SPHQ vs. SPYM

Last updated Jun 3, 2026

SPHQ (Invesco S&P 500 Quality ETF) and SPYM (State Street SPDR Portfolio S&P 500 ETF) are both S&P 500 funds - SPHQ tracks the S&P 500 Quality Index while SPYM tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, SPHQ returned 14.98%/yr vs 15.70%/yr for SPYM. Their correlation of 0.80 suggests significant overlap in exposure. SPHQ charges 0.15%/yr vs 0.02%/yr for SPYM.

Performance

SPHQ vs. SPYM - 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 Portfolio S&P 500 ETF (SPYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHQ achieves a 15.16% return, which is significantly higher than SPYM's 11.72% return. Both investments have delivered pretty close results over the past 10 years, with SPHQ having a 14.98% annualized return and SPYM not far ahead at 15.70%.

SPHQ

• 1D: 1.26%
• 1M: 6.56%
• YTD: 15.16%
• 6M: 16.32%
• 1Y: 23.61%
• 3Y*: 22.29%
• 5Y*: 14.73%
• 10Y*: 14.98%

SPYM

• 1D: 0.12%
• 1M: 5.39%
• YTD: 11.72%
• 6M: 12.10%
• 1Y: 29.72%
• 3Y*: 22.73%
• 5Y*: 14.26%
• 10Y*: 15.70%

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

SPHQ vs. SPYM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHQ Invesco S&P 500 Quality ETF	15.16%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%
SPYM State Street SPDR Portfolio S&P 500 ETF	11.72%	17.79%	25.00%	26.24%	-18.09%	28.78%	18.49%	31.99%	-4.78%	21.30%

Correlation

The correlation between SPHQ and SPYM is 0.81, 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	0.81
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 7, 2005	0.80

The correlation between SPHQ and SPYM shifts across timeframes, from 0.80 (all time) to 0.93 (10 years), reflecting how their relationship changes across market environments.

SPHQ vs. SPYM - Sectors Allocation Comparison

Sectors	SPHQ	SPYM
Technology	28.1%	38.5%
Industrials	24.3%	7.6%
Consumer Defensive	15.4%	4.6%
Financial Services	13.3%	11.1%
Healthcare	8.4%	8.4%
Consumer Cyclical	4.6%	9.9%
Basic Materials	2.2%	1.7%
Communication Services	2.0%	10.6%
Utilities	1.0%	2.5%
Energy	0.7%	3.2%
Real Estate	-	1.8%

Return for Risk

SPHQ vs. SPYM — Risk / Return Rank

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

SPHQ

SPHQ Risk / Return Rank: 56
SPHQ Sharpe Ratio Rank: 54
SPHQ Sortino Ratio Rank: 57
SPHQ Omega Ratio Rank: 51
SPHQ Calmar Ratio Rank: 54
SPHQ Martin Ratio Rank: 63

SPYM

SPYM Risk / Return Rank: 75
SPYM Sharpe Ratio Rank: 77
SPYM Sortino Ratio Rank: 75
SPYM Omega Ratio Rank: 77
SPYM Calmar Ratio Rank: 68
SPYM Martin Ratio Rank: 80

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. SPYM - 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 Portfolio S&P 500 ETF (SPYM). 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.

	SPHQ	SPYM	Difference
Sharpe ratio Return per unit of total volatility	1.88	2.54	-0.66
Sortino ratio Return per unit of downside risk	2.73	3.44	-0.71
Omega ratio Gain probability vs. loss probability	1.32	1.46	-0.14
Calmar ratio Return relative to maximum drawdown	2.70	3.42	-0.72
Martin ratio Return relative to average drawdown	11.50	15.95	-4.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPHQ vs. SPYM - Sharpe Ratio Comparison

The current SPHQ Sharpe Ratio is 1.88, which is comparable to the SPYM Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of SPHQ and SPYM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPHQ	SPYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.54	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	0.85	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.88	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.62	-0.09

Drawdowns

SPHQ vs. SPYM - Drawdown Comparison

The maximum SPHQ drawdown since its inception was -57.83%, which is greater than SPYM's maximum drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for SPHQ and SPYM.

Drawdown Indicators

	SPHQ	SPYM	Difference
Max Drawdown Largest peak-to-trough decline	-57.83%	-54.46%	-3.37%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-8.90%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-18.72%	+2.15%
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	-24.48%	-0.56%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	-33.87%	+2.27%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.70%	-7.15%	-3.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	1.91%	+0.17%

Volatility

SPHQ vs. SPYM - Volatility Comparison

Invesco S&P 500 Quality ETF (SPHQ) has a higher volatility of 3.55% compared to State Street SPDR Portfolio S&P 500 ETF (SPYM) at 2.74%. This indicates that SPHQ's price experiences larger fluctuations and is considered to be riskier than SPYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHQ	SPYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	2.74%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	10.20%	8.89%	+1.31%
Volatility (1Y) Calculated over the trailing 1-year period	12.62%	11.78%	+0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.45%	16.80%	-0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.87%	18.01%	-0.14%

SPHQ vs. SPYM - Expense Ratio Comparison

SPHQ has a 0.15% expense ratio, which is higher than SPYM's 0.02% 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. SPYM - Dividend Comparison

SPHQ's dividend yield for the trailing twelve months is around 1.04%, more than SPYM's 0.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPHQ Invesco S&P 500 Quality ETF	1.04%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%
SPYM State Street SPDR Portfolio S&P 500 ETF	0.99%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Frequently Asked Questions

Can I hold both SPHQ and SPYM in my portfolio?

SPHQ and SPYM have a correlation of 0.81, 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 SPYM?

SPHQ has higher volatility (3.55%) compared to SPYM (2.74%). In terms of maximum drawdown, SPHQ dropped -57.83% vs SPYM's -54.46%.

Which ETF is better, SPHQ or SPYM?

On 10-year performance, SPYM leads with 15.70% vs 14.98% for SPHQ. On fees, SPYM is cheaper at 0.02% per year. On volatility, SPYM has been the lower-risk option at 2.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHQ or SPYM?

Over the 10-year period, SPYM has performed better with a 15.70% return vs 14.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHQ or SPYM?

SPYM is cheaper with a 0.02% expense ratio, compared with 0.15% for SPHQ.

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

SPHQ has the higher dividend yield at 1.04%, compared with 0.99% for SPYM.

What is the main difference between SPHQ and SPYM?

SPHQ tracks S&P 500 Quality Index, while SPYM tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.15% for SPHQ and 0.02% for SPYM.

Which has better risk-adjusted returns?

SPYM currently has the higher Sharpe Ratio (2.54 vs 1.88), 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.