SPDV vs. SPHB

Last updated Aug 3, 2026

SPDV (AAM S&P 500 High Dividend Value ETF) and SPHB (Invesco S&P 500® High Beta ETF) are both exchange-traded funds - SPDV is a Dividend fund tracking the S&P 500 Dividend & Free Cash Flow Yield Index, while SPHB is a S&P 500 fund tracking the S&P 500 High Beta Index. Both are passively managed. Over the past 5 years, SPDV returned 10.42%/yr vs 14.83%/yr for SPHB. Their 0.75 correlation means they have sometimes moved together and sometimes differently. SPDV charges 0.29%/yr vs 0.25%/yr for SPHB.

Performance

SPDV vs. SPHB - 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 Invesco S&P 500® High Beta ETF (SPHB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SPDV having a 19.29% return and SPHB slightly higher at 19.95%.

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%

SPHB

• 1D: 0.05%
• 1M: -5.41%
• 6M: 15.81%
• YTD: 19.95%
• 1Y: 39.56%
• 3Y*: 21.36%
• 5Y*: 14.83%
• 10Y*: 17.94%
• ALL TIME*: 13.56%

*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)
SPDV AAM S&P 500 High Dividend Value ETF	$807.83K	$592.31K	$401.15K
SPHB Invesco S&P 500® High Beta ETF	$46.45M	$55.30M	$54.87M

SPDV vs. SPHB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPDV AAM S&P 500 High Dividend Value ETF	19.29%	10.90%	14.40%	5.45%	-2.27%	29.54%	-6.09%	20.46%	-6.59%	4.64%
SPHB Invesco S&P 500® High Beta ETF	19.95%	32.87%	8.48%	33.28%	-20.59%	40.58%	25.56%	33.96%	-15.55%	3.51%

Correlation

The correlation between SPDV and SPHB is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.43
Correlation (3Y) Balances recent behavior with more history.	0.60
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (All Time) Calculated using the full available price history since Nov 29, 2017	0.75

Over the past year, the correlation between SPDV and SPHB has dropped to 0.43 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.

SPDV vs. SPHB - Sectors Allocation Comparison

Sectors	SPDV	SPHB
Consumer Cyclical	14.9%	10.6%
Technology	12.1%	45.0%
Real Estate	10.6%	-
Healthcare	10.4%	5.9%
Financial Services	10.2%	14.9%
Energy	8.8%	0.8%
Industrials	8.4%	13.0%
Consumer Defensive	7.8%	0.9%
Communication Services	7.1%	1.6%
Utilities	5.7%	3.5%
Basic Materials	4.1%	2.3%

Return for Risk

SPDV vs. SPHB — 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

SPHB

SPHB Risk / Return Rank: 65
SPHB Sharpe Ratio Rank: 61
SPHB Sortino Ratio Rank: 57
SPHB Omega Ratio Rank: 56
SPHB Calmar Ratio Rank: 75
SPHB Martin Ratio Rank: 78

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. SPHB - 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 Invesco S&P 500® High Beta ETF (SPHB). 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	SPHB	Difference
Sharpe ratio: Return per unit of total volatility	2.37	1.43	+0.95
Sortino ratio: Return per unit of downside risk	3.49	1.95	+1.54
Omega ratio: Gain probability vs. loss probability	1.42	1.24	+0.18
Calmar ratio: Return relative to maximum drawdown	5.01	2.63	+2.38
Martin ratio: Return relative to average drawdown	15.07	9.86	+5.21

SPDV vs. SPHB - Sharpe Ratio Comparison

The current SPDV Sharpe Ratio is 2.37, which is higher than the SPHB Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of SPDV and SPHB, 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. SPHB - Drawdown Comparison

The maximum SPDV drawdown since its inception was -43.81%, smaller than the maximum SPHB drawdown of -46.84%. Use the drawdown chart below to compare losses from any high point for SPDV and SPHB.

Drawdown Indicators

	SPDV	SPHB	Difference
Max Drawdown Largest peak-to-trough decline	-43.81%	-46.84%	+3.03%
Max Drawdown (1Y) Largest decline over 1 year	-5.80%	-14.11%	+8.31%
Max Drawdown (3Y) Largest decline over 3 years	-18.62%	-29.21%	+10.59%
Max Drawdown (5Y) Largest decline over 5 years	-21.31%	-31.49%	+10.18%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.84%	—
Current Drawdown Current decline from peak	-1.56%	-10.79%	+9.23%
Average Drawdown Average peak-to-trough decline	-6.46%	-8.47%	+2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	3.76%	-1.84%

Volatility

SPDV vs. SPHB - Volatility Comparison

The current volatility for AAM S&P 500 High Dividend Value ETF (SPDV) is 3.72%, while Invesco S&P 500® High Beta ETF (SPHB) has a volatility of 9.30%. This indicates that SPDV experiences smaller price fluctuations and is considered to be less risky than SPHB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDV	SPHB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	9.30%	-5.58%
Volatility (6M) Calculated over the trailing 6-month period	8.34%	21.54%	-13.20%
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	26.09%	-13.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.15%	27.84%	-11.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.20%	28.57%	-8.37%

SPDV vs. SPHB - Expense Ratio Comparison

SPDV has a 0.29% expense ratio, which is higher than SPHB's 0.25% expense ratio.

Dividends

SPDV vs. SPHB - Dividend Comparison

SPDV's dividend yield for the trailing twelve months is around 3.23%, more than SPHB's 0.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
SPHB Invesco S&P 500® High Beta ETF	0.58%	0.60%	0.80%	0.73%	0.72%	0.91%	1.90%	1.26%	1.96%	1.34%	0.93%	1.69%

Frequently Asked Questions

Can I hold both SPDV and SPHB in my portfolio?

SPDV and SPHB have a correlation of 0.43, 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 SPHB?

SPHB has higher volatility (9.30%) compared to SPDV (3.72%). In terms of maximum drawdown, SPDV dropped -43.81% vs SPHB's -46.84%.

Which ETF is better, SPDV or SPHB?

On 5-year performance, SPHB leads with 14.83% vs 10.42% for SPDV. On fees, SPHB is cheaper at 0.25% per year. On volatility, SPDV has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDV or SPHB?

Over the 5-year period, SPHB has performed better with a 14.83% return vs 10.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDV or SPHB?

SPHB is cheaper with a 0.25% expense ratio, compared with 0.29% for SPDV.

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

SPDV has the higher dividend yield at 3.23%, compared with 0.58% for SPHB.

What is the main difference between SPDV and SPHB?

SPDV is categorized as Dividend, while SPHB is S&P 500. SPDV tracks S&P 500 Dividend & Free Cash Flow Yield Index, while SPHB tracks S&P 500 High Beta Index. They also come from different issuers: Advisors Asset Management and Invesco. Their fees differ too: 0.29% for SPDV and 0.25% for SPHB.

Which has better risk-adjusted returns?

SPDV currently has the higher Sharpe Ratio (2.37 vs 1.43), 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.