VOOG vs. SPHQ

Last updated Jul 21, 2026

VOOG (Vanguard S&P 500 Growth ETF) and SPHQ (Invesco S&P 500 Quality ETF) are both S&P 500 funds - VOOG tracks the S&P 500 Growth Index while SPHQ tracks the S&P 500 Quality Index. Both are passively managed. Over the past 10 years, VOOG returned 17.29%/yr vs 14.40%/yr for SPHQ. Their correlation of 0.88 suggests significant overlap in exposure. VOOG charges 0.07%/yr vs 0.15%/yr for SPHQ.

Performance

VOOG vs. SPHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 Growth ETF (VOOG) and Invesco S&P 500 Quality ETF (SPHQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VOOG achieves a 9.56% return, which is significantly lower than SPHQ's 13.32% return. Over the past 10 years, VOOG has outperformed SPHQ with an annualized return of 17.29%, while SPHQ has yielded a comparatively lower 14.40% annualized return.

VOOG

• 1D: 0.28%
• 1M: -2.33%
• 6M: 9.02%
• YTD: 9.56%
• 1Y: 20.56%
• 3Y*: 24.32%
• 5Y*: 13.37%
• 10Y*: 17.29%
• ALL TIME*: 16.66%

SPHQ

• 1D: -0.29%
• 1M: -5.19%
• 6M: 9.75%
• YTD: 13.32%
• 1Y: 19.87%
• 3Y*: 19.39%
• 5Y*: 12.86%
• 10Y*: 14.40%
• ALL TIME*: 10.02%

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

VOOG vs. SPHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOOG Vanguard S&P 500 Growth ETF	9.56%	22.11%	35.89%	29.96%	-29.48%	31.95%	33.35%	30.93%	-0.21%	27.19%
SPHQ Invesco S&P 500 Quality ETF	13.32%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%

Correlation

The correlation between VOOG and SPHQ is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.88

The correlation between VOOG and SPHQ shifts across timeframes, from 0.68 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

VOOG vs. SPHQ - Sectors Allocation Comparison

Sectors	VOOG	SPHQ
Technology	52.4%	41.2%
Communication Services	15.6%	6.4%
Consumer Cyclical	8.6%	5.3%
Financial Services	8.6%	15.2%
Industrials	6.4%	17.7%
Healthcare	6.2%	3.2%
Consumer Defensive	1.0%	7.5%
Real Estate	0.6%	-
Utilities	0.4%	4.5%
Basic Materials	0.3%	2.5%
Energy	0.1%	1.0%

Return for Risk

VOOG vs. SPHQ — Risk / Return Rank

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

VOOG

VOOG Risk / Return Rank: 42
VOOG Sharpe Ratio Rank: 44
VOOG Sortino Ratio Rank: 42
VOOG Omega Ratio Rank: 41
VOOG Calmar Ratio Rank: 38
VOOG Martin Ratio Rank: 46

SPHQ

SPHQ Risk / Return Rank: 58
SPHQ Sharpe Ratio Rank: 55
SPHQ Sortino Ratio Rank: 55
SPHQ Omega Ratio Rank: 51
SPHQ Calmar Ratio Rank: 60
SPHQ Martin Ratio Rank: 67

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.

VOOG vs. SPHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 Growth ETF (VOOG) and Invesco S&P 500 Quality ETF (SPHQ). 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.

	VOOG	SPHQ	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.40	-0.22
Sortino ratio: Return per unit of downside risk	1.69	2.03	-0.34
Omega ratio: Gain probability vs. loss probability	1.21	1.24	-0.03
Calmar ratio: Return relative to maximum drawdown	1.51	2.24	-0.74
Martin ratio: Return relative to average drawdown	5.71	8.82	-3.11

VOOG vs. SPHQ - Sharpe Ratio Comparison

The current VOOG Sharpe Ratio is 1.19, which is comparable to the SPHQ Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of VOOG and SPHQ, 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

VOOG vs. SPHQ - Drawdown Comparison

The maximum VOOG drawdown since its inception was -32.73%, smaller than the maximum SPHQ drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for VOOG and SPHQ.

Drawdown Indicators

	VOOG	SPHQ	Difference
Max Drawdown Largest peak-to-trough decline	-32.73%	-57.83%	+25.10%
Max Drawdown (1Y) Largest decline over 1 year	-13.71%	-8.90%	-4.81%
Max Drawdown (3Y) Largest decline over 3 years	-22.18%	-16.57%	-5.61%
Max Drawdown (5Y) Largest decline over 5 years	-32.73%	-25.04%	-7.69%
Max Drawdown (10Y) Largest decline over 10 years	-32.73%	-31.60%	-1.13%
Current Drawdown Current decline from peak	-4.75%	-6.18%	+1.43%
Average Drawdown Average peak-to-trough decline	-4.96%	-10.65%	+5.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	2.26%	+1.35%

Volatility

VOOG vs. SPHQ - Volatility Comparison

The current volatility for Vanguard S&P 500 Growth ETF (VOOG) is 5.64%, while Invesco S&P 500 Quality ETF (SPHQ) has a volatility of 6.31%. This indicates that VOOG experiences smaller price fluctuations and is considered to be less risky than SPHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOOG	SPHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	6.31%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	14.37%	12.21%	+2.16%
Volatility (1Y) Calculated over the trailing 1-year period	17.43%	14.27%	+3.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.44%	16.70%	+4.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.83%	17.95%	+2.88%

VOOG vs. SPHQ - Expense Ratio Comparison

VOOG has a 0.07% expense ratio, which is lower than SPHQ's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VOOG vs. SPHQ - Dividend Comparison

VOOG's dividend yield for the trailing twelve months is around 0.46%, less than SPHQ's 1.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPHQ Invesco S&P 500 Quality ETF	1.10%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%
VOOG Vanguard S&P 500 Growth ETF	0.46%	0.49%	0.49%	1.12%	0.93%	0.53%	0.88%	1.26%	1.34%	1.32%	1.47%	1.56%

Frequently Asked Questions

Can I hold both VOOG and SPHQ in my portfolio?

VOOG and SPHQ have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOOG or SPHQ?

SPHQ has higher volatility (6.31%) compared to VOOG (5.64%). In terms of maximum drawdown, VOOG dropped -32.73% vs SPHQ's -57.83%.

Which ETF is better, VOOG or SPHQ?

On 10-year performance, VOOG leads with 17.29% vs 14.40% for SPHQ. On fees, VOOG is cheaper at 0.07% per year. On volatility, VOOG has been the lower-risk option at 5.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOOG or SPHQ?

Over the 10-year period, VOOG has performed better with a 17.29% return vs 14.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOOG or SPHQ?

VOOG is cheaper with a 0.07% expense ratio, compared with 0.15% for SPHQ.

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

SPHQ has the higher dividend yield at 1.10%, compared with 0.46% for VOOG.

What is the main difference between VOOG and SPHQ?

VOOG tracks S&P 500 Growth Index, while SPHQ tracks S&P 500 Quality Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.07% for VOOG and 0.15% for SPHQ.

Which has better risk-adjusted returns?

SPHQ currently has the higher Sharpe Ratio (1.40 vs 1.19), 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.