SPHQ vs. GDE

Last updated Jun 13, 2026

SPHQ (Invesco S&P 500 Quality ETF) and GDE (WisdomTree Efficient Gold Plus Equity Strategy Fund) are both exchange-traded funds - SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index, while GDE is a Gold fund actively managed by WisdomTree. SPHQ is passively managed, while GDE is actively managed. Over the past 3 years, SPHQ returned 22.40%/yr vs 42.64%/yr for GDE. A 0.61 correlation means they provide meaningful diversification when combined. SPHQ charges 0.15%/yr vs 0.20%/yr for GDE.

Performance

SPHQ vs. GDE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Quality ETF (SPHQ) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHQ achieves a 16.79% return, which is significantly higher than GDE's 3.16% return.

SPHQ

• 1D: 1.02%
• 1M: 5.98%
• YTD: 16.79%
• 6M: 15.77%
• 1Y: 24.32%
• 3Y*: 22.40%
• 5Y*: 14.55%
• 10Y*: 15.27%

GDE

• 1D: 0.67%
• 1M: -9.19%
• YTD: 3.16%
• 6M: 4.00%
• 1Y: 41.34%
• 3Y*: 42.64%
• 5Y*: —
• 10Y*: —

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

SPHQ vs. GDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPHQ Invesco S&P 500 Quality ETF	16.79%	13.25%	25.44%	24.83%	-8.90%
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	3.16%	73.76%	44.79%	33.85%	-8.58%

Correlation

The correlation between SPHQ and GDE is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022	0.61

The correlation between SPHQ and GDE shifts across timeframes, from 0.49 (1 year) to 0.61 (all time), reflecting how their relationship changes across market environments.

SPHQ vs. GDE - Sectors Allocation Comparison

Sectors	SPHQ	GDE
Technology	28.1%	35.6%
Industrials	24.3%	7.6%
Consumer Defensive	15.4%	5.5%
Financial Services	13.3%	12.2%
Healthcare	8.4%	8.3%
Consumer Cyclical	4.6%	10.1%
Basic Materials	2.2%	1.4%
Communication Services	2.0%	12.2%
Utilities	1.0%	2.1%
Energy	0.7%	3.4%
Real Estate	-	1.6%

Return for Risk

SPHQ vs. GDE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPHQ

SPHQ Risk / Return Rank: 66
SPHQ Sharpe Ratio Rank: 65
SPHQ Sortino Ratio Rank: 68
SPHQ Omega Ratio Rank: 60
SPHQ Calmar Ratio Rank: 63
SPHQ Martin Ratio Rank: 73

GDE

GDE Risk / Return Rank: 42
GDE Sharpe Ratio Rank: 45
GDE Sortino Ratio Rank: 39
GDE Omega Ratio Rank: 46
GDE Calmar Ratio Rank: 41
GDE Martin Ratio Rank: 38

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPHQ vs. GDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Quality ETF (SPHQ) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). 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	GDE	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.39	+0.46
Sortino ratio: Return per unit of downside risk	2.67	1.81	+0.86
Omega ratio: Gain probability vs. loss probability	1.32	1.26	+0.06
Calmar ratio: Return relative to maximum drawdown	2.75	1.83	+0.91
Martin ratio: Return relative to average drawdown	11.76	5.36	+6.40

SPHQ vs. GDE - Sharpe Ratio Comparison

The current SPHQ Sharpe Ratio is 1.85, which is higher than the GDE Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of SPHQ and GDE, 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. GDE - Drawdown Comparison

The maximum SPHQ drawdown since its inception was -57.83%, which is greater than GDE's maximum drawdown of -32.01%. Use the drawdown chart below to compare losses from any high point for SPHQ and GDE.

Drawdown Indicators

	SPHQ	GDE	Difference
Max Drawdown Largest peak-to-trough decline	-57.83%	-32.01%	-25.82%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-22.66%	+13.76%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-22.66%	+6.09%
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	—	—
Current Drawdown Current decline from peak	0.00%	-16.53%	+16.53%
Average Drawdown Average peak-to-trough decline	-10.69%	-7.93%	-2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	7.73%	-5.64%

Volatility

SPHQ vs. GDE - Volatility Comparison

The current volatility for Invesco S&P 500 Quality ETF (SPHQ) is 4.92%, while WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) has a volatility of 10.77%. This indicates that SPHQ experiences smaller price fluctuations and is considered to be less risky than GDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHQ	GDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	10.77%	-5.85%
Volatility (6M) Calculated over the trailing 6-month period	10.83%	25.97%	-15.14%
Volatility (1Y) Calculated over the trailing 1-year period	13.18%	29.88%	-16.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.53%	27.09%	-10.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.90%	27.09%	-9.19%

SPHQ vs. GDE - Expense Ratio Comparison

SPHQ has a 0.15% expense ratio, which is lower than GDE's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPHQ vs. GDE - Dividend Comparison

SPHQ's dividend yield for the trailing twelve months is around 1.03%, less than GDE's 4.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund	4.19%	4.32%	7.14%	2.22%	0.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPHQ Invesco S&P 500 Quality ETF	1.03%	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 GDE in my portfolio?

SPHQ and GDE have a correlation of 0.49, 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 GDE?

GDE has higher volatility (10.77%) compared to SPHQ (4.92%). In terms of maximum drawdown, SPHQ dropped -57.83% vs GDE's -32.01%.

Which ETF is better, SPHQ or GDE?

On 3-year performance, GDE leads with 42.64% vs 22.40% for SPHQ. On fees, SPHQ is cheaper at 0.15% per year. On volatility, SPHQ has been the lower-risk option at 4.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHQ or GDE?

Over the 3-year period, GDE has performed better with a 42.64% return vs 22.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHQ or GDE?

SPHQ is cheaper with a 0.15% expense ratio, compared with 0.20% for GDE.

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

GDE has the higher dividend yield at 4.19%, compared with 1.03% for SPHQ.

What is the main difference between SPHQ and GDE?

SPHQ is categorized as S&P 500, while GDE is Gold. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.15% for SPHQ and 0.20% for GDE.

Which has better risk-adjusted returns?

SPHQ currently has the higher Sharpe Ratio (1.85 vs 1.39), 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.