GTEYX vs. SPHD

Last updated Jun 16, 2026

GTEYX (Gateway Fund Class Y Shares) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both funds - GTEYX is a Options Trading fund managed by Natixis, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Over the past 10 years, GTEYX returned 6.94%/yr vs 7.41%/yr for SPHD. A 0.60 correlation means they provide meaningful diversification when combined. GTEYX charges 0.70%/yr vs 0.30%/yr for SPHD.

Performance

GTEYX vs. SPHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gateway Fund Class Y Shares (GTEYX) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GTEYX achieves a 3.54% return, which is significantly lower than SPHD's 8.51% return. Over the past 10 years, GTEYX has underperformed SPHD with an annualized return of 6.94%, while SPHD has yielded a comparatively higher 7.41% annualized return.

GTEYX

• 1D: 0.15%
• 1M: -0.26%
• YTD: 3.54%
• 6M: 4.00%
• 1Y: 12.64%
• 3Y*: 11.23%
• 5Y*: 6.92%
• 10Y*: 6.94%

SPHD

• 1D: -1.12%
• 1M: 4.38%
• YTD: 8.51%
• 6M: 7.65%
• 1Y: 12.70%
• 3Y*: 11.55%
• 5Y*: 6.57%
• 10Y*: 7.41%

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

GTEYX vs. SPHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GTEYX Gateway Fund Class Y Shares	3.54%	10.28%	15.82%	14.70%	-11.84%	11.49%	7.19%	11.12%	-4.17%	9.93%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	8.51%	3.41%	18.08%	1.32%	0.58%	24.98%	-9.98%	20.26%	-6.17%	11.90%

Correlation

The correlation between GTEYX and SPHD is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012	0.60

Over the past year, the correlation between GTEYX and SPHD has dropped to 0.06 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

Return for Risk

GTEYX vs. SPHD — Risk / Return Rank

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

GTEYX

GTEYX Risk / Return Rank: 69
GTEYX Sharpe Ratio Rank: 70
GTEYX Sortino Ratio Rank: 71
GTEYX Omega Ratio Rank: 74
GTEYX Calmar Ratio Rank: 56
GTEYX Martin Ratio Rank: 73

SPHD

SPHD Risk / Return Rank: 34
SPHD Sharpe Ratio Rank: 35
SPHD Sortino Ratio Rank: 35
SPHD Omega Ratio Rank: 30
SPHD Calmar Ratio Rank: 38
SPHD Martin Ratio Rank: 32

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.

GTEYX vs. SPHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gateway Fund Class Y Shares (GTEYX) 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.

	GTEYX	SPHD	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.13	+0.94
Sortino ratio: Return per unit of downside risk	2.98	1.72	+1.26
Omega ratio: Gain probability vs. loss probability	1.41	1.19	+0.21
Calmar ratio: Return relative to maximum drawdown	2.56	1.74	+0.82
Martin ratio: Return relative to average drawdown	11.92	4.31	+7.61

GTEYX vs. SPHD - Sharpe Ratio Comparison

The current GTEYX Sharpe Ratio is 2.07, which is higher than the SPHD Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of GTEYX and SPHD, 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

GTEYX vs. SPHD - Drawdown Comparison

The maximum GTEYX drawdown since its inception was -16.58%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for GTEYX and SPHD.

Drawdown Indicators

	GTEYX	SPHD	Difference
Max Drawdown Largest peak-to-trough decline	-16.58%	-41.39%	+24.81%
Max Drawdown (1Y) Largest decline over 1 year	-5.98%	-7.33%	+1.35%
Max Drawdown (3Y) Largest decline over 3 years	-11.48%	-13.29%	+1.81%
Max Drawdown (5Y) Largest decline over 5 years	-16.25%	-19.50%	+3.25%
Max Drawdown (10Y) Largest decline over 10 years	-16.25%	-41.39%	+25.14%
Current Drawdown Current decline from peak	-1.35%	-1.63%	+0.28%
Average Drawdown Average peak-to-trough decline	-2.06%	-4.70%	+2.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	2.96%	-1.76%

Volatility

GTEYX vs. SPHD - Volatility Comparison

The current volatility for Gateway Fund Class Y Shares (GTEYX) is 2.19%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 3.91%. This indicates that GTEYX 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.

Volatility by Period

	GTEYX	SPHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.19%	3.91%	-1.72%
Volatility (6M) Calculated over the trailing 6-month period	6.07%	7.86%	-1.79%
Volatility (1Y) Calculated over the trailing 1-year period	7.38%	11.27%	-3.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.60%	14.21%	-4.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.91%	17.66%	-8.75%

GTEYX vs. SPHD - Expense Ratio Comparison

GTEYX has a 0.70% expense ratio, which is higher than SPHD's 0.30% expense ratio.

Dividends

GTEYX vs. SPHD - Dividend Comparison

GTEYX's dividend yield for the trailing twelve months is around 0.35%, less than SPHD's 4.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTEYX Gateway Fund Class Y Shares	0.35%	0.39%	0.65%	0.90%	0.89%	0.66%	1.06%	1.32%	1.41%	1.24%	1.60%	2.09%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.45%	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

Can I hold both GTEYX and SPHD in my portfolio?

GTEYX and SPHD have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GTEYX or SPHD?

SPHD has higher volatility (3.91%) compared to GTEYX (2.19%). In terms of maximum drawdown, GTEYX dropped -16.58% vs SPHD's -41.39%.

Which has better risk-adjusted returns?

GTEYX currently has the higher Sharpe Ratio (2.07 vs 1.13), 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.