SPHD vs. XTR
SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) and XTR (Global X S&P 500 Tail Risk ETF) are both exchange-traded funds - SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index, while XTR is a Equity Hedged fund tracking the Cboe S&P 500 Tail Risk Index. Both are passively managed. Over the past 3 years, SPHD returned 12.34%/yr vs 17.11%/yr for XTR. A 0.51 correlation means they provide meaningful diversification when combined. SPHD charges 0.30%/yr vs 0.25%/yr for XTR.
Performance
SPHD vs. XTR - Performance Comparison
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Returns By Period
In the year-to-date period, SPHD achieves a 9.74% return, which is significantly higher than XTR's 6.78% return.
SPHD
- 1D
- 1.10%
- 1M
- 4.73%
- YTD
- 9.74%
- 6M
- 9.46%
- 1Y
- 12.86%
- 3Y*
- 12.34%
- 5Y*
- 6.47%
- 10Y*
- 7.65%
XTR
- 1D
- 0.41%
- 1M
- -0.32%
- YTD
- 6.78%
- 6M
- 7.05%
- 1Y
- 19.37%
- 3Y*
- 17.11%
- 5Y*
- —
- 10Y*
- —
SPHD vs. XTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 9.74% | 3.41% | 18.08% | 1.32% | 0.58% | 3.90% |
XTR Global X S&P 500 Tail Risk ETF | 6.78% | 13.66% | 21.85% | 21.16% | -17.67% | 4.25% |
Correlation
The correlation between SPHD and XTR is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Aug 26, 2021 | 0.51 |
Over the past year, the correlation between SPHD and XTR has dropped to 0.22 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.
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Return for Risk
SPHD vs. XTR — Risk / Return Rank
SPHD
XTR
SPHD vs. XTR - 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 Global X S&P 500 Tail Risk ETF (XTR). 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 | XTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.31 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 2.29 | -0.53 |
| Martin ratioReturn relative to average drawdown | 4.36 | 9.51 | -5.15 |
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Drawdowns
SPHD vs. XTR - Drawdown Comparison
The maximum SPHD drawdown since its inception was -41.39%, which is greater than XTR's maximum drawdown of -20.83%. Use the drawdown chart below to compare losses from any high point for SPHD and XTR.
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Drawdown Indicators
| SPHD | XTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.39% | -20.83% | -20.56% |
Max Drawdown (1Y)Largest decline over 1 year | -7.33% | -8.51% | +1.18% |
Max Drawdown (3Y)Largest decline over 3 years | -13.29% | -14.35% | +1.06% |
Max Drawdown (5Y)Largest decline over 5 years | -19.50% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.39% | — | — |
Current DrawdownCurrent decline from peak | -0.52% | -2.37% | +1.85% |
Average DrawdownAverage peak-to-trough decline | -4.70% | -5.92% | +1.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.96% | 2.04% | +0.92% |
Volatility
SPHD vs. XTR - Volatility Comparison
The current volatility for Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) is 3.67%, while Global X S&P 500 Tail Risk ETF (XTR) has a volatility of 4.28%. This indicates that SPHD experiences smaller price fluctuations and is considered to be less risky than XTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHD | XTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.67% | 4.28% | -0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 7.78% | 8.83% | -1.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.23% | 11.21% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.20% | 13.83% | +0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.65% | 13.83% | +3.82% |
SPHD vs. XTR - Expense Ratio Comparison
SPHD has a 0.30% expense ratio, which is higher than XTR's 0.25% expense ratio.
Dividends
SPHD vs. XTR - Dividend Comparison
SPHD's dividend yield for the trailing twelve months is around 4.40%, less than XTR's 16.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.40% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
XTR Global X S&P 500 Tail Risk ETF | 16.69% | 17.82% | 20.89% | 1.09% | 1.08% | 2.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPHD and XTR have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XTR has higher volatility (4.28%) compared to SPHD (3.67%). In terms of maximum drawdown, SPHD dropped -41.39% vs XTR's -20.83%.
On 3-year performance, XTR leads with 17.11% vs 12.34% for SPHD. On fees, XTR is cheaper at 0.25% per year. On volatility, SPHD has been the lower-risk option at 3.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, XTR has performed better with a 17.11% return vs 12.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XTR is cheaper with a 0.25% expense ratio, compared with 0.30% for SPHD.
XTR has the higher dividend yield at 16.69%, compared with 4.40% for SPHD.
SPHD is categorized as Dividend, while XTR is Equity Hedged. SPHD tracks S&P 500 Low Volatility High Dividend Index, while XTR tracks Cboe S&P 500 Tail Risk Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.30% for SPHD and 0.25% for XTR.
XTR currently has the higher Sharpe Ratio (1.74 vs 1.15), 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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