CZA vs. SPHD
Compare and contrast key facts about Invesco Zacks Mid-Cap ETF (CZA) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD).
CZA and SPHD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CZA is a passively managed fund by Invesco that tracks the performance of the Zacks Mid-Cap Core Index. It was launched on Apr 2, 2007. SPHD is a passively managed fund by Invesco that tracks the performance of the S&P Low Volatility High Dividend index. It was launched on Oct 18, 2012. Both CZA and SPHD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
CZA vs. SPHD - Performance Comparison
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CZA vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CZA Invesco Zacks Mid-Cap ETF | 0.36% | 8.31% | 12.14% | 7.00% | -5.91% | 27.42% | 0.35% | 32.27% | -8.89% | 21.90% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.26% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Returns By Period
In the year-to-date period, CZA achieves a 0.36% return, which is significantly lower than SPHD's 4.26% return. Over the past 10 years, CZA has outperformed SPHD with an annualized return of 10.03%, while SPHD has yielded a comparatively lower 7.20% annualized return.
CZA
- 1D
- 0.96%
- 1M
- -6.03%
- YTD
- 0.36%
- 6M
- 2.80%
- 1Y
- 8.65%
- 3Y*
- 9.92%
- 5Y*
- 6.98%
- 10Y*
- 10.03%
SPHD
- 1D
- -0.36%
- 1M
- -5.48%
- YTD
- 4.26%
- 6M
- 1.88%
- 1Y
- 3.30%
- 3Y*
- 9.85%
- 5Y*
- 6.98%
- 10Y*
- 7.20%
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CZA vs. SPHD - Expense Ratio Comparison
CZA has a 0.69% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Return for Risk
CZA vs. SPHD — Risk / Return Rank
CZA
SPHD
CZA vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Zacks Mid-Cap ETF (CZA) 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.
| CZA | SPHD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.49 | 0.23 | +0.26 |
Sortino ratioReturn per unit of downside risk | 0.81 | 0.42 | +0.39 |
Omega ratioGain probability vs. loss probability | 1.11 | 1.05 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 0.65 | 0.25 | +0.40 |
Martin ratioReturn relative to average drawdown | 2.74 | 0.80 | +1.94 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CZA | SPHD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.49 | 0.23 | +0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | 0.49 | -0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.52 | 0.41 | +0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.58 | -0.12 |
Correlation
The correlation between CZA and SPHD is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
CZA vs. SPHD - Dividend Comparison
CZA's dividend yield for the trailing twelve months is around 1.55%, less than SPHD's 4.32% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CZA Invesco Zacks Mid-Cap ETF | 1.55% | 1.56% | 1.27% | 1.36% | 1.71% | 0.89% | 1.42% | 1.40% | 1.27% | 1.10% | 1.87% | 1.37% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.32% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
Drawdowns
CZA vs. SPHD - Drawdown Comparison
The maximum CZA drawdown since its inception was -53.20%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for CZA and SPHD.
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Drawdown Indicators
| CZA | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.20% | -41.39% | -11.81% |
Max Drawdown (1Y)Largest decline over 1 year | -13.43% | -11.33% | -2.10% |
Max Drawdown (5Y)Largest decline over 5 years | -18.92% | -19.50% | +0.58% |
Max Drawdown (10Y)Largest decline over 10 years | -46.18% | -41.39% | -4.79% |
Current DrawdownCurrent decline from peak | -6.03% | -5.48% | -0.55% |
Average DrawdownAverage peak-to-trough decline | -6.93% | -4.70% | -2.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.17% | 3.53% | -0.36% |
Volatility
CZA vs. SPHD - Volatility Comparison
Invesco Zacks Mid-Cap ETF (CZA) has a higher volatility of 5.16% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 3.15%. This indicates that CZA's price experiences larger fluctuations and is considered to be riskier 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
| CZA | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.16% | 3.15% | +2.01% |
Volatility (6M)Calculated over the trailing 6-month period | 9.39% | 7.86% | +1.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.87% | 14.46% | +3.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.12% | 14.20% | +1.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.26% | 17.65% | +1.61% |