PSL vs. SPHD
PSL (Invesco DWA Consumer Staples Momentum ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - PSL is a Momentum fund tracking the DWA Consumer Staples Technical Leaders 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, PSL returned 8.21%/yr vs 7.55%/yr for SPHD. A 0.63 correlation means they provide meaningful diversification when combined. PSL charges 0.60%/yr vs 0.30%/yr for SPHD.
Performance
PSL vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, PSL achieves a 11.21% return, which is significantly higher than SPHD's 8.15% return. Over the past 10 years, PSL has outperformed SPHD with an annualized return of 8.21%, while SPHD has yielded a comparatively lower 7.55% annualized return.
PSL
- 1D
- 0.43%
- 1M
- 0.21%
- YTD
- 11.21%
- 6M
- 9.38%
- 1Y
- 1.20%
- 3Y*
- 9.94%
- 5Y*
- 4.59%
- 10Y*
- 8.21%
SPHD
- 1D
- -0.04%
- 1M
- 0.78%
- YTD
- 8.15%
- 6M
- 7.75%
- 1Y
- 11.57%
- 3Y*
- 12.69%
- 5Y*
- 6.90%
- 10Y*
- 7.55%
PSL vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSL Invesco DWA Consumer Staples Momentum ETF | 11.21% | -3.47% | 15.42% | 12.32% | -7.76% | 6.88% | 18.15% | 14.16% | 0.92% | 21.82% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 8.15% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between PSL and SPHD is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.63 |
The correlation between PSL and SPHD has been stable across timeframes, ranging from 0.57 to 0.65 - a consistent structural relationship.
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Return for Risk
PSL vs. SPHD — Risk / Return Rank
PSL
SPHD
PSL vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Consumer Staples Momentum ETF (PSL) 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.
| PSL | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.17 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.09 | 1.59 | -1.50 |
| Martin ratioReturn relative to average drawdown | 0.19 | 3.89 | -3.69 |
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Drawdowns
PSL vs. SPHD - Drawdown Comparison
The maximum PSL drawdown since its inception was -41.58%, roughly equal to the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for PSL and SPHD.
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Drawdown Indicators
| PSL | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.58% | -41.39% | -0.19% |
Max Drawdown (1Y)Largest decline over 1 year | -13.64% | -7.33% | -6.31% |
Max Drawdown (3Y)Largest decline over 3 years | -13.64% | -13.29% | -0.35% |
Max Drawdown (5Y)Largest decline over 5 years | -19.45% | -19.50% | +0.05% |
Max Drawdown (10Y)Largest decline over 10 years | -34.67% | -41.39% | +6.72% |
Current DrawdownCurrent decline from peak | -4.60% | -1.95% | -2.65% |
Average DrawdownAverage peak-to-trough decline | -5.81% | -4.69% | -1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.20% | 2.99% | +3.21% |
Volatility
PSL vs. SPHD - Volatility Comparison
Invesco DWA Consumer Staples Momentum ETF (PSL) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) have volatilities of 4.44% and 4.23%, 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
| PSL | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.44% | 4.23% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 9.20% | 8.10% | +1.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.11% | 11.45% | +1.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.17% | 14.16% | +1.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.51% | 17.64% | -1.13% |
PSL vs. SPHD - Expense Ratio Comparison
PSL has a 0.60% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
PSL vs. SPHD - Dividend Comparison
PSL's dividend yield for the trailing twelve months is around 0.75%, less than SPHD's 4.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSL Invesco DWA Consumer Staples Momentum ETF | 0.75% | 0.93% | 0.60% | 1.37% | 1.98% | 1.24% | 0.80% | 0.47% | 0.75% | 0.34% | 2.08% | 1.18% |
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
PSL and SPHD have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSL has higher volatility (4.44%) compared to SPHD (4.23%). In terms of maximum drawdown, PSL dropped -41.58% vs SPHD's -41.39%.
On 10-year performance, PSL leads with 8.21% 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 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PSL has performed better with a 8.21% 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 0.60% for PSL.
SPHD has the higher dividend yield at 4.60%, compared with 0.75% for PSL.
PSL is categorized as Momentum, while SPHD is Dividend. PSL tracks DWA Consumer Staples Technical Leaders Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.60% for PSL and 0.30% for SPHD.
SPHD currently has the higher Sharpe Ratio (1.02 vs 0.09), 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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