Dividend comparison

VIG vs SPHD: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Vanguard Dividend Appreciation ETF and Invesco S&P 500 High Dividend Low Volatility ETF, side by side. Updated October 21, 2026.

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VIG vs SPHD: key differences
The short answer, from the latest data on this page.
  • Fees. VIG is cheaper at 0.04% a year versus 0.30% for SPHD. On $10,000 that is $26 a year less in fees.
  • Income. SPHD pays more income, yielding 4.87% over the last twelve months versus 1.50% for VIG. That is about $337 more a year on $10,000. VIG pays quarterly, SPHD pays monthly.
  • Performance. Over the last 5 years, VIG returned 61.4% versus 35.9% for SPHD, with dividends reinvested. $10,000 would have grown to $16,136 in VIG and $13,591 in SPHD.
  • Risk. Their worst declines over the last 5 years were similar: -20.4% for VIG and -19.5% for SPHD from peak to trough.
  • Diversification. VIG holds 338 positions and SPHD holds 54. The ten largest positions make up 34.9% of VIG and 28.8% of SPHD.
  • Overlap. 3% of the two portfolios overlap by weight, across 5 shared holdings. They mostly own different companies, so they can complement each other.
  • Dividend growth. VIG grew its yearly payout 7.5% a year over the last 4 years, versus 5.4% for SPHD.
  • Size. VIG is the larger fund with $127.7 billion in assets, against $3.3 billion for SPHD.

Bottom line: VIG fits better if you care most about lower fees, stronger 5-year returns, faster dividend growth and broader diversification. 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.
MetricVIG
Vanguard Dividend Appreciation ETF
SPHD
Invesco S&P 500 High Dividend Low Volatility ETF
Dividend yield (TTM)1.50%4.87%
Dividend / share (TTM)$3.65$2.47
Payout frequencyQuarterlyMonthly
Last dividend$0.9295 on Sep 30, 2026$0.2016 on Sep 25, 2026
Ex-dividend dateSep 28, 2026Oct 19, 2026
Next payment—$0.2010 on Oct 23, 2026
Dividend growth (CAGR)7.5% over 4 yrs5.4% over 4 yrs
Price$243.07$50.64
Dividend growth streak12 years1 year
Beta0.820.47
Max drawdown (5Y)-20.4%-19.5%
Market cap$127.69B$3.29B
ExchangeAMEXAMEX
Expense ratio0.04%0.30%
Assets under management$127.70B$3.26B
Number of holdings33854
Top 10 concentration34.9%28.8%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

VIG

$12.50/mo

$150 /yr at 1.50% yield

SPHD

$40.59/mo

$487 /yr at 4.87% yield

Dividend history
Total dividends paid per share in each calendar year. VIG pays quarterly; SPHD pays monthly.
YearVIGSPHD
2025$3.5580$1.9308
2024$3.3791$1.6464
2023$3.2081$1.9010
2022$2.9725$1.7038
2021$2.6601$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.

What VIG vs SPHD actually do

VIG
A fund holding US companies with at least ten consecutive years of dividend increases, deliberately excluding the highest yielders.

It tracks the S&P U.S. Dividend Growers Index, which requires a decade of unbroken annual increases and then removes the top 25% of eligible names by yield. Screening out the highest payers is intentional: an unusually high yield often signals a stretched payout or a falling share price, and the index is built for durability rather than for current income. The result is a lower starting yield than most dividend funds and a portfolio that leans toward large, stable, profitable companies.

Suits a long-horizon investor who cares more about the dividend rising every year than about the size of the first payment. Not appropriate if you need meaningful cash flow from the position today.

Dividend growth, quality tilt

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $16,136 in VIG and $13,591 in SPHD.
PeriodVIGSPHD
1 month2.56%1.22%
3 months2.30%-4.22%
Year to date10.60%5.50%
1 year11.88%4.33%
3 years64.31%44.23%
5 years61.36%35.91%
  • VIG
  • SPHD
80124169202120222023202420252026161136

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.
  • VIG
  • SPHD
0%7%14%21%27%Financial Services20.7%15.6%Technology27.4%1.5%Consumer Defensive9.1%17.8%Healthcare18.7%5.1%Real Estate20.1%Energy3.6%14.1%Utilities2.7%13.7%Industrials10.8%0.0%Communication Services0.5%8.6%Consumer Cyclical3.9%3.4%Other3.2%0.0%
VIG vs SPHD holdings overlap
3% overlap by weight, with 5 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 holdingsVIG weightSPHD weight
XOMExxonMobil Holdings Corp2.96%1.64%
PEPPepsiCo Inc0.77%1.99%
MDTMedtronic PLC0.49%1.96%
HONHoneywell International Inc0.30%1.80%
FITBFifth Third Bancorp0.20%0.00%
Top 10 holdings
Largest positions by portfolio weight.

VIG338 holdings total

NameWeight
MSFTMicrosoft Corp4.90%
AAPLApple Inc4.89%
AVGOBroadcom Inc4.30%
LLYEli Lilly & Co4.10%
JPMJPMorgan Chase & Co3.89%
XOMExxonMobil Holdings Corp2.96%
JNJJohnson & Johnson2.83%
VVisa Inc2.53%
7DZ.DEExxonMobil Holdings Corp2.46%
WMTWalmart Inc2.05%

SPHD54 holdings total

NameWeight
PFEPfizer Inc3.77%
VZVerizon Communications Inc3.18%
MOAltria Group Inc2.88%
GISGeneral Mills Inc2.86%
KHCKraft Heinz Co/The2.84%
CCICrown Castle Inc2.79%
VICIVICI Properties Inc2.76%
AMCRAmcor PLC2.75%
TAT&T Inc2.60%
CMCSAComcast Corp2.42%

Quick verdict

VIG fits better if you care most about lower fees, stronger 5-year returns, faster dividend growth and broader diversification. SPHD fits better if you care most about more income today. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is VIG or SPHD better for dividend income?
It depends on your goals. VIG currently yields 1.50% 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 VIG and SPHD?
Vanguard Dividend Appreciation ETF (VIG) 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, VIG or SPHD?
VIG has the lower expense ratio. VIG charges 0.04% a year and SPHD charges 0.30%, a difference of $26 a year on a $10,000 investment.
Which has performed better, VIG or SPHD?
Over the last 5 years, VIG has the higher total return with dividends reinvested: VIG returned 61.4% and SPHD returned 35.9%. Past performance does not predict future returns.
Which is riskier, VIG or SPHD?
Measured by the worst peak-to-trough decline over the last five years, VIG has been riskier: VIG fell as much as 20.4% and SPHD as much as 19.5%. Their betas are 0.82 and 0.47.
How much do VIG and SPHD overlap?
About 3% of the two portfolios overlap by weight, across 5 shared holdings. The largest shared positions are XOM, PEP, MDT. Holding both still adds meaningful diversification.
How often do VIG and SPHD pay dividends?
VIG pays quarterly and SPHD pays monthly.
How much income does $10,000 in VIG vs SPHD generate?
At current TTM yields, $10,000 in VIG would generate roughly $12.50 per month ($150 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 VIG 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 VIG vs SPHD with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how VIG 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.