PKB vs. SPHD

Last updated Jun 5, 2026

PKB (Invesco Dynamic Building & Construction ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - PKB is a Building & Construction fund tracking the Dynamic Building & Construction Intellidex 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, PKB returned 15.42%/yr vs 7.17%/yr for SPHD. A 0.60 correlation means they provide meaningful diversification when combined. PKB charges 0.60%/yr vs 0.30%/yr for SPHD.

Performance

PKB vs. SPHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Building & Construction ETF (PKB) 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, PKB achieves a 14.13% return, which is significantly higher than SPHD's 5.63% return. Over the past 10 years, PKB has outperformed SPHD with an annualized return of 15.42%, while SPHD has yielded a comparatively lower 7.17% annualized return.

PKB

• 1D: 0.91%
• 1M: -3.16%
• YTD: 14.13%
• 6M: 10.71%
• 1Y: 35.41%
• 3Y*: 30.27%
• 5Y*: 15.86%
• 10Y*: 15.42%

SPHD

• 1D: 1.20%
• 1M: 0.01%
• YTD: 5.63%
• 6M: 6.27%
• 1Y: 10.27%
• 3Y*: 11.98%
• 5Y*: 5.73%
• 10Y*: 7.17%

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

PKB vs. SPHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PKB Invesco Dynamic Building & Construction ETF	14.13%	22.47%	20.24%	55.29%	-24.88%	32.96%	24.49%	40.15%	-31.11%	24.67%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	5.63%	3.41%	18.08%	1.32%	0.58%	24.98%	-9.98%	20.26%	-6.17%	11.90%

Correlation

The correlation between PKB and SPHD is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Oct 31, 2012	0.60

The correlation between PKB and SPHD shifts across timeframes, from 0.41 (1 year) to 0.60 (all time), reflecting how their relationship changes across market environments.

PKB vs. SPHD - Sectors Allocation Comparison

Sectors	PKB	SPHD
Industrials	47.2%	0.0%
Basic Materials	29.0%	-
Consumer Cyclical	20.8%	3.4%
Utilities	3.0%	13.7%
Financial Services	0.1%	15.6%
Communication Services	-	8.6%
Consumer Defensive	-	17.8%
Energy	-	14.1%
Healthcare	-	5.1%
Real Estate	-	20.1%
Technology	-	1.5%

Return for Risk

PKB vs. SPHD — Risk / Return Rank

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

PKB

PKB Risk / Return Rank: 45
PKB Sharpe Ratio Rank: 45
PKB Sortino Ratio Rank: 47
PKB Omega Ratio Rank: 41
PKB Calmar Ratio Rank: 48
PKB Martin Ratio Rank: 46

SPHD

SPHD Risk / Return Rank: 27
SPHD Sharpe Ratio Rank: 27
SPHD Sortino Ratio Rank: 27
SPHD Omega Ratio Rank: 24
SPHD Calmar Ratio Rank: 29
SPHD Martin Ratio Rank: 26

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.

PKB vs. SPHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Building & Construction ETF (PKB) 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.

	PKB	SPHD	Difference
Sharpe ratio: Return per unit of total volatility	1.55	0.93	+0.62
Sortino ratio: Return per unit of downside risk	2.26	1.43	+0.83
Omega ratio: Gain probability vs. loss probability	1.26	1.16	+0.10
Calmar ratio: Return relative to maximum drawdown	2.31	1.41	+0.90
Martin ratio: Return relative to average drawdown	7.46	3.51	+3.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PKB vs. SPHD - Sharpe Ratio Comparison

The current PKB Sharpe Ratio is 1.55, which is higher than the SPHD Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of PKB 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

	PKB	SPHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	0.93	+0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.41	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.41	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.58	-0.21

Drawdowns

PKB vs. SPHD - Drawdown Comparison

The maximum PKB drawdown since its inception was -65.21%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for PKB and SPHD.

Drawdown Indicators

	PKB	SPHD	Difference
Max Drawdown Largest peak-to-trough decline	-65.21%	-41.39%	-23.82%
Max Drawdown (1Y) Largest decline over 1 year	-15.41%	-7.33%	-8.08%
Max Drawdown (3Y) Largest decline over 3 years	-29.75%	-13.29%	-16.46%
Max Drawdown (5Y) Largest decline over 5 years	-34.85%	-19.50%	-15.35%
Max Drawdown (10Y) Largest decline over 10 years	-52.29%	-41.39%	-10.90%
Current Drawdown Current decline from peak	-4.48%	-4.24%	-0.24%
Average Drawdown Average peak-to-trough decline	-15.77%	-4.70%	-11.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.76%	2.94%	+1.82%

Volatility

PKB vs. SPHD - Volatility Comparison

Invesco Dynamic Building & Construction ETF (PKB) has a higher volatility of 7.38% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 3.22%. This indicates that PKB'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.

Volatility by Period

	PKB	SPHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.38%	3.22%	+4.16%
Volatility (6M) Calculated over the trailing 6-month period	17.85%	7.60%	+10.25%
Volatility (1Y) Calculated over the trailing 1-year period	22.98%	11.10%	+11.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.69%	14.17%	+11.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.23%	17.64%	+9.59%

PKB vs. SPHD - Expense Ratio Comparison

PKB has a 0.60% expense ratio, which is higher than SPHD's 0.30% expense ratio.

Dividends

PKB vs. SPHD - Dividend Comparison

PKB's dividend yield for the trailing twelve months is around 0.14%, less than SPHD's 4.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PKB Invesco Dynamic Building & Construction ETF	0.14%	0.14%	0.23%	0.33%	0.43%	0.25%	0.30%	0.37%	0.54%	0.17%	0.31%	0.11%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.57%	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 PKB and SPHD in my portfolio?

PKB and SPHD have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PKB or SPHD?

PKB has higher volatility (7.38%) compared to SPHD (3.22%). In terms of maximum drawdown, PKB dropped -65.21% vs SPHD's -41.39%.

Which ETF is better, PKB or SPHD?

On 10-year performance, PKB leads with 15.42% vs 7.17% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, SPHD has been the lower-risk option at 3.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PKB or SPHD?

Over the 10-year period, PKB has performed better with a 15.42% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PKB or SPHD?

SPHD is cheaper with a 0.30% expense ratio, compared with 0.60% for PKB.

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

SPHD has the higher dividend yield at 4.57%, compared with 0.14% for PKB.

What is the main difference between PKB and SPHD?

PKB is categorized as Building & Construction, while SPHD is Dividend. PKB tracks Dynamic Building & Construction Intellidex Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.60% for PKB and 0.30% for SPHD.

Which has better risk-adjusted returns?

PKB currently has the higher Sharpe Ratio (1.55 vs 0.93), 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.