GTR vs. PHEQ

Last updated Jun 5, 2026

GTR (WisdomTree Target Range Fund) and PHEQ (Parametric Hedged Equity ETF) are both Options Trading funds. Both are actively managed. Over the past year, GTR returned 19.56% vs 16.41% for PHEQ. A 0.72 correlation means they provide meaningful diversification when combined. GTR charges 0.70%/yr vs 0.29%/yr for PHEQ.

Performance

GTR vs. PHEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Target Range Fund (GTR) 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, GTR achieves a 8.44% return, which is significantly higher than PHEQ's 5.93% return.

GTR

• 1D: 0.28%
• 1M: 2.20%
• YTD: 8.44%
• 6M: 8.61%
• 1Y: 19.56%
• 3Y*: 12.84%
• 5Y*: —
• 10Y*: —

PHEQ

• 1D: 0.25%
• 1M: 1.77%
• YTD: 5.93%
• 6M: 6.33%
• 1Y: 16.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GTR vs. PHEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GTR WisdomTree Target Range Fund	8.44%	12.90%	8.41%	10.33%
PHEQ Parametric Hedged Equity ETF	5.93%	11.76%	14.94%	7.19%

Correlation

The correlation between GTR and PHEQ is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Oct 20, 2023	0.72

The correlation between GTR and PHEQ has been stable across timeframes, ranging from 0.72 to 0.81 - a consistent structural relationship.

GTR vs. PHEQ - Sectors Allocation Comparison

Sectors	GTR	PHEQ
Technology	27.5%	35.4%
Financial Services	15.9%	11.3%
Industrials	12.1%	8.3%
Healthcare	9.8%	8.6%
Consumer Cyclical	9.3%	10.2%
Communication Services	7.7%	11.8%
Consumer Defensive	4.4%	5.0%
Energy	4.2%	3.7%
Basic Materials	3.7%	1.7%
Utilities	2.7%	2.4%
Real Estate	2.7%	1.6%

Return for Risk

GTR vs. PHEQ — Risk / Return Rank

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

GTR

GTR Risk / Return Rank: 66
GTR Sharpe Ratio Rank: 63
GTR Sortino Ratio Rank: 65
GTR Omega Ratio Rank: 63
GTR Calmar Ratio Rank: 67
GTR Martin Ratio Rank: 71

PHEQ

PHEQ Risk / Return Rank: 84
PHEQ Sharpe Ratio Rank: 83
PHEQ Sortino Ratio Rank: 89
PHEQ Omega Ratio Rank: 87
PHEQ Calmar Ratio Rank: 77
PHEQ Martin Ratio Rank: 85

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.

GTR vs. PHEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Target Range Fund (GTR) 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.

	GTR	PHEQ	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.69	-0.61
Sortino ratio: Return per unit of downside risk	2.95	4.03	-1.07
Omega ratio: Gain probability vs. loss probability	1.38	1.53	-0.16
Calmar ratio: Return relative to maximum drawdown	3.29	3.87	-0.58
Martin ratio: Return relative to average drawdown	13.06	17.69	-4.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GTR vs. PHEQ - Sharpe Ratio Comparison

The current GTR Sharpe Ratio is 2.08, which is comparable to the PHEQ Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of GTR 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

	GTR	PHEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	2.69	-0.61
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.81	-1.35

Drawdowns

GTR vs. PHEQ - Drawdown Comparison

The maximum GTR drawdown since its inception was -21.44%, which is greater than PHEQ's maximum drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for GTR and PHEQ.

Drawdown Indicators

	GTR	PHEQ	Difference
Max Drawdown Largest peak-to-trough decline	-21.44%	-12.55%	-8.89%
Max Drawdown (1Y) Largest decline over 1 year	-5.97%	-4.26%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-12.88%	—	—
Current Drawdown Current decline from peak	-0.13%	0.00%	-0.13%
Average Drawdown Average peak-to-trough decline	-8.63%	-0.97%	-7.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.50%	0.93%	+0.57%

Volatility

GTR vs. PHEQ - Volatility Comparison

WisdomTree Target Range Fund (GTR) has a higher volatility of 2.36% compared to Parametric Hedged Equity ETF (PHEQ) at 1.06%. This indicates that GTR's price experiences larger fluctuations and is considered to be riskier than PHEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GTR	PHEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.36%	1.06%	+1.30%
Volatility (6M) Calculated over the trailing 6-month period	6.88%	4.57%	+2.31%
Volatility (1Y) Calculated over the trailing 1-year period	9.45%	6.13%	+3.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.86%	8.61%	+2.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.86%	8.61%	+2.25%

GTR vs. PHEQ - Expense Ratio Comparison

GTR has a 0.70% expense ratio, which is higher than PHEQ's 0.29% expense ratio.

Dividends

GTR vs. PHEQ - Dividend Comparison

GTR's dividend yield for the trailing twelve months is around 5.30%, more than PHEQ's 1.02% yield.

Position	TTM	2025	2024	2023	2022
GTR WisdomTree Target Range Fund	5.30%	5.74%	5.30%	2.85%	0.46%
PHEQ Parametric Hedged Equity ETF	1.02%	1.19%	1.39%	1.73%	0.00%

Frequently Asked Questions

Can I hold both GTR and PHEQ in my portfolio?

GTR and PHEQ have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GTR or PHEQ?

GTR has higher volatility (2.36%) compared to PHEQ (1.06%). In terms of maximum drawdown, GTR dropped -21.44% vs PHEQ's -12.55%.

Which ETF is better, GTR or PHEQ?

On 1-year performance, GTR leads with 19.56% vs 16.41% for PHEQ. On fees, PHEQ is cheaper at 0.29% per year. On volatility, PHEQ has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GTR or PHEQ?

Over the 1-year period, GTR has performed better with a 19.56% return vs 16.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GTR or PHEQ?

PHEQ is cheaper with a 0.29% expense ratio, compared with 0.70% for GTR.

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

GTR has the higher dividend yield at 5.30%, compared with 1.02% for PHEQ.

What is the main difference between GTR and PHEQ?

They also come from different issuers: WisdomTree and Parametric. Their fees differ too: 0.70% for GTR and 0.29% for PHEQ.

Which has better risk-adjusted returns?

PHEQ currently has the higher Sharpe Ratio (2.69 vs 2.08), 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.