XSHD vs. SPHQ

Last updated Aug 4, 2026

XSHD (Invesco S&P SmallCap High Dividend Low Volatility ETF) and SPHQ (Invesco S&P 500 Quality ETF) are both exchange-traded funds - XSHD is a Dividend fund tracking the S&P SmallCap 600 Low Volatility High Dividend Index, while SPHQ is a Quality Factor fund tracking the S&P 500 Quality Index. Both are passively managed. Over the past 5 years, XSHD returned -2.71%/yr vs 12.81%/yr for SPHQ. Their 0.58 correlation means they have sometimes moved together and sometimes differently. XSHD charges 0.30%/yr vs 0.15%/yr for SPHQ.

Performance

XSHD vs. SPHQ - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with XSHD having a 14.67% return and SPHQ slightly lower at 14.14%.

XSHD

• 1D: 0.71%
• 1M: 0.27%
• 6M: 7.76%
• YTD: 14.67%
• 1Y: 16.47%
• 3Y*: 2.14%
• 5Y*: -2.71%
• 10Y*: —
• ALL TIME*: -0.02%

SPHQ

• 1D: 0.56%
• 1M: -3.11%
• 6M: 8.93%
• YTD: 14.14%
• 1Y: 21.69%
• 3Y*: 19.92%
• 5Y*: 12.81%
• 10Y*: 14.58%
• ALL TIME*: 10.03%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPHQ Invesco S&P 500 Quality ETF	$121.34M	$134.31M	$144.70M
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF	$445.72K	$396.15K	$476.24K

XSHD vs. SPHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF	14.67%	-6.41%	-5.25%	3.00%	-19.48%	18.31%	-13.55%	17.91%	-7.86%	1.52%
SPHQ Invesco S&P 500 Quality ETF	14.14%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%

Correlation

The correlation between XSHD and SPHQ is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (3Y) Balances recent behavior with more history.	0.51
Correlation (5Y) Shows whether the relationship held over a longer period.	0.60
Correlation (All Time) Calculated using the full available price history since Dec 1, 2016	0.58

The correlation between XSHD and SPHQ shifts across timeframes, from 0.38 (1 year) to 0.60 (5 years), reflecting how their relationship changes across market environments.

XSHD vs. SPHQ - Sectors Allocation Comparison

Sectors	XSHD	SPHQ
Real Estate	40.3%	-
Consumer Defensive	12.1%	7.5%
Utilities	11.5%	4.5%
Industrials	10.5%	17.7%
Energy	7.6%	1.0%
Basic Materials	6.7%	2.5%
Consumer Cyclical	4.6%	5.3%
Communication Services	4.2%	6.4%
Healthcare	0.6%	3.2%
Financial Services	0.1%	15.2%
Technology	-	41.2%

Return for Risk

XSHD vs. SPHQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XSHD

XSHD Risk / Return Rank: 43
XSHD Sharpe Ratio Rank: 43
XSHD Sortino Ratio Rank: 46
XSHD Omega Ratio Rank: 41
XSHD Calmar Ratio Rank: 43
XSHD Martin Ratio Rank: 40

SPHQ

SPHQ Risk / Return Rank: 65
SPHQ Sharpe Ratio Rank: 64
SPHQ Sortino Ratio Rank: 65
SPHQ Omega Ratio Rank: 59
SPHQ Calmar Ratio Rank: 69
SPHQ Martin Ratio Rank: 69

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XSHD vs. SPHQ - 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 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.

	XSHD	SPHQ	Difference
Sharpe ratio: Return per unit of total volatility	1.11	1.51	-0.40
Sortino ratio: Return per unit of downside risk	1.73	2.17	-0.44
Omega ratio: Gain probability vs. loss probability	1.20	1.26	-0.06
Calmar ratio: Return relative to maximum drawdown	1.57	2.45	-0.88
Martin ratio: Return relative to average drawdown	4.41	8.64	-4.24

XSHD vs. SPHQ - Sharpe Ratio Comparison

The current XSHD Sharpe Ratio is 1.11, which is comparable to the SPHQ Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of XSHD 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

XSHD vs. SPHQ - Drawdown Comparison

The maximum XSHD drawdown since its inception was -49.53%, smaller than the maximum SPHQ drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for XSHD and SPHQ.

Drawdown Indicators

	XSHD	SPHQ	Difference
Max Drawdown Largest peak-to-trough decline	-49.53%	-57.83%	+8.30%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-8.90%	-1.61%
Max Drawdown (3Y) Largest decline over 3 years	-20.77%	-16.57%	-4.20%
Max Drawdown (5Y) Largest decline over 5 years	-34.67%	-25.04%	-9.63%
Max Drawdown (10Y) Largest decline over 10 years	—	-31.60%	—
Current Drawdown Current decline from peak	-20.14%	-5.50%	-14.64%
Average Drawdown Average peak-to-trough decline	-16.44%	-10.64%	-5.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	2.52%	+1.22%

Volatility

XSHD vs. SPHQ - Volatility Comparison

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) and Invesco S&P 500 Quality ETF (SPHQ) have volatilities of 4.69% and 4.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSHD	SPHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.69%	4.77%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	10.22%	12.37%	-2.15%
Volatility (1Y) Calculated over the trailing 1-year period	14.94%	14.51%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.81%	16.74%	+2.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.14%	17.98%	+4.16%

XSHD vs. SPHQ - Expense Ratio Comparison

XSHD has a 0.30% expense ratio, which is higher than SPHQ's 0.15% expense ratio.

Dividends

XSHD vs. SPHQ - Dividend Comparison

XSHD's dividend yield for the trailing twelve months is around 4.89%, more 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%
XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF	4.89%	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

Can I hold both XSHD and SPHQ in my portfolio?

XSHD and SPHQ have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSHD or SPHQ?

SPHQ has higher volatility (4.77%) compared to XSHD (4.69%). In terms of maximum drawdown, XSHD dropped -49.53% vs SPHQ's -57.83%.

Which ETF is better, XSHD or SPHQ?

On 5-year performance, SPHQ leads with 12.81% vs -2.71% for XSHD. On fees, SPHQ is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSHD or SPHQ?

Over the 5-year period, SPHQ has performed better with a 12.81% return vs -2.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSHD or SPHQ?

SPHQ is cheaper with a 0.15% expense ratio, compared with 0.30% for XSHD.

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

XSHD has the higher dividend yield at 4.89%, compared with 1.10% for SPHQ.

What is the main difference between XSHD and SPHQ?

XSHD is categorized as Dividend, while SPHQ is Quality Factor. XSHD tracks S&P SmallCap 600 Low Volatility High Dividend Index, while SPHQ tracks S&P 500 Quality Index. Their fees differ too: 0.30% for XSHD and 0.15% for SPHQ.

Which has better risk-adjusted returns?

SPHQ currently has the higher Sharpe Ratio (1.50 vs 1.11), 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.