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KBWY vs. SPHD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KBWY vs. SPHD

Last updated Jun 4, 2026

KBWY (Invesco KBW Premium Yield Equity REIT ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - KBWY is a REIT fund tracking the KBW Premium Yield Equity REIT 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, KBWY returned 1.18%/yr vs 7.08%/yr for SPHD. A 0.74 correlation means they provide meaningful diversification when combined. KBWY charges 0.35%/yr vs 0.30%/yr for SPHD.

Performance

KBWY vs. SPHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW Premium Yield Equity REIT ETF (KBWY) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, KBWY achieves a 17.06% return, which is significantly higher than SPHD's 4.38% return. Over the past 10 years, KBWY has underperformed SPHD with an annualized return of 1.18%, while SPHD has yielded a comparatively higher 7.08% annualized return.

KBWY

1D
-0.81%
1M
5.63%
YTD
17.06%
6M
17.05%
1Y
22.51%
3Y*
9.10%
5Y*
2.15%
10Y*
1.18%

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

KBWY vs. SPHD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
KBWY
Invesco KBW Premium Yield Equity REIT ETF		17.06%-5.30%-3.49%12.88%-19.00%31.22%-25.83%23.36%-18.20%0.81%
SPHD
Invesco S&P 500® High Dividend Low Volatility ETF		4.38%3.41%18.08%1.32%0.58%24.98%-9.98%20.26%-6.17%11.90%

Correlation

The correlation between KBWY and SPHD is 0.70, 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

0.70

Correlation (3Y)
Calculated over the trailing 3-year period

0.74

Correlation (5Y)
Calculated over the trailing 5-year period

0.75

Correlation (10Y)
Calculated over the trailing 10-year period

0.74

Correlation (All Time)
Calculated using the full available price history since Oct 31, 2012

0.74

The correlation between KBWY and SPHD has been stable across timeframes, ranging from 0.70 to 0.75 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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Invesco KBW Premium Yield Equity REIT ETF

Invesco S&P 500® High Dividend Low Volatility ETF

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KBWY vs. SPYDKBWY vs. VNQKBWY vs. OKBWY vs. SRETKBWY vs. JEPIKBWY vs. SCHHKBWY vs. VOO
Often compared with SPHD:
SPHD vs. SCHDSPHD vs. JEPISPHD vs. SPYDSPHD vs. VYMSPHD vs. SPYSPHD vs. SPLVSPHD vs. VOO

Return for Risk

KBWY vs. SPHD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KBWY
KBWY Risk / Return Rank: 3939
Overall Rank
KBWY Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
KBWY Sortino Ratio Rank: 3838
Sortino Ratio Rank
KBWY Omega Ratio Rank: 3434
Omega Ratio Rank
KBWY Calmar Ratio Rank: 4949
Calmar Ratio Rank
KBWY Martin Ratio Rank: 3737
Martin Ratio Rank
SPHD
SPHD Risk / Return Rank: 2121
Overall Rank
SPHD Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
SPHD Sortino Ratio Rank: 2121
Sortino Ratio Rank
SPHD Omega Ratio Rank: 1919
Omega Ratio Rank
SPHD Calmar Ratio Rank: 2323
Calmar Ratio Rank
SPHD Martin Ratio Rank: 2222
Martin Ratio Rank
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.

KBWY vs. SPHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Premium Yield Equity REIT ETF (KBWY) 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.

KBWYSPHDDifference
Sharpe ratioReturn per unit of total volatility
1.38
0.74

+0.64

Sortino ratioReturn per unit of downside risk
2.00
1.15

+0.85

Omega ratioGain probability vs. loss probability

1.23

1.13

+0.11

Calmar ratioReturn relative to maximum drawdown

2.45

1.11

+1.33

Martin ratioReturn relative to average drawdown

5.82

2.78

+3.04

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KBWY vs. SPHD - Sharpe Ratio Comparison

The current KBWY Sharpe Ratio is 1.38, which is higher than the SPHD Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of KBWY 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.

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Sharpe Ratios by Period

KBWYSPHDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.38

0.74

+0.64

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.10

0.39

-0.29

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.04

0.40

-0.36

Sharpe Ratio (All Time)

Calculated using the full available price history

0.20

0.58

-0.38

Drawdowns

KBWY vs. SPHD - Drawdown Comparison

The maximum KBWY drawdown since its inception was -57.68%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for KBWY and SPHD.

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Drawdown Indicators

KBWYSPHDDifference

Max Drawdown

Largest peak-to-trough decline

-57.68%

-41.39%

-16.29%

Max Drawdown (1Y)

Largest decline over 1 year

-9.24%

-7.33%

-1.91%

Max Drawdown (3Y)

Largest decline over 3 years

-29.93%

-13.29%

-16.64%

Max Drawdown (5Y)

Largest decline over 5 years

-32.29%

-19.50%

-12.79%

Max Drawdown (10Y)

Largest decline over 10 years

-57.68%

-41.39%

-16.29%

Current Drawdown

Current decline from peak

-10.82%

-5.37%

-5.45%

Average Drawdown

Average peak-to-trough decline

-14.18%

-4.70%

-9.48%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.88%

2.93%

+0.95%

Volatility

KBWY vs. SPHD - Volatility Comparison

Invesco KBW Premium Yield Equity REIT ETF (KBWY) has a higher volatility of 4.73% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 2.99%. This indicates that KBWY'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.

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Volatility by Period

KBWYSPHDDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.73%

2.99%

+1.74%

Volatility (6M)

Calculated over the trailing 6-month period

11.61%

7.55%

+4.06%

Volatility (1Y)

Calculated over the trailing 1-year period

16.44%

11.04%

+5.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.61%

14.16%

+7.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.05%

17.64%

+9.41%

KBWY vs. SPHD - Expense Ratio Comparison

KBWY has a 0.35% expense ratio, which is higher than SPHD's 0.30% expense ratio.

Dividends

KBWY vs. SPHD - Dividend Comparison

KBWY's dividend yield for the trailing twelve months is around 8.64%, more than SPHD's 4.62% yield.

PositionTTM20252024202320222021202020192018201720162015
KBWY
Invesco KBW Premium Yield Equity REIT ETF		8.64%9.79%8.74%7.90%7.41%5.05%10.35%6.19%8.64%7.25%6.55%5.72%
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

KBWY and SPHD have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

KBWY has higher volatility (4.73%) compared to SPHD (2.99%). In terms of maximum drawdown, KBWY dropped -57.68% vs SPHD's -41.39%.

On 10-year performance, SPHD leads with 7.08% vs 1.18% for KBWY. On fees, SPHD is cheaper at 0.30% per year. On volatility, SPHD has been the lower-risk option at 2.99%. 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 7.08% return vs 1.18%. 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 0.35% for KBWY.

KBWY has the higher dividend yield at 8.64%, compared with 4.62% for SPHD.

KBWY is categorized as REIT, while SPHD is Dividend. KBWY tracks KBW Premium Yield Equity REIT Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.35% for KBWY and 0.30% for SPHD.

KBWY currently has the higher Sharpe Ratio (1.38 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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