SPHD vs. BUFP

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP).

SPHD and BUFP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPHD is a passively managed fund by Invesco that tracks the performance of the S&P Low Volatility High Dividend index. It was launched on Oct 18, 2012. BUFP is a passively managed fund by PGIM that tracks the performance of the S&P 500. It was launched on Jun 11, 2024. Both SPHD and BUFP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SPHD vs. BUFP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) and PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). The values are adjusted to include any dividend payments, if applicable.

SPHD vs. BUFP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.64%	3.41%	11.06%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	-1.34%	12.92%	6.36%

Returns By Period

In the year-to-date period, SPHD achieves a 4.64% return, which is significantly higher than BUFP's -1.34% return.

SPHD

• 1D: 0.55%
• 1M: -4.99%
• YTD: 4.64%
• 6M: 2.81%
• 1Y: 3.20%
• 3Y*: 9.99%
• 5Y*: 7.05%
• 10Y*: 7.24%

BUFP

• 1D: 1.96%
• 1M: -2.04%
• YTD: -1.34%
• 6M: 1.19%
• 1Y: 13.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPHD vs. BUFP - Expense Ratio Comparison

SPHD has a 0.30% expense ratio, which is lower than BUFP's 0.50% expense ratio.

BUFP

PGIM Laddered S&P 500 Buffer 12 ETF

SPHD

Invesco S&P 500® High Dividend Low Volatility ETF

Return for Risk

SPHD vs. BUFP — Risk / Return Rank

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

SPHD

SPHD Risk / Return Rank: 20
SPHD Sharpe Ratio Rank: 19
SPHD Sortino Ratio Rank: 18
SPHD Omega Ratio Rank: 18
SPHD Calmar Ratio Rank: 22
SPHD Martin Ratio Rank: 22

BUFP

BUFP Risk / Return Rank: 75
BUFP Sharpe Ratio Rank: 69
BUFP Sortino Ratio Rank: 73
BUFP Omega Ratio Rank: 81
BUFP Calmar Ratio Rank: 67
BUFP Martin Ratio Rank: 85

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.

SPHD vs. BUFP - 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 PGIM Laddered S&P 500 Buffer 12 ETF (BUFP). 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.

	SPHD	BUFP	Difference
Sharpe ratio Return per unit of total volatility	0.22	1.23	-1.01
Sortino ratio Return per unit of downside risk	0.41	1.86	-1.45
Omega ratio Gain probability vs. loss probability	1.05	1.31	-0.26
Calmar ratio Return relative to maximum drawdown	0.38	1.71	-1.32
Martin ratio Return relative to average drawdown	1.22	9.81	-8.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPHD vs. BUFP - Sharpe Ratio Comparison

The current SPHD Sharpe Ratio is 0.22, which is lower than the BUFP Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of SPHD and BUFP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPHD	BUFP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	1.23	-1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	1.02	-0.44

Correlation

The correlation between SPHD and BUFP is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SPHD vs. BUFP - Dividend Comparison

SPHD's dividend yield for the trailing twelve months is around 4.31%, more than BUFP's 0.01% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.31%	4.02%	3.41%	4.48%	3.89%	3.45%	4.89%	4.07%	4.40%	3.14%	3.83%	3.49%
BUFP PGIM Laddered S&P 500 Buffer 12 ETF	0.01%	0.01%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SPHD vs. BUFP - Drawdown Comparison

The maximum SPHD drawdown since its inception was -41.39%, which is greater than BUFP's maximum drawdown of -11.98%. Use the drawdown chart below to compare losses from any high point for SPHD and BUFP.

Drawdown Indicators

	SPHD	BUFP	Difference
Max Drawdown Largest peak-to-trough decline	-41.39%	-11.98%	-29.41%
Max Drawdown (1Y) Largest decline over 1 year	-11.33%	-8.16%	-3.17%
Max Drawdown (5Y) Largest decline over 5 years	-19.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.39%	—	—
Current Drawdown Current decline from peak	-5.14%	-2.54%	-2.60%
Average Drawdown Average peak-to-trough decline	-4.70%	-1.08%	-3.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.67%	1.42%	+2.25%

Volatility

SPHD vs. BUFP - Volatility Comparison

The current volatility for Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) is 3.21%, while PGIM Laddered S&P 500 Buffer 12 ETF (BUFP) has a volatility of 3.41%. This indicates that SPHD experiences smaller price fluctuations and is considered to be less risky than BUFP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHD	BUFP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	3.41%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	7.91%	4.99%	+2.92%
Volatility (1Y) Calculated over the trailing 1-year period	14.51%	11.11%	+3.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.20%	9.79%	+4.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.65%	9.79%	+7.86%