At a glance
SPHD charges 0.3% a year, below the 0.32% average of the 8 funds most like it (the 4th cheapest of 9). It has $3.41B in assets, the 4th largest of that group; it paid 4.85% of its price in distributions over the past 12 months, monthly. Over the past year it returned +10.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +15.8% a year. At its worst it fell 19.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 19 months after the low. Its ten largest positions make up 28.6% of the fund, out of 50 in all.
The short version
Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) tracks an index of about 50 S&P 500 stocks. They are picked first for high dividend yields and then for smaller price swings. Its trailing 12-month yield was 4.85% as of October 27, 2026, and it pays monthly. Its 0.30% annual fee is close to the 0.31% average of similar funds but well above SPDR's SPYD at 0.07%.
Price history
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SPHD +10.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SPHD official prospectus, to Dec 31, 2024 | — | +18.03% | — | +6.25% | +8.22% | — |
| SPHD price data to Oct 27, 2026 | +10.9% | +10.0% | +15.8% | +7.9% | — | +11.1% |
- Over the year to Oct 27, 2026, SPHD returned +10.0%, 9th of 9 among similar funds.
- Its 5-year annualized return was +7.9%.
- Its worst full calendar year was 2022 (+0.5%); its best was 2021 (+25.0%).
- The deepest fall in its price history was 19.5% (Apr 20, 2022 to Oct 12, 2022), recovered by May 15, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.9% | — |
| 2025 | +3.4% | — |
| 2024 | +18.1% | +18.03% |
| 2023 | +1.4% | +1.37% |
| 2022 | +0.5% | +0.64% |
| 2021 | +25.0% | +24.83% |
| 2020 | — | -9.89% |
| 2019 | — | +20.32% |
| 2018 | — | -6.13% |
| 2017 | — | +11.94% |
| 2016 | — | +22.31% |
| 2015 | — | +5.20% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 11.6% over that stretch · deepest drop along the way 19.5%, back to its old high 19.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.0800 | |
| 2025 | $1.9400 | +17.6% |
| 2024 | $1.6500 | -13.6% |
| 2023 | $1.9100 | +13.7% |
| 2022 | $1.6800 | +7.0% |
| 2021 | $1.5700 |
Living on SPHD: its income record, cuts, and how much a $1,000 monthly income takes →
What's inside
As of Aug 31, 2026, the fund held 50 securities; the ten largest made up 28.57% of assets. It also reported 3.53% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Pfizer Inc. | 3.41% | |
| General Mills, Inc. | 3.32% | |
| Verizon Communications Inc. | 3.32% | |
| Kraft Heinz Co. (The) | 2.94% | |
| VICI Properties Inc. | 2.87% | |
| Comcast Corp. | 2.71% | |
| AT&T Inc. | 2.68% | |
| Altria Group, Inc. | 2.49% | |
| Crown Castle Inc. | 2.45% | |
| Healthpeak Properties, Inc. | 2.38% | |
| Clorox Co. (The) | 2.36% | |
| Paychex, Inc. | 2.31% | |
| ONEOK, Inc. | 2.25% | |
| Prudential Financial, Inc. | 2.24% | |
| Realty Income Corp. | 2.19% |
By country
United States 97.69%Ireland 1.79%By asset type
Stocks 99.49%By sector
Sectors of the companies held, for the 64% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $37.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.91%, +3.33%, +0.54%.
How it works
SPHD tracks the S&P 500 Low Volatility High Dividend Index, which S&P Dow Jones Indices compiles. The index starts with the S&P 500 and finds the 75 stocks with the highest dividend yields over the past 12 months. No single sector can supply more than 10 of them. Sectors here follow GICS, a standard system for sorting companies by industry. From those 75, the index keeps the 50 with the lowest volatility over roughly the past year. Volatility measures how much a stock's price swings up and down.
The index weights each stock by its dividend yield, not by company size. Higher-yielding stocks get bigger weights. As of May 31, 2026, the largest holdings were Verizon (3.5%), Altria (3.4%), Healthpeak Properties (3.2%), Kraft Heinz (3.0%) and Pfizer (3.0%). The top 10 made up about 29% of assets. As of October 31, 2025, index members ranged from $8.2 billion to $487.5 billion in market value, so some are mid-sized companies.
The fund uses full replication, which means it holds every index stock in the index's proportions. At least 90% of its assets go into index stocks. The fund changes holdings only when the index does, so it keeps a lagging stock until the index drops it. Portfolio turnover was 49%, as reported in the prospectus.
What it really costs
- SPHD charges 0.3% a year, versus an average of 0.32% for the similar funds below (4th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $31 in the first year and $381 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPHD | $31 | $97 | $169 | $381 |
In a retirement portfolio
SPHD pays a monthly dividend and had a 4.85% trailing yield as of October 27, 2026, so its main role is income, not growth.
SPHD launched in October 2012, so it has no record from the 2008 crisis. Its "low volatility" screen did not protect it in 2020. It lost 30.97% in the first quarter and ended the year down 9.89%, its worst calendar year in the prospectus results. In the 2022 bear market, it fell 19.5% between April 20 and October 12, 2022. It took about 19 months to regain its peak, which it did in May 2024. Anyone who had to sell shares during those stretches would have locked in losses.
Monthly payouts, $2.48 a share over the 12 months to October 27, 2026, may cover some spending without selling shares. Companies can still cut dividends. Under the SEC's standard example, the 0.30% fee comes to $31 in year one and $381 over 10 years on $10,000. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want monthly dividend income. The trailing 12-month yield was 4.85% as of October 27, 2026.
- Those who want a fixed set of rules that screens S&P 500 stocks for both high yield and smaller price swings.
- Portfolios seeking more real estate, utility, energy and consumer staples stocks, such as Realty Income, Dominion Energy, ONEOK and Altria.
Look elsewhere if
- Cost-focused investors: SPYD, whose holdings overlap SPHD's by 52%, charges 0.07% a year versus SPHD's 0.30%.
- Investors seeking growth: SPHD's 10% one-year return to October 27, 2026, ranked last among nine similar funds.
- Anyone expecting "low volatility" to mean small losses: SPHD fell 30.97% in the first quarter of 2020.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SPHD this fund | — | 0.3% | $3.41B | +10.0% | +15.8% |
| SPYD SPDR Portfolio S&P 500 High Dividend ETF | 53% | 0.07% | $7.37B | +14.7% | +18.8% |
| SDOG ALPS Sector Dividend Dogs ETF | 44% | 0.36% | $1.44B | +24.8% | +22.4% |
| FDL First Trust Morningstar Dividend Leaders In… | 43% | 0.45% | $7.29B | +26.1% | +23.9% |
| XUDV Franklin U.S. Dividend Multiplier Index ETF | 39% | 0.09% | $73.6M | +27.7% | — |
| RDIV Invesco S&P Ultra Dividend Revenue ETF | 37% | 0.39% | $1.41B | +16.5% | +24.5% |
| DVY iShares Select Dividend ETF | 36% | 0.38% | $23.47B | +21.5% | +19.2% |
| PEY Invesco High Yield Equity Dividend Achiever… | 33% | 0.53% | $1.13B | +19.4% | +15.7% |
Questions investors ask
Does SPHD pay monthly dividends?
Yes. SPHD pays dividends every month. Over the 12 months to October 27, 2026, it paid $2.48 a share, a trailing yield of 4.85%. The amount changes from month to month because it depends on what the roughly 50 companies in the fund pay out. Those companies include Verizon, Altria and Pfizer. If they cut their dividends, the fund's income falls too.
What's the difference between SPHD and SPYD?
Both choose high-yield stocks from the S&P 500, and their holdings overlap by about 52%. SPHD adds a second screen and keeps the 50 least volatile of its 75 highest yielders. It also weights stocks by yield. SPYD costs much less: 0.07% a year versus 0.30%. As of October 27, 2026, SPYD also returned more over the past year (14.7% versus 10%) and over three years (18.8% versus 15.8% a year).
Is SPHD good for retirement income?
It can work as an income holding, with caveats. It pays monthly, and its trailing yield was 4.85% as of October 27, 2026. But it can still fall sharply. It lost 30.97% in the first quarter of 2020 and 19.5% from April to October 2022. After the 2022 drop, it needed about 19 months to recover. Its 0.30% fee matches the peer average but is above cheaper options like SPYD.
What are SPHD's top holdings?
As of May 31, 2026, the five largest holdings were Verizon (3.5%), Altria (3.4%), Healthpeak Properties (3.2%), Kraft Heinz (3.0%) and Pfizer (3.0%). Franklin Resources, VICI Properties, ONEOK, Kimco Realty and Realty Income rounded out the top 10. The fund held 49 stocks, and the top 10 made up about 29% of assets. Because stocks are weighted by dividend yield, real estate, energy, utility and consumer staples companies carry big weights.
How has SPHD performed over 10 years?
In the 10 years through December 31, 2024, SPHD returned an average of 8.22% a year, according to its prospectus. Over five years it averaged 6.25% a year, and in 2024 alone it gained 18.03%. Yearly results have varied widely. They range from a 9.89% loss in 2020 to a 24.83% gain in 2021. Based on price data, its five-year return through October 27, 2026, averaged 7.9% a year.