UPGD vs. SPHD

Last updated Jun 5, 2026

UPGD (Invesco Bloomberg Analyst Rating Improvers ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - UPGD is a Mid Cap Blend Equities fund tracking the Bloomberg ANR Improvers Index - Benchmark TR Gross, 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, UPGD returned 10.20%/yr vs 7.17%/yr for SPHD. A 0.71 correlation means they provide meaningful diversification when combined. UPGD charges 0.40%/yr vs 0.30%/yr for SPHD.

Performance

UPGD vs. SPHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPGD achieves a 11.28% return, which is significantly higher than SPHD's 5.63% return. Over the past 10 years, UPGD has outperformed SPHD with an annualized return of 10.20%, while SPHD has yielded a comparatively lower 7.17% annualized return.

UPGD

• 1D: 0.28%
• 1M: 6.09%
• YTD: 11.28%
• 6M: 11.94%
• 1Y: 18.15%
• 3Y*: 15.88%
• 5Y*: 7.21%
• 10Y*: 10.20%

SPHD

• 1D: 1.20%
• 1M: 0.01%
• YTD: 5.63%
• 6M: 6.27%
• 1Y: 10.27%
• 3Y*: 11.98%
• 5Y*: 5.73%
• 10Y*: 7.17%

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

UPGD vs. SPHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	11.28%	8.89%	13.28%	15.65%	-13.17%	24.09%	6.21%	32.02%	-14.84%	13.31%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	5.63%	3.41%	18.08%	1.32%	0.58%	24.98%	-9.98%	20.26%	-6.17%	11.90%

Correlation

The correlation between UPGD and SPHD is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Oct 31, 2012	0.71

The correlation between UPGD and SPHD has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.

UPGD vs. SPHD - Sectors Allocation Comparison

Sectors	UPGD	SPHD
Industrials	32.2%	0.0%
Technology	22.5%	1.5%
Consumer Cyclical	19.2%	3.4%
Consumer Defensive	14.0%	17.8%
Utilities	6.3%	13.7%
Healthcare	5.9%	5.1%
Communication Services	2.2%	8.6%
Financial Services	0.0%	15.6%
Basic Materials	-	-
Energy	-	14.1%
Real Estate	-	20.1%

Return for Risk

UPGD vs. SPHD — Risk / Return Rank

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

UPGD

UPGD Risk / Return Rank: 38
UPGD Sharpe Ratio Rank: 38
UPGD Sortino Ratio Rank: 41
UPGD Omega Ratio Rank: 35
UPGD Calmar Ratio Rank: 38
UPGD Martin Ratio Rank: 40

SPHD

SPHD Risk / Return Rank: 27
SPHD Sharpe Ratio Rank: 27
SPHD Sortino Ratio Rank: 27
SPHD Omega Ratio Rank: 24
SPHD Calmar Ratio Rank: 29
SPHD Martin Ratio Rank: 26

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.

UPGD vs. SPHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) 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.

	UPGD	SPHD	Difference
Sharpe ratio: Return per unit of total volatility	1.34	0.93	+0.41
Sortino ratio: Return per unit of downside risk	2.05	1.43	+0.62
Omega ratio: Gain probability vs. loss probability	1.23	1.16	+0.07
Calmar ratio: Return relative to maximum drawdown	1.82	1.41	+0.41
Martin ratio: Return relative to average drawdown	6.24	3.51	+2.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UPGD vs. SPHD - Sharpe Ratio Comparison

The current UPGD Sharpe Ratio is 1.34, which is higher than the SPHD Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of UPGD and SPHD, 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

	UPGD	SPHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.34	0.93	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.41	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.41	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.58	-0.24

Drawdowns

UPGD vs. SPHD - Drawdown Comparison

The maximum UPGD drawdown since its inception was -60.74%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for UPGD and SPHD.

Drawdown Indicators

	UPGD	SPHD	Difference
Max Drawdown Largest peak-to-trough decline	-60.74%	-41.39%	-19.35%
Max Drawdown (1Y) Largest decline over 1 year	-10.01%	-7.33%	-2.68%
Max Drawdown (3Y) Largest decline over 3 years	-16.90%	-13.29%	-3.61%
Max Drawdown (5Y) Largest decline over 5 years	-24.31%	-19.50%	-4.81%
Max Drawdown (10Y) Largest decline over 10 years	-50.20%	-41.39%	-8.81%
Current Drawdown Current decline from peak	0.00%	-4.24%	+4.24%
Average Drawdown Average peak-to-trough decline	-10.26%	-4.70%	-5.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.92%	2.94%	-0.02%

Volatility

UPGD vs. SPHD - Volatility Comparison

Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) has a higher volatility of 4.00% compared to Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) at 3.22%. This indicates that UPGD's price experiences larger fluctuations and is considered to be riskier than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPGD	SPHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	3.22%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	9.96%	7.60%	+2.36%
Volatility (1Y) Calculated over the trailing 1-year period	13.61%	11.10%	+2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.65%	14.17%	+4.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.64%	17.64%	+4.00%

UPGD vs. SPHD - Expense Ratio Comparison

UPGD has a 0.40% expense ratio, which is higher than SPHD's 0.30% expense ratio.

Dividends

UPGD vs. SPHD - Dividend Comparison

UPGD's dividend yield for the trailing twelve months is around 1.57%, less than SPHD's 4.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.57%	4.02%	3.41%	4.48%	3.89%	3.45%	4.89%	4.07%	4.40%	3.14%	3.83%	3.49%
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	1.57%	1.75%	1.28%	1.39%	0.72%	0.52%	0.28%	0.20%	1.43%	0.00%	1.55%	0.93%

Frequently Asked Questions

Can I hold both UPGD and SPHD in my portfolio?

UPGD and SPHD have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPGD or SPHD?

UPGD has higher volatility (4.00%) compared to SPHD (3.22%). In terms of maximum drawdown, UPGD dropped -60.74% vs SPHD's -41.39%.

Which ETF is better, UPGD or SPHD?

On 10-year performance, UPGD leads with 10.20% vs 7.17% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, SPHD has been the lower-risk option at 3.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPGD or SPHD?

Over the 10-year period, UPGD has performed better with a 10.20% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPGD or SPHD?

SPHD is cheaper with a 0.30% expense ratio, compared with 0.40% for UPGD.

Which ETF pays a higher dividend yield, UPGD or SPHD?

SPHD has the higher dividend yield at 4.57%, compared with 1.57% for UPGD.

What is the main difference between UPGD and SPHD?

UPGD is categorized as Mid Cap Blend Equities, while SPHD is Dividend. UPGD tracks Bloomberg ANR Improvers Index - Benchmark TR Gross, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.40% for UPGD and 0.30% for SPHD.

Which has better risk-adjusted returns?

UPGD currently has the higher Sharpe Ratio (1.34 vs 0.93), 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.