SPHQ vs. XBI

Last updated Jun 16, 2026

SPHQ (Invesco S&P 500 Quality ETF) and XBI (SPDR S&P Biotech ETF) are both exchange-traded funds - SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index, while XBI is a Health & Biotech Equities fund tracking the S&P Biotechnology Select Industry Index. Both are passively managed. Over the past 10 years, SPHQ returned 15.47%/yr vs 9.98%/yr for XBI. A 0.57 correlation means they provide meaningful diversification when combined. SPHQ charges 0.15%/yr vs 0.35%/yr for XBI.

Performance

SPHQ vs. XBI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Quality ETF (SPHQ) and SPDR S&P Biotech ETF (XBI). 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 XBI's 11.87% return. Over the past 10 years, SPHQ has outperformed XBI with an annualized return of 15.47%, while XBI has yielded a comparatively lower 9.98% annualized return.

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%

XBI

• 1D: 1.95%
• 1M: 4.37%
• YTD: 11.87%
• 6M: 11.41%
• 1Y: 63.76%
• 3Y*: 16.08%
• 5Y*: 0.52%
• 10Y*: 9.98%

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

SPHQ vs. XBI - 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%
XBI SPDR S&P Biotech ETF	11.87%	35.89%	1.01%	7.60%	-25.87%	-20.45%	48.33%	32.56%	-15.28%	43.77%

Correlation

The correlation between SPHQ and XBI is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Feb 6, 2006	0.57

The correlation between SPHQ and XBI shifts across timeframes, from 0.46 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

SPHQ vs. XBI - Sectors Allocation Comparison

Sectors	SPHQ	XBI
Technology	33.1%	-
Industrials	20.7%	-
Consumer Defensive	14.7%	-
Financial Services	12.6%	0.3%
Healthcare	8.0%	99.7%
Consumer Cyclical	4.4%	-
Utilities	3.4%	-
Basic Materials	2.0%	0.2%
Energy	0.7%	-
Communication Services	0.4%	-
Real Estate	-	-

Return for Risk

SPHQ vs. XBI — 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

XBI

XBI Risk / Return Rank: 86
XBI Sharpe Ratio Rank: 85
XBI Sortino Ratio Rank: 83
XBI Omega Ratio Rank: 74
XBI Calmar Ratio Rank: 94
XBI Martin Ratio Rank: 91

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. XBI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Quality ETF (SPHQ) and SPDR S&P Biotech ETF (XBI). 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	XBI	Difference
Sharpe ratio: Return per unit of total volatility	2.18	2.45	-0.27
Sortino ratio: Return per unit of downside risk	3.13	3.29	-0.16
Omega ratio: Gain probability vs. loss probability	1.37	1.39	-0.02
Calmar ratio: Return relative to maximum drawdown	3.22	6.59	-3.37
Martin ratio: Return relative to average drawdown	13.80	19.47	-5.67

SPHQ vs. XBI - Sharpe Ratio Comparison

The current SPHQ Sharpe Ratio is 2.18, which is comparable to the XBI Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of SPHQ and XBI, 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. XBI - Drawdown Comparison

The maximum SPHQ drawdown since its inception was -57.83%, smaller than the maximum XBI drawdown of -63.89%. Use the drawdown chart below to compare losses from any high point for SPHQ and XBI.

Drawdown Indicators

	SPHQ	XBI	Difference
Max Drawdown Largest peak-to-trough decline	-57.83%	-63.89%	+6.06%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-9.72%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-32.99%	+16.42%
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	-54.71%	+29.67%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	-63.89%	+32.29%
Current Drawdown Current decline from peak	0.00%	-21.16%	+21.16%
Average Drawdown Average peak-to-trough decline	-10.68%	-20.93%	+10.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	3.29%	-1.22%

Volatility

SPHQ vs. XBI - Volatility Comparison

The current volatility for Invesco S&P 500 Quality ETF (SPHQ) is 5.05%, while SPDR S&P Biotech ETF (XBI) has a volatility of 10.55%. This indicates that SPHQ experiences smaller price fluctuations and is considered to be less risky than XBI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHQ	XBI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	10.55%	-5.50%
Volatility (6M) Calculated over the trailing 6-month period	10.88%	20.83%	-9.95%
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	26.18%	-13.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.55%	32.22%	-15.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.91%	32.03%	-14.12%

SPHQ vs. XBI - Expense Ratio Comparison

SPHQ has a 0.15% expense ratio, which is lower than XBI's 0.35% expense ratio.

Dividends

SPHQ vs. XBI - Dividend Comparison

SPHQ's dividend yield for the trailing twelve months is around 1.01%, more than XBI's 0.32% 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%
XBI SPDR S&P Biotech ETF	0.32%	0.37%	0.15%	0.02%	0.00%	0.04%	0.20%	0.00%	0.28%	0.24%	0.26%	0.61%

Frequently Asked Questions

Can I hold both SPHQ and XBI in my portfolio?

SPHQ and XBI have a correlation of 0.46, 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 XBI?

XBI has higher volatility (10.55%) compared to SPHQ (5.05%). In terms of maximum drawdown, SPHQ dropped -57.83% vs XBI's -63.89%.

Which ETF is better, SPHQ or XBI?

On 10-year performance, SPHQ leads with 15.47% vs 9.98% for XBI. On fees, SPHQ is cheaper at 0.15% per year. On volatility, SPHQ has been the lower-risk option at 5.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHQ or XBI?

Over the 10-year period, SPHQ has performed better with a 15.47% return vs 9.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHQ or XBI?

SPHQ is cheaper with a 0.15% expense ratio, compared with 0.35% for XBI.

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

SPHQ has the higher dividend yield at 1.01%, compared with 0.32% for XBI.

What is the main difference between SPHQ and XBI?

SPHQ is categorized as S&P 500, while XBI is Health & Biotech Equities. SPHQ tracks S&P 500 Quality Index, while XBI tracks S&P Biotechnology Select Industry Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.15% for SPHQ and 0.35% for XBI.

Which has better risk-adjusted returns?

XBI currently has the higher Sharpe Ratio (2.45 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.