SPHB vs. SPGP

Last updated Jun 24, 2026

SPHB (Invesco S&P 500® High Beta ETF) and SPGP (Invesco S&P 500 GARP ETF) are both exchange-traded funds - SPHB is a S&P 500 fund tracking the S&P 500 High Beta Index, while SPGP is a Multi-factor fund tracking the S&P 500 GARP Index. Both are passively managed. Over the past 10 years, SPHB returned 19.46%/yr vs 15.37%/yr for SPGP. A 0.78 correlation means they provide meaningful diversification when combined. SPHB charges 0.25%/yr vs 0.36%/yr for SPGP.

Performance

SPHB vs. SPGP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500® High Beta ETF (SPHB) and Invesco S&P 500 GARP ETF (SPGP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHB achieves a 29.05% return, which is significantly higher than SPGP's 5.38% return. Over the past 10 years, SPHB has outperformed SPGP with an annualized return of 19.46%, while SPGP has yielded a comparatively lower 15.37% annualized return.

SPHB

• 1D: -4.02%
• 1M: 6.10%
• YTD: 29.05%
• 6M: 26.31%
• 1Y: 62.78%
• 3Y*: 28.21%
• 5Y*: 15.53%
• 10Y*: 19.46%

SPGP

• 1D: -0.40%
• 1M: 1.15%
• YTD: 5.38%
• 6M: 3.93%
• 1Y: 15.59%
• 3Y*: 12.41%
• 5Y*: 7.93%
• 10Y*: 15.37%

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

SPHB vs. SPGP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHB Invesco S&P 500® High Beta ETF	29.05%	32.87%	8.48%	33.28%	-20.59%	40.58%	25.56%	33.96%	-15.55%	17.87%
SPGP Invesco S&P 500 GARP ETF	5.38%	9.80%	8.48%	20.29%	-13.83%	35.72%	15.92%	39.16%	1.68%	36.24%

Correlation

The correlation between SPHB and SPGP is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jun 16, 2011	0.78

The correlation between SPHB and SPGP has been stable across timeframes, ranging from 0.78 to 0.86 - a consistent structural relationship.

SPHB vs. SPGP - Sectors Allocation Comparison

Sectors	SPHB	SPGP
Technology	46.2%	24.9%
Industrials	14.8%	16.9%
Financial Services	13.2%	20.9%
Consumer Cyclical	12.7%	17.6%
Healthcare	4.9%	3.7%
Communication Services	2.5%	6.8%
Basic Materials	2.4%	-
Utilities	2.4%	-
Energy	2.2%	6.3%
Consumer Defensive	0.9%	-
Real Estate	-	2.9%

Return for Risk

SPHB vs. SPGP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPHB

SPHB Risk / Return Rank: 84
SPHB Sharpe Ratio Rank: 84
SPHB Sortino Ratio Rank: 75
SPHB Omega Ratio Rank: 76
SPHB Calmar Ratio Rank: 92
SPHB Martin Ratio Rank: 92

SPGP

SPGP Risk / Return Rank: 30
SPGP Sharpe Ratio Rank: 29
SPGP Sortino Ratio Rank: 29
SPGP Omega Ratio Rank: 27
SPGP Calmar Ratio Rank: 29
SPGP Martin Ratio Rank: 36

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.

SPHB vs. SPGP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500® High Beta ETF (SPHB) and Invesco S&P 500 GARP ETF (SPGP). 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.

	SPHB	SPGP	Difference
Sharpe ratio: Return per unit of total volatility	2.60	0.99	+1.60
Sortino ratio: Return per unit of downside risk	3.18	1.50	+1.68
Omega ratio: Gain probability vs. loss probability	1.42	1.18	+0.24
Calmar ratio: Return relative to maximum drawdown	5.90	1.40	+4.49
Martin ratio: Return relative to average drawdown	22.17	5.34	+16.83

SPHB vs. SPGP - Sharpe Ratio Comparison

The current SPHB Sharpe Ratio is 2.60, which is higher than the SPGP Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of SPHB and SPGP, 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

SPHB vs. SPGP - Drawdown Comparison

The maximum SPHB drawdown since its inception was -46.84%, which is greater than SPGP's maximum drawdown of -42.08%. Use the drawdown chart below to compare losses from any high point for SPHB and SPGP.

Drawdown Indicators

	SPHB	SPGP	Difference
Max Drawdown Largest peak-to-trough decline	-46.84%	-42.08%	-4.76%
Max Drawdown (1Y) Largest decline over 1 year	-10.70%	-11.15%	+0.45%
Max Drawdown (3Y) Largest decline over 3 years	-29.21%	-22.87%	-6.34%
Max Drawdown (5Y) Largest decline over 5 years	-31.49%	-22.87%	-8.62%
Max Drawdown (10Y) Largest decline over 10 years	-46.84%	-42.08%	-4.76%
Current Drawdown Current decline from peak	-4.02%	-1.69%	-2.33%
Average Drawdown Average peak-to-trough decline	-8.48%	-4.35%	-4.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.84%	2.92%	-0.08%

Volatility

SPHB vs. SPGP - Volatility Comparison

Invesco S&P 500® High Beta ETF (SPHB) has a higher volatility of 11.78% compared to Invesco S&P 500 GARP ETF (SPGP) at 5.41%. This indicates that SPHB's price experiences larger fluctuations and is considered to be riskier than SPGP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHB	SPGP	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.78%	5.41%	+6.37%
Volatility (6M) Calculated over the trailing 6-month period	19.72%	12.33%	+7.39%
Volatility (1Y) Calculated over the trailing 1-year period	24.30%	15.77%	+8.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.73%	18.62%	+9.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.54%	21.22%	+7.32%

SPHB vs. SPGP - Expense Ratio Comparison

SPHB has a 0.25% expense ratio, which is lower than SPGP's 0.36% expense ratio.

Dividends

SPHB vs. SPGP - Dividend Comparison

SPHB's dividend yield for the trailing twelve months is around 0.54%, less than SPGP's 0.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPGP Invesco S&P 500 GARP ETF	0.85%	1.04%	1.38%	1.24%	1.22%	0.69%	1.10%	0.86%	0.95%	0.68%	0.89%	1.12%
SPHB Invesco S&P 500® High Beta ETF	0.54%	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 SPHB and SPGP in my portfolio?

SPHB and SPGP have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHB or SPGP?

SPHB has higher volatility (11.78%) compared to SPGP (5.41%). In terms of maximum drawdown, SPHB dropped -46.84% vs SPGP's -42.08%.

Which ETF is better, SPHB or SPGP?

On 10-year performance, SPHB leads with 19.46% vs 15.37% for SPGP. On fees, SPHB is cheaper at 0.25% per year. On volatility, SPGP has been the lower-risk option at 5.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHB or SPGP?

Over the 10-year period, SPHB has performed better with a 19.46% return vs 15.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHB or SPGP?

SPHB is cheaper with a 0.25% expense ratio, compared with 0.36% for SPGP.

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

SPGP has the higher dividend yield at 0.85%, compared with 0.54% for SPHB.

What is the main difference between SPHB and SPGP?

SPHB is categorized as S&P 500, while SPGP is Multi-factor. SPHB tracks S&P 500 High Beta Index, while SPGP tracks S&P 500 GARP Index. Their fees differ too: 0.25% for SPHB and 0.36% for SPGP.

Which has better risk-adjusted returns?

SPHB currently has the higher Sharpe Ratio (2.60 vs 0.99), 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.