DV
Dividend Vision

ETF Comparison

SPYD vs SPHD: Two Different Takes on S&P 500 Dividends

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

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • SPHDInvestors who want a quality-dividend tilt rather than the whole market.
  • SPYDInvestors who want a quality-dividend tilt rather than the whole market.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

SPHD has lagged SPYD over the trailing twelve months, posting a 1.77% total return against 7.45%. The lead holds up over 10 years too: SPYD has compounded at 7.84% a year, against 6.57% for SPHD. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD cumulative1Y cumulative3Y annualized5Y annualized10Y annualizedSince Oct 2015Volatility Sharpe Sortino Max drawdown
SPHD3.65%1.77%12.42%6.73%6.57%7.69%13.0%0.560.80-13.3%
SPYD7.53%7.45%14.83%7.37%7.84%8.67%14.2%0.660.95-16.1%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Oct 2015” measures every fund from October 22, 2015 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricSPHDSPYD
Full nameInvesco S&P 500 High Dividend Low Volatility ETFState Street® SPDR® Portfolio S&P 500® High Dividend ETF
IssuerInvescoState Street
Underlying indexS&P 500 Low Volatility High Dividend IndexS&P 500 High Dividend Index
Last Close$48.16 as of October 2, 2026$45.39 as of October 2, 2026
Distribution rate5.02%4.56%
Trailing 12-month yield5.12%4.54%
Distribution Safety Score™ 9193
Safety-Adjusted Yield 4.57%4.24%
Expense ratio0.30%0.07%
AUM$3.24B$7.19B
Distribution frequencyMonthlyQuarterly
ObjectiveSeeks monthly income by tracking the S&P 500 Low Volatility High Dividend Index, investing at least 90% of total assets in the 50 least volatile high-yielding constituents of the S&P 500.Track the S&P 500 High Dividend Index, holding the highest-yielding stocks within the S&P 500.
Asset classEquityEquity
Inception date10/18/201210/21/2015
Beta0.430.59
Last dividend$0.20156$0.518
Ex-dividend date09/21/202609/21/2026

Bottom lineSPHD and SPYD are both for investors who want a quality-dividend tilt rather than the whole market — so strategy isn't the deciding factor here. Cost is: SPYD charges 0.07% against 0.30% for SPHD, and between two funds this similar that gap comes straight out of your return every year you hold.

SPYD vs SPHD: richest payers or high-yield, low-vol?

Both live in the S&P 500 dividend shelf. SPYD takes the highest yields. SPHD then keeps the least volatile of those names. The yield gap is the screen, not a better S&P 500.

SPHDSPYD
IndexS&P 500 Low Volatility High Dividend IndexS&P 500 High Dividend Index
ScreenHigh yield, then low volatilityHighest S&P 500 yields
Expense ratio0.30%0.07%
Distribution rate5.02%4.56%
Typical roleSmoother high-div S&P 500 sleeveHighest-yield S&P 500 sleeve
Model this comparison:
Compare in my portfolio Forecast income Save to watchlist

Income calculator

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

Invesco
ETFs246
Total AUM$1012B

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

Invesco is a major ETF provider known for offering a comprehensive lineup spanning multiple asset classes and investment strategies. The company specializes in income-focused products including dividend, covered call, and bond strategies, while also maintaining broad exposure across equity, factor-based, thematic, and ESG investing themes. Invesco's portfolio ranges from index-tracking funds to alternatives and specialized offerings like digital assets and BulletShares, making it one of the more expansive ETF families available to investors.

See our curated list of related YouTube videos on SPHD.

See all Invesco ETFs
State Street
ETFs179
Total AUM$2146B

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

State Street Global Advisors (SSGA) is one of the largest ETF providers globally, known for its flagship SPDR suite of exchange-traded products that serve both institutional and retail investors across a broad range of asset classes. Their 88-fund lineup spans diverse strategies including sector exposure (Select Sector SPDR), income generation (Income and Select Sector SPDR Premium Income families), commodities (including the widely-held GLD gold ETF), bonds, ESG-focused investments, and thematic allocations, with popular tickers like DIA (Diamonds Trust), FEZ (Eurozone exposure), and JNK (high-yield bonds) among their most recognized funds. The issuer is characterized by its comprehensive coverage across multiple market segments and its emphasis on both traditional index-based products and specialized strategies like covered call income funds and factor-based investing.

See our curated list of related YouTube videos on SPYD.

See all State Street ETFs

Want to go deeper?

Add these ETFs to a sample portfolio and forecast your dividend income over 5+ years — free to start, no credit card.

Compare in my portfolio Forecast income Save to watchlist

Quick verdict

SPHD (Invesco S&P 500 High Dividend Low Volatility ETF) and SPYD (State Street® SPDR® Portfolio S&P 500® High Dividend ETF) are both dividend ETFs, but they take different approaches.

SPHD offers the higher yield at 5.02% vs 4.56% 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 have different reference exposures: SPHD is linked to S&P 500 Low Volatility High Dividend Index while SPYD is linked to S&P 500 High Dividend Index, which means their performance drivers differ.

SPYD is the larger fund by assets ($7.19B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose SPHD

Invesco S&P 500 High Dividend Low Volatility ETF

  • Want a quality-dividend tilt — screened payers rather than the broad index.
  • Prefer lower volatility — a beta of 0.4 vs 0.6 for SPYD.

Choose SPYD

State Street® SPDR® Portfolio S&P 500® High Dividend ETF

  • Want a quality-dividend tilt — screened payers rather than the broad index.
  • Want to keep costs low — a 0.07% expense ratio vs 0.30% for SPHD.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, SPHD would generate roughly $41.83 cash per distribution, while SPYD would produce $114.00 cash per distribution, at current distribution rates.

SPHD yield5.02%
SPYD yield4.56%
Cash diff on $10K$72.17

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

SPHD tracks S&P 500 Low Volatility High Dividend Index with a dividend approach, while SPYD tracks S&P 500 High Dividend Index with a dividend approach. Beta is 0.43 for SPHD and 0.59 for SPYD, making SPHD the less volatile of the two by this measure.

SPHD beta0.43
SPYD beta0.59

Fund details

SPHD is managed by Invesco (launched 10/18/2012) with $3.24B in assets. SPYD is managed by State Street (launched 10/21/2015) with $7.19B in assets.

SPHD AUM$3.24B
SPYD AUM$7.19B
Ready to act?
Open in Comparator Model in portfolio See pricing

Enjoyed this page?

Do us a favor — if you found this comparison useful, please share it with a friend researching dividend ETFs.

Frequently asked questions

What is the difference between SPYD and SPHD?

Both pull income from the S&P 500, but the screens differ. SPYD (State Street® SPDR® Portfolio S&P 500® High Dividend ETF) holds the highest-yielding S&P 500 names. SPHD (Invesco S&P 500 High Dividend Low Volatility ETF) takes high yielders and then keeps the least volatile of that group. Cost is 0.07% versus 0.30%; distributions are 4.56% and 5.02% as of October 2026. A higher printed yield is usually more concentration in the richest payers, not a better S&P 500. Compare drawdown and total return with the payout.

What is the current distribution rate for SPHD and SPYD?

SPHD currently distributes 5.02% and SPYD 4.56%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

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.

Can I hold both SPHD and SPYD?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is SPHD or SPYD safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: SPYD scores 93, SPHD scores 91. Neither has a clear safety edge on that measure. SPHD has also shown lower price volatility (beta 0.43 vs 0.59 for SPYD). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

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 $41.83 cash per distribution ($502.00 annually). The same in SPYD would produce about $114.00 cash per distribution ($456.00 annually).

Which has performed better historically, SPHD or SPYD?

SPHD has lagged SPYD over the trailing twelve months, posting a 1.77% total return against 7.45%. The lead holds up over 10 years too: SPYD has compounded at 7.84% a year, against 6.57% for SPHD. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

SPHD vs SPYD — at a glance

Generated October 3, 2026.

Overview

SPHD and SPYD both track S&P 500 dividend-focused indexes but filter their universes differently. SPHD targets the 50 least volatile high-yielding stocks from the S&P 500, combining a dividend screen with explicit volatility constraints. SPYD simply holds the highest-yielding stocks from the broad S&P 500 without a volatility filter. The result is two different income profiles carved from the same 500-stock base.

How they differ

SPHD's defining feature is its volatility screen: it pulls only from the S&P 500's lowest-volatility names, then ranks those by yield. SPYD skips volatility entirely and ranks the full S&P 500 by dividend alone, capturing higher-yielding but potentially choppier stocks. This explains SPHD's lower beta (0.43 vs. 0.59)—it's explicitly engineered for steadier price swings. The fee gap is material. SPYD's expense ratio of 0.07% undercuts SPHD's 0.30% by 0.23% per year—a meaningful difference on a $100,000 position. SPYD also commands a larger asset base at $7.19B versus SPHD's $3.24B, though both are substantial.

Who each is best for

  • SPHD: Investors prioritizing predictable price stability alongside dividend income, willing to accept lower headline yield in exchange for a portfolio tilted toward lower-volatility large caps. Fits income-focused holders concerned about principal swings.
  • SPYD: Investors seeking maximum yield from S&P 500 dividend stocks and comfortable with ordinary equity volatility. Fits those who value cost efficiency and can live with quarterly payout timing.

Key risks to know

  • Volatility-screen concentration risk (SPHD): By filtering first for low volatility, SPHD may concentrate holdings in defensive sectors or dividend-stable mega-caps, potentially sacrificing diversification within the dividend universe. Verify sector weights to confirm they match your risk tolerance.
  • Yield-driven concentration risk (SPYD): Pure dividend ranking can cluster holdings in high-yielding but narrower sectors (utilities, REITs, energy) that may underperform during rising-rate or risk-off environments. Sector overlap is worth checking against your broader portfolio.
  • Low-volatility valuation risk (SPHD): The preference for stable, dividend-paying names often overlaps with quality and defensive stocks that trade at premium valuations. Mean reversion in multiples could pressure returns even if dividends hold.
  • Beta differential: SPHD's lower beta (0.43) means it will lag during strong equity rallies, a trade-off for smoother downturns. SPYD's higher beta (0.59) captures more market upside but also more downside.

Bottom line

If steady monthly income and lower portfolio volatility matter more than maximum yield, SPHD's volatility screen and 5% distribution suit that profile. If you want the highest S&P 500 dividend yield and prefer to keep expenses minimal, SPYD's 4.56% payout and 0.07% fee are the draw. Both track liquid, transparent indexes; the choice hinges on whether you value stability or yield maximization—and whether monthly payouts or lower fees shift the math. Past performance does not predict future results.

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

Learn the method

The metrics behind this comparison, explained in the Academy.

What the distribution rate really tells you Why a high yield isn't high income How to read a fund's stats

Still deciding? Compare them against your own portfolio

See how each ETF fits alongside your real holdings — forecast future income, analyze overlap, and gauge risk. Start a free 7-day Dividend Vision trial and make the call with your full portfolio in view.

Start Free Open in Comparator Browse Screener

These comparisons follow the Dividend Vision methodology.