VTV vs. SPHD
VTV (Vanguard Value ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - VTV is a Large Cap Value Equities fund tracking the CRSP US Large Cap Value 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, VTV returned 12.81%/yr vs 7.41%/yr for SPHD. Their correlation of 0.84 suggests significant overlap in exposure. VTV charges 0.04%/yr vs 0.30%/yr for SPHD.
Performance
VTV vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, VTV achieves a 14.90% return, which is significantly higher than SPHD's 8.51% return. Over the past 10 years, VTV has outperformed SPHD with an annualized return of 12.81%, while SPHD has yielded a comparatively lower 7.41% annualized return.
VTV
- 1D
- 0.53%
- 1M
- 5.60%
- YTD
- 14.90%
- 6M
- 14.16%
- 1Y
- 28.57%
- 3Y*
- 18.04%
- 5Y*
- 12.12%
- 10Y*
- 12.81%
SPHD
- 1D
- -1.12%
- 1M
- 4.38%
- YTD
- 8.51%
- 6M
- 7.65%
- 1Y
- 12.70%
- 3Y*
- 11.55%
- 5Y*
- 6.57%
- 10Y*
- 7.41%
VTV vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTV Vanguard Value ETF | 14.90% | 15.27% | 15.95% | 9.32% | -2.09% | 26.53% | 2.33% | 25.66% | -5.47% | 17.15% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 8.51% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between VTV and SPHD is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2012 | 0.84 |
The correlation between VTV and SPHD shifts across timeframes, from 0.67 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VTV vs. SPHD — Risk / Return Rank
VTV
SPHD
VTV vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Value ETF (VTV) 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.
| VTV | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.64 | ||
| Sortino ratioReturn per unit of downside risk | +2.22 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.19 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 4.52 | 1.74 | +2.78 |
| Martin ratioReturn relative to average drawdown | 17.04 | 4.31 | +12.73 |
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Drawdowns
VTV vs. SPHD - Drawdown Comparison
The maximum VTV drawdown since its inception was -59.27%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for VTV and SPHD.
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Drawdown Indicators
| VTV | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.27% | -41.39% | -17.88% |
Max Drawdown (1Y)Largest decline over 1 year | -6.35% | -7.33% | +0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -14.52% | -13.29% | -1.23% |
Max Drawdown (5Y)Largest decline over 5 years | -17.04% | -19.50% | +2.46% |
Max Drawdown (10Y)Largest decline over 10 years | -36.78% | -41.39% | +4.61% |
Current DrawdownCurrent decline from peak | 0.00% | -1.63% | +1.63% |
Average DrawdownAverage peak-to-trough decline | -7.86% | -4.70% | -3.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.68% | 2.96% | -1.28% |
Volatility
VTV vs. SPHD - Volatility Comparison
The current volatility for Vanguard Value ETF (VTV) is 3.35%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 3.91%. This indicates that VTV experiences smaller price fluctuations and is considered to be less risky than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTV | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.35% | 3.91% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 7.80% | 7.86% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.36% | 11.27% | -0.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.93% | 14.21% | -0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.69% | 17.66% | -0.97% |
VTV vs. SPHD - Expense Ratio Comparison
VTV has a 0.04% expense ratio, which is lower than SPHD's 0.30% expense ratio.
Dividends
VTV vs. SPHD - Dividend Comparison
VTV's dividend yield for the trailing twelve months is around 1.82%, less than SPHD's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.45% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
VTV Vanguard Value ETF | 1.82% | 2.05% | 2.31% | 2.46% | 2.52% | 2.15% | 2.56% | 2.50% | 2.73% | 2.29% | 2.44% | 2.60% |
Frequently Asked Questions
VTV and SPHD have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHD has higher volatility (3.91%) compared to VTV (3.35%). In terms of maximum drawdown, VTV dropped -59.27% vs SPHD's -41.39%.
On 10-year performance, VTV leads with 12.81% vs 7.41% for SPHD. On fees, VTV is cheaper at 0.04% per year. On volatility, VTV has been the lower-risk option at 3.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VTV has performed better with a 12.81% return vs 7.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTV is cheaper with a 0.04% expense ratio, compared with 0.30% for SPHD.
SPHD has the higher dividend yield at 4.45%, compared with 1.82% for VTV.
VTV is categorized as Large Cap Value Equities, while SPHD is Dividend. VTV tracks CRSP US Large Cap Value Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.04% for VTV and 0.30% for SPHD.
VTV currently has the higher Sharpe Ratio (2.78 vs 1.13), 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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