SPHD vs. GDX
SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, SPHD returned 7.41%/yr vs 13.81%/yr for GDX. At a 0.18 correlation, their price movements are largely independent. SPHD charges 0.30%/yr vs 0.51%/yr for GDX.
Performance
SPHD vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, SPHD achieves a 8.51% return, which is significantly higher than GDX's -0.58% return. Over the past 10 years, SPHD has underperformed GDX with an annualized return of 7.41%, while GDX has yielded a comparatively higher 13.81% annualized return.
SPHD
- 1D
- -1.12%
- 1M
- 4.38%
- YTD
- 8.51%
- 6M
- 7.65%
- 1Y
- 12.70%
- 3Y*
- 11.55%
- 5Y*
- 6.57%
- 10Y*
- 7.41%
GDX
- 1D
- 6.55%
- 1M
- -2.38%
- YTD
- -0.58%
- 6M
- 1.22%
- 1Y
- 57.71%
- 3Y*
- 41.18%
- 5Y*
- 19.97%
- 10Y*
- 13.81%
SPHD vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 8.51% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
GDX VanEck Gold Miners ETF | -0.58% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between SPHD and GDX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.18 |
The correlation between SPHD and GDX shifts across timeframes, from 0.15 (1 year) to 0.29 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPHD vs. GDX — Risk / Return Rank
SPHD
GDX
SPHD vs. GDX - 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 VanEck Gold Miners ETF (GDX). 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 | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.23 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 1.60 | +0.14 |
| Martin ratioReturn relative to average drawdown | 4.31 | 4.39 | -0.09 |
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Drawdowns
SPHD vs. GDX - Drawdown Comparison
The maximum SPHD drawdown since its inception was -41.39%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for SPHD and GDX.
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Drawdown Indicators
| SPHD | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.39% | -80.34% | +38.95% |
Max Drawdown (1Y)Largest decline over 1 year | -7.33% | -36.28% | +28.95% |
Max Drawdown (3Y)Largest decline over 3 years | -13.29% | -36.28% | +22.99% |
Max Drawdown (5Y)Largest decline over 5 years | -19.50% | -46.51% | +27.01% |
Max Drawdown (10Y)Largest decline over 10 years | -41.39% | -49.79% | +8.40% |
Current DrawdownCurrent decline from peak | -1.63% | -26.39% | +24.76% |
Average DrawdownAverage peak-to-trough decline | -4.70% | -40.41% | +35.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.96% | 13.22% | -10.26% |
Volatility
SPHD vs. GDX - Volatility Comparison
The current volatility for Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) is 3.91%, while VanEck Gold Miners ETF (GDX) has a volatility of 18.56%. This indicates that SPHD experiences smaller price fluctuations and is considered to be less risky than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHD | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.91% | 18.56% | -14.65% |
Volatility (6M)Calculated over the trailing 6-month period | 7.86% | 39.52% | -31.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.27% | 47.30% | -36.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.21% | 36.86% | -22.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.66% | 37.37% | -19.71% |
SPHD vs. GDX - Expense Ratio Comparison
SPHD has a 0.30% expense ratio, which is lower than GDX's 0.51% expense ratio.
Dividends
SPHD vs. GDX - Dividend Comparison
SPHD's dividend yield for the trailing twelve months is around 4.45%, more than GDX's 0.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.74% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.45% | 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 GDX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (18.56%) compared to SPHD (3.91%). In terms of maximum drawdown, SPHD dropped -41.39% vs GDX's -80.34%.
On 10-year performance, GDX leads with 13.81% vs 7.41% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, SPHD has been the lower-risk option at 3.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDX has performed better with a 13.81% return vs 7.41%. 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 0.51% for GDX.
SPHD has the higher dividend yield at 4.45%, compared with 0.74% for GDX.
SPHD is categorized as Dividend, while GDX is Gold. SPHD tracks S&P 500 Low Volatility High Dividend Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.30% for SPHD and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (1.23 vs 1.13), 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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