DIVL vs. SPHQ

Last updated Jun 24, 2026

DIVL (Madison Dividend Value ETF) and SPHQ (Invesco S&P 500 Quality ETF) are both exchange-traded funds - DIVL is a Large Cap Value Equities fund actively managed by Madison, while SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index. DIVL is actively managed, while SPHQ is passively managed. Over the past year, DIVL returned 13.28% vs 25.84% for SPHQ. A 0.68 correlation means they provide meaningful diversification when combined. DIVL charges 0.65%/yr vs 0.15%/yr for SPHQ.

Performance

DIVL vs. SPHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Madison Dividend Value ETF (DIVL) and Invesco S&P 500 Quality ETF (SPHQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIVL achieves a 7.33% return, which is significantly lower than SPHQ's 16.54% return.

DIVL

• 1D: -0.59%
• 1M: -1.84%
• YTD: 7.33%
• 6M: 6.66%
• 1Y: 13.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPHQ

• 1D: -2.93%
• 1M: 2.94%
• YTD: 16.54%
• 6M: 15.11%
• 1Y: 25.84%
• 3Y*: 22.34%
• 5Y*: 14.14%
• 10Y*: 15.46%

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

DIVL vs. SPHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DIVL Madison Dividend Value ETF	7.33%	9.83%	8.81%	1.30%
SPHQ Invesco S&P 500 Quality ETF	16.54%	13.25%	25.44%	5.53%

Correlation

The correlation between DIVL and SPHQ 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 (All Time) Calculated using the full available price history since Aug 15, 2023	0.68

The correlation between DIVL and SPHQ has been stable across timeframes, ranging from 0.68 to 0.68 - a consistent structural relationship.

DIVL vs. SPHQ - Sectors Allocation Comparison

Sectors	DIVL	SPHQ
Energy	16.5%	0.6%
Industrials	15.9%	22.7%
Financial Services	13.9%	12.4%
Healthcare	11.5%	8.0%
Consumer Defensive	11.3%	14.4%
Technology	9.0%	32.0%
Consumer Cyclical	7.4%	4.4%
Basic Materials	6.5%	2.1%
Utilities	5.5%	0.9%
Real Estate	2.4%	-
Communication Services	-	2.5%

Return for Risk

DIVL vs. SPHQ — Risk / Return Rank

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

DIVL

DIVL Risk / Return Rank: 38
DIVL Sharpe Ratio Rank: 38
DIVL Sortino Ratio Rank: 38
DIVL Omega Ratio Rank: 35
DIVL Calmar Ratio Rank: 42
DIVL Martin Ratio Rank: 38

SPHQ

SPHQ Risk / Return Rank: 61
SPHQ Sharpe Ratio Rank: 60
SPHQ Sortino Ratio Rank: 60
SPHQ Omega Ratio Rank: 56
SPHQ Calmar Ratio Rank: 61
SPHQ Martin Ratio Rank: 70

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.

DIVL vs. SPHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Madison Dividend Value ETF (DIVL) and Invesco S&P 500 Quality ETF (SPHQ). 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.

	DIVL	SPHQ	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.94	-0.69
Sortino ratio: Return per unit of downside risk	1.84	2.74	-0.90
Omega ratio: Gain probability vs. loss probability	1.22	1.34	-0.12
Calmar ratio: Return relative to maximum drawdown	1.92	2.92	-0.99
Martin ratio: Return relative to average drawdown	5.52	12.48	-6.96

DIVL vs. SPHQ - Sharpe Ratio Comparison

The current DIVL Sharpe Ratio is 1.25, which is lower than the SPHQ Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of DIVL and SPHQ, 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

DIVL vs. SPHQ - Drawdown Comparison

The maximum DIVL drawdown since its inception was -14.06%, smaller than the maximum SPHQ drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for DIVL and SPHQ.

Drawdown Indicators

	DIVL	SPHQ	Difference
Max Drawdown Largest peak-to-trough decline	-14.06%	-57.83%	+43.77%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-8.90%	+1.97%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.57%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.04%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-31.60%	—
Current Drawdown Current decline from peak	-4.08%	-2.93%	-1.15%
Average Drawdown Average peak-to-trough decline	-2.58%	-10.68%	+8.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	2.07%	+0.34%

Volatility

DIVL vs. SPHQ - Volatility Comparison

The current volatility for Madison Dividend Value ETF (DIVL) is 3.06%, while Invesco S&P 500 Quality ETF (SPHQ) has a volatility of 5.88%. This indicates that DIVL experiences smaller price fluctuations and is considered to be less risky than SPHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIVL	SPHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	5.88%	-2.82%
Volatility (6M) Calculated over the trailing 6-month period	7.94%	11.30%	-3.36%
Volatility (1Y) Calculated over the trailing 1-year period	10.70%	13.46%	-2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.35%	16.59%	-4.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.35%	17.91%	-5.56%

DIVL vs. SPHQ - Expense Ratio Comparison

DIVL has a 0.65% expense ratio, which is higher than SPHQ's 0.15% expense ratio.

Dividends

DIVL vs. SPHQ - Dividend Comparison

DIVL's dividend yield for the trailing twelve months is around 1.78%, more than SPHQ's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIVL Madison Dividend Value ETF	1.78%	1.80%	2.19%	1.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPHQ Invesco S&P 500 Quality ETF	1.07%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%

Frequently Asked Questions

Can I hold both DIVL and SPHQ in my portfolio?

DIVL and SPHQ 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.

Which is riskier, DIVL or SPHQ?

SPHQ has higher volatility (5.88%) compared to DIVL (3.06%). In terms of maximum drawdown, DIVL dropped -14.06% vs SPHQ's -57.83%.

Which ETF is better, DIVL or SPHQ?

On 1-year performance, SPHQ leads with 25.84% vs 13.28% for DIVL. On fees, SPHQ is cheaper at 0.15% per year. On volatility, DIVL has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIVL or SPHQ?

Over the 1-year period, SPHQ has performed better with a 25.84% return vs 13.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVL or SPHQ?

SPHQ is cheaper with a 0.15% expense ratio, compared with 0.65% for DIVL.

Which ETF pays a higher dividend yield, DIVL or SPHQ?

DIVL has the higher dividend yield at 1.78%, compared with 1.07% for SPHQ.

What is the main difference between DIVL and SPHQ?

DIVL is categorized as Large Cap Value Equities, while SPHQ is S&P 500. They also come from different issuers: Madison and Invesco. Their fees differ too: 0.65% for DIVL and 0.15% for SPHQ.

Which has better risk-adjusted returns?

SPHQ currently has the higher Sharpe Ratio (1.94 vs 1.25), 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.