CZA vs. SPHD
CZA (Invesco Zacks Mid-Cap ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - CZA is a Mid Cap Blend Equities fund tracking the Zacks Mid-Cap Core 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, CZA returned 10.77%/yr vs 7.55%/yr for SPHD. A 0.80 correlation means they provide meaningful diversification when combined. CZA charges 0.69%/yr vs 0.30%/yr for SPHD.
Performance
CZA vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, CZA achieves a 9.13% return, which is significantly higher than SPHD's 8.15% return. Over the past 10 years, CZA has outperformed SPHD with an annualized return of 10.77%, while SPHD has yielded a comparatively lower 7.55% annualized return.
CZA
- 1D
- 0.70%
- 1M
- 3.51%
- YTD
- 9.13%
- 6M
- 7.73%
- 1Y
- 15.79%
- 3Y*
- 13.41%
- 5Y*
- 7.45%
- 10Y*
- 10.77%
SPHD
- 1D
- -0.04%
- 1M
- 0.78%
- YTD
- 8.15%
- 6M
- 7.75%
- 1Y
- 11.57%
- 3Y*
- 12.69%
- 5Y*
- 6.90%
- 10Y*
- 7.55%
CZA vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CZA Invesco Zacks Mid-Cap ETF | 9.13% | 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 | 8.15% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between CZA and SPHD is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.80 |
The correlation between CZA and SPHD shifts across timeframes, from 0.68 (1 year) to 0.80 (10 years), reflecting how their relationship changes across market environments.
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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.
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.
| CZA | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.17 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | 1.59 | +0.14 |
| Martin ratioReturn relative to average drawdown | 6.60 | 3.89 | +2.71 |
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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 | -9.21% | -7.33% | -1.88% |
Max Drawdown (3Y)Largest decline over 3 years | -18.92% | -13.29% | -5.63% |
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 | 0.00% | -1.95% | +1.95% |
Average DrawdownAverage peak-to-trough decline | -6.86% | -4.69% | -2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.40% | 2.99% | -0.59% |
Volatility
CZA vs. SPHD - Volatility Comparison
The current volatility for Invesco Zacks Mid-Cap ETF (CZA) is 2.95%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 4.23%. This indicates that CZA 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
| CZA | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.95% | 4.23% | -1.28% |
Volatility (6M)Calculated over the trailing 6-month period | 9.45% | 8.10% | +1.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.78% | 11.45% | +1.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.14% | 14.16% | +1.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.25% | 17.64% | +1.61% |
CZA vs. SPHD - Expense Ratio Comparison
CZA has a 0.69% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
CZA vs. SPHD - Dividend Comparison
CZA's dividend yield for the trailing twelve months is around 1.43%, less than SPHD's 4.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CZA Invesco Zacks Mid-Cap ETF | 1.43% | 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 | 4.60% | 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
CZA and SPHD have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHD has higher volatility (4.23%) compared to CZA (2.95%). In terms of maximum drawdown, CZA dropped -53.20% vs SPHD's -41.39%.
On 10-year performance, CZA leads with 10.77% vs 7.55% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, CZA has been the lower-risk option at 2.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CZA has performed better with a 10.77% return vs 7.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHD is cheaper with a 0.30% expense ratio, compared with 0.69% for CZA.
SPHD has the higher dividend yield at 4.60%, compared with 1.43% for CZA.
CZA is categorized as Mid Cap Blend Equities, while SPHD is Dividend. CZA tracks Zacks Mid-Cap Core Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.69% for CZA and 0.30% for SPHD.
CZA currently has the higher Sharpe Ratio (1.24 vs 1.02), 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.
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