PDN vs. SPHD
PDN (Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - PDN is a Foreign Small & Mid Cap Equities fund tracking the FTSE RAFI Developed x US Mid/Small, 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, PDN returned 8.78%/yr vs 7.55%/yr for SPHD. A 0.59 correlation means they provide meaningful diversification when combined. PDN charges 0.49%/yr vs 0.30%/yr for SPHD.
Performance
PDN vs. SPHD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PDN achieves a 7.41% return, which is significantly lower than SPHD's 8.20% return. Over the past 10 years, PDN has outperformed SPHD with an annualized return of 8.78%, while SPHD has yielded a comparatively lower 7.55% annualized return.
PDN
- 1D
- -2.19%
- 1M
- -3.17%
- YTD
- 7.41%
- 6M
- 7.22%
- 1Y
- 22.25%
- 3Y*
- 17.73%
- 5Y*
- 6.30%
- 10Y*
- 8.78%
SPHD
- 1D
- 1.63%
- 1M
- 0.82%
- YTD
- 8.20%
- 6M
- 8.56%
- 1Y
- 12.09%
- 3Y*
- 12.70%
- 5Y*
- 7.06%
- 10Y*
- 7.55%
PDN vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PDN Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 7.41% | 38.34% | 0.57% | 13.35% | -17.35% | 9.03% | 10.65% | 19.17% | -18.38% | 30.74% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 8.20% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between PDN and SPHD is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.59 |
Over the past year, the correlation between PDN and SPHD has dropped to 0.38 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.
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
PDN vs. SPHD — Risk / Return Rank
PDN
SPHD
PDN vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) 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.
| PDN | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.18 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.99 | 1.66 | +0.33 |
| Martin ratioReturn relative to average drawdown | 7.45 | 4.06 | +3.39 |
Loading charts...
Drawdowns
PDN vs. SPHD - Drawdown Comparison
The maximum PDN drawdown since its inception was -59.32%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for PDN and SPHD.
Loading charts...
Drawdown Indicators
| PDN | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.32% | -41.39% | -17.93% |
Max Drawdown (1Y)Largest decline over 1 year | -11.26% | -7.33% | -3.93% |
Max Drawdown (3Y)Largest decline over 3 years | -13.25% | -13.29% | +0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -33.68% | -19.50% | -14.18% |
Max Drawdown (10Y)Largest decline over 10 years | -41.94% | -41.39% | -0.55% |
Current DrawdownCurrent decline from peak | -5.11% | -1.91% | -3.20% |
Average DrawdownAverage peak-to-trough decline | -11.57% | -4.69% | -6.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 2.98% | +0.01% |
Volatility
PDN vs. SPHD - Volatility Comparison
Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN) has a higher volatility of 5.67% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 4.26%. This indicates that PDN'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
| PDN | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.67% | 4.26% | +1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 13.10% | 8.13% | +4.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.37% | 11.48% | +3.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.47% | 14.16% | +2.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.96% | 17.65% | -0.69% |
PDN vs. SPHD - Expense Ratio Comparison
PDN has a 0.49% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
PDN vs. SPHD - Dividend Comparison
PDN's dividend yield for the trailing twelve months is around 3.32%, less than SPHD's 4.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PDN Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF | 3.32% | 3.36% | 3.36% | 3.16% | 2.68% | 2.42% | 1.79% | 2.60% | 2.21% | 2.42% | 2.16% | 2.06% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.60% | 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
PDN and SPHD have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDN has higher volatility (5.67%) compared to SPHD (4.26%). In terms of maximum drawdown, PDN dropped -59.32% vs SPHD's -41.39%.
On 10-year performance, PDN leads with 8.78% vs 7.55% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, SPHD has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PDN has performed better with a 8.78% return vs 7.55%. 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 0.49% for PDN.
SPHD has the higher dividend yield at 4.60%, compared with 3.32% for PDN.
PDN is categorized as Foreign Small & Mid Cap Equities, while SPHD is Dividend. PDN tracks FTSE RAFI Developed x US Mid/Small, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.49% for PDN and 0.30% for SPHD.
PDN currently has the higher Sharpe Ratio (1.46 vs 1.06), 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 PDN 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