SPHQ vs. GLD
SPHQ (Invesco S&P 500 Quality ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, SPHQ returned 15.27%/yr vs 12.15%/yr for GLD. At a 0.09 correlation, their price movements are largely independent. SPHQ charges 0.15%/yr vs 0.40%/yr for GLD.
Performance
SPHQ vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, SPHQ achieves a 16.79% return, which is significantly higher than GLD's -2.47% return. Over the past 10 years, SPHQ has outperformed GLD with an annualized return of 15.27%, while GLD has yielded a comparatively lower 12.15% annualized return.
SPHQ
- 1D
- 1.02%
- 1M
- 5.74%
- YTD
- 16.79%
- 6M
- 15.77%
- 1Y
- 26.53%
- 3Y*
- 22.40%
- 5Y*
- 14.55%
- 10Y*
- 15.27%
GLD
- 1D
- 0.06%
- 1M
- -7.37%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 22.21%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
SPHQ vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPHQ Invesco S&P 500 Quality ETF | 16.79% | 13.25% | 25.44% | 24.83% | -15.76% | 28.03% | 17.36% | 33.64% | -7.10% | 19.10% |
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between SPHQ and GLD is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2005 | 0.09 |
The correlation between SPHQ and GLD shifts across timeframes, from 0.07 (10 years) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPHQ vs. GLD — Risk / Return Rank
SPHQ
GLD
SPHQ vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Quality ETF (SPHQ) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.44 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.18 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.75 | 0.98 | +1.77 |
| Martin ratioReturn relative to average drawdown | 11.76 | 2.81 | +8.95 |
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Drawdowns
SPHQ vs. GLD - Drawdown Comparison
The maximum SPHQ drawdown since its inception was -57.83%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for SPHQ and GLD.
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Drawdown Indicators
| SPHQ | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.83% | -45.56% | -12.27% |
Max Drawdown (1Y)Largest decline over 1 year | -8.90% | -24.46% | +15.56% |
Max Drawdown (3Y)Largest decline over 3 years | -16.57% | -24.46% | +7.89% |
Max Drawdown (5Y)Largest decline over 5 years | -25.04% | -24.46% | -0.58% |
Max Drawdown (10Y)Largest decline over 10 years | -31.60% | -24.46% | -7.14% |
Current DrawdownCurrent decline from peak | 0.00% | -22.05% | +22.05% |
Average DrawdownAverage peak-to-trough decline | -10.69% | -16.16% | +5.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.09% | 8.49% | -6.40% |
Volatility
SPHQ vs. GLD - Volatility Comparison
The current volatility for Invesco S&P 500 Quality ETF (SPHQ) is 4.92%, while SPDR Gold Shares (GLD) has a volatility of 7.79%. This indicates that SPHQ experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPHQ | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.92% | 7.79% | -2.87% |
Volatility (6M)Calculated over the trailing 6-month period | 10.83% | 24.10% | -13.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.18% | 27.37% | -14.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.53% | 18.22% | -1.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.90% | 16.08% | +1.82% |
SPHQ vs. GLD - Expense Ratio Comparison
SPHQ has a 0.15% expense ratio, which is lower than GLD's 0.40% expense ratio.
Dividends
SPHQ vs. GLD - Dividend Comparison
SPHQ's dividend yield for the trailing twelve months is around 1.03%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
SPHQ and GLD have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (7.79%) compared to SPHQ (4.92%). In terms of maximum drawdown, SPHQ dropped -57.83% vs GLD's -45.56%.
On 10-year performance, SPHQ leads with 15.27% vs 12.15% for GLD. 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.
Over the 10-year period, SPHQ has performed better with a 15.27% return vs 12.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHQ is cheaper with a 0.15% expense ratio, compared with 0.40% for GLD.
SPHQ has the higher dividend yield at 1.03%, compared with 0.00% for GLD.
SPHQ is categorized as S&P 500, while GLD is Gold. SPHQ tracks S&P 500 Quality Index, while GLD tracks LBMA Gold Price PM. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.15% for SPHQ and 0.40% for GLD.
SPHQ currently has the higher Sharpe Ratio (1.85 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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