# COWZ and SPHD Target Different Cash Flows

> Two ETFs measure cash differently: one screens for dividends, the other for free cash flow.
- Title: COWZ and SPHD Target Different Cash Flows · 24/7 Wall St.
- Summary: Two ETFs measure cash differently: one screens for dividends, the other for free cash flow. SPHD pays monthly dividends from S&P 500 stocks with high yields…
- Keywords: sphd, cowz, s&p 500, free cash flow, dividend, etf, investing, dividend yield, cash flow yield, pacer us cash cows 100, Target, Different
- Source: 24/7 Wall St. — https://247wallst.com/investing/etf/2026/10/20/cowz-and-sphd-target-different-cash-flows-only-one-screens-for-your-dividend-check
- Author: Ryne Mauck
- Published: 2026-10-21T01:03:20+00:00
- Read time: 1 min
- Topics: sphd, cowz, s&p 500, free cash flow, dividend, etf, investing, dividend yield, cash flow yield, pacer us cash cows 100
## What COWZ and SPHD Measure
Two popular cash-focused ETFs measure cash at completely different points in the process, changing what investors get for retirement income.
## SPHD Pays Monthly Dividends
SPHD invests at least 90% of its assets in S&P 500 stocks with high dividend yields and low volatility, paying $0.20156 per share monthly.
## COWZ Tracks Free Cash Flow
COWZ screens the Russell 1000 Index for top 100 companies by free cash flow yield, excluding financials and companies with negative projected cash flow.
## SPHD's Dividend History
SPHD's monthly distributions rose from $0.17847 in September 2025 to $0.21963 in August 2026, with the latest payment at $0.20156 in September 2026.
## COWZ's Free Cash Flow Yield
COWZ tracks a free cash flow yield of 6.91% versus 2.55% for the Russell 1000, with a dividend yield of 2.30% versus 1.07%.
## Price Returns Comparison
COWZ leads SPHD in one-year price returns (27.12% vs 8.69%) and five-year returns (71.73% vs 40.45%).
## SPHD for Dividend Investors
SPHD fits investors seeking regular monthly dividend checks from S&P 500 stocks with histories of high dividends and low volatility.
## COWZ for Cash Generators
COWZ suits investors prioritizing total return from businesses with high cash generation relative to their market value.
## Key takeaway

SPHD pays monthly dividends from S&P 500 stocks with high yields and low volatility; COWZ tracks companies with high free cash flow relative to value.