PSP vs. SPHD
PSP (Invesco Global Listed Private Equity ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - PSP is a Global Equities fund tracking the Red Rocks Global Listed Private Equity 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, PSP returned 7.94%/yr vs 7.15%/yr for SPHD. A 0.57 correlation means they provide meaningful diversification when combined. PSP charges 1.44%/yr vs 0.30%/yr for SPHD.
Performance
PSP vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, PSP achieves a -12.29% return, which is significantly lower than SPHD's 11.46% return. Over the past 10 years, PSP has outperformed SPHD with an annualized return of 7.94%, while SPHD has yielded a comparatively lower 7.15% annualized return.
PSP
- 1D
- -0.19%
- 1M
- -0.71%
- 6M
- -15.12%
- YTD
- -12.29%
- 1Y
- -13.87%
- 3Y*
- 8.19%
- 5Y*
- 0.15%
- 10Y*
- 7.94%
SPHD
- 1D
- 0.69%
- 1M
- 1.57%
- 6M
- 10.25%
- YTD
- 11.46%
- 1Y
- 12.48%
- 3Y*
- 12.24%
- 5Y*
- 7.79%
- 10Y*
- 7.15%
PSP vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSP Invesco Global Listed Private Equity ETF | -12.29% | 6.49% | 17.42% | 37.72% | -37.37% | 27.30% | 12.47% | 35.73% | -15.12% | 24.13% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 11.46% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between PSP and SPHD is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.57 |
Over the past year, the correlation between PSP and SPHD has dropped to 0.32 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.
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Return for Risk
PSP vs. SPHD — Risk / Return Rank
PSP
SPHD
PSP vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Global Listed Private Equity ETF (PSP) 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.
| PSP | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -2.47 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.18 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.62 | 1.71 | -2.33 |
| Martin ratioReturn relative to average drawdown | -1.24 | 4.19 | -5.43 |
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Drawdowns
PSP vs. SPHD - Drawdown Comparison
The maximum PSP drawdown since its inception was -85.40%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for PSP and SPHD.
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Drawdown Indicators
| PSP | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.40% | -41.39% | -44.01% |
Max Drawdown (1Y)Largest decline over 1 year | -22.37% | -7.33% | -15.04% |
Max Drawdown (3Y)Largest decline over 3 years | -22.94% | -13.29% | -9.65% |
Max Drawdown (5Y)Largest decline over 5 years | -47.16% | -19.50% | -27.66% |
Max Drawdown (10Y)Largest decline over 10 years | -47.16% | -41.39% | -5.77% |
Current DrawdownCurrent decline from peak | -16.57% | -0.25% | -16.32% |
Average DrawdownAverage peak-to-trough decline | -30.62% | -4.68% | -25.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.23% | 2.99% | +8.24% |
Volatility
PSP vs. SPHD - Volatility Comparison
Invesco Global Listed Private Equity ETF (PSP) has a higher volatility of 5.55% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 4.79%. This indicates that PSP'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.
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Volatility by Period
| PSP | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.55% | 4.79% | +0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 17.03% | 8.69% | +8.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.25% | 11.72% | +8.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.91% | 14.20% | +9.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.28% | 17.64% | +4.64% |
PSP vs. SPHD - Expense Ratio Comparison
PSP has a 1.44% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
PSP vs. SPHD - Dividend Comparison
PSP's dividend yield for the trailing twelve months is around 6.21%, more than SPHD's 4.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSP Invesco Global Listed Private Equity ETF | 6.21% | 5.87% | 8.62% | 3.96% | 2.88% | 10.34% | 4.66% | 5.87% | 6.81% | 10.18% | 4.12% | 6.23% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.46% | 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
PSP and SPHD have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSP has higher volatility (5.55%) compared to SPHD (4.79%). In terms of maximum drawdown, PSP dropped -85.40% vs SPHD's -41.39%.
On 10-year performance, PSP leads with 7.94% vs 7.15% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, SPHD has been the lower-risk option at 4.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PSP has performed better with a 7.94% return vs 7.15%. 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 1.44% for PSP.
PSP has the higher dividend yield at 6.21%, compared with 4.46% for SPHD.
PSP is categorized as Global Equities, while SPHD is Dividend. PSP tracks Red Rocks Global Listed Private Equity Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 1.44% for PSP and 0.30% for SPHD.
SPHD currently has the higher Sharpe Ratio (1.07 vs -0.69), 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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