SPHD vs. GTEYX

Last updated Jun 16, 2026

SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) and GTEYX (Gateway Fund Class Y Shares) are both funds - SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index, while GTEYX is a Options Trading fund managed by Natixis. Over the past 10 years, SPHD returned 7.41%/yr vs 6.94%/yr for GTEYX. A 0.60 correlation means they provide meaningful diversification when combined. SPHD charges 0.30%/yr vs 0.70%/yr for GTEYX.

Performance

SPHD vs. GTEYX - 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 Gateway Fund Class Y Shares (GTEYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHD achieves a 8.51% return, which is significantly higher than GTEYX's 3.54% return. Over the past 10 years, SPHD has outperformed GTEYX with an annualized return of 7.41%, while GTEYX has yielded a comparatively lower 6.94% 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%

GTEYX

• 1D: 0.15%
• 1M: -0.26%
• YTD: 3.54%
• 6M: 4.00%
• 1Y: 12.64%
• 3Y*: 11.23%
• 5Y*: 6.92%
• 10Y*: 6.94%

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

SPHD vs. GTEYX - 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%
GTEYX Gateway Fund Class Y Shares	3.54%	10.28%	15.82%	14.70%	-11.84%	11.49%	7.19%	11.12%	-4.17%	9.93%

Correlation

The correlation between SPHD and GTEYX is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012	0.60

Over the past year, the correlation between SPHD and GTEYX has dropped to 0.06 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

Return for Risk

SPHD vs. GTEYX — Risk / Return Rank

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

SPHD

SPHD Risk / Return Rank: 34
SPHD Sharpe Ratio Rank: 35
SPHD Sortino Ratio Rank: 35
SPHD Omega Ratio Rank: 30
SPHD Calmar Ratio Rank: 38
SPHD Martin Ratio Rank: 32

GTEYX

GTEYX Risk / Return Rank: 69
GTEYX Sharpe Ratio Rank: 70
GTEYX Sortino Ratio Rank: 71
GTEYX Omega Ratio Rank: 74
GTEYX Calmar Ratio Rank: 56
GTEYX Martin Ratio Rank: 73

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. GTEYX - 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 Gateway Fund Class Y Shares (GTEYX). 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	GTEYX	Difference
Sharpe ratio: Return per unit of total volatility	1.13	2.07	-0.94
Sortino ratio: Return per unit of downside risk	1.72	2.98	-1.26
Omega ratio: Gain probability vs. loss probability	1.19	1.41	-0.21
Calmar ratio: Return relative to maximum drawdown	1.74	2.56	-0.82
Martin ratio: Return relative to average drawdown	4.31	11.92	-7.61

SPHD vs. GTEYX - Sharpe Ratio Comparison

The current SPHD Sharpe Ratio is 1.13, which is lower than the GTEYX Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of SPHD and GTEYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPHD vs. GTEYX - Drawdown Comparison

The maximum SPHD drawdown since its inception was -41.39%, which is greater than GTEYX's maximum drawdown of -16.58%. Use the drawdown chart below to compare losses from any high point for SPHD and GTEYX.

Drawdown Indicators

	SPHD	GTEYX	Difference
Max Drawdown Largest peak-to-trough decline	-41.39%	-16.58%	-24.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	-5.98%	-1.35%
Max Drawdown (3Y) Largest decline over 3 years	-13.29%	-11.48%	-1.81%
Max Drawdown (5Y) Largest decline over 5 years	-19.50%	-16.25%	-3.25%
Max Drawdown (10Y) Largest decline over 10 years	-41.39%	-16.25%	-25.14%
Current Drawdown Current decline from peak	-1.63%	-1.35%	-0.28%
Average Drawdown Average peak-to-trough decline	-4.70%	-2.06%	-2.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	1.20%	+1.76%

Volatility

SPHD vs. GTEYX - Volatility Comparison

Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a higher volatility of 3.91% compared to Gateway Fund Class Y Shares (GTEYX) at 2.19%. This indicates that SPHD's price experiences larger fluctuations and is considered to be riskier than GTEYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHD	GTEYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	2.19%	+1.72%
Volatility (6M) Calculated over the trailing 6-month period	7.86%	6.07%	+1.79%
Volatility (1Y) Calculated over the trailing 1-year period	11.27%	7.38%	+3.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.21%	9.60%	+4.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.66%	8.91%	+8.75%

SPHD vs. GTEYX - Expense Ratio Comparison

SPHD has a 0.30% expense ratio, which is lower than GTEYX's 0.70% expense ratio.

Dividends

SPHD vs. GTEYX - Dividend Comparison

SPHD's dividend yield for the trailing twelve months is around 4.45%, more than GTEYX's 0.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTEYX Gateway Fund Class Y Shares	0.35%	0.39%	0.65%	0.90%	0.89%	0.66%	1.06%	1.32%	1.41%	1.24%	1.60%	2.09%
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

Can I hold both SPHD and GTEYX in my portfolio?

SPHD and GTEYX have a correlation of 0.06, 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 GTEYX?

SPHD has higher volatility (3.91%) compared to GTEYX (2.19%). In terms of maximum drawdown, SPHD dropped -41.39% vs GTEYX's -16.58%.

Which has better risk-adjusted returns?

GTEYX currently has the higher Sharpe Ratio (2.07 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.