Invesco S&P 500 Downside Hedged ETF (PHDG)

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Invesco S&P 500 Downside Hedged ETF (PHDG) is up 10.6% since the beginning of the year. PHDG is currently trading at $41 per share. Investors who bought $1,000 worth of PHDG shares 5 years ago would now be looking at an investment worth $1,270.

Invesco S&P 500 Downside Hedged ETF (PHDG) has returned 10.56% so far this year and 21.44% over the past 12 months. Over the last ten years, PHDG has returned 7.12% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.

Based on dividend-adjusted daily data since Dec 6, 2012, PHDG's average daily return is +0.02%, while the average monthly return is +0.50%. At this rate, an investment would double in approximately 11.6 years.

Historically, 60% of months were positive and 40% were negative. The best month was Aug 2020 with a return of +7.2%, while the worst month was Apr 2025 at -7.9%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 7 months.

On a daily basis, PHDG closed higher 51% of trading days. The best single day was Mar 16, 2020 with a return of +11.5%, while the worst single day was Mar 23, 2020 at -7.2%.

Invesco S&P 500 Downside Hedged ETF has an annualized alpha of 2.25%, beta of 0.29, and R2 of 0.18 versus S&P 500 Index. Calculated based on daily prices since December 06, 2012.

• This ETF participated in 62.47% of S&P 500 Index downside but only 46.63% of its upside - more exposed to losses than it benefited from rallies.
• Beta of 0.29 may look defensive, but with R2 of 0.18 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
• R2 of 0.18 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

PHDG has an expense ratio of 0.39%, placing it in the medium range.

PHDG ranks 70 for risk / return — better than 70% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.

Invesco S&P 500 Downside Hedged ETF provided a 2.28% dividend yield over the last twelve months, with an annual payout of $0.94 per share. The fund has been increasing its distributions for 4 consecutive years.

The table displays the monthly dividend distributions for Invesco S&P 500 Downside Hedged ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

The table below displays the maximum drawdowns of the Invesco S&P 500 Downside Hedged ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Invesco S&P 500 Downside Hedged ETF was 17.70%, occurring on Nov 3, 2016. Recovery took 277 trading sessions.

The current Invesco S&P 500 Downside Hedged ETF drawdown is 5.01%.

The chart below shows the rolling one-month volatility.