DIVG vs. SPY

Last updated Aug 1, 2026

DIVG (Invesco S&P 500 High Dividend Growers ETF) and SPY (State Street SPDR S&P 500 ETF) are both S&P 500 funds - DIVG tracks the S&P 500 High Dividend Growth Index - Benchmark TR Gross while SPY tracks the S&P 500 Index. Both are passively managed. Over the past year, DIVG returned 24.47% vs 21.49% for SPY. Their 0.50 correlation means they have sometimes moved together and sometimes differently. DIVG charges 0.39%/yr vs 0.09%/yr for SPY.

Performance

DIVG vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 High Dividend Growers ETF (DIVG) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIVG achieves a 17.95% return, which is significantly higher than SPY's 10.13% return.

DIVG

• 1D: 0.08%
• 1M: 2.77%
• 6M: 13.15%
• YTD: 17.95%
• 1Y: 24.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.91%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*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)
DIVG Invesco S&P 500 High Dividend Growers ETF	$45.48K	$101.16K	$71.93K
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

DIVG vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DIVG Invesco S&P 500 High Dividend Growers ETF	17.95%	11.31%	16.60%	5.71%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	4.52%

Correlation

The correlation between DIVG and SPY is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.31
Correlation (All Time) Calculated using the full available price history since Dec 6, 2023	0.50

The correlation between DIVG and SPY shifts across timeframes, from 0.31 (1 year) to 0.50 (all time), reflecting how their relationship changes across market environments.

DIVG vs. SPY - Sectors Allocation Comparison

Sectors	DIVG	SPY
Financial Services	29.3%	12.5%
Utilities	13.8%	2.6%
Consumer Defensive	12.3%	4.8%
Real Estate	11.8%	2.0%
Technology	10.1%	36.9%
Energy	7.3%	3.4%
Healthcare	5.7%	9.4%
Basic Materials	5.5%	1.9%
Industrials	4.3%	7.6%
Communication Services	2.9%	9.7%
Consumer Cyclical	2.4%	8.9%

Return for Risk

DIVG vs. SPY — Risk / Return Rank

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

DIVG

DIVG Risk / Return Rank: 91
DIVG Sharpe Ratio Rank: 89
DIVG Sortino Ratio Rank: 91
DIVG Omega Ratio Rank: 87
DIVG Calmar Ratio Rank: 93
DIVG Martin Ratio Rank: 92

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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.

DIVG vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 High Dividend Growers ETF (DIVG) and State Street SPDR S&P 500 ETF (SPY). 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.

	DIVG	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.52	+0.68
Sortino ratio: Return per unit of downside risk	3.28	2.11	+1.16
Omega ratio: Gain probability vs. loss probability	1.38	1.27	+0.11
Calmar ratio: Return relative to maximum drawdown	4.64	2.20	+2.43
Martin ratio: Return relative to average drawdown	15.52	9.40	+6.12

DIVG vs. SPY - Sharpe Ratio Comparison

The current DIVG Sharpe Ratio is 2.20, which is higher than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of DIVG and SPY, 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

DIVG vs. SPY - Drawdown Comparison

The maximum DIVG drawdown since its inception was -14.95%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DIVG and SPY.

Drawdown Indicators

	DIVG	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-14.95%	-55.19%	+40.24%
Max Drawdown (1Y) Largest decline over 1 year	-5.13%	-8.88%	+3.75%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.25%	-1.40%	+0.15%
Average Drawdown Average peak-to-trough decline	-2.19%	-9.01%	+6.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	2.08%	-0.55%

Volatility

DIVG vs. SPY - Volatility Comparison

Invesco S&P 500 High Dividend Growers ETF (DIVG) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 3.63% and 3.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIVG	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	3.58%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	7.66%	10.14%	-2.48%
Volatility (1Y) Calculated over the trailing 1-year period	10.85%	12.89%	-2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.12%	17.18%	-4.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.12%	17.95%	-4.83%

DIVG vs. SPY - Expense Ratio Comparison

DIVG has a 0.39% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

DIVG vs. SPY - Dividend Comparison

DIVG's dividend yield for the trailing twelve months is around 2.98%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIVG Invesco S&P 500 High Dividend Growers ETF	2.98%	3.15%	4.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both DIVG and SPY in my portfolio?

DIVG and SPY have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIVG or SPY?

DIVG has higher volatility (3.63%) compared to SPY (3.58%). In terms of maximum drawdown, DIVG dropped -14.95% vs SPY's -55.19%.

Which ETF is better, DIVG or SPY?

On 1-year performance, DIVG leads with 24.47% vs 21.49% for SPY. On fees, SPY is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIVG or SPY?

Over the 1-year period, DIVG has performed better with a 24.47% return vs 21.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVG or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.39% for DIVG.

Which ETF pays a higher dividend yield, DIVG or SPY?

DIVG has the higher dividend yield at 2.98%, compared with 1.01% for SPY.

What is the main difference between DIVG and SPY?

DIVG tracks S&P 500 High Dividend Growth Index - Benchmark TR Gross, while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.39% for DIVG and 0.09% for SPY.

Which has better risk-adjusted returns?

DIVG currently has the higher Sharpe Ratio (2.20 vs 1.52), 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.