PWC vs. SPHD
PWC (Invesco Dynamic Market ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - PWC is a Mid Cap Blend Equities fund tracking the Dynamic Market 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, PWC returned 9.67%/yr vs 7.55%/yr for SPHD. A 0.66 correlation means they provide meaningful diversification when combined. PWC charges 0.60%/yr vs 0.30%/yr for SPHD.
Performance
PWC vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, PWC achieves a 5.50% return, which is significantly lower than SPHD's 8.20% return. Over the past 10 years, PWC has outperformed SPHD with an annualized return of 9.67%, while SPHD has yielded a comparatively lower 7.55% annualized return.
PWC
- 1D
- 0.70%
- 1M
- -1.43%
- YTD
- 5.50%
- 6M
- 4.60%
- 1Y
- 8.55%
- 3Y*
- 13.17%
- 5Y*
- 6.41%
- 10Y*
- 9.67%
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%
PWC vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWC Invesco Dynamic Market ETF | 5.50% | 6.15% | 17.46% | 19.03% | -16.01% | 19.38% | 8.52% | 13.47% | -6.40% | 20.16% |
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 PWC and SPHD is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.66 |
The correlation between PWC and SPHD has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.
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Return for Risk
PWC vs. SPHD — Risk / Return Rank
PWC
SPHD
PWC vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Market ETF (PWC) 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.
| PWC | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.18 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 1.66 | -0.33 |
| Martin ratioReturn relative to average drawdown | 3.99 | 4.06 | -0.07 |
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Drawdowns
PWC vs. SPHD - Drawdown Comparison
The maximum PWC drawdown since its inception was -78.13%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for PWC and SPHD.
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Drawdown Indicators
| PWC | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.13% | -41.39% | -36.74% |
Max Drawdown (1Y)Largest decline over 1 year | -6.45% | -7.33% | +0.88% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -13.29% | -1.83% |
Max Drawdown (5Y)Largest decline over 5 years | -26.58% | -19.50% | -7.08% |
Max Drawdown (10Y)Largest decline over 10 years | -39.45% | -41.39% | +1.94% |
Current DrawdownCurrent decline from peak | -2.69% | -1.91% | -0.78% |
Average DrawdownAverage peak-to-trough decline | -36.13% | -4.69% | -31.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 2.98% | -0.83% |
Volatility
PWC vs. SPHD - Volatility Comparison
The current volatility for Invesco Dynamic Market ETF (PWC) is 2.87%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 4.26%. This indicates that PWC experiences smaller price fluctuations and is considered to be less risky 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
| PWC | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 4.26% | -1.39% |
Volatility (6M)Calculated over the trailing 6-month period | 7.29% | 8.13% | -0.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.86% | 11.48% | -1.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.03% | 14.16% | +1.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.79% | 17.65% | +1.14% |
PWC vs. SPHD - Expense Ratio Comparison
PWC has a 0.60% expense ratio, which is higher than SPHD's 0.30% expense ratio.
Dividends
PWC vs. SPHD - Dividend Comparison
PWC's dividend yield for the trailing twelve months is around 1.80%, less than SPHD's 4.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWC Invesco Dynamic Market ETF | 1.80% | 1.77% | 1.58% | 1.67% | 1.51% | 0.56% | 1.09% | 0.95% | 1.44% | 1.75% | 1.35% | 1.02% |
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
PWC and SPHD have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHD has higher volatility (4.26%) compared to PWC (2.87%). In terms of maximum drawdown, PWC dropped -78.13% vs SPHD's -41.39%.
On 10-year performance, PWC leads with 9.67% vs 7.55% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, PWC has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PWC has performed better with a 9.67% 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 PWC.
SPHD has the higher dividend yield at 4.60%, compared with 1.80% for PWC.
PWC is categorized as Mid Cap Blend Equities, while SPHD is Dividend. PWC tracks Dynamic Market Intellidex Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.60% for PWC and 0.30% for SPHD.
SPHD currently has the higher Sharpe Ratio (1.06 vs 0.88), 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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