SPHD vs. DES
SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) and DES (WisdomTree U.S. SmallCap Dividend Fund) are both exchange-traded funds - SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index, while DES is a Small Cap Blend Equities fund tracking the WisdomTree SmallCap Dividend (TR). Both are passively managed. Over the past 10 years, SPHD returned 7.34%/yr vs 8.23%/yr for DES. A 0.78 correlation means they provide meaningful diversification when combined. SPHD charges 0.30%/yr vs 0.38%/yr for DES.
Performance
SPHD vs. DES - Performance Comparison
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Returns By Period
In the year-to-date period, SPHD achieves a 13.60% return, which is significantly lower than DES's 24.63% return. Over the past 10 years, SPHD has underperformed DES with an annualized return of 7.34%, while DES has yielded a comparatively higher 8.23% annualized return.
SPHD
- 1D
- 2.11%
- 1M
- 4.57%
- 6M
- 10.03%
- YTD
- 13.60%
- 1Y
- 15.61%
- 3Y*
- 13.23%
- 5Y*
- 8.36%
- 10Y*
- 7.34%
DES
- 1D
- 1.85%
- 1M
- 4.99%
- 6M
- 16.48%
- YTD
- 24.63%
- 1Y
- 30.86%
- 3Y*
- 15.04%
- 5Y*
- 9.02%
- 10Y*
- 8.23%
SPHD vs. DES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 13.60% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
DES WisdomTree U.S. SmallCap Dividend Fund | 24.63% | 0.25% | 9.93% | 16.50% | -10.96% | 26.51% | -4.26% | 20.26% | -12.85% | 8.64% |
Correlation
The correlation between SPHD and DES is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.78 |
The correlation between SPHD and DES shifts across timeframes, from 0.62 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPHD vs. DES — Risk / Return Rank
SPHD
DES
SPHD vs. DES - 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 WisdomTree U.S. SmallCap Dividend Fund (DES). 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 | DES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.34 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.14 | 4.06 | -1.92 |
| Martin ratioReturn relative to average drawdown | 5.24 | 11.65 | -6.41 |
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Drawdowns
SPHD vs. DES - Drawdown Comparison
The maximum SPHD drawdown since its inception was -41.39%, smaller than the maximum DES drawdown of -65.48%. Use the drawdown chart below to compare losses from any high point for SPHD and DES.
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Drawdown Indicators
| SPHD | DES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.39% | -65.48% | +24.09% |
Max Drawdown (1Y)Largest decline over 1 year | -7.33% | -7.64% | +0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -13.29% | -25.16% | +11.87% |
Max Drawdown (5Y)Largest decline over 5 years | -19.50% | -25.16% | +5.66% |
Max Drawdown (10Y)Largest decline over 10 years | -41.39% | -45.65% | +4.26% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -4.67% | -9.63% | +4.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.98% | 2.66% | +0.32% |
Volatility
SPHD vs. DES - Volatility Comparison
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a higher volatility of 4.95% compared to WisdomTree U.S. SmallCap Dividend Fund (DES) at 3.69%. This indicates that SPHD's price experiences larger fluctuations and is considered to be riskier than DES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHD | DES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.95% | 3.69% | +1.26% |
Volatility (6M)Calculated over the trailing 6-month period | 8.93% | 11.05% | -2.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.80% | 16.02% | -4.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.23% | 19.46% | -5.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.65% | 21.91% | -4.26% |
SPHD vs. DES - Expense Ratio Comparison
SPHD has a 0.30% expense ratio, which is lower than DES's 0.38% expense ratio.
Dividends
SPHD vs. DES - Dividend Comparison
SPHD's dividend yield for the trailing twelve months is around 4.38%, more than DES's 2.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DES WisdomTree U.S. SmallCap Dividend Fund | 2.22% | 2.85% | 2.81% | 2.65% | 2.89% | 2.31% | 2.75% | 2.68% | 3.65% | 2.89% | 2.70% | 3.09% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.38% | 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 DES have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHD has higher volatility (4.95%) compared to DES (3.69%). In terms of maximum drawdown, SPHD dropped -41.39% vs DES's -65.48%.
On 10-year performance, DES leads with 8.23% vs 7.34% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, DES has been the lower-risk option at 3.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DES has performed better with a 8.23% return vs 7.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHD is cheaper with a 0.30% expense ratio, compared with 0.38% for DES.
SPHD has the higher dividend yield at 4.38%, compared with 2.22% for DES.
SPHD is categorized as Dividend, while DES is Small Cap Blend Equities. SPHD tracks S&P 500 Low Volatility High Dividend Index, while DES tracks WisdomTree SmallCap Dividend (TR). They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.30% for SPHD and 0.38% for DES.
DES currently has the higher Sharpe Ratio (1.94 vs 1.33), 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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