ETF Comparison
SPHD vs HDV: Which Is the Better Pick in 2026?
A head-to-head comparison of Invesco S&P 500 High Dividend Low Volatility ETF and iShares Core High Dividend ETF covering yield, cost, risk, and income potential.
Data updated April 5, 2026
Side-by-side snapshot
| SPHD | HDV | |
|---|---|---|
| Full name | Invesco S&P 500 High Dividend Low Volatility ETF | iShares Core High Dividend ETF |
| Issuer | Invesco | iShares |
| Price | $49.43 | $133.97 |
| Distribution yield | 3.94% | 2.79% |
| Expense ratio | 0.30% | 0.08% |
| AUM | $3.4B | $13.8B |
| Distribution frequency | Monthly | Quarterly |
| Underlying index | S&P 500 Low Volatility High Dividend Index | Morningstar Dividend Yield Focus Index |
| Objective | Dividend Income | Dividend Income |
| Asset class | Equity | Equity |
| Inception date | — | 03/29/2011 |
| Beta | 0.58 | 0.42 |
| Last dividend | $0.21 | $0.84 |
| Ex-dividend date | 03/23/2026 | 03/17/2026 |
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Quick verdict
SPHD (Invesco S&P 500 High Dividend Low Volatility ETF) and HDV (iShares Core High Dividend ETF) are both popular monthly-pay dividend income ETFs, but they take different approaches.
SPHD offers the higher yield at 3.94% vs 2.79% for HDV. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
HDV is cheaper with an expense ratio of 0.08% compared to 0.30%.
They track different benchmarks: SPHD is linked to S&P 500 Low Volatility High Dividend Index while HDV tracks Morningstar Dividend Yield Focus Index, which means their performance drivers differ.
HDV is the larger fund by assets ($13.8B), which generally means tighter spreads and better liquidity.
Deep dive
Yield & income
On a $10,000 investment, SPHD would generate roughly $32.83/month while HDV would produce $23.25/month at current distribution rates. Both pay monthly distributions.
Cost & efficiency
Over 10 years on $10,000, SPHD would cost approximately $300 in fees vs $80 for HDV (simplified, not compounded). The $220.00 difference may be offset by yield or performance.
Strategy & risk
SPHD tracks S&P 500 Low Volatility High Dividend Index with a dividend income approach, while HDV tracks Morningstar Dividend Yield Focus Index using a dividend income strategy. Beta is 0.58 for SPHD and 0.42 for HDV, indicating HDV is less volatile relative to the market.
Fund details
SPHD is managed by Invesco (launched —) with $3.4B in assets. HDV is managed by iShares (launched 03/29/2011) with $13.8B in assets.
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
Frequently asked questions
Is SPHD or HDV better for dividend income?
It depends on your goals. SPHD currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
What is the difference between SPHD and HDV?
SPHD (Invesco S&P 500 High Dividend Low Volatility ETF) tracks S&P 500 Low Volatility High Dividend Index with a dividend income strategy, while HDV (iShares Core High Dividend ETF) tracks Morningstar Dividend Yield Focus Index with a dividend income approach. They are issued by Invesco and iShares respectively.
Can I hold both SPHD and HDV?
Yes. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.
Which has lower fees, SPHD or HDV?
SPHD has an expense ratio of 0.30% while HDV charges 0.08%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in SPHD vs HDV generate?
At current yields, $10,000 in SPHD would generate roughly $32.83 per month ($394.00 annually). The same in HDV would produce about $23.25 per month ($279.00 annually).
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