SPHQ vs. DGRW

Last updated Aug 4, 2026

SPHQ (Invesco S&P 500 Quality ETF) and DGRW (WisdomTree U.S. Quality Dividend Growth Fund) are both Quality Factor funds - SPHQ tracks the S&P 500 Quality Index while DGRW tracks the WisdomTree U.S. Quality Dividend Growth Index. Both are passively managed. Over the past 10 years, SPHQ returned 14.58%/yr vs 13.79%/yr for DGRW. Their correlation of 0.92 means they have usually moved in the same direction. SPHQ charges 0.15%/yr vs 0.28%/yr for DGRW.

Performance

SPHQ vs. DGRW - 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. Quality Dividend Growth Fund (DGRW). 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 higher than DGRW's 10.05% return. Over the past 10 years, SPHQ has outperformed DGRW with an annualized return of 14.58%, while DGRW has yielded a comparatively lower 13.79% 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%

DGRW

• 1D: 1.37%
• 1M: 2.07%
• 6M: 6.86%
• YTD: 10.05%
• 1Y: 17.60%
• 3Y*: 15.28%
• 5Y*: 11.72%
• 10Y*: 13.79%
• ALL TIME*: 13.05%

*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)
DGRW WisdomTree U.S. Quality Dividend Growth Fund	$51.74M	$49.20M	$56.02M
SPHQ Invesco S&P 500 Quality ETF	$121.34M	$134.31M	$144.70M

SPHQ vs. DGRW - 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%
DGRW WisdomTree U.S. Quality Dividend Growth Fund	10.05%	12.17%	16.98%	18.66%	-6.33%	24.46%	13.87%	29.54%	-5.38%	26.90%

Correlation

The correlation between SPHQ and DGRW is 0.78, 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.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since May 22, 2013	0.92

The correlation between SPHQ and DGRW shifts across timeframes, from 0.78 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

SPHQ vs. DGRW - Sectors Allocation Comparison

Sectors	SPHQ	DGRW
Technology	41.2%	33.8%
Industrials	17.7%	11.8%
Financial Services	15.2%	8.4%
Consumer Defensive	7.5%	6.7%
Communication Services	6.4%	11.1%
Consumer Cyclical	5.3%	8.0%
Utilities	4.5%	0.2%
Healthcare	3.2%	12.8%
Basic Materials	2.5%	2.8%
Energy	1.0%	4.5%
Real Estate	-	-

Return for Risk

SPHQ vs. DGRW — 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

DGRW

DGRW Risk / Return Rank: 70
DGRW Sharpe Ratio Rank: 73
DGRW Sortino Ratio Rank: 74
DGRW Omega Ratio Rank: 74
DGRW Calmar Ratio Rank: 59
DGRW Martin Ratio Rank: 69

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. DGRW - 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. Quality Dividend Growth Fund (DGRW). 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	DGRW	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.69	-0.19
Sortino ratio: Return per unit of downside risk	2.17	2.41	-0.24
Omega ratio: Gain probability vs. loss probability	1.26	1.31	-0.05
Calmar ratio: Return relative to maximum drawdown	2.45	2.13	+0.32
Martin ratio: Return relative to average drawdown	8.64	8.60	+0.04

SPHQ vs. DGRW - Sharpe Ratio Comparison

The current SPHQ Sharpe Ratio is 1.51, which is comparable to the DGRW Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of SPHQ and DGRW, 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. DGRW - Drawdown Comparison

The maximum SPHQ drawdown since its inception was -57.83%, which is greater than DGRW's maximum drawdown of -32.04%. Use the drawdown chart below to compare losses from any high point for SPHQ and DGRW.

Drawdown Indicators

	SPHQ	DGRW	Difference
Max Drawdown Largest peak-to-trough decline	-57.83%	-32.04%	-25.79%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-8.30%	-0.60%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-16.21%	-0.36%
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	-17.27%	-7.77%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	-32.04%	+0.44%
Current Drawdown Current decline from peak	-5.50%	0.00%	-5.50%
Average Drawdown Average peak-to-trough decline	-10.64%	-3.00%	-7.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	2.05%	+0.47%

Volatility

SPHQ vs. DGRW - Volatility Comparison

Invesco S&P 500 Quality ETF (SPHQ) has a higher volatility of 4.77% compared to WisdomTree U.S. Quality Dividend Growth Fund (DGRW) at 3.19%. This indicates that SPHQ's price experiences larger fluctuations and is considered to be riskier than DGRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHQ	DGRW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.77%	3.19%	+1.58%
Volatility (6M) Calculated over the trailing 6-month period	12.37%	8.44%	+3.93%
Volatility (1Y) Calculated over the trailing 1-year period	14.51%	10.47%	+4.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	14.02%	+2.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.98%	16.19%	+1.79%

SPHQ vs. DGRW - Expense Ratio Comparison

SPHQ has a 0.15% expense ratio, which is lower than DGRW's 0.28% expense ratio.

Dividends

SPHQ vs. DGRW - Dividend Comparison

SPHQ's dividend yield for the trailing twelve months is around 1.10%, less than DGRW's 1.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRW WisdomTree U.S. Quality Dividend Growth Fund	1.26%	1.43%	1.55%	1.74%	2.15%	1.78%	1.93%	2.20%	2.42%	1.71%	2.13%	2.18%
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 DGRW in my portfolio?

SPHQ and DGRW have a correlation of 0.78, 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 DGRW?

SPHQ has higher volatility (4.77%) compared to DGRW (3.19%). In terms of maximum drawdown, SPHQ dropped -57.83% vs DGRW's -32.04%.

Which ETF is better, SPHQ or DGRW?

On 10-year performance, SPHQ leads with 14.58% vs 13.79% for DGRW. On fees, SPHQ is cheaper at 0.15% per year. On volatility, DGRW has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHQ or DGRW?

Over the 10-year period, SPHQ has performed better with a 14.58% return vs 13.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHQ or DGRW?

SPHQ is cheaper with a 0.15% expense ratio, compared with 0.28% for DGRW.

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

DGRW has the higher dividend yield at 1.26%, compared with 1.10% for SPHQ.

What is the main difference between SPHQ and DGRW?

SPHQ tracks S&P 500 Quality Index, while DGRW tracks WisdomTree U.S. Quality Dividend Growth Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.15% for SPHQ and 0.28% for DGRW.

Which has better risk-adjusted returns?

DGRW currently has the higher Sharpe Ratio (1.69 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.