SPDV vs. SPDG

Last updated Aug 3, 2026

SPDV (AAM S&P 500 High Dividend Value ETF) and SPDG (SPDR Portfolio S&P Sector Neutral Dividend ETF) are both Dividend funds - SPDV tracks the S&P 500 Dividend & Free Cash Flow Yield Index while SPDG tracks the S&P Sector-Neutral High Yield Dividend Aristocrats Index. Both are passively managed. Over the past year, SPDV returned 30.26% vs 24.51% for SPDG. Their correlation of 0.83 means they have usually moved in the same direction. SPDV charges 0.29%/yr vs 0.05%/yr for SPDG.

Performance

SPDV vs. SPDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM S&P 500 High Dividend Value ETF (SPDV) and SPDR Portfolio S&P Sector Neutral Dividend ETF (SPDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPDV achieves a 19.29% return, which is significantly higher than SPDG's 14.23% return.

SPDV

• 1D: -0.03%
• 1M: 4.78%
• 6M: 13.02%
• YTD: 19.29%
• 1Y: 30.26%
• 3Y*: 15.86%
• 5Y*: 10.42%
• 10Y*: —
• ALL TIME*: 9.72%

SPDG

• 1D: 0.34%
• 1M: -0.77%
• 6M: 7.57%
• YTD: 14.23%
• 1Y: 24.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.16%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPDG SPDR Portfolio S&P Sector Neutral Dividend ETF	$48.48K	$40.82K	$36.86K
SPDV AAM S&P 500 High Dividend Value ETF	$807.83K	$592.31K	$401.15K

SPDV vs. SPDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPDV AAM S&P 500 High Dividend Value ETF	19.29%	10.90%	14.40%	6.22%
SPDG SPDR Portfolio S&P Sector Neutral Dividend ETF	14.23%	11.66%	20.22%	8.09%

Correlation

The correlation between SPDV and SPDG is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (All Time) Calculated using the full available price history since Sep 12, 2023	0.83

The correlation between SPDV and SPDG has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.

SPDV vs. SPDG - Sectors Allocation Comparison

Sectors	SPDV	SPDG
Consumer Cyclical	14.9%	9.6%
Technology	12.1%	32.4%
Real Estate	10.6%	2.4%
Healthcare	10.4%	10.2%
Financial Services	10.2%	13.3%
Energy	8.8%	4.1%
Industrials	8.4%	9.0%
Consumer Defensive	7.8%	5.4%
Communication Services	7.1%	8.6%
Utilities	5.7%	2.6%
Basic Materials	4.1%	2.2%

Return for Risk

SPDV vs. SPDG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPDV

SPDV Risk / Return Rank: 92
SPDV Sharpe Ratio Rank: 92
SPDV Sortino Ratio Rank: 93
SPDV Omega Ratio Rank: 90
SPDV Calmar Ratio Rank: 94
SPDV Martin Ratio Rank: 91

SPDG

SPDG Risk / Return Rank: 80
SPDG Sharpe Ratio Rank: 82
SPDG Sortino Ratio Rank: 83
SPDG Omega Ratio Rank: 80
SPDG Calmar Ratio Rank: 79
SPDG Martin Ratio Rank: 75

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPDV vs. SPDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM S&P 500 High Dividend Value ETF (SPDV) and SPDR Portfolio S&P Sector Neutral Dividend ETF (SPDG). 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.

	SPDV	SPDG	Difference
Sharpe ratio: Return per unit of total volatility	2.37	1.90	+0.48
Sortino ratio: Return per unit of downside risk	3.49	2.73	+0.76
Omega ratio: Gain probability vs. loss probability	1.42	1.33	+0.09
Calmar ratio: Return relative to maximum drawdown	5.01	2.83	+2.17
Martin ratio: Return relative to average drawdown	15.07	9.27	+5.80

SPDV vs. SPDG - Sharpe Ratio Comparison

The current SPDV Sharpe Ratio is 2.37, which is comparable to the SPDG Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of SPDV and SPDG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPDV vs. SPDG - Drawdown Comparison

The maximum SPDV drawdown since its inception was -43.81%, which is greater than SPDG's maximum drawdown of -15.67%. Use the drawdown chart below to compare losses from any high point for SPDV and SPDG.

Drawdown Indicators

	SPDV	SPDG	Difference
Max Drawdown Largest peak-to-trough decline	-43.81%	-15.67%	-28.14%
Max Drawdown (1Y) Largest decline over 1 year	-5.80%	-8.34%	+2.54%
Max Drawdown (3Y) Largest decline over 3 years	-18.62%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.31%	—	—
Current Drawdown Current decline from peak	-1.56%	-2.77%	+1.21%
Average Drawdown Average peak-to-trough decline	-6.46%	-2.19%	-4.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	2.54%	-0.62%

Volatility

SPDV vs. SPDG - Volatility Comparison

AAM S&P 500 High Dividend Value ETF (SPDV) has a higher volatility of 3.72% compared to SPDR Portfolio S&P Sector Neutral Dividend ETF (SPDG) at 3.50%. This indicates that SPDV's price experiences larger fluctuations and is considered to be riskier than SPDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDV	SPDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	3.50%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	8.34%	9.56%	-1.22%
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	12.55%	-0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.15%	14.11%	+2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.20%	14.11%	+6.09%

SPDV vs. SPDG - Expense Ratio Comparison

SPDV has a 0.29% expense ratio, which is higher than SPDG's 0.05% expense ratio.

Dividends

SPDV vs. SPDG - Dividend Comparison

SPDV's dividend yield for the trailing twelve months is around 3.23%, more than SPDG's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPDG SPDR Portfolio S&P Sector Neutral Dividend ETF	2.72%	2.87%	2.61%	0.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPDV AAM S&P 500 High Dividend Value ETF	3.23%	3.85%	3.54%	3.95%	3.73%	3.08%	3.90%	3.54%	3.63%	0.28%

Frequently Asked Questions

Can I hold both SPDV and SPDG in my portfolio?

SPDV and SPDG have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPDV or SPDG?

SPDV has higher volatility (3.72%) compared to SPDG (3.50%). In terms of maximum drawdown, SPDV dropped -43.81% vs SPDG's -15.67%.

Which ETF is better, SPDV or SPDG?

On 1-year performance, SPDV leads with 30.26% vs 24.51% for SPDG. On fees, SPDG is cheaper at 0.05% per year. On volatility, SPDG has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDV or SPDG?

Over the 1-year period, SPDV has performed better with a 30.26% return vs 24.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDV or SPDG?

SPDG is cheaper with a 0.05% expense ratio, compared with 0.29% for SPDV.

Which ETF pays a higher dividend yield, SPDV or SPDG?

SPDV has the higher dividend yield at 3.23%, compared with 2.72% for SPDG.

What is the main difference between SPDV and SPDG?

SPDV tracks S&P 500 Dividend & Free Cash Flow Yield Index, while SPDG tracks S&P Sector-Neutral High Yield Dividend Aristocrats Index. They also come from different issuers: Advisors Asset Management and State Street. Their fees differ too: 0.29% for SPDV and 0.05% for SPDG.

Which has better risk-adjusted returns?

SPDV currently has the higher Sharpe Ratio (2.37 vs 1.90), 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.