LVHD vs. SPHD

Last updated Jun 3, 2026

LVHD (Legg Mason Low Volatility High Dividend ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - LVHD is a Volatility Hedged Equity fund tracking the QS Low Volatility High Dividend Index, while SPHD is a S&P 500 fund tracking the S&P Low Volatility High Dividend index. Both are passively managed. Over the past 10 years, LVHD returned 8.05%/yr vs 7.18%/yr for SPHD. Their correlation of 0.91 suggests significant overlap in exposure. LVHD charges 0.27%/yr vs 0.30%/yr for SPHD.

Performance

LVHD vs. SPHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Legg Mason Low Volatility High Dividend ETF (LVHD) 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, LVHD achieves a 6.87% return, which is significantly higher than SPHD's 5.32% return. Over the past 10 years, LVHD has outperformed SPHD with an annualized return of 8.05%, while SPHD has yielded a comparatively lower 7.18% annualized return.

LVHD

• 1D: 0.65%
• 1M: -1.96%
• YTD: 6.87%
• 6M: 7.02%
• 1Y: 9.87%
• 3Y*: 9.38%
• 5Y*: 6.16%
• 10Y*: 8.05%

SPHD

• 1D: 0.71%
• 1M: -0.75%
• YTD: 5.32%
• 6M: 5.99%
• 1Y: 9.22%
• 3Y*: 11.75%
• 5Y*: 5.73%
• 10Y*: 7.18%

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

LVHD vs. SPHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LVHD Legg Mason Low Volatility High Dividend ETF	6.87%	7.50%	10.18%	-0.95%	-1.82%	26.90%	-1.28%	22.91%	-5.58%	14.25%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	5.32%	3.41%	18.08%	1.32%	0.58%	24.98%	-9.98%	20.26%	-6.17%	11.90%

Correlation

The correlation between LVHD and SPHD is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 30, 2015	0.91

The correlation between LVHD and SPHD has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

LVHD vs. SPHD - Sectors Allocation Comparison

Sectors	LVHD	SPHD
Utilities	25.5%	13.7%
Consumer Defensive	18.5%	17.8%
Real Estate	15.0%	20.1%
Financial Services	8.6%	15.6%
Consumer Cyclical	6.8%	3.4%
Energy	6.7%	14.1%
Technology	5.9%	1.5%
Industrials	4.6%	0.0%
Healthcare	4.6%	5.1%
Communication Services	3.8%	8.6%
Basic Materials	-	-

Return for Risk

LVHD vs. SPHD — Risk / Return Rank

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

LVHD

LVHD Risk / Return Rank: 29
LVHD Sharpe Ratio Rank: 29
LVHD Sortino Ratio Rank: 29
LVHD Omega Ratio Rank: 26
LVHD Calmar Ratio Rank: 32
LVHD Martin Ratio Rank: 29

SPHD

SPHD Risk / Return Rank: 24
SPHD Sharpe Ratio Rank: 24
SPHD Sortino Ratio Rank: 24
SPHD Omega Ratio Rank: 22
SPHD Calmar Ratio Rank: 26
SPHD Martin Ratio Rank: 24

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.

LVHD vs. SPHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Legg Mason Low Volatility High Dividend ETF (LVHD) 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.

	LVHD	SPHD	Difference
Sharpe ratio Return per unit of total volatility	1.04	0.84	+0.20
Sortino ratio Return per unit of downside risk	1.55	1.30	+0.25
Omega ratio Gain probability vs. loss probability	1.18	1.15	+0.03
Calmar ratio Return relative to maximum drawdown	1.60	1.25	+0.35
Martin ratio Return relative to average drawdown	4.11	3.16	+0.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LVHD vs. SPHD - Sharpe Ratio Comparison

The current LVHD Sharpe Ratio is 1.04, which is comparable to the SPHD Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of LVHD 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.

Sharpe Ratios by Period

	LVHD	SPHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	0.84	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.41	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.41	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.58	-0.02

Drawdowns

LVHD vs. SPHD - Drawdown Comparison

The maximum LVHD drawdown since its inception was -37.32%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for LVHD and SPHD.

Drawdown Indicators

	LVHD	SPHD	Difference
Max Drawdown Largest peak-to-trough decline	-37.32%	-41.39%	+4.07%
Max Drawdown (1Y) Largest decline over 1 year	-6.17%	-7.33%	+1.16%
Max Drawdown (3Y) Largest decline over 3 years	-14.29%	-13.29%	-1.00%
Max Drawdown (5Y) Largest decline over 5 years	-16.75%	-19.50%	+2.75%
Max Drawdown (10Y) Largest decline over 10 years	-37.32%	-41.39%	+4.07%
Current Drawdown Current decline from peak	-4.70%	-4.53%	-0.17%
Average Drawdown Average peak-to-trough decline	-4.05%	-4.70%	+0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	2.91%	-0.51%

Volatility

LVHD vs. SPHD - Volatility Comparison

Legg Mason Low Volatility High Dividend ETF (LVHD) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) have volatilities of 2.97% and 2.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LVHD	SPHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	2.97%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	6.73%	7.54%	-0.81%
Volatility (1Y) Calculated over the trailing 1-year period	9.52%	11.00%	-1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.87%	14.16%	-1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.51%	17.64%	-2.13%

LVHD vs. SPHD - Expense Ratio Comparison

LVHD has a 0.27% expense ratio, which is lower than SPHD's 0.30% expense ratio.

Dividends

LVHD vs. SPHD - Dividend Comparison

LVHD's dividend yield for the trailing twelve months is around 3.40%, less than SPHD's 4.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LVHD Legg Mason Low Volatility High Dividend ETF	3.40%	3.35%	4.23%	3.55%	3.30%	2.56%	3.27%	3.30%	3.82%	3.33%	2.48%	0.00%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.58%	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 LVHD and SPHD in my portfolio?

With a correlation of 0.91, LVHD and SPHD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, LVHD or SPHD?

SPHD has higher volatility (2.97%) compared to LVHD (2.97%). In terms of maximum drawdown, LVHD dropped -37.32% vs SPHD's -41.39%.

Which ETF is better, LVHD or SPHD?

On 10-year performance, LVHD leads with 8.05% vs 7.18% for SPHD. On fees, LVHD is cheaper at 0.27% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LVHD or SPHD?

Over the 10-year period, LVHD has performed better with a 8.05% return vs 7.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LVHD or SPHD?

LVHD is cheaper with a 0.27% expense ratio, compared with 0.30% for SPHD.

Which ETF pays a higher dividend yield, LVHD or SPHD?

SPHD has the higher dividend yield at 4.58%, compared with 3.40% for LVHD.

What is the main difference between LVHD and SPHD?

LVHD is categorized as Volatility Hedged Equity, while SPHD is S&P 500. LVHD tracks QS Low Volatility High Dividend Index, while SPHD tracks S&P Low Volatility High Dividend index. They also come from different issuers: Franklin Templeton and Invesco. Their fees differ too: 0.27% for LVHD and 0.30% for SPHD.

Which has better risk-adjusted returns?

LVHD currently has the higher Sharpe Ratio (1.04 vs 0.84), 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.