SPHD vs. DHS

Last updated Jun 4, 2026

SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) and DHS (WisdomTree US High Dividend Fund) are both exchange-traded funds - SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index, while DHS is a Large Cap Value Equities fund tracking the WisdomTree U.S. High Dividend Index. Both are passively managed. Over the past 10 years, SPHD returned 7.08%/yr vs 9.47%/yr for DHS. Their correlation of 0.93 suggests significant overlap in exposure. SPHD charges 0.30%/yr vs 0.38%/yr for DHS.

Performance

SPHD vs. DHS - 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 WisdomTree US High Dividend Fund (DHS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHD achieves a 4.38% return, which is significantly lower than DHS's 9.88% return. Over the past 10 years, SPHD has underperformed DHS with an annualized return of 7.08%, while DHS has yielded a comparatively higher 9.47% annualized return.

SPHD

• 1D: -0.89%
• 1M: -0.82%
• YTD: 4.38%
• 6M: 4.63%
• 1Y: 8.12%
• 3Y*: 11.42%
• 5Y*: 5.48%
• 10Y*: 7.08%

DHS

• 1D: -0.67%
• 1M: -0.16%
• YTD: 9.88%
• 6M: 10.38%
• 1Y: 20.55%
• 3Y*: 16.39%
• 5Y*: 10.59%
• 10Y*: 9.47%

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

SPHD vs. DHS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.38%	3.41%	18.08%	1.32%	0.58%	24.98%	-9.98%	20.26%	-6.17%	11.90%
DHS WisdomTree US High Dividend Fund	9.88%	12.87%	18.02%	-0.19%	7.97%	23.20%	-5.70%	22.59%	-7.41%	11.69%

Correlation

The correlation between SPHD and DHS is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 31, 2012	0.93

The correlation between SPHD and DHS has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

SPHD vs. DHS - Sectors Allocation Comparison

Sectors	SPHD	DHS
Real Estate	20.1%	2.8%
Consumer Defensive	17.8%	18.7%
Financial Services	15.6%	22.3%
Energy	14.1%	9.4%
Utilities	13.7%	9.0%
Communication Services	8.6%	9.3%
Healthcare	5.1%	14.5%
Consumer Cyclical	3.4%	5.0%
Technology	1.5%	3.7%
Industrials	0.0%	4.1%
Basic Materials	-	1.2%

Return for Risk

SPHD vs. DHS — Risk / Return Rank

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

SPHD

SPHD Risk / Return Rank: 21
SPHD Sharpe Ratio Rank: 21
SPHD Sortino Ratio Rank: 21
SPHD Omega Ratio Rank: 19
SPHD Calmar Ratio Rank: 23
SPHD Martin Ratio Rank: 22

DHS

DHS Risk / Return Rank: 62
DHS Sharpe Ratio Rank: 60
DHS Sortino Ratio Rank: 66
DHS Omega Ratio Rank: 57
DHS Calmar Ratio Rank: 65
DHS Martin Ratio Rank: 65

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. DHS - 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 US High Dividend Fund (DHS). 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	DHS	Difference
Sharpe ratio: Return per unit of total volatility	0.74	2.06	-1.32
Sortino ratio: Return per unit of downside risk	1.15	3.09	-1.94
Omega ratio: Gain probability vs. loss probability	1.13	1.35	-0.23
Calmar ratio: Return relative to maximum drawdown	1.11	3.28	-2.17
Martin ratio: Return relative to average drawdown	2.78	12.04	-9.26
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. DHS - Sharpe Ratio Comparison

The current SPHD Sharpe Ratio is 0.74, which is lower than the DHS Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of SPHD and DHS, 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

	SPHD	DHS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.74	2.06	-1.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.77	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.59	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.41	+0.17

Drawdowns

SPHD vs. DHS - Drawdown Comparison

The maximum SPHD drawdown since its inception was -41.39%, smaller than the maximum DHS drawdown of -67.25%. Use the drawdown chart below to compare losses from any high point for SPHD and DHS.

Drawdown Indicators

	SPHD	DHS	Difference
Max Drawdown Largest peak-to-trough decline	-41.39%	-67.25%	+25.86%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	-6.30%	-1.03%
Max Drawdown (3Y) Largest decline over 3 years	-13.29%	-11.87%	-1.42%
Max Drawdown (5Y) Largest decline over 5 years	-19.50%	-15.28%	-4.22%
Max Drawdown (10Y) Largest decline over 10 years	-41.39%	-37.35%	-4.04%
Current Drawdown Current decline from peak	-5.37%	-2.60%	-2.77%
Average Drawdown Average peak-to-trough decline	-4.70%	-9.55%	+4.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	1.71%	+1.22%

Volatility

SPHD vs. DHS - Volatility Comparison

Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) and WisdomTree US High Dividend Fund (DHS) have volatilities of 2.99% and 2.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHD	DHS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	2.88%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	7.55%	7.32%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	11.04%	10.01%	+1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.16%	13.89%	+0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	16.08%	+1.56%

SPHD vs. DHS - Expense Ratio Comparison

SPHD has a 0.30% expense ratio, which is lower than DHS's 0.38% expense ratio.

Dividends

SPHD vs. DHS - Dividend Comparison

SPHD's dividend yield for the trailing twelve months is around 4.62%, more than DHS's 3.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHS WisdomTree US High Dividend Fund	3.35%	3.32%	3.66%	4.31%	3.42%	3.29%	4.14%	3.69%	3.76%	3.00%	3.25%	3.53%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.62%	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

Can I hold both SPHD and DHS in my portfolio?

SPHD and DHS have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHD or DHS?

SPHD has higher volatility (2.99%) compared to DHS (2.88%). In terms of maximum drawdown, SPHD dropped -41.39% vs DHS's -67.25%.

Which ETF is better, SPHD or DHS?

On 10-year performance, DHS leads with 9.47% vs 7.08% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, DHS has been the lower-risk option at 2.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHD or DHS?

Over the 10-year period, DHS has performed better with a 9.47% return vs 7.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHD or DHS?

SPHD is cheaper with a 0.30% expense ratio, compared with 0.38% for DHS.

Which ETF pays a higher dividend yield, SPHD or DHS?

SPHD has the higher dividend yield at 4.62%, compared with 3.35% for DHS.

What is the main difference between SPHD and DHS?

SPHD is categorized as Dividend, while DHS is Large Cap Value Equities. SPHD tracks S&P 500 Low Volatility High Dividend Index, while DHS tracks WisdomTree U.S. High Dividend Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.30% for SPHD and 0.38% for DHS.

Which has better risk-adjusted returns?

DHS currently has the higher Sharpe Ratio (2.06 vs 0.74), 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.