Invesco S&P 500 Downside Hedged ETF (PHDG)

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The chart shows the growth of an initial investment of $10,000 in Invesco S&P 500 Downside Hedged ETF, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

Invesco S&P 500 Downside Hedged ETF (PHDG) has returned 1.32% so far this year and 5.85% over the past 12 months. Over the last ten years, PHDG has returned 5.84% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% 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 +0.45%. At this rate, your investment would double in approximately 12.9 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 1.99%, beta of 0.28, and R² of 0.18 versus S&P 500 Index. Calculated based on daily prices since December 07, 2012.

• This ETF participated in 61.22% of S&P 500 Index downside but only 45.51% of its upside — more exposed to losses than it benefited from rallies.
• Beta of 0.28 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 27 for risk / return — below 27% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.

The table below present risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) and compare them to a chosen benchmark (S&P 500 Index).

Invesco S&P 500 Downside Hedged ETF provided a 2.09% dividend yield over the last twelve months, with an annual payout of $0.79 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 2.18%.

The chart below shows the rolling one-month volatility.