PAKRX vs. SPHD

Last updated Jun 4, 2026

PAKRX (T. Rowe Price Target 2030 Fund) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both funds - PAKRX is a Target Retirement Date fund managed by T. Rowe Price, while SPHD is a S&P 500 fund tracking the S&P Low Volatility High Dividend index. Over the past 10 years, PAKRX returned 7.72%/yr vs 7.08%/yr for SPHD. A 0.67 correlation means they provide meaningful diversification when combined. PAKRX charges 0.81%/yr vs 0.30%/yr for SPHD.

Performance

PAKRX vs. SPHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Target 2030 Fund (PAKRX) 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, PAKRX achieves a 6.68% return, which is significantly higher than SPHD's 4.38% return. Over the past 10 years, PAKRX has outperformed SPHD with an annualized return of 7.72%, while SPHD has yielded a comparatively lower 7.08% annualized return.

PAKRX

• 1D: 0.32%
• 1M: 2.59%
• YTD: 6.68%
• 6M: 7.01%
• 1Y: 15.54%
• 3Y*: 12.05%
• 5Y*: 5.51%
• 10Y*: 7.72%

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)

PAKRX vs. SPHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAKRX T. Rowe Price Target 2030 Fund	6.68%	12.52%	9.22%	13.85%	-15.44%	11.09%	13.88%	19.12%	-5.51%	14.63%
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 PAKRX and SPHD is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Aug 23, 2013	0.67

Over the past year, the correlation between PAKRX and SPHD has dropped to 0.45 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.

Return for Risk

PAKRX vs. SPHD — Risk / Return Rank

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

PAKRX

PAKRX Risk / Return Rank: 64
PAKRX Sharpe Ratio Rank: 65
PAKRX Sortino Ratio Rank: 68
PAKRX Omega Ratio Rank: 67
PAKRX Calmar Ratio Rank: 57
PAKRX Martin Ratio Rank: 65

SPHD

SPHD Risk / Return Rank: 21
SPHD Sharpe Ratio Rank: 21
SPHD Sortino Ratio Rank: 21
SPHD Omega Ratio Rank: 19
SPHD Calmar Ratio Rank: 23
SPHD Martin Ratio Rank: 22

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.

PAKRX vs. SPHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Target 2030 Fund (PAKRX) 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.

	PAKRX	SPHD	Difference
Sharpe ratio Return per unit of total volatility	2.36	0.74	+1.62
Sortino ratio Return per unit of downside risk	3.44	1.15	+2.29
Omega ratio Gain probability vs. loss probability	1.46	1.13	+0.33
Calmar ratio Return relative to maximum drawdown	2.88	1.11	+1.77
Martin ratio Return relative to average drawdown	12.63	2.78	+9.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAKRX vs. SPHD - Sharpe Ratio Comparison

The current PAKRX Sharpe Ratio is 2.36, which is higher than the SPHD Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of PAKRX 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

	PAKRX	SPHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	0.74	+1.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.39	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.40	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.58	+0.17

Drawdowns

PAKRX vs. SPHD - Drawdown Comparison

The maximum PAKRX drawdown since its inception was -24.66%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for PAKRX and SPHD.

Drawdown Indicators

	PAKRX	SPHD	Difference
Max Drawdown Largest peak-to-trough decline	-24.66%	-41.39%	+16.73%
Max Drawdown (1Y) Largest decline over 1 year	-5.65%	-7.33%	+1.68%
Max Drawdown (3Y) Largest decline over 3 years	-8.91%	-13.29%	+4.38%
Max Drawdown (5Y) Largest decline over 5 years	-21.65%	-19.50%	-2.15%
Max Drawdown (10Y) Largest decline over 10 years	-24.66%	-41.39%	+16.73%
Current Drawdown Current decline from peak	0.00%	-5.37%	+5.37%
Average Drawdown Average peak-to-trough decline	-3.70%	-4.70%	+1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	2.93%	-1.66%

Volatility

PAKRX vs. SPHD - Volatility Comparison

The current volatility for T. Rowe Price Target 2030 Fund (PAKRX) is 2.11%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 2.99%. This indicates that PAKRX 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.

Volatility by Period

	PAKRX	SPHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.11%	2.99%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	5.73%	7.55%	-1.82%
Volatility (1Y) Calculated over the trailing 1-year period	6.89%	11.04%	-4.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.21%	14.16%	-4.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.96%	17.64%	-7.68%

PAKRX vs. SPHD - Expense Ratio Comparison

PAKRX has a 0.81% expense ratio, which is higher than SPHD's 0.30% expense ratio.

Dividends

PAKRX vs. SPHD - Dividend Comparison

PAKRX's dividend yield for the trailing twelve months is around 6.71%, more than SPHD's 4.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAKRX T. Rowe Price Target 2030 Fund	6.71%	7.16%	4.31%	3.54%	6.16%	3.54%	2.99%	3.62%	5.26%	1.90%	1.79%	1.76%
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

Can I hold both PAKRX and SPHD in my portfolio?

PAKRX and SPHD have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAKRX or SPHD?

SPHD has higher volatility (2.99%) compared to PAKRX (2.11%). In terms of maximum drawdown, PAKRX dropped -24.66% vs SPHD's -41.39%.

Which has better risk-adjusted returns?

PAKRX currently has the higher Sharpe Ratio (2.36 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.