DIVZ vs. SPHD
DIVZ (Opal Dividend Income ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - DIVZ is a Large Cap Value Equities fund actively managed by TrueShares, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. DIVZ is actively managed, while SPHD is passively managed. Over the past 5 years, DIVZ returned 9.40%/yr vs 7.06%/yr for SPHD. Their correlation of 0.84 suggests significant overlap in exposure. DIVZ charges 0.65%/yr vs 0.30%/yr for SPHD.
Performance
DIVZ vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, DIVZ achieves a 4.86% return, which is significantly lower than SPHD's 8.20% return.
DIVZ
- 1D
- 1.12%
- 1M
- -1.44%
- YTD
- 4.86%
- 6M
- 4.61%
- 1Y
- 12.20%
- 3Y*
- 15.51%
- 5Y*
- 9.40%
- 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%
DIVZ vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DIVZ Opal Dividend Income ETF | 4.86% | 16.72% | 18.44% | -0.51% | 3.51% | 19.03% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 8.20% | 3.41% | 18.08% | 1.32% | 0.58% | 18.96% |
Correlation
The correlation between DIVZ and SPHD is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2021 | 0.84 |
The correlation between DIVZ and SPHD has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.
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Return for Risk
DIVZ vs. SPHD — Risk / Return Rank
DIVZ
SPHD
DIVZ vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Opal Dividend Income ETF (DIVZ) 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.
| DIVZ | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.18 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 1.66 | +0.44 |
| Martin ratioReturn relative to average drawdown | 4.98 | 4.06 | +0.92 |
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Drawdowns
DIVZ vs. SPHD - Drawdown Comparison
The maximum DIVZ drawdown since its inception was -15.42%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for DIVZ and SPHD.
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Drawdown Indicators
| DIVZ | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.42% | -41.39% | +25.97% |
Max Drawdown (1Y)Largest decline over 1 year | -5.83% | -7.33% | +1.50% |
Max Drawdown (3Y)Largest decline over 3 years | -9.52% | -13.29% | +3.77% |
Max Drawdown (5Y)Largest decline over 5 years | -15.42% | -19.50% | +4.08% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.39% | — |
Current DrawdownCurrent decline from peak | -2.87% | -1.91% | -0.96% |
Average DrawdownAverage peak-to-trough decline | -3.48% | -4.69% | +1.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.45% | 2.98% | -0.53% |
Volatility
DIVZ vs. SPHD - Volatility Comparison
The current volatility for Opal Dividend Income ETF (DIVZ) is 3.51%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 4.26%. This indicates that DIVZ 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
| DIVZ | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.51% | 4.26% | -0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 7.24% | 8.13% | -0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.48% | 11.48% | -2.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.63% | 14.16% | -1.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.56% | 17.65% | -5.09% |
DIVZ vs. SPHD - Expense Ratio Comparison
DIVZ has a 0.65% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
DIVZ vs. SPHD - Dividend Comparison
DIVZ's dividend yield for the trailing twelve months is around 2.55%, less than SPHD's 4.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIVZ Opal Dividend Income ETF | 2.55% | 2.60% | 2.63% | 3.66% | 3.23% | 3.83% | 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
DIVZ and SPHD have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHD has higher volatility (4.26%) compared to DIVZ (3.51%). In terms of maximum drawdown, DIVZ dropped -15.42% vs SPHD's -41.39%.
On 5-year performance, DIVZ leads with 9.40% vs 7.06% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, DIVZ has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DIVZ has performed better with a 9.40% return vs 7.06%. 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 0.65% for DIVZ.
SPHD has the higher dividend yield at 4.60%, compared with 2.55% for DIVZ.
DIVZ is categorized as Large Cap Value Equities, while SPHD is Dividend. They also come from different issuers: TrueShares and Invesco. Their fees differ too: 0.65% for DIVZ and 0.30% for SPHD.
DIVZ currently has the higher Sharpe Ratio (1.29 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.
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