OriginaveSPY vs SPHQ: which ETF won each year?
Yearly returns side by side, one winner per year — dividends included, priced as you'd actually buy them.
SPY
- SPYSPDR S&P 500 ETF Trusttracks the S&P 500 Index
VOOVanguard S&P 500 ETFtracks the S&P 500 Index
IVViShares Core S&P 500 ETFtracks the S&P 500 Index- VTIVanguard Total Stock Market ETFtracks the CRSP US Total Market Index
QQQInvesco QQQ Trusttracks the Nasdaq-100 Index- QQQMInvesco NASDAQ 100 ETFtracks the Nasdaq-100 Index
- VGTVanguard Information Technology ETFtracks the MSCI US IMI Information Technology 25/50 Index
- ACWIiShares MSCI ACWI ETFtracks the MSCI ACWI Index
- VTVanguard Total World Stock ETFtracks the FTSE Global All Cap Index
- URTHiShares MSCI World ETFtracks the MSCI World Index
SCHGSchwab U.S. Large-Cap Growth ETFtracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index- SCHDSchwab U.S. Dividend Equity ETFtracks the Dow Jones U.S. Dividend 100 Index
- VTVVanguard Value ETFtracks the CRSP US Large Cap Value Index
- VUGVanguard Growth ETFtracks the CRSP US Large Cap Growth Index
- MTUMiShares MSCI USA Momentum Factor ETFtracks the MSCI USA Momentum SR Variant Index
- SPMOInvesco S&P 500 Momentum ETFtracks the S&P 500 Momentum Index
- SPHQInvesco S&P 500 Quality ETFtracks the S&P 500 Quality Index
SPHQ
- SPYSPDR S&P 500 ETF Trusttracks the S&P 500 Index
- VOOVanguard S&P 500 ETFtracks the S&P 500 Index
- IVViShares Core S&P 500 ETFtracks the S&P 500 Index
- VTIVanguard Total Stock Market ETFtracks the CRSP US Total Market Index
- QQQInvesco QQQ Trusttracks the Nasdaq-100 Index
- QQQMInvesco NASDAQ 100 ETFtracks the Nasdaq-100 Index
- VGTVanguard Information Technology ETFtracks the MSCI US IMI Information Technology 25/50 Index
- ACWIiShares MSCI ACWI ETFtracks the MSCI ACWI Index
- VTVanguard Total World Stock ETFtracks the FTSE Global All Cap Index
- URTHiShares MSCI World ETFtracks the MSCI World Index
- SCHGSchwab U.S. Large-Cap Growth ETFtracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index
- SCHDSchwab U.S. Dividend Equity ETFtracks the Dow Jones U.S. Dividend 100 Index
- VTVVanguard Value ETFtracks the CRSP US Large Cap Value Index
- VUGVanguard Growth ETFtracks the CRSP US Large Cap Growth Index
- MTUMiShares MSCI USA Momentum Factor ETFtracks the MSCI USA Momentum SR Variant Index
- SPMOInvesco S&P 500 Momentum ETFtracks the S&P 500 Momentum Index
- SPHQInvesco S&P 500 Quality ETFtracks the S&P 500 Quality Index
SPY tracks the S&P 500 IndexSPHQ tracks the S&P 500 Quality Index
What did the last 10 years do to $10,000?
You invest $10,000 at the start of the window and touch nothing — dividends reinvested, the running year not counted.
SPY vs SPHQ, year by year
Calendar-year total returns (dividends included) side by side, and who took the crown each year. A dash means the fund did not exist yet.
| Year | SPY | SPHQ | Winner |
|---|---|---|---|
| 2026 (so far) | +12.71% | +12.92% | SPHQ |
| 2025 | +17.72% | +13.25% | SPY |
| 2024 | +24.89% | +25.44% | SPHQ |
| 2023 | +26.18% | +24.83% | SPY |
| 2022 | -18.18% | -15.76% | SPHQ |
| 2021 | +28.73% | +27.59% | SPY |
| 2020 | +18.33% | +16.93% | SPY |
| 2019 | +31.22% | +33.63% | SPHQ |
| 2018 | -4.57% | -7.09% | SPY |
| 2017 | +21.71% | +19.10% | SPY |
| 2016 | +12.00% | +14.30% | SPHQ |
| 2015 | +1.23% | +1.64% | SPHQ |
| 2014 | +13.46% | +16.08% | SPHQ |
| 2013 | +32.31% | +32.73% | SPHQ |
| 2012 | +15.99% | +14.32% | SPY |
| 2011 | +1.89% | +6.28% | SPHQ |
| 2010 | +15.06% | +20.50% | SPHQ |
| 2009 | +26.35% | +12.59% | SPY |
| 2008 | -36.80% | -46.35% | SPY |
| 2007 | +5.15% | +16.77% | SPHQ |
| 2006 | +15.85% | +4.58% | SPY |
| 2005 | +4.83% | -2.05% | SPY |
| 2004 | +10.70% | — | — |
| 2003 | +28.18% | — | — |
| 2002 | -21.58% | — | — |
| 2001 | -11.76% | — | — |
| 2000 | -9.74% | — | — |
| 1999 | +20.39% | — | — |
| 1998 | +28.69% | — | — |
| 1997 | +33.48% | — | — |
| 1996 | +22.50% | — | — |
| 1995 | +38.05% | — | — |
| 1994 | +0.40% | — | — |
| 1993 | +8.71% | — | — |
SPY vs SPHQ in plain words
SPY tracks the S&P 500 Index while SPHQ follows the S&P 500 Quality Index, so they own different slices of the market and their years can look very different. SPY charges 0.0945% a year in running costs and SPHQ charges 0.15% — SPY is the cheaper fund to hold.
Both funds distribute: dividends land in your account as cash instead of being reinvested automatically. Across the 22 calendar years both funds were trading, SPY finished the year ahead 11 times and SPHQ 11 times. $10,000 invested at the start of 2016 was worth $39,466 in SPY versus $37,666 in SPHQ by the end of 2025, dividends reinvested.
Fund facts: SPY vs SPHQ
| Fact | SPY | SPHQ |
|---|---|---|
| Fund | SPDR S&P 500 ETF Trust | Invesco S&P 500 Quality ETF |
| Tracks | S&P 500 Index | S&P 500 Quality Index |
| Yearly cost (TER) | 0.0945% | 0.15% |
| Dividends | Distributing — dividends paid out | Distributing — dividends paid out |
| Launched | 22 Jan 1993 | 6 Dec 2005 |
| $10,000 invested | What $10,000 in SPY became | What $10,000 in SPHQ became |
How bumpy the ride was: SPY vs SPHQ
These head-to-head figures use only the 5,240 trading days both funds were listed: 6 Dec 2005 to 6 Oct 2026, roughly 20.8 years.
SPY and SPHQ swung about equally: annualised volatility of 19.2% for SPY against 19.2% for SPHQ, with SPY moving 1% or more on 25.8% of trading days and SPHQ on 27.1%. Both had their worst day on 16 Mar 2020: SPY closed -10.94% and SPHQ -10.30%.
SPHQ had the deeper drawdown: it fell -57.83% from its peak on 29 Oct 2007 to a low on 20 Nov 2008, then closed back above the old peak on 14 May 2013, 53 months after the low; SPY fell -55.19% from its peak on 9 Oct 2007 to a low on 9 Mar 2009, then closed back above the old peak on 16 Aug 2012, 41 months after the low.
Day to day the two usually move together: the correlation of their daily returns is 0.91, and they closed in opposite directions on 12.2% of the 5,239 days measured. The widest single-day gap came on 28 Oct 2008, when SPY moved +11.69% and SPHQ +4.85%.
| Measure | SPY | SPHQ |
|---|---|---|
| Annualised volatility | 19.2% | 19.2% |
| Worst day | -10.94% on 16 Mar 2020 | -10.30% on 16 Mar 2020 |
| Best day | +14.52% on 13 Oct 2008 | +12.89% on 13 Oct 2008 |
| Days moving 1% or more | 25.8% of days | 27.1% of days |
| Deepest drawdown | -55.19% | -57.83% |
| Peak to trough | 9 Oct 2007 → 9 Mar 2009 | 29 Oct 2007 → 20 Nov 2008 |
| Back above the old peak | 16 Aug 2012 · 41 months | 14 May 2013 · 53 months |
Years SPY and SPHQ parted ways
In 6 of the 21 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2009: SPY returned +26.35% and SPHQ +12.59%, a gap of 13.8 points. They rose together in 17 years, fell together in 3 years and went opposite ways in 1 year.
| Year | SPY | SPHQ | Gap (SPY − SPHQ) |
|---|---|---|---|
| 2010 | +15.06% | +20.50% | -5.4 pts |
| 2009 | +26.35% | +12.59% | +13.8 pts |
| 2008 | -36.80% | -46.35% | +9.6 pts |
| 2007 | +5.15% | +16.77% | -11.6 pts |
| 2006 | +15.85% | +4.58% | +11.3 pts |
| 2005 | +4.83% | -2.05% | +6.9 pts |
How often SPY beat SPHQ over any 12 months
Across the 238 rolling 12-month windows since December 2005, measured month-end to month-end, SPY finished ahead in 47.5% of them (113) and SPHQ in 52.5% (125).
$200 a month into each, 2006–2025
Putting $200 into each fund at the start of every month from January 2006 to December 2025 (240 payments, $48,000 in total) would have grown to $213,674 in SPY and $202,349 in SPHQ, leaving SPY $11,325 ahead.
| Outcome | SPY | SPHQ |
|---|---|---|
| Paid in | $48,000 | $48,000 |
| Value at the end of 2025 | $213,674 | $202,349 |
| Gain on the money paid in | +$165,674 | +$154,349 |
| Gain in % | +345.15% | +321.56% |
Each payment rides the return of the month it lands in, dividends reinvested. Only calendar years with all twelve months of data for both funds count, so the plan may start later than the shared history.
Frequently asked
Is SPY or SPHQ better?
Across the 22 calendar years both funds were trading, SPY finished the year ahead 11 times and SPHQ 11 times. $10,000 invested at the start of 2016 was worth $39,466 in SPY versus $37,666 in SPHQ by the end of 2025, dividends reinvested. Past returns don't promise future ones — but this is what actually happened.
What is the difference between SPY and SPHQ?
SPY tracks the S&P 500 Index while SPHQ follows the S&P 500 Quality Index, so they own different slices of the market and their years can look very different. SPY charges 0.0945% a year in running costs and SPHQ charges 0.15% — SPY is the cheaper fund to hold. Both funds distribute: dividends land in your account as cash instead of being reinvested automatically.
Which is more volatile, SPY or SPHQ?
SPY and SPHQ swung about equally: annualised volatility of 19.2% for SPY against 19.2% for SPHQ, with SPY moving 1% or more on 25.8% of trading days and SPHQ on 27.1%. Both had their worst day on 16 Mar 2020: SPY closed -10.94% and SPHQ -10.30%.
Which had the deeper drawdown, SPY or SPHQ?
SPHQ had the deeper drawdown: it fell -57.83% from its peak on 29 Oct 2007 to a low on 20 Nov 2008, then closed back above the old peak on 14 May 2013, 53 months after the low; SPY fell -55.19% from its peak on 9 Oct 2007 to a low on 9 Mar 2009, then closed back above the old peak on 16 Aug 2012, 41 months after the low.
How often did SPY beat SPHQ over a 12-month period?
Across the 238 rolling 12-month windows since December 2005, measured month-end to month-end, SPY finished ahead in 47.5% of them (113) and SPHQ in 52.5% (125).
What would $10,000 in SPY have become?
$10,000 invested in SPY at the start of 2016 grew to $39,466 by the end of 2025, with dividends reinvested — an average of 14.7% per year.
Source: Yahoo Finance daily adjusted closes for the US primary listings, dividends reinvested. Prices through · refreshed 7 Oct 2026, 08:49 UTC. How every number is calculated.