SPHD vs. HDV
SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) and HDV (iShares Core High Dividend ETF) are both Dividend funds - SPHD tracks the S&P 500 Low Volatility High Dividend Index while HDV tracks the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, SPHD returned 7.41%/yr vs 9.36%/yr for HDV. Their correlation of 0.88 suggests significant overlap in exposure. SPHD charges 0.30%/yr vs 0.08%/yr for HDV.
Performance
SPHD vs. HDV - Performance Comparison
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Returns By Period
In the year-to-date period, SPHD achieves a 8.51% return, which is significantly lower than HDV's 14.11% return. Over the past 10 years, SPHD has underperformed HDV with an annualized return of 7.41%, while HDV has yielded a comparatively higher 9.36% 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%
HDV
- 1D
- -1.03%
- 1M
- 1.04%
- YTD
- 14.11%
- 6M
- 13.57%
- 1Y
- 20.60%
- 3Y*
- 14.34%
- 5Y*
- 10.83%
- 10Y*
- 9.36%
SPHD vs. HDV - 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% |
HDV iShares Core High Dividend ETF | 14.11% | 11.90% | 14.16% | 1.72% | 7.05% | 19.45% | -6.48% | 20.22% | -3.01% | 13.40% |
Correlation
The correlation between SPHD and HDV is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.88 |
The correlation between SPHD and HDV has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.
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Return for Risk
SPHD vs. HDV — Risk / Return Rank
SPHD
HDV
SPHD vs. HDV - 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 iShares Core High Dividend ETF (HDV). 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 | HDV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.36 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 4.00 | -2.26 |
| Martin ratioReturn relative to average drawdown | 4.31 | 11.07 | -6.77 |
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Drawdowns
SPHD vs. HDV - Drawdown Comparison
The maximum SPHD drawdown since its inception was -41.39%, which is greater than HDV's maximum drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for SPHD and HDV.
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Drawdown Indicators
| SPHD | HDV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.39% | -37.04% | -4.35% |
Max Drawdown (1Y)Largest decline over 1 year | -7.33% | -5.18% | -2.15% |
Max Drawdown (3Y)Largest decline over 3 years | -13.29% | -10.49% | -2.80% |
Max Drawdown (5Y)Largest decline over 5 years | -19.50% | -15.42% | -4.08% |
Max Drawdown (10Y)Largest decline over 10 years | -41.39% | -37.04% | -4.35% |
Current DrawdownCurrent decline from peak | -1.63% | -1.31% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -4.70% | -3.08% | -1.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.96% | 1.87% | +1.09% |
Volatility
SPHD vs. HDV - Volatility Comparison
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a higher volatility of 3.91% compared to iShares Core High Dividend ETF (HDV) at 3.28%. This indicates that SPHD's price experiences larger fluctuations and is considered to be riskier than HDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHD | HDV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.91% | 3.28% | +0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 7.86% | 7.53% | +0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.27% | 9.79% | +1.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.21% | 12.84% | +1.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.66% | 15.74% | +1.92% |
SPHD vs. HDV - Expense Ratio Comparison
SPHD has a 0.30% expense ratio, which is higher than HDV's 0.08% expense ratio.
Dividends
SPHD vs. HDV - Dividend Comparison
SPHD's dividend yield for the trailing twelve months is around 4.45%, more than HDV's 3.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HDV iShares Core High Dividend ETF | 3.56% | 3.22% | 3.67% | 3.82% | 3.56% | 3.47% | 4.07% | 3.27% | 3.67% | 3.27% | 3.28% | 3.92% |
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 HDV have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHD has higher volatility (3.91%) compared to HDV (3.28%). In terms of maximum drawdown, SPHD dropped -41.39% vs HDV's -37.04%.
On 10-year performance, HDV leads with 9.36% vs 7.41% for SPHD. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HDV has performed better with a 9.36% return vs 7.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HDV is cheaper with a 0.08% expense ratio, compared with 0.30% for SPHD.
SPHD has the higher dividend yield at 4.45%, compared with 3.56% for HDV.
SPHD tracks S&P 500 Low Volatility High Dividend Index, while HDV tracks Morningstar Dividend Yield Focus Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.30% for SPHD and 0.08% for HDV.
HDV currently has the higher Sharpe Ratio (2.12 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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