CSH2.L vs. SPHD
CSH2.L (Lyxor Smart Overnight Return UCITS ETF C-GBP) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - CSH2.L is a Money Market fund actively managed by Amundi, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. CSH2.L is actively managed, while SPHD is passively managed. Over the past 10 years, CSH2.L returned 2.08%/yr vs 8.20%/yr for SPHD. At a correlation of -0.03, they often move in opposite directions. CSH2.L charges 0.07%/yr vs 0.30%/yr for SPHD.
Performance
CSH2.L vs. SPHD - Performance Comparison
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Different Trading Currencies
CSH2.L is traded in GBp, while SPHD is traded in USD. To make them comparable, the SPHD values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, CSH2.L achieves a 1.83% return, which is significantly lower than SPHD's 10.30% return. Over the past 10 years, CSH2.L has underperformed SPHD with an annualized return of 2.08%, while SPHD has yielded a comparatively higher 8.20% annualized return.
CSH2.L
- 1D
- 0.00%
- 1M
- 0.32%
- YTD
- 1.83%
- 6M
- 2.08%
- 1Y
- 4.35%
- 3Y*
- 5.00%
- 5Y*
- 3.68%
- 10Y*
- 2.08%
SPHD
- 1D
- 1.19%
- 1M
- 4.58%
- YTD
- 10.30%
- 6M
- 9.19%
- 1Y
- 15.40%
- 3Y*
- 10.08%
- 5Y*
- 7.58%
- 10Y*
- 8.20%
CSH2.L vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CSH2.L Lyxor Smart Overnight Return UCITS ETF C-GBP | 1.83% | 4.67% | 5.61% | 4.72% | 1.54% | 0.13% | 0.30% | 0.82% | 0.70% | 0.42% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 10.30% | -3.96% | 20.14% | -3.75% | 12.54% | 26.17% | -12.62% | 15.68% | -0.61% | 2.23% |
Correlation
The correlation between CSH2.L and SPHD is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.03 |
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Return for Risk
CSH2.L vs. SPHD — Risk / Return Rank
CSH2.L
SPHD
CSH2.L vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Lyxor Smart Overnight Return UCITS ETF C-GBP (CSH2.L) 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.
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.
| CSH2.L | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +6.86 | ||
| Sortino ratioReturn per unit of downside risk | +13.24 | ||
| Omega ratioGain probability vs. loss probability | 4.50 | 1.22 | +3.28 |
| Calmar ratioReturn relative to maximum drawdown | 27.58 | 2.13 | +25.45 |
| Martin ratioReturn relative to average drawdown | 161.52 | 5.25 | +156.27 |
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Drawdowns
CSH2.L vs. SPHD - Drawdown Comparison
The maximum CSH2.L drawdown since its inception was -0.37%, smaller than the maximum SPHD drawdown of -34.51%. Use the drawdown chart below to compare losses from any high point for CSH2.L and SPHD.
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Drawdown Indicators
| CSH2.L | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.37% | -34.51% | +34.14% |
Max Drawdown (1Y)Largest decline over 1 year | -0.16% | -6.91% | +6.75% |
Max Drawdown (3Y)Largest decline over 3 years | -0.29% | -14.43% | +14.14% |
Max Drawdown (5Y)Largest decline over 5 years | -0.29% | -17.64% | +17.35% |
Max Drawdown (10Y)Largest decline over 10 years | -0.37% | -34.51% | +34.14% |
Current DrawdownCurrent decline from peak | 0.00% | -0.52% | +0.52% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -5.71% | +5.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 2.80% | -2.77% |
Volatility
CSH2.L vs. SPHD - Volatility Comparison
The current volatility for Lyxor Smart Overnight Return UCITS ETF C-GBP (CSH2.L) is 0.08%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 3.54%. This indicates that CSH2.L 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.
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Volatility by Period
| CSH2.L | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 3.54% | -3.46% |
Volatility (6M)Calculated over the trailing 6-month period | 0.24% | 8.59% | -8.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.53% | 11.31% | -10.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.56% | 13.75% | -13.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.44% | 17.86% | -17.42% |
CSH2.L vs. SPHD - Expense Ratio Comparison
CSH2.L has a 0.07% expense ratio, which is lower than SPHD's 0.30% expense ratio.
Dividends
CSH2.L vs. SPHD - Dividend Comparison
CSH2.L has not paid dividends to shareholders, while SPHD's dividend yield for the trailing twelve months is around 4.40%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSH2.L Lyxor Smart Overnight Return UCITS ETF C-GBP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.40% | 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
CSH2.L and SPHD have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CSH2.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CSH2.L is cheaper with a 0.07% expense ratio, compared with 0.30% for SPHD.
CSH2.L is categorized as Money Market, while SPHD is Dividend. They also come from different issuers: Amundi and Invesco. Their fees differ too: 0.07% for CSH2.L and 0.30% for SPHD.
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