BTCO vs. SPHQ

Last updated Aug 2, 2026

BTCO (Invesco Galaxy Bitcoin ETF) and SPHQ (Invesco S&P 500 Quality ETF) are both exchange-traded funds - BTCO is a Cryptocurrency fund tracking the Lukka Prime Reference Bitcoin Rate, while SPHQ is a Quality Factor fund tracking the S&P 500 Quality Index. Both are passively managed. Over the past year, BTCO returned -44.55% vs 21.02% for SPHQ. Their 0.33 correlation means their historical movements had little consistent relationship. BTCO charges 0.25%/yr vs 0.15%/yr for SPHQ.

Performance

BTCO vs. SPHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Galaxy Bitcoin ETF (BTCO) and Invesco S&P 500 Quality ETF (SPHQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCO achieves a -28.24% return, which is significantly lower than SPHQ's 13.51% return.

BTCO

• 1D: -2.89%
• 1M: 2.27%
• 6M: -25.04%
• YTD: -28.24%
• 1Y: -44.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.82%

SPHQ

• 1D: -0.47%
• 1M: -3.64%
• 6M: 10.07%
• YTD: 13.51%
• 1Y: 21.02%
• 3Y*: 18.91%
• 5Y*: 12.73%
• 10Y*: 14.60%
• ALL TIME*: 10.01%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BTCO Invesco Galaxy Bitcoin ETF	$2.75M	$2.91M	$6.66M
SPHQ Invesco S&P 500 Quality ETF	$119.48M	$136.23M	$143.26M

BTCO vs. SPHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCO Invesco Galaxy Bitcoin ETF	-28.24%	-6.58%	93.87%
SPHQ Invesco S&P 500 Quality ETF	13.51%	13.25%	25.09%

Correlation

The correlation between BTCO and SPHQ is 0.36, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.36
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.33

Return for Risk

BTCO vs. SPHQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BTCO

BTCO Risk / Return Rank: 1
BTCO Sharpe Ratio Rank: 1
BTCO Sortino Ratio Rank: 1
BTCO Omega Ratio Rank: 2
BTCO Calmar Ratio Rank: 2
BTCO Martin Ratio Rank: 1

SPHQ

SPHQ Risk / Return Rank: 62
SPHQ Sharpe Ratio Rank: 59
SPHQ Sortino Ratio Rank: 61
SPHQ Omega Ratio Rank: 56
SPHQ Calmar Ratio Rank: 66
SPHQ Martin Ratio Rank: 67

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BTCO vs. SPHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Galaxy Bitcoin ETF (BTCO) and Invesco S&P 500 Quality ETF (SPHQ). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BTCO	SPHQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	1.39	-2.44
Sortino ratio: Return per unit of downside risk	-1.59	2.02	-3.61
Omega ratio: Gain probability vs. loss probability	0.83	1.24	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.87	2.26	-3.13
Martin ratio: Return relative to average drawdown	-1.34	8.07	-9.41

BTCO vs. SPHQ - Sharpe Ratio Comparison

The current BTCO Sharpe Ratio is -1.05, which is lower than the SPHQ Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of BTCO and SPHQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BTCO vs. SPHQ - Drawdown Comparison

The maximum BTCO drawdown since its inception was -53.33%, smaller than the maximum SPHQ drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for BTCO and SPHQ.

Drawdown Indicators

	BTCO	SPHQ	Difference
Max Drawdown Largest peak-to-trough decline	-53.33%	-57.83%	+4.50%
Max Drawdown (1Y) Largest decline over 1 year	-53.33%	-8.90%	-44.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.57%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.04%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-31.60%	—
Current Drawdown Current decline from peak	-50.02%	-6.03%	-43.99%
Average Drawdown Average peak-to-trough decline	-18.14%	-10.64%	-7.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.63%	2.49%	+32.14%

Volatility

BTCO vs. SPHQ - Volatility Comparison

Invesco Galaxy Bitcoin ETF (BTCO) has a higher volatility of 9.08% compared to Invesco S&P 500 Quality ETF (SPHQ) at 4.84%. This indicates that BTCO's price experiences larger fluctuations and is considered to be riskier than SPHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCO	SPHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.08%	4.84%	+4.24%
Volatility (6M) Calculated over the trailing 6-month period	33.70%	12.44%	+21.26%
Volatility (1Y) Calculated over the trailing 1-year period	44.31%	14.53%	+29.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.14%	16.74%	+32.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.14%	17.97%	+31.17%

BTCO vs. SPHQ - Expense Ratio Comparison

BTCO has a 0.25% expense ratio, which is higher than SPHQ's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BTCO vs. SPHQ - Dividend Comparison

BTCO has not paid dividends to shareholders, while SPHQ's dividend yield for the trailing twelve months is around 1.10%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTCO Invesco Galaxy Bitcoin ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPHQ Invesco S&P 500 Quality ETF	1.10%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%

Frequently Asked Questions

Can I hold both BTCO and SPHQ in my portfolio?

BTCO and SPHQ have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTCO or SPHQ?

BTCO has higher volatility (9.08%) compared to SPHQ (4.84%). In terms of maximum drawdown, BTCO dropped -53.33% vs SPHQ's -57.83%.

Which ETF is better, BTCO or SPHQ?

On 1-year performance, SPHQ leads with 21.02% vs -44.55% for BTCO. On fees, SPHQ is cheaper at 0.15% per year. On volatility, SPHQ has been the lower-risk option at 4.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCO or SPHQ?

Over the 1-year period, SPHQ has performed better with a 21.02% return vs -44.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCO or SPHQ?

SPHQ is cheaper with a 0.15% expense ratio, compared with 0.25% for BTCO.

Which ETF pays a higher dividend yield, BTCO or SPHQ?

SPHQ has the higher dividend yield at 1.10%, compared with 0.00% for BTCO.

What is the main difference between BTCO and SPHQ?

BTCO is categorized as Cryptocurrency, while SPHQ is Quality Factor. BTCO tracks Lukka Prime Reference Bitcoin Rate, while SPHQ tracks S&P 500 Quality Index. Their fees differ too: 0.25% for BTCO and 0.15% for SPHQ.

Which has better risk-adjusted returns?

SPHQ currently has the higher Sharpe Ratio (1.39 vs -1.05), 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.