SPHD vs. FDV

Last updated Jun 25, 2026

SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) and FDV (Federated Hermes U.S. Strategic Dividend ETF) are both exchange-traded funds - SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index, while FDV is a Large Cap Value Equities fund actively managed by Federated. SPHD is passively managed, while FDV is actively managed. With a 0.95 correlation, they move nearly in lockstep. SPHD charges 0.30%/yr vs 0.50%/yr for FDV.

Performance

SPHD vs. FDV - 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 Federated Hermes U.S. Strategic Dividend ETF (FDV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPHD

• 1D: -0.04%
• 1M: 0.78%
• YTD: 8.15%
• 6M: 7.75%
• 1Y: 11.57%
• 3Y*: 12.69%
• 5Y*: 6.90%
• 10Y*: 7.55%

FDV

• 1D: 0.00%
• 1M: -0.18%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPHD vs. FDV - Yearly Performance Comparison

	2026 (YTD)
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	1.32%
FDV Federated Hermes U.S. Strategic Dividend ETF	0.36%

Correlation

The correlation between SPHD and FDV is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 22, 2026	0.95

Return for Risk

SPHD vs. FDV — Risk / Return Rank

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

SPHD

SPHD Risk / Return Rank: 30
SPHD Sharpe Ratio Rank: 30
SPHD Sortino Ratio Rank: 31
SPHD Omega Ratio Rank: 27
SPHD Calmar Ratio Rank: 34
SPHD Martin Ratio Rank: 29

FDV

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. FDV - 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 Federated Hermes U.S. Strategic Dividend ETF (FDV). 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	FDV	Difference
Sharpe ratio: Return per unit of total volatility	1.02	—	—
Sortino ratio: Return per unit of downside risk	1.55	—	—
Omega ratio: Gain probability vs. loss probability	1.17	—	—
Calmar ratio: Return relative to maximum drawdown	1.59	—	—
Martin ratio: Return relative to average drawdown	3.89	—	—

Drawdowns

SPHD vs. FDV - Drawdown Comparison

The maximum SPHD drawdown since its inception was -41.39%, which is greater than FDV's maximum drawdown of -3.33%. Use the drawdown chart below to compare losses from any high point for SPHD and FDV.

Drawdown Indicators

	SPHD	FDV	Difference
Max Drawdown Largest peak-to-trough decline	-41.39%	-3.33%	-38.06%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.29%	—	—
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	-1.95%	-1.78%	-0.17%
Average Drawdown Average peak-to-trough decline	-4.69%	-1.16%	-3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	—	—

Volatility

Volatility by Period

	SPHD	FDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.45%	12.15%	-0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.16%	12.15%	+2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	12.15%	+5.49%

SPHD vs. FDV - Expense Ratio Comparison

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

Dividends

SPHD vs. FDV - Dividend Comparison

SPHD's dividend yield for the trailing twelve months is around 4.60%, more than FDV's 0.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDV Federated Hermes U.S. Strategic Dividend ETF	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.60%	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 FDV in my portfolio?

With a correlation of 0.95, SPHD and FDV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, SPHD or FDV?

On fees, SPHD is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPHD or FDV?

SPHD is cheaper with a 0.30% expense ratio, compared with 0.50% for FDV.

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

SPHD has the higher dividend yield at 4.60%, compared with 0.27% for FDV.

What is the main difference between SPHD and FDV?

SPHD is categorized as Dividend, while FDV is Large Cap Value Equities. They also come from different issuers: Invesco and Federated. Their fees differ too: 0.30% for SPHD and 0.50% for FDV.