KBWD vs. SPHD
KBWD (Invesco KBW High Dividend Yield Financial ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - KBWD is a Financials Equities fund tracking the KBW Nasdaq Financial Sector Dividend Yield 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, KBWD returned 4.94%/yr vs 7.38%/yr for SPHD. A 0.69 correlation means they provide meaningful diversification when combined. KBWD charges 5.39%/yr vs 0.30%/yr for SPHD.
Performance
KBWD vs. SPHD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, KBWD achieves a -6.32% return, which is significantly lower than SPHD's 6.47% return. Over the past 10 years, KBWD has underperformed SPHD with an annualized return of 4.94%, while SPHD has yielded a comparatively higher 7.38% annualized return.
KBWD
- 1D
- -1.41%
- 1M
- -2.29%
- YTD
- -6.32%
- 6M
- -7.30%
- 1Y
- 1.04%
- 3Y*
- 5.06%
- 5Y*
- 0.44%
- 10Y*
- 4.94%
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%
KBWD vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KBWD Invesco KBW High Dividend Yield Financial ETF | -6.32% | 5.59% | 4.30% | 20.21% | -19.14% | 31.89% | -15.58% | 20.72% | -8.70% | 12.06% |
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 KBWD and SPHD is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.69 |
The correlation between KBWD and SPHD shifts across timeframes, from 0.54 (1 year) to 0.70 (10 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.
Return for Risk
KBWD vs. SPHD — Risk / Return Rank
KBWD
SPHD
KBWD vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco KBW High Dividend Yield Financial ETF (KBWD) 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.
| KBWD | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.17 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.07 | 1.54 | -1.47 |
| Martin ratioReturn relative to average drawdown | 0.17 | 3.77 | -3.60 |
Loading charts...
Drawdowns
KBWD vs. SPHD - Drawdown Comparison
The maximum KBWD drawdown since its inception was -58.63%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for KBWD and SPHD.
Loading charts...
Drawdown Indicators
| KBWD | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.63% | -41.39% | -17.24% |
Max Drawdown (1Y)Largest decline over 1 year | -15.05% | -7.33% | -7.72% |
Max Drawdown (3Y)Largest decline over 3 years | -19.65% | -13.29% | -6.36% |
Max Drawdown (5Y)Largest decline over 5 years | -30.74% | -19.50% | -11.24% |
Max Drawdown (10Y)Largest decline over 10 years | -58.63% | -41.39% | -17.24% |
Current DrawdownCurrent decline from peak | -12.97% | -3.48% | -9.49% |
Average DrawdownAverage peak-to-trough decline | -7.42% | -4.69% | -2.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.31% | 2.98% | +3.33% |
Volatility
KBWD vs. SPHD - Volatility Comparison
Invesco KBW High Dividend Yield Financial ETF (KBWD) has a higher volatility of 4.90% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 3.95%. This indicates that KBWD'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.
Loading charts...
Volatility by Period
| KBWD | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.90% | 3.95% | +0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 12.55% | 7.99% | +4.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.68% | 11.39% | +4.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.84% | 14.14% | +5.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.27% | 17.67% | +5.60% |
KBWD vs. SPHD - Expense Ratio Comparison
KBWD has a 5.39% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
KBWD vs. SPHD - Dividend Comparison
KBWD's dividend yield for the trailing twelve months is around 15.85%, more than SPHD's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KBWD Invesco KBW High Dividend Yield Financial ETF | 15.85% | 12.83% | 12.45% | 11.45% | 11.32% | 7.26% | 9.68% | 8.63% | 9.47% | 8.77% | 8.68% | 8.89% |
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
KBWD and SPHD have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KBWD has higher volatility (4.90%) compared to SPHD (3.95%). In terms of maximum drawdown, KBWD dropped -58.63% vs SPHD's -41.39%.
On 10-year performance, SPHD leads with 7.38% vs 4.94% for KBWD. On fees, SPHD is cheaper at 0.30% per year. On volatility, SPHD has been the lower-risk option at 3.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPHD has performed better with a 7.38% return vs 4.94%. 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 5.39% for KBWD.
KBWD has the higher dividend yield at 15.85%, compared with 4.97% for SPHD.
KBWD is categorized as Financials Equities, while SPHD is Dividend. KBWD tracks KBW Nasdaq Financial Sector Dividend Yield Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 5.39% for KBWD and 0.30% for SPHD.
SPHD currently has the higher Sharpe Ratio (0.99 vs 0.07), 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.
Find the right allocation for KBWD and SPHD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer