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RZV vs. SPHD
Performance
Return for Risk
Dividends
Drawdowns
Volatility

RZV vs. SPHD

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco S&P SmallCap 600® Pure Value ETF (RZV) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD).

RZV and SPHD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. RZV is a passively managed fund by Invesco that tracks the performance of the S&P Small Cap 600 Pure Value. It was launched on Mar 1, 2006. SPHD is a passively managed fund by Invesco that tracks the performance of the S&P Low Volatility High Dividend index. It was launched on Oct 18, 2012. Both RZV and SPHD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

RZV vs. SPHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap 600® Pure Value ETF (RZV) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). The values are adjusted to include any dividend payments, if applicable.

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RZV vs. SPHD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
RZV
Invesco S&P SmallCap 600® Pure Value ETF		5.06%8.65%5.06%22.97%-6.80%45.95%-3.88%22.29%-19.66%1.25%
SPHD
Invesco S&P 500® High Dividend Low Volatility ETF		4.64%3.41%18.08%1.32%0.58%24.98%-9.98%20.26%-6.17%11.90%

Returns By Period

In the year-to-date period, RZV achieves a 5.06% return, which is significantly higher than SPHD's 4.64% return. Over the past 10 years, RZV has outperformed SPHD with an annualized return of 9.39%, while SPHD has yielded a comparatively lower 7.24% annualized return.

RZV

1D
2.13%
1M
-4.23%
YTD
5.06%
6M
6.20%
1Y
27.92%
3Y*
12.71%
5Y*
8.26%
10Y*
9.39%

SPHD

1D
0.55%
1M
-4.99%
YTD
4.64%
6M
2.81%
1Y
3.20%
3Y*
9.99%
5Y*
7.05%
10Y*
7.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P SmallCap 600® Pure Value ETF

Invesco S&P 500® High Dividend Low Volatility ETF

Often compared with RZV:
RZV vs. AVUVRZV vs. RWJRZV vs. RPVRZV vs. VBRRZV vs. IJRRZV vs. SPYRZV vs. PSCC
Often compared with SPHD:
SPHD vs. SCHDSPHD vs. JEPISPHD vs. SPYDSPHD vs. VYMSPHD vs. SPYSPHD vs. SPLVSPHD vs. VOO

RZV vs. SPHD - Expense Ratio Comparison

RZV has a 0.35% expense ratio, which is higher than SPHD's 0.30% expense ratio.

RZV
Invesco S&P SmallCap 600® Pure Value ETF
SPHD
Invesco S&P 500® High Dividend Low Volatility ETF

Return for Risk

RZV vs. SPHD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RZV
RZV Risk / Return Rank: 6363
Overall Rank
RZV Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
RZV Sortino Ratio Rank: 6767
Sortino Ratio Rank
RZV Omega Ratio Rank: 6060
Omega Ratio Rank
RZV Calmar Ratio Rank: 6767
Calmar Ratio Rank
RZV Martin Ratio Rank: 5959
Martin Ratio Rank
SPHD
SPHD Risk / Return Rank: 2020
Overall Rank
SPHD Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
SPHD Sortino Ratio Rank: 1818
Sortino Ratio Rank
SPHD Omega Ratio Rank: 1818
Omega Ratio Rank
SPHD Calmar Ratio Rank: 2222
Calmar Ratio Rank
SPHD Martin Ratio Rank: 2222
Martin Ratio Rank
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.

RZV vs. SPHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600® Pure Value ETF (RZV) 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.

RZVSPHDDifference

Sharpe ratio

Return per unit of total volatility

1.09

0.22

+0.87

Sortino ratio

Return per unit of downside risk

1.66

0.41

+1.25

Omega ratio

Gain probability vs. loss probability

1.21

1.05

+0.16

Calmar ratio

Return relative to maximum drawdown

1.66

0.38

+1.27

Martin ratio

Return relative to average drawdown

5.73

1.22

+4.51

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RZV vs. SPHD - Sharpe Ratio Comparison

The current RZV Sharpe Ratio is 1.09, which is higher than the SPHD Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of RZV and SPHD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

RZVSPHDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.09

0.22

+0.87

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.34

0.50

-0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.35

0.41

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

0.59

-0.33

Correlation

The correlation between RZV and SPHD is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

RZV vs. SPHD - Dividend Comparison

RZV's dividend yield for the trailing twelve months is around 1.51%, less than SPHD's 4.31% yield.

TTM20252024202320222021202020192018201720162015
RZV
Invesco S&P SmallCap 600® Pure Value ETF		1.51%1.59%1.14%1.13%1.43%0.86%0.63%1.03%2.03%1.02%0.46%1.24%
SPHD
Invesco S&P 500® High Dividend Low Volatility ETF		4.31%4.02%3.41%4.48%3.89%3.45%4.89%4.07%4.40%3.14%3.83%3.49%

Drawdowns

RZV vs. SPHD - Drawdown Comparison

The maximum RZV drawdown since its inception was -77.11%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for RZV and SPHD.

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Drawdown Indicators

RZVSPHDDifference

Max Drawdown

Largest peak-to-trough decline

-77.11%

-41.39%

-35.72%

Max Drawdown (1Y)

Largest decline over 1 year

-16.95%

-11.33%

-5.62%

Max Drawdown (5Y)

Largest decline over 5 years

-29.81%

-19.50%

-10.31%

Max Drawdown (10Y)

Largest decline over 10 years

-60.42%

-41.39%

-19.03%

Current Drawdown

Current decline from peak

-8.62%

-5.14%

-3.48%

Average Drawdown

Average peak-to-trough decline

-13.70%

-4.70%

-9.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.90%

3.67%

+1.23%

Volatility

RZV vs. SPHD - Volatility Comparison

Invesco S&P SmallCap 600® Pure Value ETF (RZV) has a higher volatility of 6.26% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 3.21%. This indicates that RZV'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

RZVSPHDDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.26%

3.21%

+3.05%

Volatility (6M)

Calculated over the trailing 6-month period

15.39%

7.91%

+7.48%

Volatility (1Y)

Calculated over the trailing 1-year period

25.79%

14.51%

+11.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.55%

14.20%

+10.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.13%

17.65%

+9.48%