Dividend comparison
QUAL vs SPHQ: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for iShares MSCI USA Quality Factor ETF and Invesco S&P 500 Quality ETF, side by side. Updated October 21, 2026.
QUAL vs SPHQ: key differences
The short answer, from the latest data on this page.
- Fees. QUAL is cheaper at 0.15% a year versus 0.20% for SPHQ. On $10,000 that is $5 a year less in fees.
- Income. SPHQ pays more income, yielding 1.03% over the last twelve months versus 0.84% for QUAL. That is about $19 more a year on $10,000. Both pay quarterly.
- Performance. Over the last 5 years, SPHQ returned 74.1% versus 71.5% for QUAL, with dividends reinvested. $10,000 would have grown to $17,415 in SPHQ and $17,151 in QUAL.
- Risk. QUAL has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -28.2%, against -25.1% for SPHQ.
- Diversification. QUAL holds 118 positions and SPHQ holds 100. The ten largest positions make up 45.1% of QUAL and 44.0% of SPHQ.
- Overlap. 39% of the two portfolios overlap by weight, across 40 shared holdings.
- Dividend growth. SPHQ grew its yearly payout 6.6% a year over the last 4 years, versus 1.6% for QUAL.
- Size. QUAL is the larger fund with $48.6 billion in assets, against $18.8 billion for SPHQ.
Bottom line: QUAL fits better if you care most about lower fees. SPHQ fits better if you care most about stronger 5-year returns, smaller drawdowns and faster dividend growth.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | QUAL iShares MSCI USA Quality Factor ETF | SPHQ Invesco S&P 500 Quality ETF |
|---|---|---|
| Dividend yield (TTM) | 0.84% | 1.03% |
| Dividend / share (TTM) | $1.89 | $0.87 |
| Payout frequency | Quarterly | Quarterly |
| Last dividend | $0.4727 on Sep 18, 2026 | $0.1541 on Sep 25, 2026 |
| Ex-dividend date | Sep 15, 2026 | Sep 21, 2026 |
| Dividend growth (CAGR) | 1.6% over 4 yrs | 6.6% over 4 yrs |
| Price | $225.69 | $84.34 |
| Dividend growth streak | 2 years | 1 year |
| Beta | 0.90 | 0.81 |
| Max drawdown (5Y) | -28.2% | -25.1% |
| Market cap | $48.40B | $18.73B |
| Exchange | CBOE | AMEX |
| Expense ratio | 0.15% | 0.20% |
| Assets under management | $48.61B | $18.83B |
| Number of holdings | 118 | 100 |
| Top 10 concentration | 45.1% | 44.0% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
QUAL
$6.98/mo
$84 /yr at 0.84% yield
SPHQ
$8.58/mo
$103 /yr at 1.03% yield
Dividend history
Total dividends paid per share in each calendar year. QUAL pays quarterly; SPHQ pays quarterly.
| Year | QUAL | SPHQ |
|---|---|---|
| 2025 | $1.8588 | $0.8148 |
| 2024 | $1.9073 | $0.7699 |
| 2023 | $1.7090 | $0.7704 |
| 2022 | $1.8144 | $0.8147 |
| 2021 | $1.7441 | $0.6308 |
Strategy: Factor and momentum
Rules-based funds that tilt toward a single trait linked to long-run returns, such as momentum, quality or low volatility. Momentum funds rebalance into recent winners, quality funds favor high profitability and strong balance sheets, and low-volatility funds pick the steadiest stocks. The same label can hide very different rules, so the index methodology matters more than the name.
Factor tilts go through long dry spells, and momentum funds can turn over quickly and get caught out when market leadership changes.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $17,151 in QUAL and $17,415 in SPHQ.
| Period | QUAL | SPHQ |
|---|---|---|
| 1 month | 2.97% | 0.67% |
| 3 months | 4.25% | -0.52% |
| Year to date | 14.32% | 12.38% |
| 1 year | 16.43% | 13.62% |
| 3 years | 76.89% | 73.75% |
| 5 years | 71.51% | 74.15% |
- QUAL
- SPHQ
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
- QUAL
- SPHQ
QUAL vs SPHQ holdings overlap
39% overlap by weight, with 40 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Top 10 holdings
Largest positions by portfolio weight.
QUAL118 holdings total
Quick verdict
QUAL fits better if you care most about lower fees. SPHQ fits better if you care most about stronger 5-year returns, smaller drawdowns and faster dividend growth. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how QUAL vs SPHQ fits with the rest of your holdings. Free to start — no credit card required for the trial.
Frequently asked questions
Is QUAL or SPHQ better for dividend income?
It depends on your goals. QUAL currently yields 0.84% Trailing Twelve Months (TTM) while SPHQ yields 1.03%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between QUAL and SPHQ?
iShares MSCI USA Quality Factor ETF (QUAL) is an ETF listed on CBOE. Invesco S&P 500 Quality ETF (SPHQ) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, QUAL or SPHQ?
QUAL has the lower expense ratio. QUAL charges 0.15% a year and SPHQ charges 0.20%, a difference of $5 a year on a $10,000 investment.
Which has performed better, QUAL or SPHQ?
Over the last 5 years, SPHQ has the higher total return with dividends reinvested: QUAL returned 71.5% and SPHQ returned 74.1%. Past performance does not predict future returns.
Which is riskier, QUAL or SPHQ?
Measured by the worst peak-to-trough decline over the last five years, QUAL has been riskier: QUAL fell as much as 28.2% and SPHQ as much as 25.1%. Their betas are 0.90 and 0.81.
How much do QUAL and SPHQ overlap?
About 39% of the two portfolios overlap by weight, across 40 shared holdings. The largest shared positions are AAPL, V, LRCX. Holding both still adds meaningful diversification.
How often do QUAL and SPHQ pay dividends?
Both pay quarterly. The most recent payments were $0.4727 for QUAL and $0.1541 for SPHQ.
How much income does $10,000 in QUAL vs SPHQ generate?
At current TTM yields, $10,000 in QUAL would generate roughly $6.98 per month ($84 annually). The same amount in SPHQ would produce about $8.58 per month ($103 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both QUAL and SPHQ?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare QUAL vs SPHQ with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how QUAL and SPHQ fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.