# SPHQ ETF vs the S&P 500: Returns, Risk and Crash History

> Invesco S&P 500 Quality ETF (market value $18.6 billion): how it compared with the S&P 500, how it behaved in every crash since 2008, its risk‑adjusted returns. Returns to Oct 30, 2026.

Source: https://www.exent.ai/etfs/sphq · Reviewed by David, Senior Analyst, Exent · Published Nov 4, 2026 · Updated Nov 4, 2026

## Key takeaways

- SPHQ returned +72.6% over the 5 years to Oct 30, 2026 versus +75.9% for the S&P 500: it lagged the index.
- Its 5-year Sharpe ratio was 0.55 against 0.58 for the S&P 500.
- Its deepest crisis drawdown was −57.8% in the global financial crisis (2007–09) (S&P 500: −56.5%).
- Five‑year volatility was 16.4% and beta 0.91.

## Did SPHQ beat the S&P 500?

Over the 5 years to Oct 30, 2026, Invesco S&P 500 Quality ETF (SPHQ) returned **+72.6%** including dividends, versus **+75.9%** for the S&P 500 (SPY). It lagged the index by 3.3 percentage points, or +11.5% a year against +12.0%.

| Period | SPHQ | S&P 500 | SPHQ per year | S&P 500 per year | Result |
| --- | --- | --- | --- | --- | --- |
| 1 year | +13.3% | +12.0% | +13.3% | +12.0% | Beat |
| 3 years | +76.5% | +87.4% | +20.9% | +23.3% | Lagged |
| 5 years | +72.6% | +75.9% | +11.5% | +12.0% | Lagged |
| 10 years | +291.9% | +316.3% | +14.6% | +15.3% | Lagged |

Total return with dividends reinvested, from month-end prices to Oct 30, 2026. Beating the index on raw return is only half the story: the next section adjusts for the risk taken. See also [how to beat the S&P 500](https://www.exent.ai/beat-the-market).

## SPHQ returns by year vs the S&P 500

SPHQ beat the S&P 500 in 3 of the 9 full calendar years shown.

| Year | SPHQ | S&P 500 | Difference |
| --- | --- | --- | --- |
| 2026 (to Oct 30, 2026) | +11.4% | +11.7% | −0.3% |
| 2025 | +13.2% | +17.7% | −4.5% |
| 2024 | +25.4% | +24.9% | +0.5% |
| 2023 | +24.8% | +26.2% | −1.4% |
| 2022 | −15.8% | −18.2% | +2.4% |
| 2021 | +28.0% | +28.7% | −0.7% |
| 2020 | +17.4% | +18.3% | −0.9% |
| 2019 | +33.6% | +31.2% | +2.4% |
| 2018 | −7.0% | −4.6% | −2.4% |
| 2017 | +19.1% | +21.7% | −2.6% |

## SPHQ risk-adjusted returns: Sharpe, Sortino and volatility

Over 5 years, SPHQ had a Sharpe ratio of **0.55** against 0.58 for the S&P 500, so it earned less return per unit of risk than the index. Its annualized volatility was 15.4% and its beta 0.91: it tended to move about 0.9× as much as the market.

| Metric | SPHQ | S&P 500 |
| --- | --- | --- |
| Annual return | +11.5% | +12.0% |
| Volatility (annualized) | 15.4% | 15.5% |
| Sharpe ratio | 0.55 | 0.58 |
| Sortino ratio | 0.84 | 0.91 |
| Max drawdown (month-end) | −24.3% | −23.9% |
| Beta to the S&P 500 | 0.91 | 1.00 |

[Sharpe](https://www.exent.ai/learn/sharpe-ratio) divides return above cash by total volatility; [Sortino](https://www.exent.ai/learn/sortino-ratio) counts only downside volatility. Both use monthly returns and the 1–3 month T‑bill ETF (BIL) as the risk‑free rate.

## How SPHQ behaved in past crashes

SPHQ’s deepest fall in the crises below was **−57.8%** in the global financial crisis (2007–09), against −56.5% for the S&P 500. The last column turns that into money: what a $100,000 position would have lost from peak to trough.

| Crisis | SPHQ | S&P 500 | Loss on $100,000 |
| --- | --- | --- | --- |
| Global financial crisis (2007–09) | −57.8% | −56.5% | −$57,830 |
| 2018 trade-war selloff | −21.2% | −20.2% | −$21,180 |
| COVID crash (Feb–Mar 2020) | −31.9% | −34.1% | −$31,900 |
| 2022 inflation bear market | −26.0% | −25.4% | −$26,020 |
| 2025 tariff selloff | −16.8% | −19.0% | −$16,820 |

| Window | SPHQ max drawdown |
| --- | --- |
| Last 1 year | −8.9% |
| Last 3 years | −16.6% |
| Last 5 years | −25.1% |
| Last 10 years | −32.0% |

Peak‑to‑trough declines from daily prices inside each crisis window. A crash replay does not predict the next crisis; it shows how much room a holding needs. Run the same replay on a whole portfolio with the [crash test](https://www.exent.ai/tools/crash-test).

## What moves with SPHQ, and what doesn’t

Correlation runs from −1 (moves opposite) to +1 (moves in lockstep). Over the last 60 months of monthly returns, SPHQ’s correlation with the S&P 500 was **0.91**, with the Nasdaq‑100 0.82, with long Treasuries (TLT) 0.55 and with gold (GLD) 0.17.

Adding a 5% SPHQ position to an S&P 500 portfolio would have moved its 5‑year volatility from 15.5% to 15.4%.

| Least correlated large caps | Correlation | Most correlated large caps | Correlation |
| --- | --- | --- | --- |
|  | −0.01 |  | 0.75 |
|  | 0.03 |  | 0.74 |
|  | 0.07 |  | 0.72 |
|  | 0.08 |  | 0.71 |
|  | 0.12 |  | 0.70 |

Holdings that are highly correlated behave like one position in a selloff. See [how to find hidden overlap](https://www.exent.ai/resources/is-my-portfolio-diversified).

## What does SPHQ hold?

As of Oct 20, 2026, SPHQ held **99 positions**; its 10 largest made up **43.9%** of the fund. The largest was MA (Mastercard Incorporated) at 6.28%.

| Holding | Name | Weight |
| --- | --- | --- |
| [MA](https://www.exent.ai/stocks/ma) | Mastercard Incorporated | 6.28% |
| [V](https://www.exent.ai/stocks/v) | Visa Inc. | 6.22% |
| [AAPL](https://www.exent.ai/stocks/aapl) | Apple Inc. | 5.86% |
| [COST](https://www.exent.ai/stocks/cost) | Costco Wholesale Corporation | 4.24% |
| [GEV](https://www.exent.ai/stocks/gev) | GE Vernova Inc. | 3.84% |
| [LRCX](https://www.exent.ai/stocks/lrcx) | Lam Research Corporation | 3.74% |
| [NFLX](https://www.exent.ai/stocks/nflx) | Netflix, Inc. | 3.67% |
| [CSCO](https://www.exent.ai/stocks/csco) | Cisco Systems, Inc. | 3.48% |
| [GE](https://www.exent.ai/stocks/ge) | GE Aerospace | 3.47% |
| [PG](https://www.exent.ai/stocks/pg) | The Procter & Gamble Company | 3.15% |

From the fund’s latest published holdings. Overlap by weight adds up, for every stock both funds hold, the smaller of its two weights: 100% would mean the same portfolio. [How much do VOO, QQQ and VTI overlap?](https://www.exent.ai/resources/etf-overlap-voo-qqq-vti)

## The right benchmark for SPHQ

Exent matches every holding to the index with the most similar risk. For SPHQ that is **SPY** (the S&P 500). Comparing a holding with an index that carries very different risk makes good results look bad and risky ones look clever. Read [why the S&P 500 is the wrong benchmark for most portfolios](https://www.exent.ai/resources/why-the-sp-500-is-the-wrong-benchmark).

## Other popular ETFs

| Ticker | Name | 5‑year return | Volatility (5y) |
| --- | --- | --- | --- |
|  | Vanguard Total Stock Market Index Fund ETF Shares | +68.1% | 17.4% |
|  | Vanguard S&P 500 ETF | +76.5% | 16.8% |
|  | iShares Core S&P 500 ETF | +76.5% | 16.9% |
|  | State Street SPDR S&P 500 ETF Trust | +75.9% | 17.0% |
|  | SPDR S&P 500 ETF Trust | +78.6% | 20.8% |
|  | Vanguard Total Intl Stock Idx Fund | +47.5% | 16.0% |
|  | Invesco QQQ Trust | +84.3% | 22.3% |
|  | Vanguard Growth Index Fund ETF Shares | +66.9% | 22.2% |

## Data and methodology

Returns are total returns from month‑end adjusted closing prices (dividends reinvested) through Oct 30, 2026. Crisis drawdowns and trailing maximum drawdowns use daily prices. Analyst coverage counts ratings published in the last 12 months, shown with a 30‑day delay. Full method: [Exent methodology](https://www.exent.ai/methodology).

Holdings and weights are the fund’s latest published holdings; ETF overlap compares those holdings stock by stock.

Past performance does not guarantee future results. Historical figures are calculated by Exent from market data and are for education only; they are not investment advice or a recommendation to buy or sell any security.

## See what SPHQ does to your own portfolio

1. Upload a screenshot of your holdings (or a CSV, Excel, PDF or Google Sheet); no brokerage login.
2. Exent replays your whole portfolio, SPHQ included, through the 2008, 2018, 2020, 2022 and 2025 selloffs and shows which holdings drive the losses.
3. It finds holdings that move together with SPHQ and compares your portfolio with a risk‑matched benchmark, Sharpe and Sortino included.
4. Use the what‑if simulator to change weights and see the effect before you trade.

Exent is our product: [Exent portfolio check](https://www.exent.ai/portfolio)

## Frequently asked questions

### Did SPHQ beat the S&P 500 over the last 10 years?

No. SPHQ returned +291.9% (+14.6% a year) over the 10 years to Oct 30, 2026, versus +316.3% (+15.3% a year) for the S&P 500, including dividends.

### How much did SPHQ fall in the 2008 crash?

SPHQ fell −57.8% from peak to trough during the global financial crisis (2007–09), versus −56.5% for the S&P 500.

### How much did SPHQ fall in the COVID crash?

SPHQ fell −31.9% from peak to trough during the covid crash (feb–mar 2020), versus −34.1% for the S&P 500.

### How much did SPHQ fall in the 2022 bear market?

SPHQ fell −26.0% from peak to trough during the 2022 inflation bear market, versus −25.4% for the S&P 500.

### What is SPHQ’s Sharpe ratio?

Over the 5 years to Oct 30, 2026, SPHQ’s Sharpe ratio was 0.55 and its Sortino ratio 0.84, versus 0.58 and 0.91 for the S&P 500.

### Is SPHQ a volatile ETF?

SPHQ’s 5‑year annualized volatility was 16.4%, lower than the S&P 500’s 17.0%, with a beta of 0.91.

### What is least correlated with SPHQ?

Among large US stocks, the lowest correlations with SPHQ over the last 60 months were CME (−0.01), REGN (0.03), COP (0.07). Its correlation with long Treasuries (TLT) was 0.55 and with gold (GLD) 0.17.

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Educational content, not investment advice. Past performance does not guarantee future results.