XSHD vs. SPHD
XSHD (Invesco S&P SmallCap High Dividend Low Volatility ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - XSHD is a Volatility Hedged Equity fund tracking the S&P SmallCap 600 Low Volatility High Dividend Index, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 5 years, XSHD returned -4.65%/yr vs 7.06%/yr for SPHD. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.30% expense ratio.
Performance
XSHD vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, XSHD achieves a 9.24% return, which is significantly higher than SPHD's 8.20% return.
XSHD
- 1D
- 1.34%
- 1M
- 1.12%
- YTD
- 9.24%
- 6M
- 9.16%
- 1Y
- 6.83%
- 3Y*
- 2.49%
- 5Y*
- -4.65%
- 10Y*
- —
SPHD
- 1D
- 1.63%
- 1M
- 0.82%
- YTD
- 8.20%
- 6M
- 8.56%
- 1Y
- 12.09%
- 3Y*
- 12.70%
- 5Y*
- 7.06%
- 10Y*
- 7.55%
XSHD vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF | 9.24% | -6.41% | -5.25% | 3.00% | -19.48% | 18.31% | -13.55% | 17.91% | -7.86% | 1.52% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 8.20% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | -9.98% | 20.26% | -6.17% | 11.90% |
Correlation
The correlation between XSHD and SPHD is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2016 | 0.76 |
The correlation between XSHD and SPHD has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.
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Return for Risk
XSHD vs. SPHD — Risk / Return Rank
XSHD
SPHD
XSHD vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) 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.
| XSHD | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.18 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | 1.66 | -1.00 |
| Martin ratioReturn relative to average drawdown | 1.76 | 4.06 | -2.30 |
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Drawdowns
XSHD vs. SPHD - Drawdown Comparison
The maximum XSHD drawdown since its inception was -49.53%, which is greater than SPHD's maximum drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for XSHD and SPHD.
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Drawdown Indicators
| XSHD | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.53% | -41.39% | -8.14% |
Max Drawdown (1Y)Largest decline over 1 year | -10.51% | -7.33% | -3.18% |
Max Drawdown (3Y)Largest decline over 3 years | -20.77% | -13.29% | -7.48% |
Max Drawdown (5Y)Largest decline over 5 years | -34.70% | -19.50% | -15.20% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.39% | — |
Current DrawdownCurrent decline from peak | -23.92% | -1.91% | -22.01% |
Average DrawdownAverage peak-to-trough decline | -16.40% | -4.69% | -11.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.89% | 2.98% | +0.91% |
Volatility
XSHD vs. SPHD - Volatility Comparison
The current volatility for Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) is 3.90%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 4.26%. This indicates that XSHD 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
| XSHD | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.90% | 4.26% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 9.97% | 8.13% | +1.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.93% | 11.48% | +3.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.85% | 14.16% | +4.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.20% | 17.65% | +4.55% |
XSHD vs. SPHD - Expense Ratio Comparison
Both XSHD and SPHD have an expense ratio of 0.30%.
Dividends
XSHD vs. SPHD - Dividend Comparison
XSHD's dividend yield for the trailing twelve months is around 5.22%, more than SPHD's 4.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.60% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF | 5.22% | 6.45% | 7.25% | 7.62% | 6.77% | 3.86% | 5.55% | 4.88% | 5.49% | 4.11% | 0.41% | 0.00% |
Frequently Asked Questions
XSHD and SPHD have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHD has higher volatility (4.26%) compared to XSHD (3.90%). In terms of maximum drawdown, XSHD dropped -49.53% vs SPHD's -41.39%.
On 5-year performance, SPHD leads with 7.06% vs -4.65% for XSHD. Both ETFs have the same 0.30% expense ratio. On volatility, XSHD has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPHD has performed better with a 7.06% return vs -4.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XSHD and SPHD have the same expense ratio: 0.30% per year.
XSHD has the higher dividend yield at 5.22%, compared with 4.60% for SPHD.
XSHD is categorized as Volatility Hedged Equity, while SPHD is Dividend. XSHD tracks S&P SmallCap 600 Low Volatility High Dividend Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index.
SPHD currently has the higher Sharpe Ratio (1.06 vs 0.46), 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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