SPHD vs SPY
SPHD vs SPY
Invesco S&P 500 High Dividend Low Volatility ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPHD | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.30% | 0.09% | |
| AUM | $3.4B | $789.1B | |
| Dividend Yield | 4.58% | 1.01% | |
| Holdings | 61 | 505 | |
| YTD Return | +11.81% | +13.28% | |
| 1Y Return | +14.09% | +23.94% | |
| 3Y Return (annualized) | +12.45% | +21.07% | |
| 5Y Return (annualized) | +8.03% | +13.27% | |
| Volatility (annualized) | 14.3% | 15.3% | |
| Max Drawdown | -42.1% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Oct 18, 2012 | Jan 22, 1993 |
SPHD vs SPY Performance
Invesco S&P 500 High Dividend Low Volatility ETF (SPHD) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SPHD returned +14.09% while SPY returned +23.94%. Year to date, SPHD is up 11.81% versus a gain of 13.28% for SPY.
Over three years, SPHD compounded at +12.45% per year against +21.07% for SPY; over five years the annualized figures are +8.03% and +13.27% respectively. Across the full 14-year window we track, SPY has the edge at +8.84% annualized vs +7.02%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 14.3% for SPHD. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -42.1% for SPHD and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.75. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPHD charges 0.30% per year while SPY charges 0.09%. On a $10,000 position that is $30 vs $9 annually, a gap of $21 per year that compounds over a long holding period. On income, SPHD currently yields 4.58% against 1.01% for SPY.
Holdings Overlap
SPHD and SPY share 47 holdings out of 505 unique holdings combined, representing a 4.8% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in SPHD | Weight in SPY | Difference |
|---|---|---|---|
| MO | 3.64% | 0.19% | 3.45% |
| DOC | 3.61% | 0.02% | 3.59% |
| VZ | 3.14% | 0.27% | 2.87% |
| KHC | Pro | Pro | Pro |
| BEN | Pro | Pro | Pro |
| PFE | Pro | Pro | Pro |
| OKE | Pro | Pro | Pro |
| AMCR | Pro | Pro | Pro |
| VICI | Pro | Pro | Pro |
| KIM | Pro | Pro | Pro |
See all 10 holdings SPHD shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, SPHD or SPY?
SPHD has an expense ratio of 0.30% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $21 per year of difference.
Which performed better, SPHD or SPY?
Over the past year SPHD returned +14.09% vs +23.94% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (14 years), SPHD annualized +7.02% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, SPHD or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 14.3% for SPHD. Worst drawdown: SPHD -42.1% vs SPY -56.5%.
Should I hold both SPHD and SPY?
SPHD and SPY have a monthly-return correlation of 0.75, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPHD and SPY?
SPHD and SPY share 47 common holdings with a 4.8% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, SPHD or SPY?
SPHD yields 4.58% while SPY yields 1.01%, so SPHD currently pays the higher dividend yield.
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