Dividend comparison

VYM vs SPHD: Which Is Better for Income?

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

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VYM vs SPHD: key differences
The short answer, from the latest data on this page.
  • Fees. VYM 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 2.28% for VYM. That is about $259 more a year on $10,000. VYM pays quarterly, SPHD pays monthly.
  • Performance. Over the last 5 years, VYM returned 67.0% versus 35.9% for SPHD, with dividends reinvested. $10,000 would have grown to $16,701 in VYM 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 -15.8% for VYM.
  • Diversification. VYM holds 589 positions and SPHD holds 54. The ten largest positions make up 26.2% of VYM and 28.8% of SPHD.
  • Overlap. At least 10% of the two portfolios overlap by weight, across 18 shared holdings. They mostly own different companies, so they can complement each other.
  • Dividend growth. SPHD grew its yearly payout 5.4% a year over the last 4 years, versus 3.1% for VYM.
  • Size. VYM is the larger fund with $95.8 billion in assets, against $3.3 billion for SPHD.

Bottom line: VYM fits better if you care most about lower fees, stronger 5-year returns, smaller drawdowns and broader diversification. SPHD fits better if you care most about more income today and faster dividend growth.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricVYM
Vanguard High Dividend Yield ETF
SPHD
Invesco S&P 500 High Dividend Low Volatility ETF
Dividend yield (TTM)2.28%4.87%
Dividend / share (TTM)$3.68$2.47
Payout frequencyQuarterlyMonthly
Last dividend$0.8869 on Sep 22, 2026$0.2016 on Sep 25, 2026
Ex-dividend dateSep 18, 2026Oct 19, 2026
Next payment—$0.2010 on Oct 23, 2026
Dividend growth (CAGR)3.1% over 4 yrs5.4% over 4 yrs
Price$161.15$50.64
Dividend growth streak15 years1 year
Beta0.750.47
Max drawdown (5Y)-15.8%-19.5%
Market cap$95.79B$3.29B
ExchangeAMEXAMEX
Expense ratio0.04%0.30%
Assets under management$95.80B$3.26B
Number of holdings58954
Top 10 concentration26.2%28.8%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

VYM

$19.01/mo

$228 /yr at 2.28% yield

SPHD

$40.59/mo

$487 /yr at 4.87% yield

Dividend history
Total dividends paid per share in each calendar year. VYM pays quarterly; SPHD pays monthly.
YearVYMSPHD
2025$3.5008$1.9308
2024$3.4945$1.6464
2023$3.4780$1.9010
2022$3.2518$1.7038
2021$3.0961$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 VYM vs SPHD actually do

VYM
A broad index fund holding the higher-yielding side of the US dividend-paying market, several hundred companies deep.

It tracks the FTSE High Dividend Yield Index, which ranks US dividend payers by forecast yield, excludes REITs, and works down that ranking until roughly half the market value of the eligible universe is covered. Selection is on yield alone with no quality or growth screen, so the portfolio is wide and diversified but includes some payers a stricter screen would reject. Weighting is by market cap, meaning the biggest dividend-paying companies dominate.

Suits an investor who wants dependable above-market income with maximum breadth and minimum concentration risk. Less suitable if you specifically want dividend growth or a fundamental quality filter, since neither is part of the selection rule.

Core dividend holding

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $16,701 in VYM and $13,591 in SPHD.
PeriodVYMSPHD
1 month1.19%1.22%
3 months0.62%-4.22%
Year to date12.28%5.50%
1 year14.10%4.33%
3 years68.66%44.23%
5 years67.01%35.91%
  • VYM
  • SPHD
86132178202120222023202420252026167136

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.
  • VYM
  • SPHD
0%5%10%16%21%Financial Services20.9%15.6%Consumer Defensive8.2%17.8%Energy10.2%14.1%Real Estate0.0%20.1%Healthcare14.1%5.1%Technology17.5%1.5%Utilities5.0%13.7%Communication Services3.3%8.6%Industrials11.6%0.0%Consumer Cyclical6.0%3.4%Other3.2%0.0%
VYM vs SPHD holdings overlap
At least 10% overlap by weight, with 18 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 holdingsVYM weightSPHD weight
XOMExxonMobil Holdings Corp2.84%1.64%
CVXChevron Corp1.61%2.33%
VZVerizon Communications Inc0.81%3.18%
PEPPepsiCo Inc0.73%1.99%
TAT&T Inc0.69%2.60%
PFEPfizer Inc0.69%3.77%
COPConocoPhillips0.65%1.85%
BMYBristol-Myers Squibb Co0.54%2.03%
MOAltria Group Inc0.48%2.88%
MDTMedtronic PLC0.47%1.96%
Top 10 holdings
Largest positions by portfolio weight.

VYM589 holdings total

NameWeight
AVGOBroadcom Inc6.93%
JPMJPMorgan Chase & Co3.75%
XOMExxonMobil Holdings Corp2.84%
JNJJohnson & Johnson2.71%
ABBVAbbVie Inc1.96%
CSCOCisco Systems Inc1.80%
CVXChevron Corp1.61%
CATCaterpillar Inc1.56%
MRKMerck & Co Inc1.52%
BACBank of America Corp1.50%

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

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

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Frequently asked questions

Is VYM or SPHD better for dividend income?
It depends on your goals. VYM currently yields 2.28% 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 VYM and SPHD?
Vanguard High Dividend Yield ETF (VYM) 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, VYM or SPHD?
VYM has the lower expense ratio. VYM 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, VYM or SPHD?
Over the last 5 years, VYM has the higher total return with dividends reinvested: VYM returned 67.0% and SPHD returned 35.9%. Past performance does not predict future returns.
Which is riskier, VYM or SPHD?
Measured by the worst peak-to-trough decline over the last five years, SPHD has been riskier: VYM fell as much as 15.8% and SPHD as much as 19.5%. Their betas are 0.75 and 0.47.
How much do VYM and SPHD overlap?
At least 10% of the two portfolios overlap by weight, across 18 shared holdings. The largest shared positions are XOM, CVX, VZ. Holding both still adds meaningful diversification.
How often do VYM and SPHD pay dividends?
VYM pays quarterly and SPHD pays monthly.
How much income does $10,000 in VYM vs SPHD generate?
At current TTM yields, $10,000 in VYM would generate roughly $19.01 per month ($228 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 VYM 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 VYM vs SPHD with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how VYM 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.