IVVB vs. PHEQ
IVVB (iShares Large Cap Deep Buffer ETF) and PHEQ (Parametric Hedged Equity ETF) are both Options Trading funds. Both are actively managed. Over the past year, IVVB returned 13.63% vs 13.59% for PHEQ. Their 0.77 correlation means they have sometimes moved together and sometimes differently. IVVB charges 0.50%/yr vs 0.29%/yr for PHEQ.
Performance
IVVB vs. PHEQ - Performance Comparison
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Returns By Period
In the year-to-date period, IVVB achieves a 5.99% return, which is significantly lower than PHEQ's 6.81% return.
IVVB
- 1D
- 0.95%
- 1M
- 1.30%
- 6M
- 4.20%
- YTD
- 5.99%
- 1Y
- 13.63%
- 3Y*
- 12.04%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.87%
PHEQ
- 1D
- 0.61%
- 1M
- 0.72%
- 6M
- 6.49%
- YTD
- 6.81%
- 1Y
- 13.59%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 14.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $481.69K | $525.72K | $902.08K | |
| $455.59K | $523.53K | $595.84K |
IVVB vs. PHEQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IVVB iShares Large Cap Deep Buffer ETF | 5.99% | 9.60% | 18.66% | 5.74% |
PHEQ Parametric Hedged Equity ETF | 6.81% | 11.76% | 14.94% | 6.39% |
Correlation
The correlation between IVVB and PHEQ is 0.84, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.84 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023 | 0.77 |
The correlation between IVVB and PHEQ has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.
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Return for Risk
IVVB vs. PHEQ — Risk / Return Rank
IVVB
PHEQ
IVVB vs. PHEQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Deep Buffer ETF (IVVB) 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.
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.
| IVVB | PHEQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.42 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 3.21 | -0.82 |
| Martin ratioReturn relative to average drawdown | 9.97 | 14.32 | -4.35 |
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Drawdowns
IVVB vs. PHEQ - Drawdown Comparison
The maximum IVVB drawdown since its inception was -13.08%, roughly equal to the maximum PHEQ drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for IVVB and PHEQ.
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Drawdown Indicators
| IVVB | PHEQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.08% | -12.55% | -0.53% |
Max Drawdown (1Y)Largest decline over 1 year | -5.75% | -4.26% | -1.49% |
Max Drawdown (3Y)Largest decline over 3 years | -13.08% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.55% | -0.95% | -0.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 0.95% | +0.42% |
Volatility
IVVB vs. PHEQ - Volatility Comparison
iShares Large Cap Deep Buffer ETF (IVVB) has a higher volatility of 2.57% compared to Parametric Hedged Equity ETF (PHEQ) at 1.70%. This indicates that IVVB'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.
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Volatility by Period
| IVVB | PHEQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.57% | 1.70% | +0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 5.53% | 4.87% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.70% | 6.19% | +1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.20% | 8.49% | +0.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.20% | 8.49% | +0.71% |
IVVB vs. PHEQ - Expense Ratio Comparison
IVVB has a 0.50% expense ratio, which is higher than PHEQ's 0.29% expense ratio.
Dividends
IVVB vs. PHEQ - Dividend Comparison
IVVB's dividend yield for the trailing twelve months is around 1.16%, more than PHEQ's 0.94% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
IVVB iShares Large Cap Deep Buffer ETF | 1.16% | 1.22% | 0.87% | 0.00% |
PHEQ Parametric Hedged Equity ETF | 0.94% | 1.19% | 1.39% | 1.73% |
Frequently Asked Questions
IVVB and PHEQ have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IVVB has higher volatility (2.57%) compared to PHEQ (1.70%). In terms of maximum drawdown, IVVB dropped -13.08% vs PHEQ's -12.55%.
On 1-year performance, IVVB leads with 13.63% vs 13.59% for PHEQ. On fees, PHEQ is cheaper at 0.29% per year. On volatility, PHEQ has been the lower-risk option at 1.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IVVB has performed better with a 13.63% return vs 13.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PHEQ is cheaper with a 0.29% expense ratio, compared with 0.50% for IVVB.
IVVB has the higher dividend yield at 1.16%, compared with 0.94% for PHEQ.
They also come from different issuers: iShares and Parametric. Their fees differ too: 0.50% for IVVB and 0.29% for PHEQ.
PHEQ currently has the higher Sharpe Ratio (2.21 vs 1.78), 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.
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