From 24/7 Wall St. · Ryne Mauck · · 1m 30s
COWZ and SPHD Target Different Cash Flows
Two ETFs measure cash differently: one screens for dividends, the other for free cash flow.
In brief
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 and low volatility; COWZ tracks companies with high free cash flow relative to value. Originally reported by 24/7 Wall St..
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.
The big picture
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.
