SPHD vs. FVD

Last updated Jun 4, 2026

SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) and FVD (First Trust Value Line Dividend Index Fund) are both exchange-traded funds - SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index, while FVD is a Mid Cap Value Equities fund tracking the Value Line Dividend Index. Both are passively managed. Over the past 10 years, SPHD returned 7.08%/yr vs 8.30%/yr for FVD. Their correlation of 0.91 suggests significant overlap in exposure. SPHD charges 0.30%/yr vs 0.61%/yr for FVD.

Performance

SPHD vs. FVD - 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 Value Line Dividend Index Fund (FVD). 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 higher than FVD's 2.21% return. Over the past 10 years, SPHD has underperformed FVD with an annualized return of 7.08%, while FVD has yielded a comparatively higher 8.30% 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%

FVD

• 1D: -0.59%
• 1M: -1.04%
• YTD: 2.21%
• 6M: 2.80%
• 1Y: 6.84%
• 3Y*: 8.25%
• 5Y*: 5.20%
• 10Y*: 8.30%

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

SPHD vs. FVD - 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%
FVD First Trust Value Line Dividend Index Fund	2.21%	8.16%	10.04%	4.11%	-5.18%	25.08%	-0.02%	26.58%	-3.49%	12.51%

Correlation

The correlation between SPHD and FVD 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	0.89
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	0.91

The correlation between SPHD and FVD has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

SPHD vs. FVD - Sectors Allocation Comparison

Sectors	SPHD	FVD
Real Estate	20.1%	8.1%
Consumer Defensive	17.8%	11.6%
Financial Services	15.6%	19.1%
Energy	14.1%	4.0%
Utilities	13.7%	18.4%
Communication Services	8.6%	3.0%
Healthcare	5.1%	7.8%
Consumer Cyclical	3.4%	5.6%
Technology	1.5%	6.1%
Industrials	0.0%	14.2%
Basic Materials	-	2.1%

Return for Risk

SPHD vs. FVD — 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

FVD

FVD Risk / Return Rank: 21
FVD Sharpe Ratio Rank: 21
FVD Sortino Ratio Rank: 21
FVD Omega Ratio Rank: 19
FVD Calmar Ratio Rank: 21
FVD Martin Ratio Rank: 21

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. FVD - 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 Value Line Dividend Index Fund (FVD). 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	FVD	Difference
Sharpe ratio: Return per unit of total volatility	0.74	0.72	+0.01
Sortino ratio: Return per unit of downside risk	1.15	1.12	+0.03
Omega ratio: Gain probability vs. loss probability	1.13	1.13	0.00
Calmar ratio: Return relative to maximum drawdown	1.11	0.95	+0.16
Martin ratio: Return relative to average drawdown	2.78	2.58	+0.20
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. FVD - Sharpe Ratio Comparison

The current SPHD Sharpe Ratio is 0.74, which is comparable to the FVD Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of SPHD and FVD, 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	FVD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.74	0.72	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.41	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.54	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.58	0.00

Drawdowns

SPHD vs. FVD - Drawdown Comparison

The maximum SPHD drawdown since its inception was -41.39%, smaller than the maximum FVD drawdown of -51.00%. Use the drawdown chart below to compare losses from any high point for SPHD and FVD.

Drawdown Indicators

	SPHD	FVD	Difference
Max Drawdown Largest peak-to-trough decline	-41.39%	-51.00%	+9.61%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	-7.23%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-13.29%	-11.97%	-1.32%
Max Drawdown (5Y) Largest decline over 5 years	-19.50%	-16.41%	-3.09%
Max Drawdown (10Y) Largest decline over 10 years	-41.39%	-35.25%	-6.14%
Current Drawdown Current decline from peak	-5.37%	-5.96%	+0.59%
Average Drawdown Average peak-to-trough decline	-4.70%	-5.44%	+0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	2.66%	+0.27%

Volatility

SPHD vs. FVD - Volatility Comparison

Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a higher volatility of 2.99% compared to First Trust Value Line Dividend Index Fund (FVD) at 2.62%. This indicates that SPHD's price experiences larger fluctuations and is considered to be riskier than FVD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHD	FVD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	2.62%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	7.55%	6.73%	+0.82%
Volatility (1Y) Calculated over the trailing 1-year period	11.04%	9.50%	+1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.16%	12.76%	+1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	15.44%	+2.20%

SPHD vs. FVD - Expense Ratio Comparison

SPHD has a 0.30% expense ratio, which is lower than FVD's 0.61% expense ratio.

Dividends

SPHD vs. FVD - Dividend Comparison

SPHD's dividend yield for the trailing twelve months is around 4.62%, more than FVD's 2.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FVD First Trust Value Line Dividend Index Fund	2.31%	2.36%	2.23%	2.34%	2.20%	1.75%	2.31%	2.03%	2.50%	2.10%	2.04%	2.34%
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 FVD in my portfolio?

SPHD and FVD 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 FVD?

SPHD has higher volatility (2.99%) compared to FVD (2.62%). In terms of maximum drawdown, SPHD dropped -41.39% vs FVD's -51.00%.

Which ETF is better, SPHD or FVD?

On 10-year performance, FVD leads with 8.30% vs 7.08% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, FVD has been the lower-risk option at 2.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHD or FVD?

Over the 10-year period, FVD has performed better with a 8.30% 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 FVD?

SPHD is cheaper with a 0.30% expense ratio, compared with 0.61% for FVD.

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

SPHD has the higher dividend yield at 4.62%, compared with 2.31% for FVD.

What is the main difference between SPHD and FVD?

SPHD is categorized as Dividend, while FVD is Mid Cap Value Equities. SPHD tracks S&P 500 Low Volatility High Dividend Index, while FVD tracks Value Line Dividend Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.30% for SPHD and 0.61% for FVD.

Which has better risk-adjusted returns?

SPHD currently has the higher Sharpe Ratio (0.74 vs 0.72), 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.