SPHB vs. VOO

Last updated Jun 4, 2026

SPHB (Invesco S&P 500® High Beta ETF) and VOO (Vanguard S&P 500 ETF) are both S&P 500 funds - SPHB tracks the S&P 500 High Beta Index while VOO tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, SPHB returned 18.92%/yr vs 15.56%/yr for VOO. Their correlation of 0.87 suggests significant overlap in exposure. SPHB charges 0.25%/yr vs 0.03%/yr for VOO.

Performance

SPHB vs. VOO - Performance Comparison

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

Returns By Period

In the year-to-date period, SPHB achieves a 30.36% return, which is significantly higher than VOO's 10.91% return. Over the past 10 years, SPHB has outperformed VOO with an annualized return of 18.92%, while VOO has yielded a comparatively lower 15.56% annualized return.

SPHB

• 1D: -0.67%
• 1M: 12.37%
• YTD: 30.36%
• 6M: 31.36%
• 1Y: 69.40%
• 3Y*: 29.63%
• 5Y*: 15.19%
• 10Y*: 18.92%

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

SPHB vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHB Invesco S&P 500® High Beta ETF	30.36%	32.87%	8.48%	33.28%	-20.59%	40.58%	25.56%	33.96%	-15.55%	17.87%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between SPHB and VOO 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 6, 2011	0.87

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

SPHB vs. VOO - Sectors Allocation Comparison

Sectors	SPHB	VOO
Technology	45.8%	35.7%
Consumer Cyclical	12.9%	10.2%
Financial Services	12.5%	11.6%
Industrials	11.7%	8.3%
Basic Materials	4.6%	1.8%
Communication Services	3.7%	11.3%
Utilities	3.2%	2.4%
Healthcare	2.9%	8.5%
Energy	2.2%	3.5%
Consumer Defensive	0.6%	4.9%
Real Estate	-	1.9%

Return for Risk

SPHB vs. VOO — Risk / Return Rank

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

SPHB

SPHB Risk / Return Rank: 88
SPHB Sharpe Ratio Rank: 90
SPHB Sortino Ratio Rank: 84
SPHB Omega Ratio Rank: 82
SPHB Calmar Ratio Rank: 93
SPHB Martin Ratio Rank: 93

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

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. VOO - Risk-Adjusted Trends Comparison

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

	SPHB	VOO	Difference
Sharpe ratio: Return per unit of total volatility	3.16	2.39	+0.77
Sortino ratio: Return per unit of downside risk	3.85	3.25	+0.59
Omega ratio: Gain probability vs. loss probability	1.50	1.43	+0.07
Calmar ratio: Return relative to maximum drawdown	6.52	3.16	+3.35
Martin ratio: Return relative to average drawdown	25.92	14.73	+11.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPHB vs. VOO - Sharpe Ratio Comparison

The current SPHB Sharpe Ratio is 3.16, which is higher than the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of SPHB and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPHB	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.16	2.39	+0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.83	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.87	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.89	-0.36

Drawdowns

SPHB vs. VOO - Drawdown Comparison

The maximum SPHB drawdown since its inception was -46.84%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for SPHB and VOO.

Drawdown Indicators

	SPHB	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-46.84%	-33.99%	-12.85%
Max Drawdown (1Y) Largest decline over 1 year	-10.70%	-8.90%	-1.80%
Max Drawdown (3Y) Largest decline over 3 years	-29.21%	-18.69%	-10.52%
Max Drawdown (5Y) Largest decline over 5 years	-31.49%	-24.52%	-6.97%
Max Drawdown (10Y) Largest decline over 10 years	-46.84%	-33.99%	-12.85%
Current Drawdown Current decline from peak	-0.67%	-0.70%	+0.03%
Average Drawdown Average peak-to-trough decline	-8.50%	-3.69%	-4.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	1.91%	+0.78%

Volatility

SPHB vs. VOO - Volatility Comparison

Invesco S&P 500® High Beta ETF (SPHB) has a higher volatility of 7.14% compared to Vanguard S&P 500 ETF (VOO) at 2.84%. This indicates that SPHB's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHB	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.14%	2.84%	+4.30%
Volatility (6M) Calculated over the trailing 6-month period	16.99%	8.90%	+8.09%
Volatility (1Y) Calculated over the trailing 1-year period	22.16%	11.80%	+10.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.38%	16.81%	+10.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.45%	18.01%	+10.44%

SPHB vs. VOO - Expense Ratio Comparison

SPHB has a 0.25% expense ratio, which is higher than VOO's 0.03% 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. VOO - Dividend Comparison

SPHB's dividend yield for the trailing twelve months is around 0.52%, less than VOO's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPHB Invesco S&P 500® High Beta ETF	0.52%	0.60%	0.80%	0.73%	0.72%	0.91%	1.90%	1.26%	1.96%	1.34%	0.93%	1.69%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both SPHB and VOO in my portfolio?

SPHB and VOO 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 VOO?

SPHB has higher volatility (7.14%) compared to VOO (2.84%). In terms of maximum drawdown, SPHB dropped -46.84% vs VOO's -33.99%.

Which ETF is better, SPHB or VOO?

On 10-year performance, SPHB leads with 18.92% vs 15.56% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHB or VOO?

Over the 10-year period, SPHB has performed better with a 18.92% return vs 15.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHB or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.25% for SPHB.

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

VOO has the higher dividend yield at 1.03%, compared with 0.52% for SPHB.

What is the main difference between SPHB and VOO?

SPHB tracks S&P 500 High Beta Index, while VOO tracks S&P 500 Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.25% for SPHB and 0.03% for VOO.

Which has better risk-adjusted returns?

SPHB currently has the higher Sharpe Ratio (3.16 vs 2.39), 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.