SPHD vs SPY
Invesco S&P 500 High Dividend Low Volatility ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SPHD or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPHD is less concentrated, with 28.6% of the fund in its ten largest positions against 37.8%.
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 | SPHD | SPY |
|---|---|---|
| Expense Ratio | 0.30% | 0.09%Best |
| AUM | $3.4B | $804.7B |
| Dividend Yield | 4.66% | 0.98% |
| Holdings | 60 | 505 |
| YTD Return | +7.67% | +12.09%Best |
| 1Y Return | +7.35% | +16.29%Best |
| 3Y Return (annualized) | +11.82% | +21.20%Best |
| 5Y Return (annualized) | +7.68% | +13.37%Best |
| Volatility (annualized) | 14.3% | 14.2%Best |
| Max Drawdown | -42.1% | -34.1%Best |
| $10,000 over 5 years | $14,477 | $18,728Best |
| Top 10 Weight | 28.6%Best | 37.8% |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Oct 18, 2012 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Oct 18, 2012 to Sep 18, 2026 (13.9 years).
SPHD 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 13.9 years both funds cover.
SPHD vs SPY Performance
Invesco S&P 500 High Dividend Low Volatility ETF (SPHD) 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 SPHD returned +7.35% while SPY returned +16.29%. Year to date, SPHD is up 7.67% versus a gain of 12.09% for SPY.
Over three years, SPHD compounded at +11.82% per year against +21.20% for SPY; over five years the annualized figures are +7.68% and +13.37% respectively. Across the full 14-year window we track, SPY has the edge at +13.22% annualized vs +6.67%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPHD has been the more volatile fund, with annualized monthly volatility of 14.3% 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 -42.1% for SPHD 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 0.75. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPHD charges 0.30% per year while SPY charges 0.09%. On a $10,000 position that is $30 vs $9 annually, a gap of $21 per year that compounds over a long holding period. On income, SPHD currently yields 4.66% against 0.98% for SPY.
Holdings Overlap
99.7% of SPHD's money is in holdings SPY also owns. 5.8% of SPY's money is in holdings SPHD also owns.
Most of SPHD is already inside SPY. Owning both mostly buys the same companies twice.
50 positions in common, counted across the 51 positions we hold weights for in SPHD and 504 in SPY, against full books of 60 and 505.
What only one of them owns
Our book lists 447 positions for SPY that do not appear in our book for SPHD (93.6% of the fund), and 1 for SPHD that do not appear in SPY (0.3%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in SPHD | Weight in SPY | Difference |
|---|---|---|---|
| PFEPfizer Inc | 3.46% | 0.25% | 3.21% |
| VZVerizon Communic | 3.32% | 0.32% | 3.00% |
| GISGeneral Mills In | 3.32% | 0.03% | 3.29% |
| KHCKraft Heinz Co. | 2.94% | 0.03% | 2.91% |
| TBBAt&t Inc | 2.68% | 0.27% | 2.41% |
| VICIVici Properties Inc | 2.87% | 0.04% | 2.83% |
| CMCSAComcast Corp-class A Cmcsa | 2.71% | 0.14% | 2.57% |
| MOAltria Group Inc | 2.49% | 0.18% | 2.31% |
| CVXChevron Corp | 2.02% | 0.60% | 1.42% |
| CCICrown Castle International Corp | 2.45% | 0.05% | 2.40% |
99.7% of SPHD 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, SPHD or SPY?
SPHD has an expense ratio of 0.30% while SPY charges 0.09%. SPY is the cheaper option, by $21 a year on a $10,000 investment.
Which performed better, SPHD or SPY?
Over the past year SPHD returned +7.35% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (14 years), SPHD annualized +6.67% vs +13.22% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPHD or SPY?
SPHD has been the more volatile fund at 14.3% annualized versus 14.2% for SPY. Worst drawdown: SPHD -42.1% vs SPY -34.1%.
Should I hold both SPHD and SPY?
SPHD and SPY have a monthly-return correlation of 0.75, 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 SPHD and SPY?
99.7% of SPHD's money is in holdings SPY also owns. 5.8% of SPY's is in holdings SPHD also owns. They hold 50 positions in common, counted across the 51 positions we hold weights for in SPHD and 504 in SPY.
Which pays a higher dividend, SPHD or SPY?
SPHD yields 4.66% while SPY yields 0.98%, so SPHD currently pays the higher dividend yield.
Is SPY better than SPHD?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPHD is less concentrated, with 28.6% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.