GTOQ vs. SPHD
GTOQ (Invesco High Yield Systematic Bond ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - GTOQ is a High Yield Bonds fund actively managed by Invesco, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. GTOQ is actively managed, while SPHD is passively managed. Over the past 5 years, GTOQ returned 3.96%/yr vs 5.48%/yr for SPHD. At a 0.44 correlation, their price movements are largely independent. GTOQ charges 0.39%/yr vs 0.30%/yr for SPHD.
Performance
GTOQ vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, GTOQ achieves a 1.48% return, which is significantly lower than SPHD's 4.38% return.
GTOQ
- 1D
- -0.22%
- 1M
- 0.72%
- YTD
- 1.48%
- 6M
- 1.98%
- 1Y
- 7.09%
- 3Y*
- 8.88%
- 5Y*
- 3.96%
- 10Y*
- —
SPHD
- 1D
- -0.89%
- 1M
- -0.82%
- YTD
- 4.38%
- 6M
- 4.63%
- 1Y
- 8.12%
- 3Y*
- 11.42%
- 5Y*
- 5.48%
- 10Y*
- 7.08%
GTOQ vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GTOQ Invesco High Yield Systematic Bond ETF | 1.48% | 8.04% | 8.13% | 14.17% | -12.17% | 5.37% | 0.38% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.38% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | 0.06% |
Correlation
The correlation between GTOQ and SPHD is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | 0.44 |
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Return for Risk
GTOQ vs. SPHD — Risk / Return Rank
GTOQ
SPHD
GTOQ vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco High Yield Systematic Bond ETF (GTOQ) 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.
| GTOQ | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.24 | ||
| Sortino ratioReturn per unit of downside risk | +1.79 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.13 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 1.11 | +1.30 |
| Martin ratioReturn relative to average drawdown | 10.35 | 2.78 | +7.57 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GTOQ | SPHD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.98 | 0.74 | +1.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 0.39 | +0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.40 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.77 | 0.58 | +0.20 |
Drawdowns
GTOQ vs. SPHD - Drawdown Comparison
The maximum GTOQ drawdown since its inception was -15.96%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for GTOQ and SPHD.
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Drawdown Indicators
| GTOQ | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.96% | -41.39% | +25.43% |
Max Drawdown (1Y)Largest decline over 1 year | -2.95% | -7.33% | +4.38% |
Max Drawdown (3Y)Largest decline over 3 years | -5.25% | -13.29% | +8.04% |
Max Drawdown (5Y)Largest decline over 5 years | -15.96% | -19.50% | +3.54% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.39% | — |
Current DrawdownCurrent decline from peak | -0.22% | -5.37% | +5.15% |
Average DrawdownAverage peak-to-trough decline | -3.31% | -4.70% | +1.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 2.93% | -2.24% |
Volatility
GTOQ vs. SPHD - Volatility Comparison
The current volatility for Invesco High Yield Systematic Bond ETF (GTOQ) is 0.98%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 2.99%. This indicates that GTOQ 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
| GTOQ | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 2.99% | -2.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.70% | 7.55% | -4.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.60% | 11.04% | -7.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.71% | 14.16% | -8.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.52% | 17.64% | -12.12% |
GTOQ vs. SPHD - Expense Ratio Comparison
GTOQ has a 0.39% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
GTOQ vs. SPHD - Dividend Comparison
GTOQ's dividend yield for the trailing twelve months is around 6.81%, more than SPHD's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GTOQ Invesco High Yield Systematic Bond ETF | 6.81% | 7.04% | 7.20% | 6.76% | 6.17% | 4.86% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.62% | 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
GTOQ and SPHD have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHD has higher volatility (2.99%) compared to GTOQ (0.98%). In terms of maximum drawdown, GTOQ dropped -15.96% vs SPHD's -41.39%.
On 5-year performance, SPHD leads with 5.48% vs 3.96% for GTOQ. On fees, SPHD is cheaper at 0.30% per year. On volatility, GTOQ has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPHD has performed better with a 5.48% return vs 3.96%. 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 0.39% for GTOQ.
GTOQ has the higher dividend yield at 6.81%, compared with 4.62% for SPHD.
GTOQ is categorized as High Yield Bonds, while SPHD is Dividend. Their fees differ too: 0.39% for GTOQ and 0.30% for SPHD.
GTOQ currently has the higher Sharpe Ratio (1.98 vs 0.74), 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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