Data as of Sep 12, 2026. Both funds on the fields they both publish, from the same sources.
SPHD vs SPY: how they differ
SPHD and SPY hold 5% of their weight in the same names, and SPY returned more over the year.
Invesco S&P 500 High Dividend Low Volatility ETF and SPDR S&P 500 ETF Trust.
What they hold in common
By the books each fund has filed, SPHD and SPY hold 5% of their money in the same securities at the same weight.
| Holding | SPHD | SPY |
|---|---|---|
| Exxon Mobil Corp. | 1.55% | 0.88% |
| Chevron Corp. | 2.10% | 0.48% |
| Verizon Communications Inc. | 3.49% | 0.27% |
| AT&T Inc. | 2.02% | 0.22% |
| Pfizer Inc. | 2.99% | 0.21% |
| Altria Group, Inc. | 3.45% | 0.19% |
| Bristol-Myers Squibb Co. | 2.08% | 0.18% |
| Duke Energy Corp. | 1.59% | 0.15% |
| U.S. Bancorp | 1.62% | 0.14% |
| Williams Cos., Inc. (The) | 1.61% | 0.14% |
| Comcast Corp. | 1.60% | 0.14% |
| EOG Resources, Inc. | 1.99% | 0.11% |
| Only in SPHD | Only in SPY |
|---|---|
| Amcor PLC 2.41% | NVIDIA Corp. 7.52% |
| Conagra Brands, Inc. 2.33% | Apple, Inc. 6.59% |
| Campbell's Co. (The) 1.93% | Microsoft Corp. 4.30% |
| Amazon.com, Inc. 3.62% | |
| Alphabet, Inc. 3.25% | |
| Broadcom, Inc. 2.77% | |
| Alphabet, Inc. 2.59% | |
| Micron Technology, Inc. 2.02% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026 and May 31, 2026.
| SPHD Invesco S&P 500 High Dividend Low Volatility ETF | SPY SPDR S&P 500 ETF Trust | |
|---|---|---|
| Where it sits | Core index fund | Core index fund |
| Issuer | Invesco | State Street |
| What it is | S&P 500 High Dividend Low Volatility | S&P 500, book from IVV |
| Total return, 1 year | +8.6% | +17.5% |
| S&P 500 over the same days | +17.5% | +17.5% |
| Gap to the S&P 500 | −8.9 pts | 0.0 pts |
| Expense ratio | 0.30% | 0.09% |
| Already in the S&P 500 | 95.7% | 100.0% |
| Holdings | 49 | 504 |
SPHD in plain words
SPHD is an index equity fund tracking the S&P 500 High Dividend Low Volatility. Over the year to Sep 11, 2026 it returned +8.6% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.30% a year. By its holdings filed for May 31, 2026, 96% of the fund by weight is stocks the S&P 500 also holds, across 49 positions, with the top ten at 29.3%. It sat 4.1% below its high of Aug 24, 2026 on Sep 11, 2026.
SPY in plain words
SPY is an index equity fund tracking the S&P 500. Over the year to Sep 11, 2026 it returned +17.5% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.09% a year. By its holdings filed for Jun 30, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 36.4%.
Questions people ask
- Which returned more over the last year, SPHD or SPY?
- In the year to Sep 12, 2026, with distributions reinvested, SPHD returned +8.6% and SPY returned +17.5%, so SPY returned more. One year is one year; the longer windows are in the table.
- Which is cheaper, SPHD or SPY?
- SPHD charges 0.30% a year and SPY charges 0.09%, so SPY is cheaper. Fees come from each fund's prospectus.
- How much do SPHD and SPY overlap with the S&P 500?
- By their latest filed holdings, 96% of SPHD and 100% of SPY by weight is stocks the S&P 500 already holds. Between the two funds, 5% of their books are the same securities at the same weight.
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Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, SPHD against SPY, data as of Sep 12, 2026. https://etfiq.com/compare/any/SPHD-SPY Free to use with attribution; the underlying files are at Open data.
A comparison is not a recommendation. Standards and sources