SPHD vs. USD
SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, SPHD returned 7.55%/yr vs 61.02%/yr for USD. At a 0.34 correlation, their price movements are largely independent. SPHD charges 0.30%/yr vs 0.95%/yr for USD.
Performance
SPHD vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, SPHD achieves a 8.20% return, which is significantly lower than USD's 84.65% return. Over the past 10 years, SPHD has underperformed USD with an annualized return of 7.55%, while USD has yielded a comparatively higher 61.02% annualized return.
SPHD
- 1D
- 1.63%
- 1M
- 0.82%
- YTD
- 8.20%
- 6M
- 8.56%
- 1Y
- 12.09%
- 3Y*
- 12.70%
- 5Y*
- 7.06%
- 10Y*
- 7.55%
USD
- 1D
- -12.35%
- 1M
- 1.73%
- YTD
- 84.65%
- 6M
- 79.76%
- 1Y
- 206.76%
- 3Y*
- 114.28%
- 5Y*
- 63.13%
- 10Y*
- 61.02%
SPHD vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 8.20% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
USD ProShares Ultra Semiconductors | 84.65% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between SPHD and USD is -0.21, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.34 |
The correlation between SPHD and USD shifts across timeframes, from -0.21 (1 year) to 0.34 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPHD vs. USD — Risk / Return Rank
SPHD
USD
SPHD vs. USD - 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 ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.40 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 6.54 | -4.89 |
| Martin ratioReturn relative to average drawdown | 4.06 | 18.16 | -14.09 |
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Drawdowns
SPHD vs. USD - Drawdown Comparison
The maximum SPHD drawdown since its inception was -41.39%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for SPHD and USD.
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Drawdown Indicators
| SPHD | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.39% | -88.63% | +47.24% |
Max Drawdown (1Y)Largest decline over 1 year | -7.33% | -31.80% | +24.47% |
Max Drawdown (3Y)Largest decline over 3 years | -13.29% | -64.46% | +51.17% |
Max Drawdown (5Y)Largest decline over 5 years | -19.50% | -77.85% | +58.35% |
Max Drawdown (10Y)Largest decline over 10 years | -41.39% | -77.85% | +36.46% |
Current DrawdownCurrent decline from peak | -1.91% | -14.69% | +12.78% |
Average DrawdownAverage peak-to-trough decline | -4.69% | -32.29% | +27.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.98% | 11.44% | -8.46% |
Volatility
SPHD vs. USD - Volatility Comparison
The current volatility for Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) is 4.26%, while ProShares Ultra Semiconductors (USD) has a volatility of 34.07%. This indicates that SPHD experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHD | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.26% | 34.07% | -29.81% |
Volatility (6M)Calculated over the trailing 6-month period | 8.13% | 54.13% | -46.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.48% | 67.96% | -56.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.16% | 77.73% | -63.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.65% | 69.83% | -52.18% |
SPHD vs. USD - Expense Ratio Comparison
SPHD has a 0.30% expense ratio, which is lower than USD's 0.95% expense ratio.
Dividends
SPHD vs. USD - Dividend Comparison
SPHD's dividend yield for the trailing twelve months is around 4.60%, more than USD's 0.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USD ProShares Ultra Semiconductors | 0.25% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
SPHD and USD have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (34.07%) compared to SPHD (4.26%). In terms of maximum drawdown, SPHD dropped -41.39% vs USD's -88.63%.
On 10-year performance, USD leads with 61.02% vs 7.55% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, SPHD has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 61.02% return vs 7.55%. 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 0.95% for USD.
SPHD has the higher dividend yield at 4.60%, compared with 0.25% for USD.
SPHD is categorized as Dividend, while USD is Leveraged Equities. SPHD tracks S&P 500 Low Volatility High Dividend Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.30% for SPHD and 0.95% for USD.
USD currently has the higher Sharpe Ratio (3.06 vs 1.06), 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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