Dividend comparison
SPHD vs SDY: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Invesco S&P 500 High Dividend Low Volatility ETF and State Street SPDR S&P Dividend ETF, side by side. Updated October 21, 2026.
SPHD vs SDY: key differences
The short answer, from the latest data on this page.
- Fees. SPHD is cheaper at 0.30% a year versus 0.35% for SDY. On $10,000 that is $5 a year less in fees.
- Income. SPHD pays more income, yielding 4.87% over the last twelve months versus 2.42% for SDY. That is about $245 more a year on $10,000. SPHD pays monthly, SDY pays quarterly.
- Performance. Over the last 5 years, SDY returned 40.4% versus 35.9% for SPHD, with dividends reinvested. $10,000 would have grown to $14,037 in SDY and $13,591 in SPHD.
- Risk. SPHD has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -19.5%, against -15.2% for SDY.
- Diversification. SDY holds 155 positions and SPHD holds 54. The ten largest positions make up 28.8% of SPHD and 20.7% of SDY.
- Overlap. At least 20% of the two portfolios overlap by weight, across 16 shared holdings.
- Dividend growth. SPHD grew its yearly payout 5.4% a year over the last 4 years, versus 1.7% for SDY.
- Size. SDY is the larger fund with $21.5 billion in assets, against $3.3 billion for SPHD.
Bottom line: SPHD fits better if you care most about lower fees, more income today and faster dividend growth. SDY fits better if you care most about stronger 5-year returns, smaller drawdowns and broader diversification.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | SPHD Invesco S&P 500 High Dividend Low Volatility ETF | SDY State Street SPDR S&P Dividend ETF |
|---|---|---|
| Dividend yield (TTM) | 4.87% | 2.42% |
| Dividend / share (TTM) | $2.47 | $3.78 |
| Payout frequency | Monthly | Quarterly |
| Last dividend | $0.2016 on Sep 25, 2026 | $0.9168 on Sep 23, 2026 |
| Ex-dividend date | Oct 19, 2026 | Sep 21, 2026 |
| Next payment | $0.2010 on Oct 23, 2026 | — |
| Dividend growth (CAGR) | 5.4% over 4 yrs | 1.7% over 4 yrs |
| Price | $50.64 | $156.10 |
| Dividend growth streak | 1 year | 3 years |
| Beta | 0.47 | 0.58 |
| Max drawdown (5Y) | -19.5% | -15.2% |
| Market cap | $3.29B | $21.52B |
| Exchange | AMEX | AMEX |
| Expense ratio | 0.30% | 0.35% |
| Assets under management | $3.26B | $21.52B |
| Number of holdings | 54 | 155 |
| Top 10 concentration | 28.8% | 20.7% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
SPHD
$40.59/mo
$487 /yr at 4.87% yield
SDY
$20.16/mo
$242 /yr at 2.42% yield
Dividend history
Total dividends paid per share in each calendar year. SPHD pays monthly; SDY pays quarterly.
| Year | SPHD | SDY |
|---|---|---|
| 2025 | $1.9308 | $3.6342 |
| 2024 | $1.6464 | $3.3824 |
| 2023 | $1.9010 | $3.2981 |
| 2022 | $1.7038 | $3.1952 |
| 2021 | $1.5643 | $3.3913 |
Strategy: Dividend equity
Rules-based equity funds that screen for companies paying sustainable or rising dividends, aiming at income plus long-term share-price participation. The screen is what defines the fund: yield-ranked indexes deliver more cash now, dividend-growth indexes deliberately exclude the highest payers in favor of durability. Both approaches produce a sector mix that looks nothing like the broad market, typically heavier in financials, healthcare, staples and industrials.
Expect stretches of underperformance versus the broad market whenever leadership comes from the high-growth, low-yield companies these screens exclude.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $13,591 in SPHD and $14,037 in SDY.
| Period | SPHD | SDY |
|---|---|---|
| 1 month | 1.22% | 4.16% |
| 3 months | -4.22% | 0.83% |
| Year to date | 5.50% | 12.17% |
| 1 year | 4.33% | 11.40% |
| 3 years | 44.23% | 47.14% |
| 5 years | 35.91% | 40.37% |
- SPHD
- SDY
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.
- SPHD
- SDY
SPHD vs SDY holdings overlap
At least 20% overlap by weight, with 16 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
| Largest shared holdings | SPHD weight | SDY weight |
|---|---|---|
| VZVerizon Communications Inc | 3.18% | 2.92% |
| CVXChevron Corp | 2.33% | 2.16% |
| ORealty Income Corp | 2.12% | 1.95% |
| MDTMedtronic PLC | 1.96% | 1.84% |
| PEPPepsiCo Inc | 1.99% | 1.83% |
| XOMExxonMobil Holdings Corp | 1.64% | 1.51% |
| KMBKimberly-Clark Corp | 2.13% | 1.49% |
| ESEversource Energy | 1.76% | 1.03% |
| TROWT Rowe Price Group Inc | 1.86% | 0.90% |
| AMCRAmcor PLC | 2.75% | 0.86% |
Top 10 holdings
Largest positions by portfolio weight.
SPHD54 holdings total
Quick verdict
SPHD fits better if you care most about lower fees, more income today and faster dividend growth. SDY fits better if you care most about stronger 5-year returns, smaller drawdowns and broader diversification. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
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Frequently asked questions
Is SPHD or SDY better for dividend income?
It depends on your goals. SPHD currently yields 4.87% Trailing Twelve Months (TTM) while SDY yields 2.42%. 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 SPHD and SDY?
Invesco S&P 500 High Dividend Low Volatility ETF (SPHD) is an ETF listed on AMEX. State Street SPDR S&P Dividend ETF (SDY) 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, SPHD or SDY?
SPHD has the lower expense ratio. SPHD charges 0.30% a year and SDY charges 0.35%, a difference of $5 a year on a $10,000 investment.
Which has performed better, SPHD or SDY?
Over the last 5 years, SDY has the higher total return with dividends reinvested: SPHD returned 35.9% and SDY returned 40.4%. Past performance does not predict future returns.
Which is riskier, SPHD or SDY?
Measured by the worst peak-to-trough decline over the last five years, SPHD has been riskier: SPHD fell as much as 19.5% and SDY as much as 15.2%. Their betas are 0.47 and 0.58.
How much do SPHD and SDY overlap?
At least 20% of the two portfolios overlap by weight, across 16 shared holdings. The largest shared positions are VZ, CVX, O. Holding both still adds meaningful diversification.
How often do SPHD and SDY pay dividends?
SPHD pays monthly and SDY pays quarterly.
How much income does $10,000 in SPHD vs SDY generate?
At current TTM yields, $10,000 in SPHD would generate roughly $40.59 per month ($487 annually). The same amount in SDY would produce about $20.16 per month ($242 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SPHD and SDY?
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 SPHD vs SDY with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPHD and SDY 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.