HEDG vs. PHDG

Last updated Aug 2, 2026

HEDG (Equable Shares Hedged Equity ETF) and PHDG (Invesco S&P 500 Downside Hedged ETF) are both Equity Hedged funds - HEDG tracks the Actively Managed while PHDG tracks the S&P 500 Dynamic VEQTOR Index. Both are passively managed. Their 0.40 correlation means their historical movements had little consistent relationship. HEDG charges 0.96%/yr vs 0.39%/yr for PHDG.

Performance

HEDG vs. PHDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Equable Shares Hedged Equity ETF (HEDG) 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, HEDG achieves a 4.12% return, which is significantly lower than PHDG's 10.21% return.

HEDG

• 1D: 0.33%
• 1M: 0.80%
• 6M: 3.33%
• YTD: 4.12%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

PHDG

• 1D: 0.50%
• 1M: 0.03%
• 6M: 8.71%
• YTD: 10.21%
• 1Y: 18.23%
• 3Y*: 8.48%
• 5Y*: 4.25%
• 10Y*: 7.28%
• ALL TIME*: 5.61%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HEDG Equable Shares Hedged Equity ETF	$1.17M	$841.57K	$1.20M
PHDG Invesco S&P 500 Downside Hedged ETF	$1.18M	$678.43K	$904.25K

HEDG vs. PHDG - Yearly Performance Comparison

	2026 (YTD)	2025
HEDG Equable Shares Hedged Equity ETF	4.12%	3.20%
PHDG Invesco S&P 500 Downside Hedged ETF	10.21%	1.09%

Correlation

The correlation between HEDG and PHDG is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 13, 2025	0.40

Return for Risk

HEDG vs. PHDG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HEDG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PHDG

PHDG Risk / Return Rank: 66
PHDG Sharpe Ratio Rank: 63
PHDG Sortino Ratio Rank: 61
PHDG Omega Ratio Rank: 70
PHDG Calmar Ratio Rank: 71
PHDG Martin Ratio Rank: 63

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HEDG vs. PHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Equable Shares Hedged Equity ETF (HEDG) 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.

	HEDG	PHDG	Difference
Sharpe ratio: Return per unit of total volatility	—	1.45	—
Sortino ratio: Return per unit of downside risk	—	2.05	—
Omega ratio: Gain probability vs. loss probability	—	1.29	—
Calmar ratio: Return relative to maximum drawdown	—	2.46	—
Martin ratio: Return relative to average drawdown	—	7.58	—

Drawdowns

HEDG vs. PHDG - Drawdown Comparison

The maximum HEDG drawdown since its inception was -3.85%, smaller than the maximum PHDG drawdown of -17.70%. Use the drawdown chart below to compare losses from any high point for HEDG and PHDG.

Drawdown Indicators

	HEDG	PHDG	Difference
Max Drawdown Largest peak-to-trough decline	-3.85%	-17.70%	+13.85%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.78%	—
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	0.00%	-5.31%	+5.31%
Average Drawdown Average peak-to-trough decline	-0.38%	-6.23%	+5.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.20%	—

Volatility

Volatility by Period

	HEDG	PHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.51%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.48%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.79%	11.50%	-5.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.79%	11.39%	-5.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.79%	12.11%	-6.32%

HEDG vs. PHDG - Expense Ratio Comparison

HEDG has a 0.96% expense ratio, which is higher than PHDG's 0.39% expense ratio.

Dividends

HEDG vs. PHDG - Dividend Comparison

HEDG's dividend yield for the trailing twelve months is around 2.31%, more than PHDG's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEDG Equable Shares Hedged Equity ETF	2.31%	1.38%	0.00%	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	1.68%	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 HEDG and PHDG in my portfolio?

HEDG and PHDG have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEDG or PHDG?

On fees, PHDG is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEDG or PHDG?

PHDG is cheaper with a 0.39% expense ratio, compared with 0.96% for HEDG.

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

HEDG has the higher dividend yield at 2.31%, compared with 1.68% for PHDG.

What is the main difference between HEDG and PHDG?

HEDG tracks Actively Managed, while PHDG tracks S&P 500 Dynamic VEQTOR Index. They also come from different issuers: Equable Shares and Invesco. Their fees differ too: 0.96% for HEDG and 0.39% for PHDG.