ETF Comparison

SPHD vs SPYD: Which Is the Better Pick in 2026?

A head-to-head comparison of Invesco S&P 500 High Dividend Low Volatility ETF and SPDR Portfolio S&P 500 High Dividend ETF covering yield, cost, risk, and income potential.

Data updated May 20, 2026

Invesco

ETFs13

Total AUM$657.4B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Invesco is a major asset manager recognized for developing innovative ETF solutions across diverse investment strategies. Their fund lineup focuses primarily on income generation, offering investors options that emphasize dividend yield and regular distributions. With a portfolio of four ETFs including popular tickers like PRF (Preferred Stock ETF) and QQQM (Nasdaq-100 ETF), Invesco serves both income-focused and growth-oriented investors seeking streamlined exposure to specific market segments.

See our curated list of related YouTube videos on SPHD.

See all Invesco ETFs

State Street

ETFs42

Total AUM$1750.5B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

State Street is one of the largest ETF providers globally and is known for its SPDR family of funds, which pioneered the modern ETF industry. The company's 17-fund lineup spans multiple strategies including broad market exposure (SPLG), dividend-focused income products (SPYD, SPYM), sector-specific funds (the Select Sector SPDR series), and specialized strategies like covered call income (Premium Income series) and portfolio construction tools (SPDR Portfolio). Notable for its extensive Select Sector SPDR offerings that track individual S&P 500 sectors and its focus on both traditional index investing and income-generating strategies, State Street serves investors across a wide range of investment objectives from core holdings to tactical income plays.

See our curated list of related YouTube videos on SPYD.

See all State Street ETFs

Side-by-side snapshot

	SPHD	SPYD
Full name	Invesco S&P 500 High Dividend Low Volatility ETF	SPDR Portfolio S&P 500 High Dividend ETF
Issuer	Invesco	State Street
Last Close	$49.67 as of May 20, 2026	$46.82 as of May 20, 2026
Distribution yield	5.04%	4.22%
Expense ratio	0.30%	0.07%
AUM	$3.3B	$7.4B
Distribution frequency	Monthly	Quarterly
Underlying index	S&P 500 Low Volatility High Dividend Index	S&P 500 High Dividend Index
Objective	Dividend Income	Track the S&P 500 High Dividend Index, holding the highest-yielding stocks within the S&P 500.
Asset class	Equity	Equity
Inception date	—	10/21/2015
Beta	0.55	0.72
Last dividend	$0.21	$0.45
Ex-dividend date	05/18/2026	03/23/2026

Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

Want to go deeper?

Add these ETFs to a sample portfolio and forecast your dividend income over 5+ years — no signup required.

Build a sample portfolio Forecast income

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 SPYD (SPDR Portfolio S&P 500 High Dividend ETF) are both dividend ETFs, but they take different approaches.

SPHD offers the higher yield at 5.04% vs 4.22% for SPYD. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SPYD is cheaper with an expense ratio of 0.07% compared to 0.30%.

They track different benchmarks: SPHD is linked to S&P 500 Low Volatility High Dividend Index while SPYD tracks S&P 500 High Dividend Index, which means their performance drivers differ.

SPYD is the larger fund by assets ($7.4B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, SPHD would generate roughly $42.00/month, while SPYD would produce $35.17/month, at current distribution rates.

SPHD yield5.04%

SPYD yield4.22%

Monthly diff on $10K$6.83

Cost & efficiency

Over 10 years on $10,000, SPHD would cost approximately $300 in fees vs $70 for SPYD (simplified, not compounded). The $230.00 difference may be offset by yield or performance.

SPHD ER0.30%

SPYD ER0.07%

Strategy & risk

Both SPHD and SPYD wrap S&P 500 Low Volatility High Dividend Index with similar strategies (dividend income and high yield). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic. Beta is 0.55 for SPHD and 0.72 for SPYD, indicating SPHD is less volatile relative to the market.

SPHD beta0.55

SPYD beta0.72

Fund details

SPHD is managed by Invesco (launched —) with $3.3B in assets. SPYD is managed by State Street (launched 10/21/2015) with $7.4B in assets.

SPHD AUM$3.3B

SPYD AUM$7.4B

Ready to act?

Open in Comparator Model in portfolio See pricing

Frequently asked questions

Is SPHD or SPYD 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 SPYD?

Both SPHD (Invesco S&P 500 High Dividend Low Volatility ETF) and SPYD (SPDR Portfolio S&P 500 High Dividend ETF) track S&P 500 Low Volatility High Dividend Index with similar approaches — the labels "dividend income" and "high yield" describe closely related mechanics. The real differences show up in yield target (5.04% vs 4.22%), expense ratio (0.30% vs 0.07%), and issuer (Invesco vs State Street).

Can I hold both SPHD and SPYD?

You can, but expect significant overlap. Both funds use similar strategies on S&P 500 Low Volatility High Dividend Index, so holding them together gives you two wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.

Which has lower fees, SPHD or SPYD?

SPHD has an expense ratio of 0.30% while SPYD charges 0.07%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in SPHD vs SPYD generate?

At current rates, $10,000 in SPHD would generate roughly $42.00 per month ($504.00 annually). The same in SPYD would produce about $35.17 per month ($422.00 annually).

More comparisons to explore

People also compare SPHD with

People also compare SPYD with

Popular comparisons

SPHD vs SPYD — at a glance

Generated April 2026 from current fund data.

Overview

Both SPHD and SPYD are S&P 500 dividend-focused ETFs that hold the highest-yielding stocks in the index, but they apply different filters to get there. SPHD combines high dividend yield with low volatility screening, while SPYD takes a simpler "highest dividend payers" approach. The key distinction: SPHD prioritizes stability alongside income, while SPYD chases raw yield with fewer constraints.

How they differ

SPHD screens for both high dividends and low volatility, which narrows its universe meaningfully. SPYD simply ranks S&P 500 stocks by dividend yield and holds the top earners, without volatility constraints. This makes SPHD's portfolio more defensive—its beta of 0.63 versus SPYD's 0.8 reflects that structural difference.

Yield tells a related story: SPHD offers 5.02% versus SPYD's 4.32%, a 70-basis-point gap. That premium comes partly from SPHD's tighter focus on lower-volatility payers, but it also hints at concentration or a narrower holding base. SPYD holds $7.0 billion in assets compared to SPHD's $3.3 billion, and SPYD's fee advantage is stark—0.07% versus 0.30%, a four-fold difference that compounds over decades.

The third difference: distribution frequency. SPHD pays monthly (most recent dividend $0.21), while SPYD pays quarterly ($0.45). Monthly distributions appeal to some income investors; quarterly aligns with tax reporting and may be simpler administratively.

Who each is best for

SPHD: Investors seeking lower portfolio volatility and willing to pay for it. Better suited for those approaching or in retirement who value downside cushion over maximum yield. Works well in taxable accounts where monthly distributions fit a cash-flow preference.

SPYD: Cost-conscious dividend investors comfortable with moderate equity volatility. Ideal for long-term accumulators in tax-advantaged accounts (the 0.23% fee savings compounds meaningfully over 20+ years). Suitable for those who view quarterly distribution frequency as cleaner for tax planning.

Key risks to know

Dividend cut or yield compression risk. Both funds hold the highest-yielding S&P 500 names, which may be mature, lower-growth businesses. If economic conditions deteriorate, dividend cuts cluster in this cohort, potentially depressing NAV faster than the broader market.

Concentration within high-dividend names. SPHD's lower volatility filter likely means fewer holdings and greater weight in defensive sectors (utilities, REITs, energy). If those sectors underperform, SPHD could lag the S&P 500 significantly.

NAV drift from high yield. SPHD's 5.02% yield is materially above long-term S&P 500 earnings growth. If NAV appreciation doesn't keep pace with distributions, the fund will erode capital over time. This risk is less acute for SPYD at 4.32%, closer to historical market averages.

Beta drag in strong equity rallies. Both funds' below-1.0 betas mean they'll underperform in bull markets. A 30% S&P 500 rally would likely see both funds lag significantly.

Bottom line

If you prioritize income stability and downside protection, SPHD's lower volatility filter and higher yield are appealing—though you'll pay for that active screening. If you want maximum cost efficiency and don't mind slightly lower yield and a touch more volatility, SPYD's 0.07% expense ratio and larger asset base offer compelling value over a long holding period. Past performance doesn't guarantee future results; neither fund is immune to dividend cuts or sector rotation risk.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.