SPHB vs. SPLV
SPHB (Invesco S&P 500® High Beta ETF) and SPLV (Invesco S&P 500 Low Volatility ETF) are both S&P 500 funds from Invesco - SPHB tracks the S&P 500 High Beta Index while SPLV tracks the S&P 500 Low Volatility Index. Both are passively managed. Over the past 10 years, SPHB returned 19.96%/yr vs 8.24%/yr for SPLV. A 0.51 correlation means they provide meaningful diversification when combined. Both charge a 0.25% expense ratio.
Performance
SPHB vs. SPLV - Performance Comparison
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Returns By Period
In the year-to-date period, SPHB achieves a 34.45% return, which is significantly higher than SPLV's 3.69% return. Over the past 10 years, SPHB has outperformed SPLV with an annualized return of 19.96%, while SPLV has yielded a comparatively lower 8.24% annualized return.
SPHB
- 1D
- 1.23%
- 1M
- 10.55%
- YTD
- 34.45%
- 6M
- 31.05%
- 1Y
- 70.74%
- 3Y*
- 29.97%
- 5Y*
- 16.73%
- 10Y*
- 19.96%
SPLV
- 1D
- 0.39%
- 1M
- -0.96%
- YTD
- 3.69%
- 6M
- 3.45%
- 1Y
- 4.34%
- 3Y*
- 8.03%
- 5Y*
- 6.17%
- 10Y*
- 8.24%
SPHB vs. SPLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHB Invesco S&P 500® High Beta ETF | 34.45% | 32.87% | 8.48% | 33.28% | -20.59% | 40.58% | 25.56% | 33.96% | -15.55% | 17.87% |
SPLV Invesco S&P 500 Low Volatility ETF | 3.69% | 4.10% | 13.93% | 0.53% | -4.88% | 24.13% | -1.39% | 27.87% | -0.19% | 17.32% |
Correlation
The correlation between SPHB and SPLV is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since May 5, 2011 | 0.51 |
The correlation between SPHB and SPLV shifts across timeframes, from -0.01 (1 year) to 0.51 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPHB vs. SPLV — Risk / Return Rank
SPHB
SPLV
SPHB vs. SPLV - 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 Low Volatility ETF (SPLV). 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 | SPLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.54 | ||
| Sortino ratioReturn per unit of downside risk | +2.91 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.08 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 6.64 | 0.59 | +6.06 |
| Martin ratioReturn relative to average drawdown | 25.09 | 1.36 | +23.73 |
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Drawdowns
SPHB vs. SPLV - Drawdown Comparison
The maximum SPHB drawdown since its inception was -46.84%, which is greater than SPLV's maximum drawdown of -36.26%. Use the drawdown chart below to compare losses from any high point for SPHB and SPLV.
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Drawdown Indicators
| SPHB | SPLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.84% | -36.26% | -10.58% |
Max Drawdown (1Y)Largest decline over 1 year | -10.70% | -7.41% | -3.29% |
Max Drawdown (3Y)Largest decline over 3 years | -29.21% | -9.64% | -19.57% |
Max Drawdown (5Y)Largest decline over 5 years | -31.49% | -17.26% | -14.23% |
Max Drawdown (10Y)Largest decline over 10 years | -46.84% | -36.26% | -10.58% |
Current DrawdownCurrent decline from peak | 0.00% | -4.73% | +4.73% |
Average DrawdownAverage peak-to-trough decline | -8.48% | -3.55% | -4.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.83% | 3.20% | -0.37% |
Volatility
SPHB vs. SPLV - Volatility Comparison
Invesco S&P 500® High Beta ETF (SPHB) has a higher volatility of 10.87% compared to Invesco S&P 500 Low Volatility ETF (SPLV) at 4.05%. This indicates that SPHB's price experiences larger fluctuations and is considered to be riskier than SPLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHB | SPLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.87% | 4.05% | +6.82% |
Volatility (6M)Calculated over the trailing 6-month period | 19.26% | 7.27% | +11.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.98% | 10.21% | +13.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.67% | 12.49% | +15.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.59% | 15.39% | +13.20% |
SPHB vs. SPLV - Expense Ratio Comparison
Both SPHB and SPLV have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SPHB vs. SPLV - Dividend Comparison
SPHB's dividend yield for the trailing twelve months is around 0.62%, less than SPLV's 2.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPHB Invesco S&P 500® High Beta ETF | 0.62% | 0.60% | 0.80% | 0.73% | 0.72% | 0.91% | 1.90% | 1.26% | 1.96% | 1.34% | 0.93% | 1.69% |
SPLV Invesco S&P 500 Low Volatility ETF | 2.37% | 2.04% | 1.88% | 2.45% | 2.11% | 1.51% | 2.12% | 2.08% | 2.18% | 2.03% | 2.03% | 2.28% |
Frequently Asked Questions
SPHB and SPLV have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHB has higher volatility (10.87%) compared to SPLV (4.05%). In terms of maximum drawdown, SPHB dropped -46.84% vs SPLV's -36.26%.
On 10-year performance, SPHB leads with 19.96% vs 8.24% for SPLV. Both ETFs have the same 0.25% expense ratio. On volatility, SPLV has been the lower-risk option at 4.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPHB has performed better with a 19.96% return vs 8.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHB and SPLV have the same expense ratio: 0.25% per year.
SPLV has the higher dividend yield at 2.37%, compared with 0.62% for SPHB.
SPHB tracks S&P 500 High Beta Index, while SPLV tracks S&P 500 Low Volatility Index.
SPHB currently has the higher Sharpe Ratio (2.97 vs 0.43), 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.
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