SPHQ vs. DGRS

Last updated Aug 4, 2026

SPHQ (Invesco S&P 500 Quality ETF) and DGRS (WisdomTree U.S. SmallCap Quality Dividend Growth Fund) are both Quality Factor funds - SPHQ tracks the S&P 500 Quality Index while DGRS tracks the WisdomTree U.S. SmallCap Quality Dividend Growth Index. Both are passively managed. Over the past 10 years, SPHQ returned 14.58%/yr vs 9.82%/yr for DGRS. Their 0.70 correlation means they have sometimes moved together and sometimes differently. SPHQ charges 0.15%/yr vs 0.38%/yr for DGRS.

Performance

SPHQ vs. DGRS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Quality ETF (SPHQ) and WisdomTree U.S. SmallCap Quality Dividend Growth Fund (DGRS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHQ achieves a 14.14% return, which is significantly lower than DGRS's 23.92% return. Over the past 10 years, SPHQ has outperformed DGRS with an annualized return of 14.58%, while DGRS has yielded a comparatively lower 9.82% annualized return.

SPHQ

• 1D: 0.56%
• 1M: -3.11%
• 6M: 8.93%
• YTD: 14.14%
• 1Y: 21.69%
• 3Y*: 19.92%
• 5Y*: 12.81%
• 10Y*: 14.58%
• ALL TIME*: 10.03%

DGRS

• 1D: 1.85%
• 1M: 3.78%
• 6M: 13.41%
• YTD: 23.92%
• 1Y: 34.23%
• 3Y*: 13.89%
• 5Y*: 9.03%
• 10Y*: 9.82%
• ALL TIME*: 9.69%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DGRS WisdomTree U.S. SmallCap Quality Dividend Growth Fund	$2.65M	$2.40M	$1.87M
SPHQ Invesco S&P 500 Quality ETF	$121.34M	$134.31M	$144.70M

SPHQ vs. DGRS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHQ Invesco S&P 500 Quality ETF	14.14%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%
DGRS WisdomTree U.S. SmallCap Quality Dividend Growth Fund	23.92%	-0.43%	10.40%	21.16%	-13.11%	23.11%	7.86%	24.20%	-10.75%	7.25%

Correlation

The correlation between SPHQ and DGRS is 0.63, 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.	0.63
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.71
Correlation (10Y) Provides a long-term view across more market conditions.	0.69
Correlation (All Time) Calculated using the full available price history since Jul 25, 2013	0.70

The correlation between SPHQ and DGRS has been stable across timeframes, ranging from 0.63 to 0.71 - a consistent structural relationship.

SPHQ vs. DGRS - Sectors Allocation Comparison

Sectors	SPHQ	DGRS
Technology	41.2%	9.1%
Industrials	17.7%	19.5%
Financial Services	15.2%	25.5%
Consumer Defensive	7.5%	6.5%
Communication Services	6.4%	2.0%
Consumer Cyclical	5.3%	16.3%
Utilities	4.5%	0.2%
Healthcare	3.2%	1.2%
Basic Materials	2.5%	8.0%
Energy	1.0%	10.0%
Real Estate	-	1.9%

Return for Risk

SPHQ vs. DGRS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPHQ

SPHQ Risk / Return Rank: 65
SPHQ Sharpe Ratio Rank: 64
SPHQ Sortino Ratio Rank: 65
SPHQ Omega Ratio Rank: 59
SPHQ Calmar Ratio Rank: 69
SPHQ Martin Ratio Rank: 69

DGRS

DGRS Risk / Return Rank: 84
DGRS Sharpe Ratio Rank: 83
DGRS Sortino Ratio Rank: 88
DGRS Omega Ratio Rank: 81
DGRS Calmar Ratio Rank: 86
DGRS Martin Ratio Rank: 81

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPHQ vs. DGRS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Quality ETF (SPHQ) and WisdomTree U.S. SmallCap Quality Dividend Growth Fund (DGRS). 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.

	SPHQ	DGRS	Difference
Sharpe ratio: Return per unit of total volatility	1.51	2.02	-0.51
Sortino ratio: Return per unit of downside risk	2.17	3.09	-0.92
Omega ratio: Gain probability vs. loss probability	1.26	1.36	-0.10
Calmar ratio: Return relative to maximum drawdown	2.45	3.55	-1.10
Martin ratio: Return relative to average drawdown	8.64	11.35	-2.70

SPHQ vs. DGRS - Sharpe Ratio Comparison

The current SPHQ Sharpe Ratio is 1.51, which is comparable to the DGRS Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of SPHQ and DGRS, 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

SPHQ vs. DGRS - Drawdown Comparison

The maximum SPHQ drawdown since its inception was -57.83%, which is greater than DGRS's maximum drawdown of -44.83%. Use the drawdown chart below to compare losses from any high point for SPHQ and DGRS.

Drawdown Indicators

	SPHQ	DGRS	Difference
Max Drawdown Largest peak-to-trough decline	-57.83%	-44.83%	-13.00%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-9.68%	+0.78%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-27.57%	+11.00%
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	-27.57%	+2.53%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	-44.83%	+13.23%
Current Drawdown Current decline from peak	-5.50%	0.00%	-5.50%
Average Drawdown Average peak-to-trough decline	-10.64%	-6.65%	-3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	3.02%	-0.50%

Volatility

SPHQ vs. DGRS - Volatility Comparison

Invesco S&P 500 Quality ETF (SPHQ) has a higher volatility of 4.77% compared to WisdomTree U.S. SmallCap Quality Dividend Growth Fund (DGRS) at 4.02%. This indicates that SPHQ's price experiences larger fluctuations and is considered to be riskier than DGRS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHQ	DGRS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.77%	4.02%	+0.75%
Volatility (6M) Calculated over the trailing 6-month period	12.37%	10.67%	+1.70%
Volatility (1Y) Calculated over the trailing 1-year period	14.51%	17.07%	-2.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	20.24%	-3.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.98%	23.59%	-5.61%

SPHQ vs. DGRS - Expense Ratio Comparison

SPHQ has a 0.15% expense ratio, which is lower than DGRS's 0.38% expense ratio.

Dividends

SPHQ vs. DGRS - Dividend Comparison

SPHQ's dividend yield for the trailing twelve months is around 1.10%, less than DGRS's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRS WisdomTree U.S. SmallCap Quality Dividend Growth Fund	2.00%	2.68%	2.15%	2.36%	2.88%	2.19%	2.32%	2.39%	2.64%	1.90%	1.82%	2.55%
SPHQ Invesco S&P 500 Quality ETF	1.10%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%

Frequently Asked Questions

Can I hold both SPHQ and DGRS in my portfolio?

SPHQ and DGRS have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHQ or DGRS?

SPHQ has higher volatility (4.77%) compared to DGRS (4.02%). In terms of maximum drawdown, SPHQ dropped -57.83% vs DGRS's -44.83%.

Which ETF is better, SPHQ or DGRS?

On 10-year performance, SPHQ leads with 14.58% vs 9.82% for DGRS. On fees, SPHQ is cheaper at 0.15% per year. On volatility, DGRS has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHQ or DGRS?

Over the 10-year period, SPHQ has performed better with a 14.58% return vs 9.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHQ or DGRS?

SPHQ is cheaper with a 0.15% expense ratio, compared with 0.38% for DGRS.

Which ETF pays a higher dividend yield, SPHQ or DGRS?

DGRS has the higher dividend yield at 2.00%, compared with 1.10% for SPHQ.

What is the main difference between SPHQ and DGRS?

SPHQ tracks S&P 500 Quality Index, while DGRS tracks WisdomTree U.S. SmallCap Quality Dividend Growth Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.15% for SPHQ and 0.38% for DGRS.

Which has better risk-adjusted returns?

DGRS currently has the higher Sharpe Ratio (2.02 vs 1.50), 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.