Dividend comparison
SPYD vs SPHD: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for State Street SPDR Portfolio S&P 500 High Dividend ETF and Invesco S&P 500 High Dividend Low Volatility ETF, side by side. Updated October 21, 2026.
SPYD vs SPHD: key differences
The short answer, from the latest data on this page.
- Fees. SPYD is cheaper at 0.07% a year versus 0.30% for SPHD. On $10,000 that is $23 a year less in fees.
- Income. SPHD pays more income, yielding 4.87% over the last twelve months versus 4.33% for SPYD. That is about $54 more a year on $10,000. SPYD pays quarterly, SPHD pays monthly.
- Performance. Over the last 5 years, SPYD returned 38.0% versus 35.9% for SPHD, with dividends reinvested. $10,000 would have grown to $13,797 in SPYD and $13,591 in SPHD.
- Risk. SPYD has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -22.2%, against -19.5% for SPHD.
- Diversification. SPYD holds 78 positions and SPHD holds 54. The ten largest positions make up 16.4% of SPYD and 28.8% of SPHD.
- Overlap. 62% of the two portfolios overlap by weight, across 55 shared holdings.
- Dividend growth. SPYD grew its yearly payout 6.0% a year over the last 4 years, versus 5.4% for SPHD.
- Size. SPYD is the larger fund with $7.3 billion in assets, against $3.3 billion for SPHD.
Bottom line: SPYD fits better if you care most about lower fees and stronger 5-year returns. SPHD fits better if you care most about more income today.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF | SPHD Invesco S&P 500 High Dividend Low Volatility ETF |
|---|---|---|
| Dividend yield (TTM) | 4.33% | 4.87% |
| Dividend / share (TTM) | $2.06 | $2.47 |
| Payout frequency | Quarterly | Monthly |
| Last dividend | $0.5178 on Sep 23, 2026 | $0.2016 on Sep 25, 2026 |
| Ex-dividend date | Sep 21, 2026 | Oct 19, 2026 |
| Next payment | — | $0.2010 on Oct 23, 2026 |
| Dividend growth (CAGR) | 6.0% over 4 yrs | 5.4% over 4 yrs |
| Price | $47.60 | $50.64 |
| Dividend growth streak | 2 years | 1 year |
| Beta | 0.64 | 0.47 |
| Max drawdown (5Y) | -22.2% | -19.5% |
| Market cap | $7.34B | $3.29B |
| Exchange | AMEX | AMEX |
| Expense ratio | 0.07% | 0.30% |
| Assets under management | $7.26B | $3.26B |
| Number of holdings | 78 | 54 |
| Top 10 concentration | 16.4% | 28.8% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
SPYD
$36.06/mo
$433 /yr at 4.33% yield
SPHD
$40.59/mo
$487 /yr at 4.87% yield
Dividend history
Total dividends paid per share in each calendar year. SPYD pays quarterly; SPHD pays monthly.
| Year | SPYD | SPHD |
|---|---|---|
| 2025 | $1.9570 | $1.9308 |
| 2024 | $1.8637 | $1.6464 |
| 2023 | $1.8276 | $1.9010 |
| 2022 | $1.9833 | $1.7038 |
| 2021 | $1.5492 | $1.5643 |
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 $13,797 in SPYD and $13,591 in SPHD.
| Period | SPYD | SPHD |
|---|---|---|
| 1 month | 1.13% | 1.22% |
| 3 months | -3.62% | -4.22% |
| Year to date | 10.06% | 5.50% |
| 1 year | 9.07% | 4.33% |
| 3 years | 54.50% | 44.23% |
| 5 years | 37.97% | 35.91% |
- SPYD
- SPHD
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.
- SPYD
- SPHD
SPYD vs SPHD holdings overlap
62% overlap by weight, with 55 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 | SPYD weight | SPHD weight |
|---|---|---|
| PFEPFIZER INC | 1.59% | 3.77% |
| CVXCHEVRON CORP | 1.56% | 2.33% |
| MDTMEDTRONIC PLC | 1.52% | 1.96% |
| HASHASBRO INC | 1.49% | 1.78% |
| AMTAMERICAN TOWER CORP | 1.48% | 2.26% |
| EOGEOG RESOURCES INC | 1.47% | 1.65% |
| SJMJM SMUCKER CO/THE | 1.45% | 2.00% |
| CCICROWN CASTLE INC | 1.40% | 2.79% |
| KMIKINDER MORGAN INC | 1.38% | 1.80% |
| MOALTRIA GROUP INC | 1.38% | 2.88% |
Top 10 holdings
Largest positions by portfolio weight.
SPYD78 holdings total
Quick verdict
SPYD fits better if you care most about lower fees and stronger 5-year returns. SPHD fits better if you care most about more income today. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how SPYD vs SPHD fits with the rest of your holdings. Free to start — no credit card required for the trial.
Frequently asked questions
Is SPYD or SPHD better for dividend income?
It depends on your goals. SPYD currently yields 4.33% Trailing Twelve Months (TTM) while SPHD yields 4.87%. 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 SPYD and SPHD?
State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) is an ETF listed on AMEX. Invesco S&P 500 High Dividend Low Volatility ETF (SPHD) 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, SPYD or SPHD?
SPYD has the lower expense ratio. SPYD charges 0.07% a year and SPHD charges 0.30%, a difference of $23 a year on a $10,000 investment.
Which has performed better, SPYD or SPHD?
Over the last 5 years, SPYD has the higher total return with dividends reinvested: SPYD returned 38.0% and SPHD returned 35.9%. Past performance does not predict future returns.
Which is riskier, SPYD or SPHD?
Measured by the worst peak-to-trough decline over the last five years, SPYD has been riskier: SPYD fell as much as 22.2% and SPHD as much as 19.5%. Their betas are 0.64 and 0.47.
How much do SPYD and SPHD overlap?
About 62% of the two portfolios overlap by weight, across 55 shared holdings. The largest shared positions are PFE, CVX, MDT. Holding both still adds meaningful diversification.
How often do SPYD and SPHD pay dividends?
SPYD pays quarterly and SPHD pays monthly.
How much income does $10,000 in SPYD vs SPHD generate?
At current TTM yields, $10,000 in SPYD would generate roughly $36.06 per month ($433 annually). The same amount in SPHD would produce about $40.59 per month ($487 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SPYD and SPHD?
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 SPYD vs SPHD with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPYD and SPHD 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.