HCMKX vs. SPHD

Last updated Jun 20, 2026

HCMKX (HCM Income Plus Fund) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both funds - HCMKX is a Diversified Portfolio fund managed by Howard Capital Management, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Over the past 5 years, HCMKX returned 9.98%/yr vs 6.95%/yr for SPHD. At a 0.40 correlation, their price movements are largely independent. HCMKX charges 2.10%/yr vs 0.30%/yr for SPHD.

Performance

HCMKX vs. SPHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HCM Income Plus Fund (HCMKX) 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, HCMKX achieves a 11.30% return, which is significantly higher than SPHD's 6.25% return.

HCMKX

• 1D: 2.46%
• 1M: 3.63%
• YTD: 11.30%
• 6M: 11.04%
• 1Y: 30.57%
• 3Y*: 21.51%
• 5Y*: 9.98%
• 10Y*: —

SPHD

• 1D: -0.42%
• 1M: -0.46%
• YTD: 6.25%
• 6M: 6.62%
• 1Y: 10.99%
• 3Y*: 10.77%
• 5Y*: 6.95%
• 10Y*: 7.14%

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

HCMKX vs. SPHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HCMKX HCM Income Plus Fund	11.30%	15.06%	32.19%	20.68%	-24.98%	8.97%	39.45%	14.64%	-4.75%	5.72%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	6.25%	3.41%	18.08%	1.32%	0.58%	24.98%	-9.98%	20.26%	-6.17%	11.90%

Correlation

The correlation between HCMKX and SPHD is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.40

Over the past year, the correlation between HCMKX and SPHD has dropped to 0.07 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.

Return for Risk

HCMKX vs. SPHD — Risk / Return Rank

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

HCMKX

HCMKX Risk / Return Rank: 42
HCMKX Sharpe Ratio Rank: 42
HCMKX Sortino Ratio Rank: 36
HCMKX Omega Ratio Rank: 39
HCMKX Calmar Ratio Rank: 55
HCMKX Martin Ratio Rank: 38

SPHD

SPHD Risk / Return Rank: 28
SPHD Sharpe Ratio Rank: 29
SPHD Sortino Ratio Rank: 28
SPHD Omega Ratio Rank: 25
SPHD Calmar Ratio Rank: 32
SPHD Martin Ratio Rank: 28

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.

HCMKX vs. SPHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HCM Income Plus Fund (HCMKX) 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.

	HCMKX	SPHD	Difference
Sharpe ratio: Return per unit of total volatility	1.74	0.99	+0.75
Sortino ratio: Return per unit of downside risk	2.30	1.50	+0.80
Omega ratio: Gain probability vs. loss probability	1.31	1.17	+0.14
Calmar ratio: Return relative to maximum drawdown	2.70	1.53	+1.17
Martin ratio: Return relative to average drawdown	7.80	3.77	+4.03

HCMKX vs. SPHD - Sharpe Ratio Comparison

The current HCMKX Sharpe Ratio is 1.74, which is higher than the SPHD Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of HCMKX 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

HCMKX vs. SPHD - Drawdown Comparison

The maximum HCMKX drawdown since its inception was -28.43%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for HCMKX and SPHD.

Drawdown Indicators

	HCMKX	SPHD	Difference
Max Drawdown Largest peak-to-trough decline	-28.43%	-41.39%	+12.96%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-7.33%	-3.81%
Max Drawdown (3Y) Largest decline over 3 years	-17.05%	-13.29%	-3.76%
Max Drawdown (5Y) Largest decline over 5 years	-28.43%	-19.50%	-8.93%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.39%	—
Current Drawdown Current decline from peak	-1.14%	-3.68%	+2.54%
Average Drawdown Average peak-to-trough decline	-7.03%	-4.69%	-2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	2.97%	+0.89%

Volatility

HCMKX vs. SPHD - Volatility Comparison

HCM Income Plus Fund (HCMKX) has a higher volatility of 8.82% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 3.96%. This indicates that HCMKX's price experiences larger fluctuations and is considered to be riskier than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCMKX	SPHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.82%	3.96%	+4.86%
Volatility (6M) Calculated over the trailing 6-month period	13.73%	8.02%	+5.71%
Volatility (1Y) Calculated over the trailing 1-year period	17.32%	11.37%	+5.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.81%	14.17%	+1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.23%	17.66%	-3.43%

HCMKX vs. SPHD - Expense Ratio Comparison

HCMKX has a 2.10% expense ratio, which is higher than SPHD's 0.30% expense ratio.

Dividends

HCMKX vs. SPHD - Dividend Comparison

HCMKX's dividend yield for the trailing twelve months is around 3.28%, less than SPHD's 4.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HCMKX HCM Income Plus Fund	3.28%	3.66%	19.48%	0.04%	0.00%	0.20%	0.27%	0.16%	5.97%	0.21%	0.00%	0.00%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.54%	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 HCMKX and SPHD in my portfolio?

HCMKX and SPHD have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HCMKX or SPHD?

HCMKX has higher volatility (8.82%) compared to SPHD (3.96%). In terms of maximum drawdown, HCMKX dropped -28.43% vs SPHD's -41.39%.

Which has better risk-adjusted returns?

HCMKX currently has the higher Sharpe Ratio (1.74 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.