SPHB vs. SPYG

Last updated Jul 14, 2026

SPHB (Invesco S&P 500® High Beta ETF) and SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) are both S&P 500 funds - SPHB tracks the S&P 500 High Beta Index while SPYG tracks the S&P 500 Growth Index. Both are passively managed. Over the past 10 years, SPHB returned 18.26%/yr vs 17.58%/yr for SPYG. A 0.79 correlation means they provide meaningful diversification when combined. SPHB charges 0.25%/yr vs 0.04%/yr for SPYG.

Performance

SPHB vs. SPYG - 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 Portfolio S&P 500 Growth ETF (SPYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHB achieves a 24.96% return, which is significantly higher than SPYG's 10.97% return. Both investments have delivered pretty close results over the past 10 years, with SPHB having a 18.26% annualized return and SPYG not far behind at 17.58%.

SPHB

• 1D: -2.52%
• 1M: -1.92%
• 6M: 18.87%
• YTD: 24.96%
• 1Y: 44.79%
• 3Y*: 23.78%
• 5Y*: 15.78%
• 10Y*: 18.26%

SPYG

• 1D: -1.58%
• 1M: 1.15%
• 6M: 9.34%
• YTD: 10.97%
• 1Y: 23.89%
• 3Y*: 25.06%
• 5Y*: 13.59%
• 10Y*: 17.58%

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

SPHB vs. SPYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHB Invesco S&P 500® High Beta ETF	24.96%	32.87%	8.48%	33.28%	-20.59%	40.58%	25.56%	33.96%	-15.55%	17.87%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	10.97%	22.09%	35.99%	30.02%	-29.41%	32.01%	33.46%	30.84%	-0.12%	27.24%

Correlation

The correlation between SPHB and SPYG is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since May 5, 2011	0.79

The correlation between SPHB and SPYG has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

SPHB vs. SPYG - Sectors Allocation Comparison

Sectors	SPHB	SPYG
Technology	43.7%	52.0%
Financial Services	14.5%	8.9%
Industrials	13.1%	5.2%
Consumer Cyclical	9.9%	8.5%
Healthcare	6.2%	6.2%
Utilities	3.2%	1.2%
Basic Materials	2.4%	0.4%
Communication Services	1.7%	15.9%
Consumer Defensive	0.9%	1.0%
Energy	0.8%	0.1%
Real Estate	-	0.6%

Return for Risk

SPHB vs. SPYG — Risk / Return Rank

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

SPHB

SPHB Risk / Return Rank: 75
SPHB Sharpe Ratio Rank: 70
SPHB Sortino Ratio Rank: 63
SPHB Omega Ratio Rank: 63
SPHB Calmar Ratio Rank: 89
SPHB Martin Ratio Rank: 88

SPYG

SPYG Risk / Return Rank: 48
SPYG Sharpe Ratio Rank: 50
SPYG Sortino Ratio Rank: 48
SPYG Omega Ratio Rank: 48
SPYG Calmar Ratio Rank: 43
SPYG Martin Ratio Rank: 50

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. SPYG - 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 Portfolio S&P 500 Growth ETF (SPYG). 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	SPYG	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.38	+0.41
Sortino ratio: Return per unit of downside risk	2.33	1.94	+0.39
Omega ratio: Gain probability vs. loss probability	1.30	1.24	+0.06
Calmar ratio: Return relative to maximum drawdown	4.21	1.74	+2.46
Martin ratio: Return relative to average drawdown	14.82	6.69	+8.13

SPHB vs. SPYG - Sharpe Ratio Comparison

The current SPHB Sharpe Ratio is 1.79, which is higher than the SPYG Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of SPHB and SPYG, 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. SPYG - Drawdown Comparison

The maximum SPHB drawdown since its inception was -46.84%, smaller than the maximum SPYG drawdown of -67.63%. Use the drawdown chart below to compare losses from any high point for SPHB and SPYG.

Drawdown Indicators

	SPHB	SPYG	Difference
Max Drawdown Largest peak-to-trough decline	-46.84%	-67.63%	+20.79%
Max Drawdown (1Y) Largest decline over 1 year	-10.70%	-13.76%	+3.06%
Max Drawdown (3Y) Largest decline over 3 years	-29.21%	-22.14%	-7.07%
Max Drawdown (5Y) Largest decline over 5 years	-31.49%	-32.67%	+1.18%
Max Drawdown (10Y) Largest decline over 10 years	-46.84%	-32.67%	-14.17%
Current Drawdown Current decline from peak	-7.06%	-3.55%	-3.51%
Average Drawdown Average peak-to-trough decline	-8.47%	-24.24%	+15.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	3.58%	-0.55%

Volatility

SPHB vs. SPYG - Volatility Comparison

Invesco S&P 500® High Beta ETF (SPHB) has a higher volatility of 11.33% compared to State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) at 6.43%. This indicates that SPHB's price experiences larger fluctuations and is considered to be riskier than SPYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHB	SPYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.33%	6.43%	+4.90%
Volatility (6M) Calculated over the trailing 6-month period	20.68%	14.28%	+6.40%
Volatility (1Y) Calculated over the trailing 1-year period	25.22%	17.49%	+7.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.83%	21.42%	+6.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.50%	20.73%	+7.77%

SPHB vs. SPYG - Expense Ratio Comparison

SPHB has a 0.25% expense ratio, which is higher than SPYG's 0.04% 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. SPYG - Dividend Comparison

SPHB's dividend yield for the trailing twelve months is around 0.56%, more than SPYG's 0.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPHB Invesco S&P 500® High Beta ETF	0.56%	0.60%	0.80%	0.73%	0.72%	0.91%	1.90%	1.26%	1.96%	1.34%	0.93%	1.69%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.49%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both SPHB and SPYG in my portfolio?

SPHB and SPYG 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, SPHB or SPYG?

SPHB has higher volatility (11.33%) compared to SPYG (6.43%). In terms of maximum drawdown, SPHB dropped -46.84% vs SPYG's -67.63%.

Which ETF is better, SPHB or SPYG?

On 10-year performance, SPHB leads with 18.26% vs 17.58% for SPYG. On fees, SPYG is cheaper at 0.04% per year. On volatility, SPYG has been the lower-risk option at 6.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHB or SPYG?

Over the 10-year period, SPHB has performed better with a 18.26% return vs 17.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHB or SPYG?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.25% for SPHB.

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

SPHB has the higher dividend yield at 0.56%, compared with 0.49% for SPYG.

What is the main difference between SPHB and SPYG?

SPHB tracks S&P 500 High Beta Index, while SPYG tracks S&P 500 Growth Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.25% for SPHB and 0.04% for SPYG.

Which has better risk-adjusted returns?

SPHB currently has the higher Sharpe Ratio (1.79 vs 1.38), 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.