You can use the underlying stocks to evaluate and select equity ETFs. For example, SPHD follows its mandate for owning stocks with higher dividend yield and lower volatility, but it is underweight the stock factors that have the best long-term performance (value, quality, and price momentum). After screening for stocks with these favorable factor characteristics and finding the ETFs most correlated to that basket, we found that SCHD displayed favorable dividend yield and low volatility like SPHD, but had lower expense ratio, better NDR ETF scores, and more favorable stock factor characteristics. Owners of SPHD may want to take a closer look at SCHD as a potential substitute.
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