SPHQ vs. USMV

Last updated Jun 4, 2026

SPHQ (Invesco S&P 500 Quality ETF) and USMV (iShares MSCI USA Minimum Volatility Factor ETF) are both exchange-traded funds - SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, SPHQ returned 15.01%/yr vs 9.93%/yr for USMV. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

SPHQ vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Quality ETF (SPHQ) and iShares MSCI USA Minimum Volatility Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHQ achieves a 15.48% return, which is significantly higher than USMV's 2.65% return. Over the past 10 years, SPHQ has outperformed USMV with an annualized return of 15.01%, while USMV has yielded a comparatively lower 9.93% annualized return.

SPHQ

• 1D: 0.28%
• 1M: 7.17%
• YTD: 15.48%
• 6M: 16.06%
• 1Y: 23.22%
• 3Y*: 22.41%
• 5Y*: 14.54%
• 10Y*: 15.01%

USMV

• 1D: -0.69%
• 1M: 2.01%
• YTD: 2.65%
• 6M: 2.61%
• 1Y: 4.37%
• 3Y*: 11.79%
• 5Y*: 7.45%
• 10Y*: 9.93%

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

SPHQ vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHQ Invesco S&P 500 Quality ETF	15.48%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%
USMV iShares MSCI USA Minimum Volatility Factor ETF	2.65%	7.65%	15.74%	10.33%	-9.43%	20.85%	5.64%	27.69%	1.33%	18.91%

Correlation

The correlation between SPHQ and USMV is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Oct 21, 2011	0.84

Over the past year, the correlation between SPHQ and USMV has dropped to 0.62 - well below their long-term average of 0.84, suggesting their price drivers have been diverging.

SPHQ vs. USMV - Sectors Allocation Comparison

Sectors	SPHQ	USMV
Technology	28.1%	30.8%
Industrials	24.3%	5.7%
Consumer Defensive	15.4%	10.0%
Financial Services	13.3%	12.4%
Healthcare	8.4%	12.5%
Consumer Cyclical	4.6%	5.7%
Basic Materials	2.2%	2.2%
Communication Services	2.0%	5.9%
Utilities	1.0%	7.5%
Energy	0.7%	3.6%
Real Estate	-	2.2%

Return for Risk

SPHQ vs. USMV — Risk / Return Rank

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

SPHQ

SPHQ Risk / Return Rank: 54
SPHQ Sharpe Ratio Rank: 53
SPHQ Sortino Ratio Rank: 55
SPHQ Omega Ratio Rank: 49
SPHQ Calmar Ratio Rank: 52
SPHQ Martin Ratio Rank: 61

USMV

USMV Risk / Return Rank: 17
USMV Sharpe Ratio Rank: 16
USMV Sortino Ratio Rank: 16
USMV Omega Ratio Rank: 15
USMV Calmar Ratio Rank: 17
USMV Martin Ratio Rank: 19

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. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Quality ETF (SPHQ) and iShares MSCI USA Minimum Volatility Factor ETF (USMV). 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	USMV	Difference
Sharpe ratio Return per unit of total volatility	1.85	0.52	+1.33
Sortino ratio Return per unit of downside risk	2.69	0.79	+1.90
Omega ratio Gain probability vs. loss probability	1.32	1.09	+0.23
Calmar ratio Return relative to maximum drawdown	2.62	0.68	+1.94
Martin ratio Return relative to average drawdown	11.17	2.27	+8.90
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. USMV - Sharpe Ratio Comparison

The current SPHQ Sharpe Ratio is 1.85, which is higher than the USMV Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of SPHQ and USMV, 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	USMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	0.52	+1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	0.61	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.69	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.87	-0.34

Drawdowns

SPHQ vs. USMV - Drawdown Comparison

The maximum SPHQ drawdown since its inception was -57.83%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for SPHQ and USMV.

Drawdown Indicators

	SPHQ	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-57.83%	-33.10%	-24.73%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-6.46%	-2.44%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-9.36%	-7.21%
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	-17.93%	-7.11%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	-33.10%	+1.50%
Current Drawdown Current decline from peak	0.00%	-1.18%	+1.18%
Average Drawdown Average peak-to-trough decline	-10.70%	-2.88%	-7.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	1.93%	+0.15%

Volatility

SPHQ vs. USMV - Volatility Comparison

Invesco S&P 500 Quality ETF (SPHQ) has a higher volatility of 3.49% compared to iShares MSCI USA Minimum Volatility Factor ETF (USMV) at 2.38%. This indicates that SPHQ's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHQ	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	2.38%	+1.11%
Volatility (6M) Calculated over the trailing 6-month period	10.18%	5.91%	+4.27%
Volatility (1Y) Calculated over the trailing 1-year period	12.62%	8.50%	+4.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.45%	12.35%	+4.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.86%	14.51%	+3.35%

SPHQ vs. USMV - Expense Ratio Comparison

Both SPHQ and USMV have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SPHQ vs. USMV - Dividend Comparison

SPHQ's dividend yield for the trailing twelve months is around 1.04%, less than USMV's 1.53% 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%
USMV iShares MSCI USA Minimum Volatility Factor ETF	1.53%	1.49%	1.67%	1.82%	1.62%	1.26%	1.81%	1.88%	2.12%	1.77%	2.22%	2.02%

Frequently Asked Questions

Can I hold both SPHQ and USMV in my portfolio?

SPHQ and USMV have a correlation of 0.62, 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 USMV?

SPHQ has higher volatility (3.49%) compared to USMV (2.38%). In terms of maximum drawdown, SPHQ dropped -57.83% vs USMV's -33.10%.

Which ETF is better, SPHQ or USMV?

On 10-year performance, SPHQ leads with 15.01% vs 9.93% for USMV. Both ETFs have the same 0.15% expense ratio. On volatility, USMV has been the lower-risk option at 2.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHQ or USMV?

Over the 10-year period, SPHQ has performed better with a 15.01% return vs 9.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHQ or USMV?

SPHQ and USMV have the same expense ratio: 0.15% per year.

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

USMV has the higher dividend yield at 1.53%, compared with 1.04% for SPHQ.

What is the main difference between SPHQ and USMV?

SPHQ is categorized as S&P 500, while USMV is Large Cap Blend Equities. SPHQ tracks S&P 500 Quality Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: Invesco and iShares.

Which has better risk-adjusted returns?

SPHQ currently has the higher Sharpe Ratio (1.85 vs 0.52), 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.