SPHD vs. BND
SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 10 years, SPHD returned 7.41%/yr vs 1.57%/yr for BND. At a 0.05 correlation, their price movements are largely independent. SPHD charges 0.30%/yr vs 0.03%/yr for BND.
Performance
SPHD vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, SPHD achieves a 8.51% return, which is significantly higher than BND's 0.60% return. Over the past 10 years, SPHD has outperformed BND with an annualized return of 7.41%, while BND has yielded a comparatively lower 1.57% annualized return.
SPHD
- 1D
- -1.12%
- 1M
- 4.38%
- YTD
- 8.51%
- 6M
- 7.65%
- 1Y
- 12.70%
- 3Y*
- 11.55%
- 5Y*
- 6.57%
- 10Y*
- 7.41%
BND
- 1D
- 0.08%
- 1M
- 1.11%
- YTD
- 0.60%
- 6M
- 0.87%
- 1Y
- 4.86%
- 3Y*
- 4.03%
- 5Y*
- 0.16%
- 10Y*
- 1.57%
SPHD vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 8.51% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
BND Vanguard Total Bond Market ETF | 0.60% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Correlation
The correlation between SPHD and BND is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.05 |
Over the past year, SPHD and BND have become more correlated (0.28) than their long-term average of 0.05, meaning their price movements have been converging.
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Return for Risk
SPHD vs. BND — Risk / Return Rank
SPHD
BND
SPHD vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) and Vanguard Total Bond Market ETF (BND). 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.
| SPHD | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.23 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 1.82 | -0.08 |
| Martin ratioReturn relative to average drawdown | 4.31 | 5.29 | -0.98 |
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Drawdowns
SPHD vs. BND - Drawdown Comparison
The maximum SPHD drawdown since its inception was -41.39%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for SPHD and BND.
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Drawdown Indicators
| SPHD | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.39% | -18.58% | -22.81% |
Max Drawdown (1Y)Largest decline over 1 year | -7.33% | -2.68% | -4.65% |
Max Drawdown (3Y)Largest decline over 3 years | -13.29% | -5.92% | -7.37% |
Max Drawdown (5Y)Largest decline over 5 years | -19.50% | -17.91% | -1.59% |
Max Drawdown (10Y)Largest decline over 10 years | -41.39% | -18.58% | -22.81% |
Current DrawdownCurrent decline from peak | -1.63% | -2.04% | +0.41% |
Average DrawdownAverage peak-to-trough decline | -4.70% | -3.06% | -1.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.96% | 0.92% | +2.04% |
Volatility
SPHD vs. BND - Volatility Comparison
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a higher volatility of 3.91% compared to Vanguard Total Bond Market ETF (BND) at 1.28%. This indicates that SPHD's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHD | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.91% | 1.28% | +2.63% |
Volatility (6M)Calculated over the trailing 6-month period | 7.86% | 2.74% | +5.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.27% | 3.72% | +7.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.21% | 6.03% | +8.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.66% | 5.53% | +12.13% |
SPHD vs. BND - Expense Ratio Comparison
SPHD has a 0.30% expense ratio, which is higher than BND's 0.03% expense ratio.
Dividends
SPHD vs. BND - Dividend Comparison
SPHD's dividend yield for the trailing twelve months is around 4.45%, more than BND's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.95% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.45% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
Frequently Asked Questions
SPHD and BND have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHD has higher volatility (3.91%) compared to BND (1.28%). In terms of maximum drawdown, SPHD dropped -41.39% vs BND's -18.58%.
On 10-year performance, SPHD leads with 7.41% vs 1.57% for BND. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPHD has performed better with a 7.41% return vs 1.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 0.30% for SPHD.
SPHD has the higher dividend yield at 4.45%, compared with 3.95% for BND.
SPHD is categorized as Dividend, while BND is Total Bond Market. SPHD tracks S&P 500 Low Volatility High Dividend Index, while BND tracks Bloomberg U.S. Aggregate Float Adjusted Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.30% for SPHD and 0.03% for BND.
BND currently has the higher Sharpe Ratio (1.31 vs 1.13), 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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