SPHQ vs VFQY: Grades, Fees and Holdings Compared

Invesco S&P 500 Quality ETF

SPHQANYSE Arca

Vanguard U.S. Quality Factor ETF

VFQYACboe

Overlap

30.0%by weight

Expense ratio

VFQY −0.02pt a year

SPHQ0.15%VFQY0.13%

Avg volume · 30D

SPHQ 194.2×the volume

SPHQ1.35MVFQY6.97K

5Y return · a year

SPHQ +2.8pt

SPHQ+11.5%VFQY+8.7%

SPHQ vs VFQY Performance

Oct 29, 2021 – Oct 30, 2026

+72.5%SPHQ+52.1%VFQY

Expense ratio: SPHQ 0.15%; VFQY 0.13%, better
Fund size: SPHQ $18.5B; VFQY $493M
1Y total return: SPHQ +13.2%; VFQY +18.2%, better
Yield (12M): SPHQ 1.05%, better; VFQY 1.01%
Holdings: SPHQ 102; VFQY 474
Avg volume (30D): SPHQ 1.35M sh, better; VFQY 6.97K sh
NAV per share: SPHQ $82.92; VFQY $176.00
52W range

ETF.net Grade

Pillar letters and Scores for SPHQ, VFQY, with each pillar’s weight
Pillar	SPHQ	VFQY
Cost30% weight	A84	A96Higher
Mission25% weight	B69Higher	B68
Risk15% weight	B62Higher	B56
Tradability15% weight	A95Higher	D29
Holdings10% weight	D38	A84Higher
Durability5% weight	A91Higher	A76

Rank among US Quality Index funds

How we build Categories ›

Same Category. SPHQ and VFQY are both graded against the same 26 US Quality Index funds, so their Grades compare head to head.

US Quality Index⁠

Category · 26 funds

See all 26 ›

SPHQ ranks 4th and VFQY 5th of 26 funds in the US Quality Index Category.

Rank 1AJQUAJPMorgan U.S. Quality Factor ETFScore 81
Rank 1AQUALiShares MSCI USA Quality Factor ETFScore 81
Rank 3AFQALFidelity Quality Factor ETFScore 75
Rank 4ASPHQInvesco S&P 500 Quality ETFScore 74
Rank 5AVFQYVanguard U.S. Quality Factor ETFScore 70
Rank 6BXMHQInvesco S&P MidCap Quality ETFScore 67

Our read on each fund

ETF.net Research

SPHQAInvesco S&P 500 Quality ETF

VFQYAVanguard U.S. Quality Factor ETF

In short

SPHQ Live since 2005, SPHQ is an elder statesman of quality investing: rank the S&P 500 on profitability, earnings quality and balance-sheet strength, hold the top 100, charge 0.15% net of a waiver through August 31, 2028.

VFQY Vanguard's quality screen casts a wide net: it fishes the entire Russell 3000 for strong profits, sustainable earnings and clean balance sheets, and charges 0.13% for the work. Quality without the large-cap-only blinders.

Stated mandate

SPHQ The fund seeks exposure to the S&P 500 Quality Index and normally invests at least 90% of assets in common stocks included in that index.

VFQY The fund seeks long-term capital appreciation by primarily investing in U.S. common stocks selected for strong fundamentals, including profitability, sustainable earnings, and healthy balance sheets.

Why people hold it

SPHQ 0.15% net of a waiver through August 31, 2028 (0.20% gross), below the median for quality factor funds and level with QUAL and FQAL at 0.15%.
The rules are published and mechanical: score the S&P 500 on return on equity, accruals ratio and financial leverage ratio, take the top 100, weight by quality score times market cap.spglobal.com
Universe discipline: candidates come only from the S&P 500, so every holding is an established large cap rather than a smaller name screened in from a broader pool.spglobal.com
A multi-billion-dollar fund that trades actively, pays quarterly, and has run since 2005. It sits in the stronger tier of quality factor ETFs.

VFQY At 0.13% a year it undercuts most of the quality-factor field and sits alongside the cheapest names in it (JQUA, QUAL, FQAL).
Starts from the Russell 3000 rather than a mega-cap list, so mid and smaller companies that clear the screens can make the cut. Roughly 400 stocks in the basket.vanguard.com
Quality is defined on several axes at once: profitability, sustainable earnings and healthy balance sheets, spelled out in the fund's own objective.vanguard.com
Running since 2018, it ranks among the stronger implementations in its quality-factor peer group. Distributions come quarterly.

Worth knowing

SPHQ About 100 stocks, weighted by quality score times market cap, so the biggest high-scorers carry real weight. Narrower than owning the full S&P 500.spglobal.com
The index rebalances semiannually, so a company whose fundamentals slip mid-period stays in the portfolio until the next reshuffle.spglobal.com
Two peers undercut it on fee: JQUA at 0.12% and VFQY at 0.13%.

VFQY Trades lightly next to the category's household names, which can show up as wider bid-ask spreads when you go to buy or sell.
The wide net cuts both ways: mid and small-cap holdings can make it move differently from large-cap-only quality funds such as SPHQ.
This is an advertised factor screen, not the market. The portfolio is built to look different from a plain US index, and it does.

Full SPHQ profile⁠

Full VFQY profile⁠

SPHQ vs VFQY Holdings

How SPHQ and VFQY differ

Overlap by weight

30.0%

Shared holdings make up 63.5% of SPHQ and 34.4% of VFQY.

Level by level

Holdings59 in both30.0%
Sector9 Sectors81.3%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in SPHQ and VFQY, widest gap first
Sector	More in SPHQMore in VFQY	SPHQ	VFQY
Technology	SPHQ +15.4 points	39.5%	24.1%
Consumer Discretionary	VFQY +7.6 points	5.5%	13.1%
Health Care	VFQY +6.1 points	3.7%	9.8%
Financials	VFQY +3.2 points	16.9%	20.1%
Communication	SPHQ +2.1 points	5.2%	3.1%
Consumer Staples	SPHQ +1.3 points	7.9%	6.6%
Industrials	VFQY +0.8 points	17.0%	17.8%
Energy	VFQY +0.6 points	1.4%	2.0%
Materials	VFQY +0.4 points	3.0%	3.4%

Country, concentration and asset class

Country by domicile

Country weights in SPHQ and VFQY, widest gap first
Country	More in SPHQMore in VFQY	SPHQ	VFQY
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

SPHQ43.5%
VFQY13.2%

Securities held

SPHQ99
VFQY472

Asset class

SPHQ: Equity
VFQY: Equity

Holdings

Only in SPHQ40
In both59
Only in VFQY413

Only in SPHQ

40 securities, 36.4% of SPHQ by weight

Mastercard Inc6.44%
GE Vernova Inc3.73%
Cisco Systems Inc3.52%
General Electric Co3.46%
Applied Materials Inc2.20%
Intuitive Surgical Inc1.57%
Progressive Corp/The1.46%
AppLovin Corp1.34%
Accenture PLC1.32%
Seagate Technology Holdings PLC1.24%
Automatic Data Processing Inc1.12%
Parker-Hannifin Corp1.03%
Moody's Corp1.00%
Illinois Tool Works Inc0.81%
Colgate-Palmolive Co0.67%
Ciena Corp0.49%
Chipotle Mexican Grill Inc0.43%
ResMed Inc0.35%
Kimberly-Clark Corp0.35%
Workday Inc0.33%
Zoetis Inc0.32%
Tapestry Inc0.31%
ON Semiconductor Corp0.27%
International Flavors & Fragrances Inc0.26%
DuPont de Nemours Inc0.25%
Cincinnati Financial Corp0.25%
Dollar Tree Inc0.23%
T Rowe Price Group Inc0.22%
Steris PLC0.20%
Lennar Corp0.19%
Nordson Corp0.16%
Jacobs Solutions Inc0.16%
GoDaddy Inc0.13%
Skyworks Solutions Inc0.12%
Tyler Technologies Inc0.12%
Bio-Techne Corp0.11%
FactSet Research Systems Inc0.11%
A O Smith Corp0.07%
Erie Indemnity Co0.06%
Invesco Government & Agency Portfolio0.04%

Only in VFQY

413 securities, 65.4% of VFQY by weight

Gilead Sciences Inc1.51%
Spotify Technology SA1.15%
Eli Lilly & Co1.12%
Southern Copper Corp1.09%
Intuit Inc0.98%
Vertiv Holdings Co0.91%
Walmart Inc0.90%
American Express Co0.89%
Johnson & Johnson0.83%
Coca-Cola Co/The0.82%
Cummins Inc0.73%
S&P Global Inc0.71%
Meta Platforms Inc0.67%
Arista Networks Inc0.66%
Marathon Petroleum Corp0.63%
Target Corp0.54%
Caterpillar Inc0.51%
Exelixis Inc0.49%
Manhattan Associates Inc0.48%
Landstar System Inc0.47%
Medpace Holdings Inc0.44%
Chemed Corp0.44%
State Street Corp0.43%
MSC Industrial Direct Co Inc0.43%
Toro Co/The0.43%
Charles Schwab Corp/The0.43%
Docusign Inc0.42%
RenaissanceRe Holdings Ltd0.42%
Globe Life Inc0.41%
Ulta Beauty Inc0.40%
Insulet Corp0.38%
Take-Two Interactive Software Inc0.38%
Ferguson Enterprises Inc0.38%
Illumina Inc0.38%
Pegasystems Inc0.37%
UL Solutions Inc0.37%
Synchrony Financial0.36%
Primerica Inc0.35%
Northern Trust Corp0.34%
Rollins Inc0.33%
BJ's Wholesale Club Holdings Inc0.33%
ExlService Holdings Inc0.32%
Anglogold Ashanti Plc0.32%
Paycom Software Inc0.32%
Genuine Parts Co0.31%
Hecla Mining Co0.30%
Maplebear Inc0.30%
Donaldson Co Inc0.30%
RPM International Inc0.29%
Willis Towers Watson PLC0.29%

Weight gaps

All 59 Holdings in both funds, largest gap first.

Holding weights in SPHQ and VFQY, widest gap first
Holding	More in SPHQMore in VFQY	SPHQ	VFQY
Visa IncV	SPHQ +6.08 points	6.30%	0.22%
Apple IncAAPL	SPHQ +4.62 points	5.93%	1.31%
Costco Wholesale CorpCOST	SPHQ +2.96 points	4.21%	1.25%
Netflix IncNFLX	SPHQ +2.45 points	3.23%	0.78%
Procter & Gamble Co/ThePG	SPHQ +2.36 points	3.19%	0.83%
Lam Research CorpLRCX	SPHQ +2.20 points	3.47%	1.27%
QUALCOMM IncQCOM	SPHQ +1.82 points	2.59%	0.77%
Sandisk CorpSNDK	SPHQ +1.42 points	2.62%	1.20%
Texas Instruments IncTXN	SPHQ +1.35 points	2.53%	1.18%
KLA CorpKLAC	SPHQ +1.00 points	2.19%	1.19%
Western Digital CorpWDC	SPHQ +0.95 points	2.25%	1.30%
Lockheed Martin CorpLMT	SPHQ +0.80 points	1.22%	0.41%
Newmont CorpNEM	SPHQ +0.68 points	1.74%	1.06%
Cintas CorpCTAS	VFQY +0.61 points	0.69%	1.30%
Ross Stores IncROST	VFQY +0.57 points	0.71%	1.28%
Johnson Controls International plcJCI	SPHQ +0.51 points	1.04%	0.53%
3M CoMMM	VFQY +0.46 points	0.86%	1.32%
eBay IncEBAY	SPHQ +0.36 points	0.62%	0.26%
Allstate Corp/TheALL	SPHQ +0.35 points	0.75%	0.40%
Ameriprise Financial IncAMP	SPHQ +0.31 points	0.65%	0.34%
Arch Capital Group LtdACGL	SPHQ +0.31 points	0.34%	0.03%
Cboe Global Markets IncCBOE	SPHQ +0.30 points	0.34%	0.04%
Trane Technologies PLCTT	VFQY +0.30 points	0.88%	1.18%
Best Buy Co IncBBY	VFQY +0.30 points	0.19%	0.49%
Gartner IncIT	VFQY +0.28 points	0.13%	0.41%
TJX Cos Inc/TheTJX	SPHQ +0.28 points	1.43%	1.15%
Travelers Cos Inc/TheTRV	VFQY +0.28 points	0.78%	1.06%
Incyte CorpINCY	VFQY +0.25 points	0.16%	0.41%
Hartford Insurance Group Inc/TheHIG	SPHQ +0.24 points	0.34%	0.10%
Fortinet IncFTNT	VFQY +0.24 points	1.25%	1.49%
Old Dominion Freight Line IncODFL	SPHQ +0.23 points	0.31%	0.08%
IDEXX Laboratories IncIDXX	SPHQ +0.23 points	0.61%	0.38%
APA CorpAPA	VFQY +0.21 points	0.18%	0.39%
Fortive CorpFTV	SPHQ +0.20 points	0.25%	0.05%
Comfort Systems USA IncFIX	SPHQ +0.20 points	0.48%	0.28%
NVR IncNVR	VFQY +0.17 points	0.15%	0.32%
Expand Energy CorpEXE	SPHQ +0.15 points	0.21%	0.06%
Rockwell Automation IncROK	SPHQ +0.16 points	0.54%	0.38%
Ralph Lauren CorpRL	VFQY +0.15 points	0.15%	0.30%
Expeditors International of Washington IncEXPD	SPHQ +0.14 points	0.29%	0.15%
Deckers Outdoor CorpDECK	VFQY +0.14 points	0.14%	0.28%
Valero Energy CorpVLO	SPHQ +0.14 points	1.04%	0.90%
WW Grainger IncGWW	SPHQ +0.12 points	0.53%	0.41%
Fastenal CoFAST	SPHQ +0.11 points	0.55%	0.44%
Solventum CorpSOLV	VFQY +0.11 points	0.13%	0.24%
Broadridge Financial Solutions IncBR	SPHQ +0.11 points	0.21%	0.10%
Williams-Sonoma IncWSM	VFQY +0.09 points	0.33%	0.42%
CH Robinson Worldwide IncCHRW	VFQY +0.09 points	0.17%	0.26%
Autodesk IncADSK	SPHQ +0.08 points	0.45%	0.37%
Adobe IncADBE	SPHQ +0.07 points	1.20%	1.13%
NetApp IncNTAP	SPHQ +0.06 points	0.58%	0.52%
Jack Henry & Associates IncJKHY	VFQY +0.05 points	0.13%	0.18%
JB Hunt Transport Services IncJBHT	SPHQ +0.06 points	0.18%	0.12%
F5 IncFFIV	SPHQ +0.05 points	0.14%	0.09%
CF Industries Holdings IncCF	SPHQ +0.03 points	0.18%	0.15%
Expedia Group IncEXPE	VFQY +0.03 points	0.35%	0.38%
Dexcom IncDXCM	SPHQ +0.02 points	0.44%	0.42%
PTC IncPTC	VFQY +0.02 points	0.19%	0.21%
Airbnb IncABNB	SPHQ +0.01 points	0.78%	0.77%

All 100 SPHQ holdings⁠All 403 VFQY holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SPHQ vs VFQY Cost

Overpaying SPHQ vs VFQY

$411

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

SPHQ 0.15%
$3,137
VFQY 0.13%
$2,726

Amount$10,000

Years30 years

Cost over time

SPHQ 0.15%
VFQY 0.13%
Overpaying

Year by year

Year	SPHQ	VFQY	Overpaying
10	$274	$238	$36
20	$1,071	$930	$141
30	$3,137	$2,726	$411

Expense ratio

0.15%SPHQ
0.13%VFQY, cheaper

VFQY0.13%SPHQ0.15%

0.12%0.60%

Middle half of US Quality Index funds
Median 0.39%

VFQY 2nd cheapest of 26 funds

SPHQ 3rd cheapest of 26 funds

SPHQ vs VFQY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPHQ 1.05%, better; VFQY 1.01%
Payout (12M): SPHQ $0.87; VFQY $1.77
Last payment: SPHQ $0.15; VFQY $0.38
Ex-dividend: SPHQ Sep 21, 2026; VFQY Sep 23, 2026
Paid on: SPHQ Sep 25, 2026; VFQY Sep 25, 2026
Frequency: SPHQ Quarterly; VFQY Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SPHQQuarterly · 39 paymentsAll SPHQ payments⁠

VFQYQuarterly · 34 paymentsAll VFQY payments⁠

SPHQ vs VFQY Risk

Fall from peak · 5 years

SPHQ
VFQY

Risk facts

VolatilityStd dev, 3 years: SPHQ 12.5%, betterVFQY 13.1%
Return per unit of riskSharpe ratio, 3 years: SPHQ 1.23, betterVFQY 1.07
Worst fallMax drawdown, 5 years: SPHQ −25.1%, betterVFQY −25.9%
Market sensitivityBeta, 5 years: SPHQ 0.81VFQY 0.98; Market = 1

SPHQ and VFQY in the news

All news⁠

New ETFs
Jensen's first passive ETF charges 0.25% for a 10-year profit test
Oct 5, 2026SPHQ
Category Review
Cash-flow quality returned 42% while QUAL returned 17%
Updated Sep 22, 2026SPHQ

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SPHQ vs VFQY

In short

Stated mandate

Why people hold it

Worth knowing

How SPHQ and VFQY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPHQ

Only in VFQY

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Jensen's first passive ETF charges 0.25% for a 10-year profit test

Cash-flow quality returned 42% while QUAL returned 17%

How SPHQ and VFQY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in SPHQ

Only in VFQY

Weight gaps