BAB vs. SPHD
BAB (Invesco Taxable Municipal Bond ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - BAB is a Municipal Bonds fund tracking the BofA Merrill Lynch Build America Bond Index, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, BAB returned 2.24%/yr vs 7.08%/yr for SPHD. At a correlation of -0.00, they often move in opposite directions. BAB charges 0.28%/yr vs 0.30%/yr for SPHD.
Performance
BAB vs. SPHD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BAB achieves a 0.12% return, which is significantly lower than SPHD's 4.38% return. Over the past 10 years, BAB has underperformed SPHD with an annualized return of 2.24%, while SPHD has yielded a comparatively higher 7.08% annualized return.
BAB
- 1D
- 0.00%
- 1M
- 0.33%
- YTD
- 0.12%
- 6M
- -0.01%
- 1Y
- 7.16%
- 3Y*
- 4.42%
- 5Y*
- -0.38%
- 10Y*
- 2.24%
SPHD
- 1D
- -0.89%
- 1M
- -0.82%
- YTD
- 4.38%
- 6M
- 4.63%
- 1Y
- 8.12%
- 3Y*
- 11.42%
- 5Y*
- 5.48%
- 10Y*
- 7.08%
BAB vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BAB Invesco Taxable Municipal Bond ETF | 0.12% | 8.30% | 1.03% | 8.67% | -19.50% | 1.00% | 9.11% | 10.85% | 0.93% | 9.87% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.38% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between BAB and SPHD is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 31, 2012 | -0.00 |
The correlation between BAB and SPHD shifts across timeframes, from -0.00 (all time) to 0.29 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BAB vs. SPHD — Risk / Return Rank
BAB
SPHD
BAB vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Taxable Municipal Bond ETF (BAB) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| BAB | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.13 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | 1.11 | +0.62 |
| Martin ratioReturn relative to average drawdown | 4.93 | 2.78 | +2.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| BAB | SPHD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 0.74 | +0.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.05 | 0.39 | -0.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 0.40 | -0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.58 | -0.06 |
Drawdowns
BAB vs. SPHD - Drawdown Comparison
The maximum BAB drawdown since its inception was -27.80%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for BAB and SPHD.
Loading charts...
Drawdown Indicators
| BAB | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.80% | -41.39% | +13.59% |
Max Drawdown (1Y)Largest decline over 1 year | -4.15% | -7.33% | +3.18% |
Max Drawdown (3Y)Largest decline over 3 years | -7.57% | -13.29% | +5.72% |
Max Drawdown (5Y)Largest decline over 5 years | -24.95% | -19.50% | -5.45% |
Max Drawdown (10Y)Largest decline over 10 years | -27.80% | -41.39% | +13.59% |
Current DrawdownCurrent decline from peak | -5.64% | -5.37% | -0.27% |
Average DrawdownAverage peak-to-trough decline | -5.31% | -4.70% | -0.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 2.93% | -1.47% |
Volatility
BAB vs. SPHD - Volatility Comparison
The current volatility for Invesco Taxable Municipal Bond ETF (BAB) is 1.72%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 2.99%. This indicates that BAB experiences smaller price fluctuations and is considered to be less risky than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BAB | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.72% | 2.99% | -1.27% |
Volatility (6M)Calculated over the trailing 6-month period | 3.78% | 7.55% | -3.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.80% | 11.04% | -5.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.33% | 14.16% | -5.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.69% | 17.64% | -7.95% |
BAB vs. SPHD - Expense Ratio Comparison
BAB has a 0.28% expense ratio, which is lower than SPHD's 0.30% expense ratio.
Dividends
BAB vs. SPHD - Dividend Comparison
BAB's dividend yield for the trailing twelve months is around 4.10%, less than SPHD's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BAB Invesco Taxable Municipal Bond ETF | 4.10% | 3.96% | 3.97% | 3.65% | 3.40% | 2.63% | 2.96% | 3.77% | 4.20% | 3.96% | 4.26% | 4.71% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.62% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
Frequently Asked Questions
BAB and SPHD have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHD has higher volatility (2.99%) compared to BAB (1.72%). In terms of maximum drawdown, BAB dropped -27.80% vs SPHD's -41.39%.
On 10-year performance, SPHD leads with 7.08% vs 2.24% for BAB. On fees, BAB is cheaper at 0.28% per year. On volatility, BAB has been the lower-risk option at 1.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPHD has performed better with a 7.08% return vs 2.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BAB is cheaper with a 0.28% expense ratio, compared with 0.30% for SPHD.
SPHD has the higher dividend yield at 4.62%, compared with 4.10% for BAB.
BAB is categorized as Municipal Bonds, while SPHD is Dividend. BAB tracks BofA Merrill Lynch Build America Bond Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.28% for BAB and 0.30% for SPHD.
BAB currently has the higher Sharpe Ratio (1.24 vs 0.74), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for BAB and SPHD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer