What if you invested monthly in a High-dividend low-vol ETF (SPHD) for 10 years?
This calculates the result of investing a fixed amount monthly into SPHD, which pursues both high dividend yield and low volatility, over 10 years using actual price data. It shows this combined-factor style's out- and under-performance alongside maximum drawdown and time underwater.
Investment conditions
Asset · SPHD (US High-dividend low-vol ETF)
Method · Recurring monthly investment
Period · 2016-07-01 ~ 2026-07-01
Amount · $222 / month
As of · 2026-07-01
Key metrics
These results do not reflect taxes. Based on historical data.
Risk & recovery
As important as returns. This service does not hide maximum drawdown or loss periods.
Maximum drawdown (MDD)
-39.0%
Largest drop from peak
Longest loss period
8months
Months in loss: 11
Recovery period
7months
Growth over time
Invested principal (dashed) and portfolio value (solid). Values below match the calculation.
Total invested $26,889 → Final value $40,716 (+51.4%), Maximum drawdown (MDD) -39.0%
Why this period and asset
SPHD picks high-yielding names within the S&P 500 and overweights the less volatile among them, combining the high-dividend and low-volatility factors. This 10-year window (2016-2026) includes the late-2018 selloff, the 2020 COVID crash, and the 2022 correction. A high-dividend, low-vol tilt held up comparatively better in some sharp declines, but its heavier weight in defensives, REITs, and utilities also caused it to lag in rising-rate periods or growth-led rallies.
Interpreting the result
Investing the same amount each month buys more shares when prices are low and fewer when they are high. Assuming dividends are reinvested, a compounding effect is added. Combining high dividend and low volatility cushions drawdowns and emphasizes dividend cash flow, but the two factors tend to concentrate in certain sectors (utilities, REITs, staples), exposing it to rate and sector risk. The key is to read the maximum drawdown, time underwater, and recovery period next to the broad index on the results screen.
Caveats & limits
Even a high-dividend, low-vol combination cannot avoid losses in a broad market crash and can fare worse in rising-rate periods. This calculation approximates dividend reinvestment, but in reality dividend withholding tax (e.g., 15% US) and local taxes reduce what you receive. Expense ratios, trading fees, and USD/KRW exchange rates also affect the outcome. Past performance does not guarantee future results, and this page does not recommend buying any specific security.
Data sources & limits
- Price data source: Yahoo Finance / FinanceDataReader
- Collected on: 2026-07-23
- Effective trading date: 2026-07-01
- Price basis: Adjusted close (reflects dividends and stock splits)
- Trading fees and taxes are not reflected — figures are pre-tax.
- Based on historical data; does not guarantee future returns.
Frequently asked questions
What is factor investing?
Instead of holding the whole market, it selects stocks by a specific characteristic (factor) such as high dividend or low volatility. SPHD is a smart-beta strategy that uses both factors together.
Does high-dividend low-vol always beat the market?
No. It held up better in some sharp selloffs, but it lags in growth-led rallies and rising-rate periods. It trades away some upside in exchange for a dividend and defensive tilt.
What are the risks of this strategy?
Concentration in sectors like utilities and REITs and a disadvantage in rising-rate periods are the main ones. It endures loss periods in a market crash, and dividend tax, FX, and fees reduce real returns.
Related scenarios
📋 Results are based on historical data; past returns do not guarantee future returns.
📋 This service is provided for educational purposes to help you understand investing, not as investment advice.