SPHD vs. USMV
SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index, while USMV is a Low Volatility fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, SPHD returned 7.28%/yr vs 9.63%/yr for USMV. Their 0.78 correlation means they have sometimes moved together and sometimes differently. SPHD charges 0.30%/yr vs 0.15%/yr for USMV.
Performance
SPHD vs. USMV - Performance Comparison
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Returns By Period
In the year-to-date period, SPHD achieves a 12.28% return, which is significantly higher than USMV's 4.76% return. Over the past 10 years, SPHD has underperformed USMV with an annualized return of 7.28%, while USMV has yielded a comparatively higher 9.63% annualized return.
SPHD
- 1D
- -0.19%
- 1M
- 0.89%
- 6M
- 6.75%
- YTD
- 12.28%
- 1Y
- 15.51%
- 3Y*
- 12.02%
- 5Y*
- 8.00%
- 10Y*
- 7.28%
- ALL TIME*
- 9.83%
USMV
- 1D
- 0.09%
- 1M
- 0.04%
- 6M
- 3.84%
- YTD
- 4.76%
- 1Y
- 7.68%
- 3Y*
- 11.04%
- 5Y*
- 6.87%
- 10Y*
- 9.63%
- ALL TIME*
- 11.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $45.09M | $45.47M | $42.29M | |
| $217.70M | $221.64M | $218.77M |
SPHD vs. USMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 12.28% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
USMV iShares MSCI USA Min Vol Factor ETF | 4.76% | 7.65% | 15.74% | 10.33% | -9.43% | 20.85% | 5.64% | 27.69% | 1.33% | 18.91% |
Correlation
The correlation between SPHD and USMV is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.62 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.74 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.74 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.78 |
The correlation between SPHD and USMV shifts across timeframes, from 0.62 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPHD vs. USMV — Risk / Return Rank
SPHD
USMV
SPHD vs. USMV - 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 MSCI USA Min Vol Factor ETF (USMV). 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 | USMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.15 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 1.15 | +0.94 |
| Martin ratioReturn relative to average drawdown | 5.19 | 3.74 | +1.45 |
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Drawdowns
SPHD vs. USMV - Drawdown Comparison
The maximum SPHD drawdown since its inception was -41.39%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for SPHD and USMV.
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Drawdown Indicators
| SPHD | USMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.39% | -33.10% | -8.29% |
Max Drawdown (1Y)Largest decline over 1 year | -7.33% | -6.46% | -0.87% |
Max Drawdown (3Y)Largest decline over 3 years | -13.29% | -9.36% | -3.93% |
Max Drawdown (5Y)Largest decline over 5 years | -19.50% | -17.93% | -1.57% |
Max Drawdown (10Y)Largest decline over 10 years | -41.39% | -33.10% | -8.29% |
Current DrawdownCurrent decline from peak | -2.24% | -0.64% | -1.60% |
Average DrawdownAverage peak-to-trough decline | -4.66% | -2.86% | -1.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.93% | 1.98% | +0.95% |
Volatility
SPHD vs. USMV - Volatility Comparison
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a higher volatility of 4.63% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.80%. This indicates that SPHD's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHD | USMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.63% | 2.80% | +1.83% |
Volatility (6M)Calculated over the trailing 6-month period | 9.12% | 6.44% | +2.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.81% | 8.56% | +3.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.24% | 12.38% | +1.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.67% | 14.50% | +3.17% |
SPHD vs. USMV - Expense Ratio Comparison
SPHD has a 0.30% expense ratio, which is higher than USMV's 0.15% expense ratio.
Dividends
SPHD vs. USMV - Dividend Comparison
SPHD's dividend yield for the trailing twelve months is around 4.56%, more than USMV's 1.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.56% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
USMV iShares MSCI USA Min Vol Factor ETF | 1.47% | 1.49% | 1.67% | 1.82% | 1.62% | 1.26% | 1.81% | 1.88% | 2.12% | 1.77% | 2.22% | 2.02% |
Frequently Asked Questions
SPHD and USMV have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHD has higher volatility (4.63%) compared to USMV (2.80%). In terms of maximum drawdown, SPHD dropped -41.39% vs USMV's -33.10%.
On 10-year performance, USMV leads with 9.63% vs 7.28% for SPHD. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USMV has performed better with a 9.63% return vs 7.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USMV is cheaper with a 0.15% expense ratio, compared with 0.30% for SPHD.
SPHD has the higher dividend yield at 4.56%, compared with 1.47% for USMV.
SPHD is categorized as Dividend, while USMV is Low Volatility. SPHD tracks S&P 500 Low Volatility High Dividend Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.30% for SPHD and 0.15% for USMV.
SPHD currently has the higher Sharpe Ratio (1.30 vs 0.87), 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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