CSTK vs. SPHD

Last updated Jun 24, 2026

CSTK (Invesco Comstock Contrarian Equity ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - CSTK is a Large Cap Value Equities fund actively managed by Invesco, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. CSTK is actively managed, while SPHD is passively managed. Over the past year, CSTK returned 25.69% vs 12.09% for SPHD. A 0.64 correlation means they provide meaningful diversification when combined. CSTK charges 0.35%/yr vs 0.30%/yr for SPHD.

Performance

CSTK vs. SPHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Comstock Contrarian Equity ETF (CSTK) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSTK achieves a 12.57% return, which is significantly higher than SPHD's 8.20% return.

CSTK

• 1D: -0.49%
• 1M: 0.84%
• YTD: 12.57%
• 6M: 12.10%
• 1Y: 25.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPHD

• 1D: 1.63%
• 1M: 0.82%
• YTD: 8.20%
• 6M: 8.56%
• 1Y: 12.09%
• 3Y*: 12.70%
• 5Y*: 7.06%
• 10Y*: 7.55%

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

CSTK vs. SPHD - Yearly Performance Comparison

	2026 (YTD)	2025
CSTK Invesco Comstock Contrarian Equity ETF	12.57%	18.16%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	8.20%	4.62%

Correlation

The correlation between CSTK and SPHD is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (All Time) Calculated using the full available price history since May 7, 2025	0.64

The correlation between CSTK and SPHD has been stable across timeframes, ranging from 0.62 to 0.64 - a consistent structural relationship.

Return for Risk

CSTK vs. SPHD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CSTK

CSTK Risk / Return Rank: 73
CSTK Sharpe Ratio Rank: 78
CSTK Sortino Ratio Rank: 80
CSTK Omega Ratio Rank: 74
CSTK Calmar Ratio Rank: 64
CSTK Martin Ratio Rank: 68

SPHD

SPHD Risk / Return Rank: 30
SPHD Sharpe Ratio Rank: 30
SPHD Sortino Ratio Rank: 31
SPHD Omega Ratio Rank: 27
SPHD Calmar Ratio Rank: 34
SPHD Martin Ratio Rank: 30

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CSTK vs. SPHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Comstock Contrarian Equity ETF (CSTK) 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.

	CSTK	SPHD	Difference
Sharpe ratio: Return per unit of total volatility	2.26	1.06	+1.20
Sortino ratio: Return per unit of downside risk	3.24	1.61	+1.63
Omega ratio: Gain probability vs. loss probability	1.40	1.18	+0.22
Calmar ratio: Return relative to maximum drawdown	2.91	1.66	+1.25
Martin ratio: Return relative to average drawdown	11.38	4.06	+7.31

CSTK vs. SPHD - Sharpe Ratio Comparison

The current CSTK Sharpe Ratio is 2.26, which is higher than the SPHD Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of CSTK and SPHD, 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

CSTK vs. SPHD - Drawdown Comparison

The maximum CSTK drawdown since its inception was -8.87%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for CSTK and SPHD.

Drawdown Indicators

	CSTK	SPHD	Difference
Max Drawdown Largest peak-to-trough decline	-8.87%	-41.39%	+32.52%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-7.33%	-1.54%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.29%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.39%	—
Current Drawdown Current decline from peak	-0.86%	-1.91%	+1.05%
Average Drawdown Average peak-to-trough decline	-1.24%	-4.69%	+3.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	2.98%	-0.72%

Volatility

CSTK vs. SPHD - Volatility Comparison

The current volatility for Invesco Comstock Contrarian Equity ETF (CSTK) is 3.26%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 4.26%. This indicates that CSTK 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.

Volatility by Period

	CSTK	SPHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.26%	4.26%	-1.00%
Volatility (6M) Calculated over the trailing 6-month period	8.63%	8.13%	+0.50%
Volatility (1Y) Calculated over the trailing 1-year period	11.42%	11.48%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.64%	14.16%	-2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.64%	17.65%	-6.01%

CSTK vs. SPHD - Expense Ratio Comparison

CSTK has a 0.35% expense ratio, which is higher than SPHD's 0.30% expense ratio.

Dividends

CSTK vs. SPHD - Dividend Comparison

CSTK's dividend yield for the trailing twelve months is around 2.18%, less than SPHD's 4.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSTK Invesco Comstock Contrarian Equity ETF	2.18%	1.44%	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	4.60%	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

Can I hold both CSTK and SPHD in my portfolio?

CSTK and SPHD have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSTK or SPHD?

SPHD has higher volatility (4.26%) compared to CSTK (3.26%). In terms of maximum drawdown, CSTK dropped -8.87% vs SPHD's -41.39%.

Which ETF is better, CSTK or SPHD?

On 1-year performance, CSTK leads with 25.69% vs 12.09% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, CSTK has been the lower-risk option at 3.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSTK or SPHD?

Over the 1-year period, CSTK has performed better with a 25.69% return vs 12.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSTK or SPHD?

SPHD is cheaper with a 0.30% expense ratio, compared with 0.35% for CSTK.

Which ETF pays a higher dividend yield, CSTK or SPHD?

SPHD has the higher dividend yield at 4.60%, compared with 2.18% for CSTK.

What is the main difference between CSTK and SPHD?

CSTK is categorized as Large Cap Value Equities, while SPHD is Dividend. Their fees differ too: 0.35% for CSTK and 0.30% for SPHD.

Which has better risk-adjusted returns?

CSTK currently has the higher Sharpe Ratio (2.26 vs 1.06), 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.