GAUG vs. PHEQ

Last updated Jun 4, 2026

GAUG (FT Cboe Vest U.S. Equity Moderate Buffer ETF - August) and PHEQ (Parametric Hedged Equity ETF) are both Options Trading funds. GAUG is passively managed, while PHEQ is actively managed. Over the past year, GAUG returned 14.06% vs 15.97% for PHEQ. A 0.77 correlation means they provide meaningful diversification when combined. GAUG charges 0.85%/yr vs 0.29%/yr for PHEQ.

Performance

GAUG vs. PHEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - August (GAUG) and Parametric Hedged Equity ETF (PHEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GAUG achieves a 4.97% return, which is significantly lower than PHEQ's 5.67% return.

GAUG

• 1D: -0.18%
• 1M: 1.59%
• YTD: 4.97%
• 6M: 5.40%
• 1Y: 14.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PHEQ

• 1D: -0.18%
• 1M: 1.64%
• YTD: 5.67%
• 6M: 6.14%
• 1Y: 15.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GAUG vs. PHEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GAUG FT Cboe Vest U.S. Equity Moderate Buffer ETF - August	4.97%	11.28%	11.78%	7.17%
PHEQ Parametric Hedged Equity ETF	5.67%	11.76%	14.94%	7.19%

Correlation

The correlation between GAUG and PHEQ is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Oct 20, 2023	0.77

The correlation between GAUG and PHEQ has been stable across timeframes, ranging from 0.77 to 0.85 - a consistent structural relationship.

GAUG vs. PHEQ - Sectors Allocation Comparison

Sectors	GAUG	PHEQ
Technology	36.2%	35.4%
Financial Services	11.9%	11.3%
Communication Services	10.9%	11.8%
Consumer Cyclical	10.1%	10.2%
Healthcare	8.4%	8.6%
Industrials	8.1%	8.3%
Consumer Defensive	4.9%	5.0%
Energy	3.5%	3.7%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.6%
Basic Materials	1.8%	1.7%

Return for Risk

GAUG vs. PHEQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GAUG

GAUG Risk / Return Rank: 80
GAUG Sharpe Ratio Rank: 77
GAUG Sortino Ratio Rank: 83
GAUG Omega Ratio Rank: 83
GAUG Calmar Ratio Rank: 71
GAUG Martin Ratio Rank: 86

PHEQ

PHEQ Risk / Return Rank: 82
PHEQ Sharpe Ratio Rank: 80
PHEQ Sortino Ratio Rank: 86
PHEQ Omega Ratio Rank: 84
PHEQ Calmar Ratio Rank: 75
PHEQ Martin Ratio Rank: 84

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GAUG vs. PHEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - August (GAUG) and Parametric Hedged Equity ETF (PHEQ). 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.

	GAUG	PHEQ	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.62	-0.14
Sortino ratio: Return per unit of downside risk	3.71	3.92	-0.22
Omega ratio: Gain probability vs. loss probability	1.50	1.52	-0.02
Calmar ratio: Return relative to maximum drawdown	3.52	3.77	-0.24
Martin ratio: Return relative to average drawdown	18.35	17.21	+1.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GAUG vs. PHEQ - Sharpe Ratio Comparison

The current GAUG Sharpe Ratio is 2.48, which is comparable to the PHEQ Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of GAUG and PHEQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GAUG	PHEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	2.62	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	1.65	1.80	-0.15

Drawdowns

GAUG vs. PHEQ - Drawdown Comparison

The maximum GAUG drawdown since its inception was -10.08%, smaller than the maximum PHEQ drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for GAUG and PHEQ.

Drawdown Indicators

	GAUG	PHEQ	Difference
Max Drawdown Largest peak-to-trough decline	-10.08%	-12.55%	+2.47%
Max Drawdown (1Y) Largest decline over 1 year	-4.01%	-4.26%	+0.25%
Current Drawdown Current decline from peak	-0.18%	-0.18%	0.00%
Average Drawdown Average peak-to-trough decline	-0.73%	-0.97%	+0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.93%	-0.16%

Volatility

GAUG vs. PHEQ - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF - August (GAUG) is 0.75%, while Parametric Hedged Equity ETF (PHEQ) has a volatility of 1.05%. This indicates that GAUG experiences smaller price fluctuations and is considered to be less risky than PHEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAUG	PHEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	1.05%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	4.33%	4.56%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	5.70%	6.16%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.53%	8.62%	-1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.53%	8.62%	-1.09%

GAUG vs. PHEQ - Expense Ratio Comparison

GAUG has a 0.85% expense ratio, which is higher than PHEQ's 0.29% expense ratio.

Dividends

GAUG vs. PHEQ - Dividend Comparison

GAUG has not paid dividends to shareholders, while PHEQ's dividend yield for the trailing twelve months is around 1.03%.

Position	TTM	2025	2024	2023
GAUG FT Cboe Vest U.S. Equity Moderate Buffer ETF - August	0.00%	0.00%	0.00%	0.00%
PHEQ Parametric Hedged Equity ETF	1.03%	1.19%	1.39%	1.73%

Frequently Asked Questions

Can I hold both GAUG and PHEQ in my portfolio?

GAUG and PHEQ have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GAUG or PHEQ?

PHEQ has higher volatility (1.05%) compared to GAUG (0.75%). In terms of maximum drawdown, GAUG dropped -10.08% vs PHEQ's -12.55%.

Which ETF is better, GAUG or PHEQ?

On 1-year performance, PHEQ leads with 15.97% vs 14.06% for GAUG. On fees, PHEQ is cheaper at 0.29% per year. On volatility, GAUG has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GAUG or PHEQ?

Over the 1-year period, PHEQ has performed better with a 15.97% return vs 14.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GAUG or PHEQ?

PHEQ is cheaper with a 0.29% expense ratio, compared with 0.85% for GAUG.

Which ETF pays a higher dividend yield, GAUG or PHEQ?

PHEQ has the higher dividend yield at 1.03%, compared with 0.00% for GAUG.

What is the main difference between GAUG and PHEQ?

They also come from different issuers: FT Vest and Parametric. Their fees differ too: 0.85% for GAUG and 0.29% for PHEQ.

Which has better risk-adjusted returns?

PHEQ currently has the higher Sharpe Ratio (2.62 vs 2.48), 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.