HECO vs. PHDG

Last updated Jun 4, 2026

HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) and PHDG (Invesco S&P 500 Downside Hedged ETF) are both exchange-traded funds - HECO is a Blockchain fund actively managed by State Street, while PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index. HECO is actively managed, while PHDG is passively managed. Over the past year, HECO returned 136.32% vs 25.21% for PHDG. At a 0.39 correlation, their price movements are largely independent. HECO charges 0.90%/yr vs 0.39%/yr for PHDG.

Performance

HECO vs. PHDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) and Invesco S&P 500 Downside Hedged ETF (PHDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HECO achieves a 71.77% return, which is significantly higher than PHDG's 13.79% return.

HECO

• 1D: -0.95%
• 1M: 33.22%
• YTD: 71.77%
• 6M: 57.04%
• 1Y: 136.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PHDG

• 1D: -0.63%
• 1M: 4.88%
• YTD: 13.79%
• 6M: 11.91%
• 1Y: 25.21%
• 3Y*: 10.77%
• 5Y*: 5.45%
• 10Y*: 7.22%

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

HECO vs. PHDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	71.77%	26.23%	27.37%
PHDG Invesco S&P 500 Downside Hedged ETF	13.79%	2.72%	2.14%

Correlation

The correlation between HECO and PHDG is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Sep 11, 2024	0.39

The correlation between HECO and PHDG shifts across timeframes, from 0.39 (all time) to 0.49 (1 year), reflecting how their relationship changes across market environments.

HECO vs. PHDG - Sectors Allocation Comparison

Sectors	HECO	PHDG
Technology	48.3%	35.1%
Financial Services	45.1%	11.9%
Industrials	5.1%	8.3%
Basic Materials	1.8%	1.8%
Communication Services	-	11.0%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	5.0%
Energy	-	3.6%
Healthcare	-	8.7%
Real Estate	-	1.9%
Utilities	-	2.4%

Return for Risk

HECO vs. PHDG — Risk / Return Rank

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

HECO

HECO Risk / Return Rank: 89
HECO Sharpe Ratio Rank: 94
HECO Sortino Ratio Rank: 89
HECO Omega Ratio Rank: 84
HECO Calmar Ratio Rank: 93
HECO Martin Ratio Rank: 87

PHDG

PHDG Risk / Return Rank: 90
PHDG Sharpe Ratio Rank: 86
PHDG Sortino Ratio Rank: 90
PHDG Omega Ratio Rank: 85
PHDG Calmar Ratio Rank: 94
PHDG Martin Ratio Rank: 94

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.

HECO vs. PHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) 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.

	HECO	PHDG	Difference
Sharpe ratio Return per unit of total volatility	3.68	2.88	+0.81
Sortino ratio Return per unit of downside risk	4.07	4.23	-0.16
Omega ratio Gain probability vs. loss probability	1.51	1.53	-0.02
Calmar ratio Return relative to maximum drawdown	6.52	7.19	-0.66
Martin ratio Return relative to average drawdown	18.71	26.70	-7.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HECO vs. PHDG - Sharpe Ratio Comparison

The current HECO Sharpe Ratio is 3.68, which is comparable to the PHDG Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of HECO and PHDG, 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

	HECO	PHDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.68	2.88	+0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.80	0.53	+1.26

Drawdowns

HECO vs. PHDG - Drawdown Comparison

The maximum HECO drawdown since its inception was -44.59%, which is greater than PHDG's maximum drawdown of -17.70%. Use the drawdown chart below to compare losses from any high point for HECO and PHDG.

Drawdown Indicators

	HECO	PHDG	Difference
Max Drawdown Largest peak-to-trough decline	-44.59%	-17.70%	-26.89%
Max Drawdown (1Y) Largest decline over 1 year	-21.03%	-3.52%	-17.51%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.78%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.06%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.06%	—
Current Drawdown Current decline from peak	-1.18%	-0.87%	-0.31%
Average Drawdown Average peak-to-trough decline	-11.81%	-6.25%	-5.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.31%	0.95%	+6.36%

Volatility

HECO vs. PHDG - Volatility Comparison

State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) has a higher volatility of 10.30% compared to Invesco S&P 500 Downside Hedged ETF (PHDG) at 3.07%. This indicates that HECO's price experiences larger fluctuations and is considered to be riskier than PHDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HECO	PHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.30%	3.07%	+7.23%
Volatility (6M) Calculated over the trailing 6-month period	29.36%	6.64%	+22.72%
Volatility (1Y) Calculated over the trailing 1-year period	37.32%	8.81%	+28.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.93%	10.92%	+34.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.93%	11.92%	+33.01%

HECO vs. PHDG - Expense Ratio Comparison

HECO has a 0.90% expense ratio, which is higher than PHDG's 0.39% expense ratio.

Dividends

HECO vs. PHDG - Dividend Comparison

HECO has not paid dividends to shareholders, while PHDG's dividend yield for the trailing twelve months is around 1.86%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PHDG Invesco S&P 500 Downside Hedged ETF	1.86%	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

Can I hold both HECO and PHDG in my portfolio?

HECO and PHDG have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HECO or PHDG?

HECO has higher volatility (10.30%) compared to PHDG (3.07%). In terms of maximum drawdown, HECO dropped -44.59% vs PHDG's -17.70%.

Which ETF is better, HECO or PHDG?

On 1-year performance, HECO leads with 136.32% vs 25.21% for PHDG. On fees, PHDG is cheaper at 0.39% per year. On volatility, PHDG has been the lower-risk option at 3.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HECO or PHDG?

Over the 1-year period, HECO has performed better with a 136.32% return vs 25.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HECO or PHDG?

PHDG is cheaper with a 0.39% expense ratio, compared with 0.90% for HECO.

Which ETF pays a higher dividend yield, HECO or PHDG?

PHDG has the higher dividend yield at 1.86%, compared with 0.00% for HECO.

What is the main difference between HECO and PHDG?

HECO is categorized as Blockchain, while PHDG is Equity Hedged. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.90% for HECO and 0.39% for PHDG.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.68 vs 2.88), 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.