EWMC vs. SPHD
EWMC (Invesco S&P MidCap 400 GARP ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - EWMC is a Small Cap Blend Equities fund tracking the S&P MidCap 400 GARP 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, EWMC returned 11.23%/yr vs 7.55%/yr for SPHD. A 0.72 correlation means they provide meaningful diversification when combined. EWMC charges 0.35%/yr vs 0.30%/yr for SPHD.
Performance
EWMC vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, EWMC achieves a 6.14% return, which is significantly lower than SPHD's 8.20% return. Over the past 10 years, EWMC has outperformed SPHD with an annualized return of 11.23%, while SPHD has yielded a comparatively lower 7.55% annualized return.
EWMC
- 1D
- 0.27%
- 1M
- 0.27%
- YTD
- 6.14%
- 6M
- 4.64%
- 1Y
- 19.85%
- 3Y*
- 14.49%
- 5Y*
- 7.76%
- 10Y*
- 11.23%
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%
EWMC vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EWMC Invesco S&P MidCap 400 GARP ETF | 6.14% | 7.81% | 15.67% | 18.79% | -11.63% | 26.35% | 15.60% | 23.05% | -12.45% | 13.05% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 8.20% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between EWMC and SPHD is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.72 |
Over the past year, the correlation between EWMC and SPHD has dropped to 0.46 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.
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Return for Risk
EWMC vs. SPHD — Risk / Return Rank
EWMC
SPHD
EWMC vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400 GARP ETF (EWMC) 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.
| EWMC | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.18 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.62 | 1.66 | +0.96 |
| Martin ratioReturn relative to average drawdown | 7.66 | 4.06 | +3.60 |
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Drawdowns
EWMC vs. SPHD - Drawdown Comparison
The maximum EWMC drawdown since its inception was -43.12%, roughly equal to the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for EWMC and SPHD.
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Drawdown Indicators
| EWMC | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.12% | -41.39% | -1.73% |
Max Drawdown (1Y)Largest decline over 1 year | -7.62% | -7.33% | -0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -28.09% | -13.29% | -14.80% |
Max Drawdown (5Y)Largest decline over 5 years | -28.09% | -19.50% | -8.59% |
Max Drawdown (10Y)Largest decline over 10 years | -43.12% | -41.39% | -1.73% |
Current DrawdownCurrent decline from peak | -2.49% | -1.91% | -0.58% |
Average DrawdownAverage peak-to-trough decline | -5.69% | -4.69% | -1.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 2.98% | -0.38% |
Volatility
EWMC vs. SPHD - Volatility Comparison
The current volatility for Invesco S&P MidCap 400 GARP ETF (EWMC) is 3.73%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 4.26%. This indicates that EWMC 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
| EWMC | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.73% | 4.26% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 10.40% | 8.13% | +2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.15% | 11.48% | +4.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.88% | 14.16% | +6.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.22% | 17.65% | +4.57% |
EWMC vs. SPHD - Expense Ratio Comparison
EWMC has a 0.35% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
EWMC vs. SPHD - Dividend Comparison
EWMC's dividend yield for the trailing twelve months is around 0.75%, less than SPHD's 4.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWMC Invesco S&P MidCap 400 GARP ETF | 0.75% | 1.19% | 0.95% | 0.96% | 1.28% | 0.92% | 1.16% | 1.25% | 1.50% | 1.14% | 1.00% | 1.43% |
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
EWMC and SPHD have a correlation of 0.46, 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 EWMC (3.73%). In terms of maximum drawdown, EWMC dropped -43.12% vs SPHD's -41.39%.
On 10-year performance, EWMC leads with 11.23% vs 7.55% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, EWMC has been the lower-risk option at 3.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EWMC has performed better with a 11.23% 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 0.35% for EWMC.
SPHD has the higher dividend yield at 4.60%, compared with 0.75% for EWMC.
EWMC is categorized as Small Cap Blend Equities, while SPHD is Dividend. EWMC tracks S&P MidCap 400 GARP Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.35% for EWMC and 0.30% for SPHD.
EWMC currently has the higher Sharpe Ratio (1.24 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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