PSR vs. SPHD
PSR (Invesco Active U.S. Real Estate Fund) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - PSR is a REIT fund actively managed by Invesco, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. PSR is actively managed, while SPHD is passively managed. Over the past 10 years, PSR returned 5.88%/yr vs 7.55%/yr for SPHD. A 0.68 correlation means they provide meaningful diversification when combined. PSR charges 0.35%/yr vs 0.30%/yr for SPHD.
Performance
PSR vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, PSR achieves a 16.36% return, which is significantly higher than SPHD's 8.20% return. Over the past 10 years, PSR has underperformed SPHD with an annualized return of 5.88%, while SPHD has yielded a comparatively higher 7.55% annualized return.
PSR
- 1D
- 1.41%
- 1M
- 1.61%
- YTD
- 16.36%
- 6M
- 16.93%
- 1Y
- 14.68%
- 3Y*
- 11.12%
- 5Y*
- 2.80%
- 10Y*
- 5.88%
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%
PSR vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSR Invesco Active U.S. Real Estate Fund | 16.36% | 2.63% | 1.79% | 8.34% | -25.52% | 41.71% | -6.04% | 28.76% | -4.58% | 11.95% |
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 PSR and SPHD is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.68 |
The correlation between PSR and SPHD has been stable across timeframes, ranging from 0.68 to 0.77 - a consistent structural relationship.
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Return for Risk
PSR vs. SPHD — Risk / Return Rank
PSR
SPHD
PSR vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Active U.S. Real Estate Fund (PSR) 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.
| PSR | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.18 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.77 | 1.66 | +0.11 |
| Martin ratioReturn relative to average drawdown | 5.53 | 4.06 | +1.47 |
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Drawdowns
PSR vs. SPHD - Drawdown Comparison
The maximum PSR drawdown since its inception was -42.31%, roughly equal to the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for PSR and SPHD.
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Drawdown Indicators
| PSR | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.31% | -41.39% | -0.92% |
Max Drawdown (1Y)Largest decline over 1 year | -8.33% | -7.33% | -1.00% |
Max Drawdown (3Y)Largest decline over 3 years | -16.58% | -13.29% | -3.29% |
Max Drawdown (5Y)Largest decline over 5 years | -34.81% | -19.50% | -15.31% |
Max Drawdown (10Y)Largest decline over 10 years | -42.31% | -41.39% | -0.92% |
Current DrawdownCurrent decline from peak | -1.92% | -1.91% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -9.31% | -4.69% | -4.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 2.98% | -0.32% |
Volatility
PSR vs. SPHD - Volatility Comparison
Invesco Active U.S. Real Estate Fund (PSR) has a higher volatility of 5.32% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 4.26%. This indicates that PSR'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
| PSR | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.32% | 4.26% | +1.06% |
Volatility (6M)Calculated over the trailing 6-month period | 10.46% | 8.13% | +2.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.80% | 11.48% | +2.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.58% | 14.16% | +4.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.36% | 17.65% | +2.71% |
PSR vs. SPHD - Expense Ratio Comparison
PSR has a 0.35% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
PSR vs. SPHD - Dividend Comparison
PSR's dividend yield for the trailing twelve months is around 2.54%, less than SPHD's 4.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSR Invesco Active U.S. Real Estate Fund | 2.54% | 2.56% | 3.06% | 2.93% | 2.95% | 2.12% | 3.09% | 2.55% | 2.64% | 0.14% | 3.60% | 3.20% |
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
PSR and SPHD have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSR has higher volatility (5.32%) compared to SPHD (4.26%). In terms of maximum drawdown, PSR dropped -42.31% vs SPHD's -41.39%.
On 10-year performance, SPHD leads with 7.55% vs 5.88% for PSR. 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, SPHD has performed better with a 7.55% return vs 5.88%. 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 0.35% for PSR.
SPHD has the higher dividend yield at 4.60%, compared with 2.54% for PSR.
PSR is categorized as REIT, while SPHD is Dividend. Their fees differ too: 0.35% for PSR and 0.30% for SPHD.
PSR currently has the higher Sharpe Ratio (1.07 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.
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