CBON vs. PHDG
CBON (VanEck Vectors ChinaAMC China Bond ETF) and PHDG (Invesco S&P 500 Downside Hedged ETF) are both exchange-traded funds - CBON is a Emerging Markets Bonds fund tracking the ChinaBond China High Quality Bond Index, while PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index. Both are passively managed. Over the past 10 years, CBON returned 3.01%/yr vs 7.14%/yr for PHDG. Their 0.10 correlation means their historical movements had little consistent relationship. CBON charges 0.50%/yr vs 0.39%/yr for PHDG.
Performance
CBON vs. PHDG - Performance Comparison
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Returns By Period
In the year-to-date period, CBON achieves a 5.29% return, which is significantly lower than PHDG's 9.47% return. Over the past 10 years, CBON has underperformed PHDG with an annualized return of 3.01%, while PHDG has yielded a comparatively higher 7.14% annualized return.
CBON
- 1D
- -0.25%
- 1M
- 0.35%
- 6M
- 4.74%
- YTD
- 5.29%
- 1Y
- 8.54%
- 3Y*
- 4.82%
- 5Y*
- 2.11%
- 10Y*
- 3.01%
- ALL TIME*
- 2.44%
PHDG
- 1D
- -0.16%
- 1M
- 0.44%
- 6M
- 8.74%
- YTD
- 9.47%
- 1Y
- 14.71%
- 3Y*
- 8.21%
- 5Y*
- 4.01%
- 10Y*
- 7.14%
- ALL TIME*
- 5.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $207.99K | $136.05K | $172.83K | |
| $1.28M | $774.65K | $908.35K |
CBON vs. PHDG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CBON VanEck Vectors ChinaAMC China Bond ETF | 5.29% | 5.46% | 1.85% | 2.92% | -7.99% | 5.93% | 12.01% | 2.67% | 1.88% | 6.96% |
PHDG Invesco S&P 500 Downside Hedged ETF | 9.47% | 2.72% | 10.95% | 8.18% | -14.09% | 15.67% | 18.97% | 8.57% | -2.44% | 15.89% |
Correlation
The correlation between CBON and PHDG is 0.16, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.16 |
Correlation (3Y) Balances recent behavior with more history. | 0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.09 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2014 | 0.10 |
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Return for Risk
CBON vs. PHDG — Risk / Return Rank
CBON
PHDG
CBON vs. PHDG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors ChinaAMC China Bond ETF (CBON) and Invesco S&P 500 Downside Hedged ETF (PHDG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CBON | PHDG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +1.79 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.27 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 6.42 | 2.38 | +4.04 |
| Martin ratioReturn relative to average drawdown | 24.44 | 7.41 | +17.03 |
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Drawdowns
CBON vs. PHDG - Drawdown Comparison
The maximum CBON drawdown since its inception was -14.13%, smaller than the maximum PHDG drawdown of -17.70%. Use the drawdown chart below to compare losses from any high point for CBON and PHDG.
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Drawdown Indicators
| CBON | PHDG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.13% | -17.70% | +3.57% |
Max Drawdown (1Y)Largest decline over 1 year | -1.34% | -6.36% | +5.02% |
Max Drawdown (3Y)Largest decline over 3 years | -4.56% | -14.78% | +10.22% |
Max Drawdown (5Y)Largest decline over 5 years | -14.13% | -17.06% | +2.93% |
Max Drawdown (10Y)Largest decline over 10 years | -14.13% | -17.06% | +2.93% |
Current DrawdownCurrent decline from peak | -0.33% | -5.95% | +5.62% |
Average DrawdownAverage peak-to-trough decline | -3.95% | -6.23% | +2.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | 2.04% | -1.69% |
Volatility
CBON vs. PHDG - Volatility Comparison
The current volatility for VanEck Vectors ChinaAMC China Bond ETF (CBON) is 1.06%, while Invesco S&P 500 Downside Hedged ETF (PHDG) has a volatility of 2.14%. This indicates that CBON experiences smaller price fluctuations and is considered to be less risky than PHDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBON | PHDG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 2.14% | -1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.72% | 9.37% | -6.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.57% | 11.41% | -7.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.90% | 11.37% | -6.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.55% | 12.10% | -6.55% |
CBON vs. PHDG - Expense Ratio Comparison
CBON has a 0.50% expense ratio, which is higher than PHDG's 0.39% expense ratio.
Dividends
CBON vs. PHDG - Dividend Comparison
CBON's dividend yield for the trailing twelve months is around 1.51%, less than PHDG's 1.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBON VanEck Vectors ChinaAMC China Bond ETF | 1.51% | 1.66% | 2.15% | 3.01% | 2.70% | 3.05% | 2.87% | 3.87% | 3.39% | 3.33% | 3.25% | 2.78% |
PHDG Invesco S&P 500 Downside Hedged ETF | 1.70% | 2.10% | 1.94% | 1.93% | 1.35% | 0.44% | 0.63% | 1.80% | 1.56% | 1.83% | 2.29% | 1.64% |
Frequently Asked Questions
CBON and PHDG have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHDG has higher volatility (2.14%) compared to CBON (1.06%). In terms of maximum drawdown, CBON dropped -14.13% vs PHDG's -17.70%.
On 10-year performance, PHDG leads with 7.14% vs 3.01% for CBON. On fees, PHDG is cheaper at 0.39% per year. On volatility, CBON has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PHDG has performed better with a 7.14% return vs 3.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PHDG is cheaper with a 0.39% expense ratio, compared with 0.50% for CBON.
PHDG has the higher dividend yield at 1.70%, compared with 1.51% for CBON.
CBON is categorized as Emerging Markets Bonds, while PHDG is Equity Hedged. CBON tracks ChinaBond China High Quality Bond Index, while PHDG tracks S&P 500 Dynamic VEQTOR Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.50% for CBON and 0.39% for PHDG.
CBON currently has the higher Sharpe Ratio (2.41 vs 1.33), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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