SPHB vs. SPY

Last updated Jun 23, 2026

SPHB (Invesco S&P 500® High Beta ETF) and SPY (State Street SPDR S&P 500 ETF) are both S&P 500 funds - SPHB tracks the S&P 500 High Beta Index while SPY tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, SPHB returned 19.96%/yr vs 15.70%/yr for SPY. Their correlation of 0.87 suggests significant overlap in exposure. SPHB charges 0.25%/yr vs 0.09%/yr for SPY.

Performance

SPHB vs. SPY - Performance Comparison

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

Returns By Period

In the year-to-date period, SPHB achieves a 34.45% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, SPHB has outperformed SPY with an annualized return of 19.96%, while SPY has yielded a comparatively lower 15.70% 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%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

SPHB vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SPHB and SPY is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 5, 2011	0.87

The correlation between SPHB and SPY has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

SPHB vs. SPY - Sectors Allocation Comparison

Sectors	SPHB	SPY
Technology	46.2%	39.0%
Industrials	14.8%	7.8%
Financial Services	13.2%	11.1%
Consumer Cyclical	12.7%	9.9%
Healthcare	4.9%	8.3%
Communication Services	2.5%	10.6%
Basic Materials	2.4%	1.7%
Utilities	2.4%	2.1%
Energy	2.2%	3.1%
Consumer Defensive	0.9%	4.5%
Real Estate	-	1.8%

Return for Risk

SPHB vs. SPY — Risk / Return Rank

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

SPHB

SPHB Risk / Return Rank: 89
SPHB Sharpe Ratio Rank: 91
SPHB Sortino Ratio Rank: 84
SPHB Omega Ratio Rank: 83
SPHB Calmar Ratio Rank: 94
SPHB Martin Ratio Rank: 94

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500® High Beta ETF (SPHB) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.97	2.16	+0.81
Sortino ratio: Return per unit of downside risk	3.58	2.91	+0.67
Omega ratio: Gain probability vs. loss probability	1.48	1.39	+0.09
Calmar ratio: Return relative to maximum drawdown	6.64	3.01	+3.63
Martin ratio: Return relative to average drawdown	25.09	13.54	+11.55

SPHB vs. SPY - Sharpe Ratio Comparison

The current SPHB Sharpe Ratio is 2.97, which is higher than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of SPHB and SPY, 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. SPY - Drawdown Comparison

The maximum SPHB drawdown since its inception was -46.84%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPHB and SPY.

Drawdown Indicators

	SPHB	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-46.84%	-55.19%	+8.35%
Max Drawdown (1Y) Largest decline over 1 year	-10.70%	-8.88%	-1.82%
Max Drawdown (3Y) Largest decline over 3 years	-29.21%	-18.76%	-10.45%
Max Drawdown (5Y) Largest decline over 5 years	-31.49%	-24.50%	-6.99%
Max Drawdown (10Y) Largest decline over 10 years	-46.84%	-33.72%	-13.12%
Current Drawdown Current decline from peak	0.00%	-1.75%	+1.75%
Average Drawdown Average peak-to-trough decline	-8.48%	-9.04%	+0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	1.97%	+0.86%

Volatility

SPHB vs. SPY - Volatility Comparison

Invesco S&P 500® High Beta ETF (SPHB) has a higher volatility of 10.87% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that SPHB's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHB	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.87%	4.64%	+6.23%
Volatility (6M) Calculated over the trailing 6-month period	19.26%	9.75%	+9.51%
Volatility (1Y) Calculated over the trailing 1-year period	23.98%	12.43%	+11.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.67%	17.14%	+10.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.59%	17.99%	+10.60%

SPHB vs. SPY - Expense Ratio Comparison

SPHB has a 0.25% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPHB vs. SPY - Dividend Comparison

SPHB's dividend yield for the trailing twelve months is around 0.62%, less than SPY's 1.01% 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%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SPHB and SPY in my portfolio?

SPHB and SPY have a correlation of 0.86, 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 SPY?

SPHB has higher volatility (10.87%) compared to SPY (4.64%). In terms of maximum drawdown, SPHB dropped -46.84% vs SPY's -55.19%.

Which ETF is better, SPHB or SPY?

On 10-year performance, SPHB leads with 19.96% vs 15.70% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHB or SPY?

Over the 10-year period, SPHB has performed better with a 19.96% return vs 15.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHB or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.25% for SPHB.

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

SPY has the higher dividend yield at 1.01%, compared with 0.62% for SPHB.

What is the main difference between SPHB and SPY?

SPHB tracks S&P 500 High Beta Index, while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.25% for SPHB and 0.09% for SPY.

Which has better risk-adjusted returns?

SPHB currently has the higher Sharpe Ratio (2.97 vs 2.16), 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.