SPVM vs. SPHB

Last updated Jun 24, 2026

SPVM (Invesco S&P 500 Value with Momentum ETF) and SPHB (Invesco S&P 500® High Beta ETF) are both exchange-traded funds - SPVM is a Momentum fund tracking the S&P 500 High Momentum Value Index, while SPHB is a S&P 500 fund tracking the S&P 500 High Beta Index. Both are passively managed. Over the past 10 years, SPVM returned 12.34%/yr vs 19.46%/yr for SPHB. A 0.74 correlation means they provide meaningful diversification when combined. SPVM charges 0.39%/yr vs 0.25%/yr for SPHB.

Performance

SPVM vs. SPHB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Value with Momentum ETF (SPVM) and Invesco S&P 500® High Beta ETF (SPHB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPVM achieves a 9.93% return, which is significantly lower than SPHB's 29.05% return. Over the past 10 years, SPVM has underperformed SPHB with an annualized return of 12.34%, while SPHB has yielded a comparatively higher 19.46% annualized return.

SPVM

• 1D: 0.76%
• 1M: 2.61%
• YTD: 9.93%
• 6M: 9.00%
• 1Y: 28.99%
• 3Y*: 19.25%
• 5Y*: 11.13%
• 10Y*: 12.34%

SPHB

• 1D: -4.02%
• 1M: 6.10%
• YTD: 29.05%
• 6M: 26.31%
• 1Y: 62.78%
• 3Y*: 28.21%
• 5Y*: 15.53%
• 10Y*: 19.46%

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

SPVM vs. SPHB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPVM Invesco S&P 500 Value with Momentum ETF	9.93%	20.47%	15.64%	5.53%	-2.10%	28.86%	-3.18%	29.33%	-9.17%	14.70%
SPHB Invesco S&P 500® High Beta ETF	29.05%	32.87%	8.48%	33.28%	-20.59%	40.58%	25.56%	33.96%	-15.55%	17.87%

Correlation

The correlation between SPVM and SPHB is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 16, 2011	0.74

Over the past year, the correlation between SPVM and SPHB has dropped to 0.52 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

SPVM vs. SPHB - Sectors Allocation Comparison

Sectors	SPVM	SPHB
Financial Services	36.0%	13.2%
Utilities	13.8%	2.4%
Energy	8.6%	2.2%
Consumer Defensive	7.6%	0.9%
Consumer Cyclical	6.8%	12.7%
Communication Services	6.6%	2.5%
Technology	6.2%	46.2%
Healthcare	6.2%	4.9%
Industrials	4.5%	14.8%
Basic Materials	1.9%	2.4%
Real Estate	1.9%	-

Return for Risk

SPVM vs. SPHB — Risk / Return Rank

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

SPVM

SPVM Risk / Return Rank: 83
SPVM Sharpe Ratio Rank: 83
SPVM Sortino Ratio Rank: 85
SPVM Omega Ratio Rank: 78
SPVM Calmar Ratio Rank: 84
SPVM Martin Ratio Rank: 85

SPHB

SPHB Risk / Return Rank: 84
SPHB Sharpe Ratio Rank: 84
SPHB Sortino Ratio Rank: 75
SPHB Omega Ratio Rank: 76
SPHB Calmar Ratio Rank: 92
SPHB Martin Ratio Rank: 92

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.

SPVM vs. SPHB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Value with Momentum ETF (SPVM) and Invesco S&P 500® High Beta ETF (SPHB). 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.

	SPVM	SPHB	Difference
Sharpe ratio: Return per unit of total volatility	2.51	2.60	-0.08
Sortino ratio: Return per unit of downside risk	3.60	3.18	+0.42
Omega ratio: Gain probability vs. loss probability	1.44	1.42	+0.01
Calmar ratio: Return relative to maximum drawdown	4.43	5.90	-1.46
Martin ratio: Return relative to average drawdown	16.80	22.17	-5.37

SPVM vs. SPHB - Sharpe Ratio Comparison

The current SPVM Sharpe Ratio is 2.51, which is comparable to the SPHB Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of SPVM and SPHB, 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

SPVM vs. SPHB - Drawdown Comparison

The maximum SPVM drawdown since its inception was -45.35%, roughly equal to the maximum SPHB drawdown of -46.84%. Use the drawdown chart below to compare losses from any high point for SPVM and SPHB.

Drawdown Indicators

	SPVM	SPHB	Difference
Max Drawdown Largest peak-to-trough decline	-45.35%	-46.84%	+1.49%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	-10.70%	+4.13%
Max Drawdown (3Y) Largest decline over 3 years	-18.66%	-29.21%	+10.55%
Max Drawdown (5Y) Largest decline over 5 years	-19.48%	-31.49%	+12.01%
Max Drawdown (10Y) Largest decline over 10 years	-45.35%	-46.84%	+1.49%
Current Drawdown Current decline from peak	-0.87%	-4.02%	+3.15%
Average Drawdown Average peak-to-trough decline	-4.98%	-8.48%	+3.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	2.84%	-1.11%

Volatility

SPVM vs. SPHB - Volatility Comparison

The current volatility for Invesco S&P 500 Value with Momentum ETF (SPVM) is 3.27%, while Invesco S&P 500® High Beta ETF (SPHB) has a volatility of 11.78%. This indicates that SPVM experiences smaller price fluctuations and is considered to be less risky than SPHB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPVM	SPHB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	11.78%	-8.51%
Volatility (6M) Calculated over the trailing 6-month period	7.72%	19.72%	-12.00%
Volatility (1Y) Calculated over the trailing 1-year period	11.64%	24.30%	-12.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	27.73%	-10.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.56%	28.54%	-8.98%

SPVM vs. SPHB - Expense Ratio Comparison

SPVM has a 0.39% expense ratio, which is higher than SPHB's 0.25% expense ratio.

Dividends

SPVM vs. SPHB - Dividend Comparison

SPVM's dividend yield for the trailing twelve months is around 2.02%, more than SPHB's 0.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPHB Invesco S&P 500® High Beta ETF	0.54%	0.60%	0.80%	0.73%	0.72%	0.91%	1.90%	1.26%	1.96%	1.34%	0.93%	1.69%
SPVM Invesco S&P 500 Value with Momentum ETF	2.02%	2.02%	1.91%	2.45%	2.33%	1.41%	2.11%	2.40%	3.10%	1.68%	2.80%	2.67%

Frequently Asked Questions

Can I hold both SPVM and SPHB in my portfolio?

SPVM and SPHB have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPVM or SPHB?

SPHB has higher volatility (11.78%) compared to SPVM (3.27%). In terms of maximum drawdown, SPVM dropped -45.35% vs SPHB's -46.84%.

Which ETF is better, SPVM or SPHB?

On 10-year performance, SPHB leads with 19.46% vs 12.34% for SPVM. On fees, SPHB is cheaper at 0.25% per year. On volatility, SPVM has been the lower-risk option at 3.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPVM or SPHB?

Over the 10-year period, SPHB has performed better with a 19.46% return vs 12.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPVM or SPHB?

SPHB is cheaper with a 0.25% expense ratio, compared with 0.39% for SPVM.

Which ETF pays a higher dividend yield, SPVM or SPHB?

SPVM has the higher dividend yield at 2.02%, compared with 0.54% for SPHB.

What is the main difference between SPVM and SPHB?

SPVM is categorized as Momentum, while SPHB is S&P 500. SPVM tracks S&P 500 High Momentum Value Index, while SPHB tracks S&P 500 High Beta Index. Their fees differ too: 0.39% for SPVM and 0.25% for SPHB.

Which has better risk-adjusted returns?

SPHB currently has the higher Sharpe Ratio (2.60 vs 2.51), 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.