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FLOT vs. SPHQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLOT vs. SPHQ

Last updated Jun 9, 2026

FLOT (iShares Floating Rate Bond ETF) and SPHQ (Invesco S&P 500 Quality ETF) are both exchange-traded funds - FLOT is a Ultrashort Bond fund tracking the Bloomberg US Floating Rate Note < 5 Years Index, while SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index. Both are passively managed. Over the past 10 years, FLOT returned 3.03%/yr vs 14.91%/yr for SPHQ. At a 0.13 correlation, their price movements are largely independent. Both charge a 0.15% expense ratio.

Performance

FLOT vs. SPHQ - Performance Comparison

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

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Returns By Period

In the year-to-date period, FLOT achieves a 1.87% return, which is significantly lower than SPHQ's 14.28% return. Over the past 10 years, FLOT has underperformed SPHQ with an annualized return of 3.03%, while SPHQ has yielded a comparatively higher 14.91% annualized return.

FLOT

1D
0.00%
1M
0.41%
YTD
1.87%
6M
2.15%
1Y
4.85%
3Y*
5.60%
5Y*
4.20%
10Y*
3.03%

SPHQ

1D
0.58%
1M
3.64%
YTD
14.28%
6M
15.48%
1Y
21.15%
3Y*
22.07%
5Y*
14.25%
10Y*
14.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FLOT vs. SPHQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FLOT
iShares Floating Rate Bond ETF		1.87%4.91%6.53%6.43%1.28%0.45%0.87%3.97%1.48%1.65%
SPHQ
Invesco S&P 500 Quality ETF		14.28%13.25%25.44%24.83%-15.76%28.03%17.36%33.64%-7.10%19.10%

Correlation

The correlation between FLOT and SPHQ is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.27

Correlation (3Y)
Calculated over the trailing 3-year period

0.28

Correlation (5Y)
Calculated over the trailing 5-year period

0.28

Correlation (10Y)
Calculated over the trailing 10-year period

0.17

Correlation (All Time)
Calculated using the full available price history since Jun 20, 2011

0.13

The correlation between FLOT and SPHQ shifts across timeframes, from 0.13 (all time) to 0.28 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Floating Rate Bond ETF

Invesco S&P 500 Quality ETF

Often compared with FLOT:
FLOT vs. SGOVFLOT vs. USFRFLOT vs. FLTRFLOT vs. FLRNFLOT vs. FLOA.LFLOT vs. NEARFLOT vs. IUSB
Often compared with SPHQ:
SPHQ vs. QUALSPHQ vs. VOOSPHQ vs. SPYSPHQ vs. JQUASPHQ vs. SCHDSPHQ vs. SPYVSPHQ vs. QQQ

Return for Risk

FLOT vs. SPHQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FLOT
FLOT Risk / Return Rank: 9999
Overall Rank
FLOT Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
FLOT Sortino Ratio Rank: 9999
Sortino Ratio Rank
FLOT Omega Ratio Rank: 9999
Omega Ratio Rank
FLOT Calmar Ratio Rank: 9898
Calmar Ratio Rank
FLOT Martin Ratio Rank: 9999
Martin Ratio Rank
SPHQ
SPHQ Risk / Return Rank: 5555
Overall Rank
SPHQ Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
SPHQ Sortino Ratio Rank: 5555
Sortino Ratio Rank
SPHQ Omega Ratio Rank: 5151
Omega Ratio Rank
SPHQ Calmar Ratio Rank: 5353
Calmar Ratio Rank
SPHQ Martin Ratio Rank: 6262
Martin Ratio Rank
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.

FLOT vs. SPHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Floating Rate Bond ETF (FLOT) 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.

FLOTSPHQDifference
Sharpe ratioReturn per unit of total volatility
6.54
1.66

+4.88

Sortino ratioReturn per unit of downside risk
11.79
2.39

+9.39

Omega ratioGain probability vs. loss probability

3.22

1.28

+1.94

Calmar ratioReturn relative to maximum drawdown

11.27

2.39

+8.89

Martin ratioReturn relative to average drawdown

104.83

10.19

+94.64

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLOT vs. SPHQ - Sharpe Ratio Comparison

The current FLOT Sharpe Ratio is 6.54, which is higher than the SPHQ Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of FLOT 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.

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Sharpe Ratios by Period

FLOTSPHQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

6.54

1.66

+4.88

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

2.38

0.87

+1.51

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.73

0.84

-0.10

Sharpe Ratio (All Time)

Calculated using the full available price history

0.66

0.53

+0.13

Drawdowns

FLOT vs. SPHQ - Drawdown Comparison

The maximum FLOT drawdown since its inception was -13.54%, smaller than the maximum SPHQ drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for FLOT and SPHQ.

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Drawdown Indicators

FLOTSPHQDifference

Max Drawdown

Largest peak-to-trough decline

-13.54%

-57.83%

+44.29%

Max Drawdown (1Y)

Largest decline over 1 year

-0.43%

-8.90%

+8.47%

Max Drawdown (3Y)

Largest decline over 3 years

-1.57%

-16.57%

+15.00%

Max Drawdown (5Y)

Largest decline over 5 years

-2.36%

-25.04%

+22.68%

Max Drawdown (10Y)

Largest decline over 10 years

-13.54%

-31.60%

+18.06%

Current Drawdown

Current decline from peak

-0.02%

-1.62%

+1.60%

Average Drawdown

Average peak-to-trough decline

-0.21%

-10.70%

+10.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.05%

2.09%

-2.04%

Volatility

FLOT vs. SPHQ - Volatility Comparison

The current volatility for iShares Floating Rate Bond ETF (FLOT) is 0.20%, while Invesco S&P 500 Quality ETF (SPHQ) has a volatility of 3.90%. This indicates that FLOT 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.

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Volatility by Period

FLOTSPHQDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.20%

3.90%

-3.70%

Volatility (6M)

Calculated over the trailing 6-month period

0.62%

10.45%

-9.83%

Volatility (1Y)

Calculated over the trailing 1-year period

0.75%

12.83%

-12.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.77%

16.48%

-14.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.15%

17.88%

-13.73%

FLOT vs. SPHQ - Expense Ratio Comparison

Both FLOT and SPHQ have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FLOT vs. SPHQ - Dividend Comparison

FLOT's dividend yield for the trailing twelve months is around 4.54%, more than SPHQ's 1.05% yield.

PositionTTM20252024202320222021202020192018201720162015
FLOT
iShares Floating Rate Bond ETF		4.54%4.84%5.82%5.66%2.06%0.43%1.25%2.78%2.41%1.46%0.97%0.53%
SPHQ
Invesco S&P 500 Quality ETF		1.05%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

FLOT and SPHQ have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPHQ has higher volatility (3.90%) compared to FLOT (0.20%). In terms of maximum drawdown, FLOT dropped -13.54% vs SPHQ's -57.83%.

On 10-year performance, SPHQ leads with 14.91% vs 3.03% for FLOT. Both ETFs have the same 0.15% expense ratio. On volatility, FLOT has been the lower-risk option at 0.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPHQ has performed better with a 14.91% return vs 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLOT and SPHQ have the same expense ratio: 0.15% per year.

FLOT has the higher dividend yield at 4.54%, compared with 1.05% for SPHQ.

FLOT is categorized as Ultrashort Bond, while SPHQ is S&P 500. FLOT tracks Bloomberg US Floating Rate Note < 5 Years Index, while SPHQ tracks S&P 500 Quality Index. They also come from different issuers: iShares and Invesco.

FLOT currently has the higher Sharpe Ratio (6.54 vs 1.66), 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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