SPHQ vs. SPY

Last updated Jun 16, 2026

SPHQ (Invesco S&P 500 Quality ETF) and SPY (State Street SPDR S&P 500 ETF) are both S&P 500 funds - SPHQ tracks the S&P 500 Quality Index while SPY tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, SPHQ returned 15.47%/yr vs 15.65%/yr for SPY. Their correlation of 0.89 suggests significant overlap in exposure. SPHQ charges 0.15%/yr vs 0.09%/yr for SPY.

Performance

SPHQ vs. SPY - Performance Comparison

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

Returns By Period

In the year-to-date period, SPHQ achieves a 18.64% return, which is significantly higher than SPY's 10.99% return. Both investments have delivered pretty close results over the past 10 years, with SPHQ having a 15.47% annualized return and SPY not far ahead at 15.65%.

SPHQ

• 1D: 1.58%
• 1M: 7.41%
• YTD: 18.64%
• 6M: 17.69%
• 1Y: 28.53%
• 3Y*: 22.52%
• 5Y*: 15.06%
• 10Y*: 15.47%

SPY

• 1D: 1.76%
• 1M: 2.12%
• YTD: 10.99%
• 6M: 11.52%
• 1Y: 27.89%
• 3Y*: 21.15%
• 5Y*: 13.87%
• 10Y*: 15.65%

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

SPHQ vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHQ Invesco S&P 500 Quality ETF	18.64%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%
SPY State Street SPDR S&P 500 ETF	10.99%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SPHQ and SPY is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Dec 6, 2005	0.89

The correlation between SPHQ and SPY shifts across timeframes, from 0.82 (1 year) to 0.93 (10 years), reflecting how their relationship changes across market environments.

SPHQ vs. SPY - Sectors Allocation Comparison

Sectors	SPHQ	SPY
Technology	33.1%	39.0%
Industrials	20.7%	7.8%
Consumer Defensive	14.7%	4.5%
Financial Services	12.6%	11.1%
Healthcare	8.0%	8.3%
Consumer Cyclical	4.4%	9.9%
Utilities	3.4%	2.1%
Basic Materials	2.0%	1.7%
Energy	0.7%	3.1%
Communication Services	0.4%	10.6%
Real Estate	-	1.8%

Return for Risk

SPHQ vs. SPY — Risk / Return Rank

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

SPHQ

SPHQ Risk / Return Rank: 75
SPHQ Sharpe Ratio Rank: 76
SPHQ Sortino Ratio Rank: 79
SPHQ Omega Ratio Rank: 71
SPHQ Calmar Ratio Rank: 70
SPHQ Martin Ratio Rank: 79

SPY

SPY Risk / Return Rank: 77
SPY Sharpe Ratio Rank: 80
SPY Sortino Ratio Rank: 77
SPY Omega Ratio Rank: 79
SPY Calmar Ratio Rank: 69
SPY Martin Ratio Rank: 81

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Quality ETF (SPHQ) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.18	2.27	-0.09
Sortino ratio: Return per unit of downside risk	3.13	3.05	+0.08
Omega ratio: Gain probability vs. loss probability	1.37	1.41	-0.04
Calmar ratio: Return relative to maximum drawdown	3.22	3.15	+0.07
Martin ratio: Return relative to average drawdown	13.80	14.24	-0.44

SPHQ vs. SPY - Sharpe Ratio Comparison

The current SPHQ Sharpe Ratio is 2.18, which is comparable to the SPY Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of SPHQ and SPY, 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. SPY - Drawdown Comparison

The maximum SPHQ drawdown since its inception was -57.83%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPHQ and SPY.

Drawdown Indicators

	SPHQ	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-57.83%	-55.19%	-2.64%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-8.88%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-18.76%	+2.19%
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	-24.50%	-0.54%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	-33.72%	+2.12%
Current Drawdown Current decline from peak	0.00%	-0.62%	+0.62%
Average Drawdown Average peak-to-trough decline	-10.68%	-9.04%	-1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	1.96%	+0.11%

Volatility

SPHQ vs. SPY - Volatility Comparison

Invesco S&P 500 Quality ETF (SPHQ) has a higher volatility of 5.05% compared to State Street SPDR S&P 500 ETF (SPY) at 4.62%. This indicates that SPHQ's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHQ	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	4.62%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	10.88%	9.73%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	12.37%	+0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.55%	17.14%	-0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.91%	17.98%	-0.07%

SPHQ vs. SPY - Expense Ratio Comparison

SPHQ has a 0.15% expense ratio, which is higher than SPY's 0.09% expense ratio. However, 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. SPY - Dividend Comparison

SPHQ's dividend yield for the trailing twelve months is around 1.01%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPHQ Invesco S&P 500 Quality ETF	1.01%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SPHQ and SPY in my portfolio?

SPHQ and SPY have a correlation of 0.82, 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 SPY?

SPHQ has higher volatility (5.05%) compared to SPY (4.62%). In terms of maximum drawdown, SPHQ dropped -57.83% vs SPY's -55.19%.

Which ETF is better, SPHQ or SPY?

On 10-year performance, SPY leads with 15.65% vs 15.47% for SPHQ. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHQ or SPY?

Over the 10-year period, SPY has performed better with a 15.65% return vs 15.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHQ or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.15% for SPHQ.

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

SPHQ has the higher dividend yield at 1.01%, compared with 0.98% for SPY.

What is the main difference between SPHQ and SPY?

SPHQ tracks S&P 500 Quality Index, while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.15% for SPHQ and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.27 vs 2.18), 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.