34.1%Best |
| $10,000 over 5 years | $17,018 | $17,264Best |
| Top 10 Weight | 18.7%Best | 37.1% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | May 5, 2011 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: May 5, 2011 to Nov 13, 2026 (15.5 years).
SPHB vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 15.5 years both funds cover.
SPHB vs SPY Performance
Invesco S&P 500 High Beta ETF (SPHB) is an ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SPHB returned +21.29% while SPY returned +13.46%. Year to date, SPHB is up 12.66% versus a gain of 11.28% for SPY.
Over three years, SPHB compounded at +24.46% per year against +20.37% for SPY; over five years the annualized figures are +11.22% and +11.54% respectively. Across the full 16-year window we track, SPY has the edge at +12.35% annualized vs +11.94%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPHB has been the more volatile fund, with annualized monthly volatility of 24.6% compared with 14.2% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -47.8% for SPHB and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.89. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPHB charges 0.25% per year while SPY charges 0.09%. On a $10,000 position that is $25 vs $9 annually, a gap of $16 per year that compounds over a long holding period. On income, SPHB currently yields 0.52% against 1.00% for SPY.
Holdings Overlap
99.0% of SPHB's money is in holdings SPY also owns. 34.3% of SPY's money is in holdings SPHB also owns.
Most of SPHB is already inside SPY. Owning both mostly buys the same companies twice.
98 positions in common, counted across the 100 positions we hold weights for in SPHB and 502 in SPY, against full books of 103 and 504.
What only one of them owns
Measured across the 100 and 502 positions we hold weights for.
SPY holds 402 positions SPHB does not, 65.4% of the fund.
Largest: AAPL 7.60%, MSFT 5.79%, GOOGL 2.52%, LLY 1.74%, BRK.A 1.59%
Top Shared Holdings
| Stock | Weight in SPHB | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 0.98% | 7.52% | 6.54% |
| AMZNAmazon.Com Inc | 0.77% | 3.71% | 2.94% |
| MRNAModerna Inc | 3.39% | 0.13% | 3.26% |
| MUMicron Technology, Inc. | 1.86% | 1.45% | 0.41% |
| AVGOBroadcom Inc | 0.95% | 2.36% | 1.41% |
| TSLATesla Motors Inc | 1.54% | 1.75% | 0.21% |
| AMDAdvanced Micro Devices Inc. | 1.87% | 1.17% | 0.70% |
| METAMeta Platform Inc | 0.84% | 2.06% | 1.22% |
| GOOGAlphabet, Inc., Class C | 0.62% | 2.03% | 1.41% |
| SNDKSandisk Corp/De | 2.09% | 0.24% | 1.85% |
99.0% of SPHB is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPHB or SPY?
SPHB has an expense ratio of 0.25% while SPY charges 0.09%. SPY is the cheaper option, by $16 a year on a $10,000 investment.
Which performed better, SPHB or SPY?
Over the past year SPHB returned +21.29% vs +13.46% for SPY, so SPHB leads on 1-year performance. Over the longest common window we track (16 years), SPHB annualized +11.94% vs +12.35% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPHB or SPY?
SPHB has been the more volatile fund at 24.6% annualized versus 14.2% for SPY. Worst drawdown: SPHB -47.8% vs SPY -34.1%.
Should I hold both SPHB and SPY?
SPHB and SPY have a monthly-return correlation of 0.89, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SPHB and SPY?
99.0% of SPHB's money is in holdings SPY also owns. 34.3% of SPY's is in holdings SPHB also owns. They hold 98 positions in common, counted across the 100 positions we hold weights for in SPHB and 502 in SPY.
Which pays a higher dividend, SPHB or SPY?
SPHB yields 0.52% while SPY yields 1.00%, so SPY currently pays the higher dividend yield.
Is SPY better than SPHB?
SPY has a lower expense ratio. SPHB led over 1Y and 3Y, SPY over 5Y and the full window. SPHB is less concentrated, with 18.7% of the fund in its ten largest positions against 37.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.