FVD vs. SPHD
FVD (First Trust Value Line Dividend Index Fund) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - FVD is a Mid Cap Value Equities fund tracking the Value Line Dividend 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, FVD returned 8.54%/yr vs 7.38%/yr for SPHD. Their correlation of 0.91 suggests significant overlap in exposure. FVD charges 0.61%/yr vs 0.30%/yr for SPHD.
Performance
FVD vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, FVD achieves a 3.30% return, which is significantly lower than SPHD's 6.47% return. Over the past 10 years, FVD has outperformed SPHD with an annualized return of 8.54%, while SPHD has yielded a comparatively lower 7.38% annualized return.
FVD
- 1D
- -0.17%
- 1M
- -1.17%
- YTD
- 3.30%
- 6M
- 2.96%
- 1Y
- 9.84%
- 3Y*
- 8.73%
- 5Y*
- 5.99%
- 10Y*
- 8.54%
SPHD
- 1D
- 0.20%
- 1M
- -0.79%
- YTD
- 6.47%
- 6M
- 6.49%
- 1Y
- 11.21%
- 3Y*
- 12.10%
- 5Y*
- 6.82%
- 10Y*
- 7.38%
FVD vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FVD First Trust Value Line Dividend Index Fund | 3.30% | 8.16% | 10.04% | 4.11% | -5.18% | 25.08% | -0.02% | 26.58% | -3.49% | 12.51% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 6.47% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between FVD and SPHD is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.91 |
The correlation between FVD and SPHD has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.
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Return for Risk
FVD vs. SPHD — Risk / Return Rank
FVD
SPHD
FVD vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Value Line Dividend Index Fund (FVD) 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.
| FVD | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.17 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 1.54 | -0.17 |
| Martin ratioReturn relative to average drawdown | 3.52 | 3.77 | -0.25 |
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Drawdowns
FVD vs. SPHD - Drawdown Comparison
The maximum FVD drawdown since its inception was -51.00%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for FVD and SPHD.
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Drawdown Indicators
| FVD | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.00% | -41.39% | -9.61% |
Max Drawdown (1Y)Largest decline over 1 year | -7.23% | -7.33% | +0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -11.97% | -13.29% | +1.32% |
Max Drawdown (5Y)Largest decline over 5 years | -16.41% | -19.50% | +3.09% |
Max Drawdown (10Y)Largest decline over 10 years | -35.25% | -41.39% | +6.14% |
Current DrawdownCurrent decline from peak | -4.95% | -3.48% | -1.47% |
Average DrawdownAverage peak-to-trough decline | -5.44% | -4.69% | -0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.80% | 2.98% | -0.18% |
Volatility
FVD vs. SPHD - Volatility Comparison
The current volatility for First Trust Value Line Dividend Index Fund (FVD) is 3.12%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 3.95%. This indicates that FVD 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
| FVD | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.12% | 3.95% | -0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 7.05% | 7.99% | -0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.73% | 11.39% | -1.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.76% | 14.14% | -1.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.46% | 17.67% | -2.21% |
FVD vs. SPHD - Expense Ratio Comparison
FVD has a 0.61% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
FVD vs. SPHD - Dividend Comparison
FVD's dividend yield for the trailing twelve months is around 2.29%, less than SPHD's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FVD First Trust Value Line Dividend Index Fund | 2.29% | 2.36% | 2.23% | 2.34% | 2.20% | 1.75% | 2.31% | 2.03% | 2.50% | 2.10% | 2.04% | 2.34% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.97% | 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
FVD and SPHD have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHD has higher volatility (3.95%) compared to FVD (3.12%). In terms of maximum drawdown, FVD dropped -51.00% vs SPHD's -41.39%.
On 10-year performance, FVD leads with 8.54% vs 7.38% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, FVD has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FVD has performed better with a 8.54% return vs 7.38%. 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 0.61% for FVD.
SPHD has the higher dividend yield at 4.97%, compared with 2.29% for FVD.
FVD is categorized as Mid Cap Value Equities, while SPHD is Dividend. FVD tracks Value Line Dividend Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.61% for FVD and 0.30% for SPHD.
FVD currently has the higher Sharpe Ratio (1.02 vs 0.99), 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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