SPHQ vs. SPHB

Last updated Jun 24, 2026

SPHQ (Invesco S&P 500 Quality ETF) and SPHB (Invesco S&P 500® High Beta ETF) are both S&P 500 funds from Invesco - SPHQ tracks the S&P 500 Quality Index while SPHB tracks the S&P 500 High Beta Index. Both are passively managed. Over the past 10 years, SPHQ returned 15.46%/yr vs 19.46%/yr for SPHB. Their correlation of 0.80 suggests significant overlap in exposure. SPHQ charges 0.15%/yr vs 0.25%/yr for SPHB.

Performance

SPHQ vs. SPHB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Quality ETF (SPHQ) and Invesco S&P 500® High Beta ETF (SPHB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHQ achieves a 16.54% return, which is significantly lower than SPHB's 29.05% return. Over the past 10 years, SPHQ has underperformed SPHB with an annualized return of 15.46%, while SPHB has yielded a comparatively higher 19.46% annualized return.

SPHQ

• 1D: -2.93%
• 1M: 2.94%
• YTD: 16.54%
• 6M: 15.11%
• 1Y: 25.84%
• 3Y*: 22.34%
• 5Y*: 14.14%
• 10Y*: 15.46%

SPHB

• 1D: -4.02%
• 1M: 6.10%
• YTD: 29.05%
• 6M: 26.31%
• 1Y: 62.78%
• 3Y*: 28.21%
• 5Y*: 15.53%
• 10Y*: 19.46%

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

SPHQ vs. SPHB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHQ Invesco S&P 500 Quality ETF	16.54%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%
SPHB Invesco S&P 500® High Beta ETF	29.05%	32.87%	8.48%	33.28%	-20.59%	40.58%	25.56%	33.96%	-15.55%	17.87%

Correlation

The correlation between SPHQ and SPHB is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since May 5, 2011	0.80

The correlation between SPHQ and SPHB has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

SPHQ vs. SPHB - Sectors Allocation Comparison

Sectors	SPHQ	SPHB
Technology	32.0%	46.2%
Industrials	22.7%	14.8%
Consumer Defensive	14.4%	0.9%
Financial Services	12.4%	13.2%
Healthcare	8.0%	4.9%
Consumer Cyclical	4.4%	12.7%
Communication Services	2.5%	2.5%
Basic Materials	2.1%	2.4%
Utilities	0.9%	2.4%
Energy	0.6%	2.2%
Real Estate	-	-

Return for Risk

SPHQ vs. SPHB — Risk / Return Rank

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

SPHQ

SPHQ Risk / Return Rank: 61
SPHQ Sharpe Ratio Rank: 60
SPHQ Sortino Ratio Rank: 60
SPHQ Omega Ratio Rank: 56
SPHQ Calmar Ratio Rank: 61
SPHQ Martin Ratio Rank: 70

SPHB

SPHB Risk / Return Rank: 84
SPHB Sharpe Ratio Rank: 84
SPHB Sortino Ratio Rank: 75
SPHB Omega Ratio Rank: 76
SPHB Calmar Ratio Rank: 92
SPHB Martin Ratio Rank: 92

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. SPHB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Quality ETF (SPHQ) and Invesco S&P 500® High Beta ETF (SPHB). 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	SPHB	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.60	-0.66
Sortino ratio: Return per unit of downside risk	2.74	3.18	-0.44
Omega ratio: Gain probability vs. loss probability	1.34	1.42	-0.09
Calmar ratio: Return relative to maximum drawdown	2.92	5.90	-2.98
Martin ratio: Return relative to average drawdown	12.48	22.17	-9.69

SPHQ vs. SPHB - Sharpe Ratio Comparison

The current SPHQ Sharpe Ratio is 1.94, which is comparable to the SPHB Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of SPHQ and SPHB, 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. SPHB - Drawdown Comparison

The maximum SPHQ drawdown since its inception was -57.83%, which is greater than SPHB's maximum drawdown of -46.84%. Use the drawdown chart below to compare losses from any high point for SPHQ and SPHB.

Drawdown Indicators

	SPHQ	SPHB	Difference
Max Drawdown Largest peak-to-trough decline	-57.83%	-46.84%	-10.99%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-10.70%	+1.80%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-29.21%	+12.64%
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	-31.49%	+6.45%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	-46.84%	+15.24%
Current Drawdown Current decline from peak	-2.93%	-4.02%	+1.09%
Average Drawdown Average peak-to-trough decline	-10.68%	-8.48%	-2.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	2.84%	-0.77%

Volatility

SPHQ vs. SPHB - Volatility Comparison

The current volatility for Invesco S&P 500 Quality ETF (SPHQ) is 5.88%, while Invesco S&P 500® High Beta ETF (SPHB) has a volatility of 11.78%. This indicates that SPHQ experiences smaller price fluctuations and is considered to be less risky than SPHB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHQ	SPHB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.88%	11.78%	-5.90%
Volatility (6M) Calculated over the trailing 6-month period	11.30%	19.72%	-8.42%
Volatility (1Y) Calculated over the trailing 1-year period	13.46%	24.30%	-10.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.59%	27.73%	-11.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.91%	28.54%	-10.63%

SPHQ vs. SPHB - Expense Ratio Comparison

SPHQ has a 0.15% expense ratio, which is lower than SPHB's 0.25% 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. SPHB - Dividend Comparison

SPHQ's dividend yield for the trailing twelve months is around 1.07%, more than SPHB's 0.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPHB Invesco S&P 500® High Beta ETF	0.54%	0.60%	0.80%	0.73%	0.72%	0.91%	1.90%	1.26%	1.96%	1.34%	0.93%	1.69%
SPHQ Invesco S&P 500 Quality ETF	1.07%	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 SPHB in my portfolio?

SPHQ and SPHB have a correlation of 0.79, 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 SPHB?

SPHB has higher volatility (11.78%) compared to SPHQ (5.88%). In terms of maximum drawdown, SPHQ dropped -57.83% vs SPHB's -46.84%.

Which ETF is better, SPHQ or SPHB?

On 10-year performance, SPHB leads with 19.46% vs 15.46% for SPHQ. On fees, SPHQ is cheaper at 0.15% per year. On volatility, SPHQ has been the lower-risk option at 5.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHQ or SPHB?

Over the 10-year period, SPHB has performed better with a 19.46% return vs 15.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHQ or SPHB?

SPHQ is cheaper with a 0.15% expense ratio, compared with 0.25% for SPHB.

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

SPHQ has the higher dividend yield at 1.07%, compared with 0.54% for SPHB.

What is the main difference between SPHQ and SPHB?

SPHQ tracks S&P 500 Quality Index, while SPHB tracks S&P 500 High Beta Index. Their fees differ too: 0.15% for SPHQ and 0.25% for SPHB.

Which has better risk-adjusted returns?

SPHB currently has the higher Sharpe Ratio (2.60 vs 1.94), 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.