HOLA vs. PHDG

Last updated Jun 4, 2026

HOLA (JPMorgan International Hedged Equity Laddered Overlay ETF) and PHDG (Invesco S&P 500 Downside Hedged ETF) are both Equity Hedged funds. HOLA is actively managed, while PHDG is passively managed. A 0.54 correlation means they provide meaningful diversification when combined. HOLA charges 0.50%/yr vs 0.39%/yr for PHDG.

Performance

HOLA vs. PHDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan International Hedged Equity Laddered Overlay ETF (HOLA) 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, HOLA achieves a 3.91% return, which is significantly lower than PHDG's 13.79% return.

HOLA

• 1D: -0.22%
• 1M: 1.62%
• YTD: 3.91%
• 6M: 5.59%
• 1Y: —
• 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)

HOLA vs. PHDG - Yearly Performance Comparison

	2026 (YTD)	2025
HOLA JPMorgan International Hedged Equity Laddered Overlay ETF	3.91%	7.55%
PHDG Invesco S&P 500 Downside Hedged ETF	13.79%	6.58%

Correlation

The correlation between HOLA and PHDG is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.54

HOLA vs. PHDG - Sectors Allocation Comparison

Sectors	HOLA	PHDG
Financial Services	23.9%	11.9%
Industrials	15.5%	8.3%
Technology	11.9%	35.1%
Healthcare	9.5%	8.7%
Consumer Defensive	6.5%	5.0%
Consumer Cyclical	6.2%	10.1%
Basic Materials	5.2%	1.8%
Communication Services	3.1%	11.0%
Utilities	2.7%	2.4%
Energy	2.6%	3.6%
Real Estate	1.0%	1.9%

Return for Risk

HOLA vs. PHDG — Risk / Return Rank

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

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.

HOLA vs. PHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan International Hedged Equity Laddered Overlay ETF (HOLA) 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.

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

Sharpe Ratios by Period

	HOLA	PHDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.88	—
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	1.40	0.53	+0.87

Drawdowns

HOLA vs. PHDG - Drawdown Comparison

The maximum HOLA drawdown since its inception was -6.99%, smaller than the maximum PHDG drawdown of -17.70%. Use the drawdown chart below to compare losses from any high point for HOLA and PHDG.

Drawdown Indicators

	HOLA	PHDG	Difference
Max Drawdown Largest peak-to-trough decline	-6.99%	-17.70%	+10.71%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.52%	—
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	-1.91%	-0.87%	-1.04%
Average Drawdown Average peak-to-trough decline	-1.45%	-6.25%	+4.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.95%	—

Volatility

Volatility by Period

	HOLA	PHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.07%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.64%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.50%	8.81%	+0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.50%	10.92%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.50%	11.92%	-2.42%

HOLA vs. PHDG - Expense Ratio Comparison

HOLA has a 0.50% expense ratio, which is higher than PHDG's 0.39% expense ratio.

Dividends

HOLA vs. PHDG - Dividend Comparison

HOLA's dividend yield for the trailing twelve months is around 2.91%, more than PHDG's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HOLA JPMorgan International Hedged Equity Laddered Overlay ETF	2.91%	3.02%	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	1.86%	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 HOLA and PHDG in my portfolio?

HOLA and PHDG have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HOLA 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, HOLA or PHDG?

PHDG is cheaper with a 0.39% expense ratio, compared with 0.50% for HOLA.

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

HOLA has the higher dividend yield at 2.91%, compared with 1.86% for PHDG.

What is the main difference between HOLA and PHDG?

They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.50% for HOLA and 0.39% for PHDG.