PHO vs. SPHD
PHO (Invesco Water Resources ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - PHO is a Water Equities fund tracking the NASDAQ OMX US Water 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, PHO returned 11.78%/yr vs 7.55%/yr for SPHD. A 0.70 correlation means they provide meaningful diversification when combined. PHO charges 0.59%/yr vs 0.30%/yr for SPHD.
Performance
PHO vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, PHO achieves a -5.09% return, which is significantly lower than SPHD's 8.20% return. Over the past 10 years, PHO has outperformed SPHD with an annualized return of 11.78%, while SPHD has yielded a comparatively lower 7.55% annualized return.
PHO
- 1D
- -0.30%
- 1M
- 2.01%
- YTD
- -5.09%
- 6M
- -6.73%
- 1Y
- -3.23%
- 3Y*
- 7.30%
- 5Y*
- 5.25%
- 10Y*
- 11.78%
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%
PHO vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHO Invesco Water Resources ETF | -5.09% | 7.62% | 8.59% | 18.85% | -14.86% | 31.28% | 20.83% | 37.57% | -6.40% | 23.55% |
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 PHO and SPHD is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.70 |
The correlation between PHO and SPHD shifts across timeframes, from 0.52 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PHO vs. SPHD — Risk / Return Rank
PHO
SPHD
PHO vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Water Resources ETF (PHO) 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.
| PHO | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.28 | ||
| Sortino ratioReturn per unit of downside risk | -1.81 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.18 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.24 | 1.66 | -1.89 |
| Martin ratioReturn relative to average drawdown | -0.56 | 4.06 | -4.62 |
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Drawdowns
PHO vs. SPHD - Drawdown Comparison
The maximum PHO drawdown since its inception was -55.62%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for PHO and SPHD.
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Drawdown Indicators
| PHO | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.62% | -41.39% | -14.23% |
Max Drawdown (1Y)Largest decline over 1 year | -13.78% | -7.33% | -6.45% |
Max Drawdown (3Y)Largest decline over 3 years | -19.19% | -13.29% | -5.90% |
Max Drawdown (5Y)Largest decline over 5 years | -28.60% | -19.50% | -9.10% |
Max Drawdown (10Y)Largest decline over 10 years | -34.92% | -41.39% | +6.47% |
Current DrawdownCurrent decline from peak | -10.33% | -1.91% | -8.42% |
Average DrawdownAverage peak-to-trough decline | -10.18% | -4.69% | -5.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.79% | 2.98% | +2.81% |
Volatility
PHO vs. SPHD - Volatility Comparison
Invesco Water Resources ETF (PHO) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) have volatilities of 4.40% and 4.26%, 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.
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Volatility by Period
| PHO | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.40% | 4.26% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 11.31% | 8.13% | +3.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.17% | 11.48% | +3.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.39% | 14.16% | +4.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.45% | 17.65% | +1.80% |
PHO vs. SPHD - Expense Ratio Comparison
PHO has a 0.59% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
PHO vs. SPHD - Dividend Comparison
PHO's dividend yield for the trailing twelve months is around 0.61%, less than SPHD's 4.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHO Invesco Water Resources ETF | 0.61% | 0.54% | 0.45% | 0.59% | 0.49% | 0.20% | 0.39% | 0.43% | 0.46% | 0.34% | 0.47% | 0.75% |
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
PHO and SPHD have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHO has higher volatility (4.40%) compared to SPHD (4.26%). In terms of maximum drawdown, PHO dropped -55.62% vs SPHD's -41.39%.
On 10-year performance, PHO leads with 11.78% 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, PHO has performed better with a 11.78% 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 0.59% for PHO.
SPHD has the higher dividend yield at 4.60%, compared with 0.61% for PHO.
PHO is categorized as Water Equities, while SPHD is Dividend. PHO tracks NASDAQ OMX US Water Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.59% for PHO and 0.30% for SPHD.
SPHD currently has the higher Sharpe Ratio (1.06 vs -0.21), 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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