SPHD vs. FDL

Last updated Jun 4, 2026

SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) and FDL (First Trust Morningstar Dividend Leaders Index Fund) are both exchange-traded funds - SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index, while FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index. Both are passively managed. Over the past 10 years, SPHD returned 7.08%/yr vs 11.24%/yr for FDL. Their correlation of 0.90 suggests significant overlap in exposure. SPHD charges 0.30%/yr vs 0.45%/yr for FDL.

Performance

SPHD vs. FDL - 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 First Trust Morningstar Dividend Leaders Index Fund (FDL). 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 FDL's 13.33% return. Over the past 10 years, SPHD has underperformed FDL with an annualized return of 7.08%, while FDL has yielded a comparatively higher 11.24% 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%

FDL

• 1D: -0.26%
• 1M: -0.26%
• YTD: 13.33%
• 6M: 14.76%
• 1Y: 23.67%
• 3Y*: 18.97%
• 5Y*: 12.51%
• 10Y*: 11.24%

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

SPHD vs. FDL - 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%
FDL First Trust Morningstar Dividend Leaders Index Fund	13.33%	14.79%	17.98%	2.94%	6.66%	26.10%	-4.30%	24.41%	-5.99%	12.02%

Correlation

The correlation between SPHD and FDL is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Oct 31, 2012	0.90

The correlation between SPHD and FDL has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

SPHD vs. FDL - Sectors Allocation Comparison

Sectors	SPHD	FDL
Real Estate	20.1%	-
Consumer Defensive	17.8%	14.7%
Financial Services	15.6%	15.1%
Energy	14.1%	27.3%
Utilities	13.7%	6.5%
Communication Services	8.6%	10.6%
Healthcare	5.1%	16.8%
Consumer Cyclical	3.4%	3.8%
Technology	1.5%	1.1%
Industrials	0.0%	3.8%
Basic Materials	-	0.3%

Return for Risk

SPHD vs. FDL — 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

FDL

FDL Risk / Return Rank: 70
FDL Sharpe Ratio Rank: 61
FDL Sortino Ratio Rank: 70
FDL Omega Ratio Rank: 59
FDL Calmar Ratio Rank: 90
FDL Martin Ratio Rank: 71

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. FDL - 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 First Trust Morningstar Dividend Leaders Index Fund (FDL). 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	FDL	Difference
Sharpe ratio: Return per unit of total volatility	0.74	2.11	-1.37
Sortino ratio: Return per unit of downside risk	1.15	3.25	-2.10
Omega ratio: Gain probability vs. loss probability	1.13	1.37	-0.24
Calmar ratio: Return relative to maximum drawdown	1.11	5.56	-4.45
Martin ratio: Return relative to average drawdown	2.78	13.56	-10.78
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. FDL - Sharpe Ratio Comparison

The current SPHD Sharpe Ratio is 0.74, which is lower than the FDL Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of SPHD and FDL, 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	FDL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.74	2.11	-1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.88	-0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.66	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.45	+0.13

Drawdowns

SPHD vs. FDL - Drawdown Comparison

The maximum SPHD drawdown since its inception was -41.39%, smaller than the maximum FDL drawdown of -65.93%. Use the drawdown chart below to compare losses from any high point for SPHD and FDL.

Drawdown Indicators

	SPHD	FDL	Difference
Max Drawdown Largest peak-to-trough decline	-41.39%	-65.93%	+24.54%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	-4.27%	-3.06%
Max Drawdown (3Y) Largest decline over 3 years	-13.29%	-12.24%	-1.05%
Max Drawdown (5Y) Largest decline over 5 years	-19.50%	-16.46%	-3.04%
Max Drawdown (10Y) Largest decline over 10 years	-41.39%	-41.40%	+0.01%
Current Drawdown Current decline from peak	-5.37%	-2.18%	-3.19%
Average Drawdown Average peak-to-trough decline	-4.70%	-9.66%	+4.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	1.75%	+1.18%

Volatility

SPHD vs. FDL - Volatility Comparison

Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) and First Trust Morningstar Dividend Leaders Index Fund (FDL) have volatilities of 2.99% and 2.85%, 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	FDL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	2.85%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	7.55%	7.87%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	11.04%	11.28%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.16%	14.31%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	17.11%	+0.53%

SPHD vs. FDL - Expense Ratio Comparison

SPHD has a 0.30% expense ratio, which is lower than FDL's 0.45% expense ratio.

Dividends

SPHD vs. FDL - Dividend Comparison

SPHD's dividend yield for the trailing twelve months is around 4.62%, more than FDL's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.68%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
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 FDL in my portfolio?

SPHD and FDL have a correlation of 0.83, 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 FDL?

SPHD has higher volatility (2.99%) compared to FDL (2.85%). In terms of maximum drawdown, SPHD dropped -41.39% vs FDL's -65.93%.

Which ETF is better, SPHD or FDL?

On 10-year performance, FDL leads with 11.24% vs 7.08% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, FDL has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHD or FDL?

Over the 10-year period, FDL has performed better with a 11.24% 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 FDL?

SPHD is cheaper with a 0.30% expense ratio, compared with 0.45% for FDL.

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

SPHD has the higher dividend yield at 4.62%, compared with 3.68% for FDL.

What is the main difference between SPHD and FDL?

SPHD is categorized as Dividend, while FDL is Large Cap Value Equities. SPHD tracks S&P 500 Low Volatility High Dividend Index, while FDL tracks Morningstar Dividend Leaders Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.30% for SPHD and 0.45% for FDL.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.11 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.