SPLV vs. SPHD
SPLV (Invesco S&P 500 Low Volatility ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, SPLV returned 8.24%/yr vs 7.38%/yr for SPHD. Their correlation of 0.81 suggests significant overlap in exposure. SPLV charges 0.25%/yr vs 0.30%/yr for SPHD.
Performance
SPLV vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, SPLV achieves a 3.69% return, which is significantly lower than SPHD's 6.47% return. Over the past 10 years, SPLV has outperformed SPHD with an annualized return of 8.24%, while SPHD has yielded a comparatively lower 7.38% annualized return.
SPLV
- 1D
- 0.39%
- 1M
- -0.96%
- YTD
- 3.69%
- 6M
- 3.45%
- 1Y
- 4.34%
- 3Y*
- 8.03%
- 5Y*
- 6.17%
- 10Y*
- 8.24%
SPHD
- 1D
- 0.20%
- 1M
- -0.79%
- YTD
- 6.47%
- 6M
- 6.49%
- 1Y
- 11.21%
- 3Y*
- 12.10%
- 5Y*
- 6.82%
- 10Y*
- 7.38%
SPLV vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPLV Invesco S&P 500 Low Volatility ETF | 3.69% | 4.10% | 13.93% | 0.53% | -4.88% | 24.13% | -1.39% | 27.87% | -0.19% | 17.32% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 6.47% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between SPLV and SPHD 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 | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.81 |
The correlation between SPLV and SPHD has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.
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Return for Risk
SPLV vs. SPHD — Risk / Return Rank
SPLV
SPHD
SPLV vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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.
| SPLV | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.17 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.59 | 1.54 | -0.95 |
| Martin ratioReturn relative to average drawdown | 1.36 | 3.77 | -2.41 |
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Drawdowns
SPLV vs. SPHD - Drawdown Comparison
The maximum SPLV drawdown since its inception was -36.26%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for SPLV and SPHD.
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Drawdown Indicators
| SPLV | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.26% | -41.39% | +5.13% |
Max Drawdown (1Y)Largest decline over 1 year | -7.41% | -7.33% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -9.64% | -13.29% | +3.65% |
Max Drawdown (5Y)Largest decline over 5 years | -17.26% | -19.50% | +2.24% |
Max Drawdown (10Y)Largest decline over 10 years | -36.26% | -41.39% | +5.13% |
Current DrawdownCurrent decline from peak | -4.73% | -3.48% | -1.25% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -4.69% | +1.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.20% | 2.98% | +0.22% |
Volatility
SPLV vs. SPHD - Volatility Comparison
Invesco S&P 500 Low Volatility ETF (SPLV) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) have volatilities of 4.05% and 3.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPLV | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.05% | 3.95% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 7.27% | 7.99% | -0.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.21% | 11.39% | -1.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.49% | 14.14% | -1.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.39% | 17.67% | -2.28% |
SPLV vs. SPHD - Expense Ratio Comparison
SPLV has a 0.25% expense ratio, which is lower than SPHD's 0.30% expense ratio.
Dividends
SPLV vs. SPHD - Dividend Comparison
SPLV's dividend yield for the trailing twelve months is around 2.37%, less than SPHD's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.97% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
SPLV Invesco S&P 500 Low Volatility ETF | 2.37% | 2.04% | 1.88% | 2.45% | 2.11% | 1.51% | 2.12% | 2.08% | 2.18% | 2.03% | 2.03% | 2.28% |
Frequently Asked Questions
SPLV and SPHD 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.
SPLV has higher volatility (4.05%) compared to SPHD (3.95%). In terms of maximum drawdown, SPLV dropped -36.26% vs SPHD's -41.39%.
On 10-year performance, SPLV leads with 8.24% vs 7.38% for SPHD. On fees, SPLV is cheaper at 0.25% per year. On volatility, SPHD has been the lower-risk option at 3.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPLV has performed better with a 8.24% return vs 7.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPLV is cheaper with a 0.25% expense ratio, compared with 0.30% for SPHD.
SPHD has the higher dividend yield at 4.97%, compared with 2.37% for SPLV.
SPLV is categorized as S&P 500, while SPHD is Dividend. SPLV tracks S&P 500 Low Volatility Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.25% for SPLV and 0.30% for SPHD.
SPHD currently has the higher Sharpe Ratio (0.99 vs 0.43), 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.
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