PBW vs. SPHQ

Last updated Aug 2, 2026

PBW (Invesco WilderHill Clean Energy ETF) and SPHQ (Invesco S&P 500 Quality ETF) are both exchange-traded funds - PBW is a Alternative Energy Equities fund tracking the The WilderHill Clean Energy Index (AMEX), while SPHQ is a Quality Factor fund tracking the S&P 500 Quality Index. Both are passively managed. Over the past 10 years, PBW returned 7.09%/yr vs 14.60%/yr for SPHQ. Their 0.64 correlation means they have sometimes moved together and sometimes differently. PBW charges 0.61%/yr vs 0.15%/yr for SPHQ.

Performance

PBW vs. SPHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco WilderHill Clean Energy ETF (PBW) and Invesco S&P 500 Quality ETF (SPHQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBW achieves a 5.86% return, which is significantly lower than SPHQ's 13.51% return. Over the past 10 years, PBW has underperformed SPHQ with an annualized return of 7.09%, while SPHQ has yielded a comparatively higher 14.60% annualized return.

PBW

• 1D: 0.16%
• 1M: -12.22%
• 6M: -4.18%
• YTD: 5.86%
• 1Y: 46.40%
• 3Y*: -7.64%
• 5Y*: -15.46%
• 10Y*: 7.09%
• ALL TIME*: -2.58%

SPHQ

• 1D: -0.47%
• 1M: -3.64%
• 6M: 10.07%
• YTD: 13.51%
• 1Y: 21.02%
• 3Y*: 18.91%
• 5Y*: 12.73%
• 10Y*: 14.60%
• ALL TIME*: 10.01%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PBW Invesco WilderHill Clean Energy ETF	$37.14M	$32.16M	$36.05M
SPHQ Invesco S&P 500 Quality ETF	$119.48M	$136.23M	$143.26M

PBW vs. SPHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBW Invesco WilderHill Clean Energy ETF	5.86%	53.96%	-30.77%	-20.03%	-44.55%	-29.86%	204.82%	62.58%	-14.11%	39.92%
SPHQ Invesco S&P 500 Quality ETF	13.51%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%

Correlation

The correlation between PBW and SPHQ is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (3Y) Balances recent behavior with more history.	0.54
Correlation (5Y) Shows whether the relationship held over a longer period.	0.59
Correlation (10Y) Provides a long-term view across more market conditions.	0.58
Correlation (All Time) Calculated using the full available price history since Dec 6, 2005	0.64

The correlation between PBW and SPHQ has been stable across timeframes, ranging from 0.54 to 0.64 - a consistent structural relationship.

PBW vs. SPHQ - Sectors Allocation Comparison

Sectors	PBW	SPHQ
Industrials	25.7%	17.7%
Technology	23.6%	41.2%
Basic Materials	16.3%	2.5%
Consumer Cyclical	15.3%	5.3%
Utilities	9.1%	4.5%
Energy	3.9%	1.0%
Consumer Defensive	2.1%	7.5%
Financial Services	1.4%	15.2%
Communication Services	-	6.4%
Healthcare	-	3.2%
Real Estate	-	-

Return for Risk

PBW vs. SPHQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PBW

PBW Risk / Return Rank: 38
PBW Sharpe Ratio Rank: 40
PBW Sortino Ratio Rank: 40
PBW Omega Ratio Rank: 38
PBW Calmar Ratio Rank: 35
PBW Martin Ratio Rank: 36

SPHQ

SPHQ Risk / Return Rank: 62
SPHQ Sharpe Ratio Rank: 59
SPHQ Sortino Ratio Rank: 61
SPHQ Omega Ratio Rank: 56
SPHQ Calmar Ratio Rank: 66
SPHQ Martin Ratio Rank: 67

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PBW vs. SPHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco WilderHill Clean Energy ETF (PBW) and Invesco S&P 500 Quality ETF (SPHQ). 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.

	PBW	SPHQ	Difference
Sharpe ratio: Return per unit of total volatility	0.98	1.39	-0.41
Sortino ratio: Return per unit of downside risk	1.49	2.02	-0.53
Omega ratio: Gain probability vs. loss probability	1.18	1.24	-0.06
Calmar ratio: Return relative to maximum drawdown	1.20	2.26	-1.07
Martin ratio: Return relative to average drawdown	3.64	8.07	-4.43

PBW vs. SPHQ - Sharpe Ratio Comparison

The current PBW Sharpe Ratio is 0.98, which is comparable to the SPHQ Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of PBW and SPHQ, 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

PBW vs. SPHQ - Drawdown Comparison

The maximum PBW drawdown since its inception was -89.02%, which is greater than SPHQ's maximum drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for PBW and SPHQ.

Drawdown Indicators

	PBW	SPHQ	Difference
Max Drawdown Largest peak-to-trough decline	-89.02%	-57.83%	-31.19%
Max Drawdown (1Y) Largest decline over 1 year	-36.09%	-8.90%	-27.19%
Max Drawdown (3Y) Largest decline over 3 years	-65.32%	-16.57%	-48.75%
Max Drawdown (5Y) Largest decline over 5 years	-84.50%	-25.04%	-59.46%
Max Drawdown (10Y) Largest decline over 10 years	-89.02%	-31.60%	-57.42%
Current Drawdown Current decline from peak	-73.32%	-6.03%	-67.29%
Average Drawdown Average peak-to-trough decline	-62.94%	-10.64%	-52.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.82%	2.49%	+9.33%

Volatility

PBW vs. SPHQ - Volatility Comparison

Invesco WilderHill Clean Energy ETF (PBW) has a higher volatility of 14.90% compared to Invesco S&P 500 Quality ETF (SPHQ) at 4.84%. This indicates that PBW's price experiences larger fluctuations and is considered to be riskier than SPHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBW	SPHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.90%	4.84%	+10.06%
Volatility (6M) Calculated over the trailing 6-month period	33.63%	12.44%	+21.19%
Volatility (1Y) Calculated over the trailing 1-year period	44.14%	14.53%	+29.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.61%	16.74%	+26.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.25%	17.97%	+21.28%

PBW vs. SPHQ - Expense Ratio Comparison

PBW has a 0.61% expense ratio, which is higher than SPHQ's 0.15% expense ratio.

Dividends

PBW vs. SPHQ - Dividend Comparison

PBW's dividend yield for the trailing twelve months is around 1.47%, more than SPHQ's 1.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBW Invesco WilderHill Clean Energy ETF	1.47%	0.79%	2.84%	3.68%	4.21%	1.71%	0.44%	1.45%	2.04%	1.28%	2.68%	1.53%
SPHQ Invesco S&P 500 Quality ETF	1.10%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%

Frequently Asked Questions

Can I hold both PBW and SPHQ in my portfolio?

PBW and SPHQ have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBW or SPHQ?

PBW has higher volatility (14.90%) compared to SPHQ (4.84%). In terms of maximum drawdown, PBW dropped -89.02% vs SPHQ's -57.83%.

Which ETF is better, PBW or SPHQ?

On 10-year performance, SPHQ leads with 14.60% vs 7.09% for PBW. On fees, SPHQ is cheaper at 0.15% per year. On volatility, SPHQ has been the lower-risk option at 4.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBW or SPHQ?

Over the 10-year period, SPHQ has performed better with a 14.60% return vs 7.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBW or SPHQ?

SPHQ is cheaper with a 0.15% expense ratio, compared with 0.61% for PBW.

Which ETF pays a higher dividend yield, PBW or SPHQ?

PBW has the higher dividend yield at 1.47%, compared with 1.10% for SPHQ.

What is the main difference between PBW and SPHQ?

PBW is categorized as Alternative Energy Equities, while SPHQ is Quality Factor. PBW tracks The WilderHill Clean Energy Index (AMEX), while SPHQ tracks S&P 500 Quality Index. Their fees differ too: 0.61% for PBW and 0.15% for SPHQ.

Which has better risk-adjusted returns?

SPHQ currently has the higher Sharpe Ratio (1.39 vs 0.98), 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.