IVVM vs. PHEQ
IVVM (iShares Large Cap Moderate Buffer ETF) and PHEQ (Parametric Hedged Equity ETF) are both Options Trading funds. Both are actively managed. Over the past year, IVVM returned 14.40% vs 12.91% for PHEQ. Their 0.79 correlation means they have sometimes moved together and sometimes differently. IVVM charges 0.50%/yr vs 0.29%/yr for PHEQ.
Performance
IVVM vs. PHEQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IVVM achieves a 6.70% return, which is significantly higher than PHEQ's 6.17% return.
IVVM
- 1D
- 0.57%
- 1M
- 0.51%
- 6M
- 5.79%
- YTD
- 6.70%
- 1Y
- 14.40%
- 3Y*
- 13.47%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 13.75%
PHEQ
- 1D
- 0.35%
- 1M
- 0.11%
- 6M
- 6.28%
- YTD
- 6.17%
- 1Y
- 12.91%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 14.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $740.71K | $781.13K | $703.06K | |
| $437.09K | $507.48K | $589.65K |
IVVM vs. PHEQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IVVM iShares Large Cap Moderate Buffer ETF | 6.70% | 14.24% | 16.08% | 5.42% |
PHEQ Parametric Hedged Equity ETF | 6.17% | 11.76% | 14.94% | 6.39% |
Correlation
The correlation between IVVM and PHEQ is 0.88, 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. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023 | 0.79 |
The correlation between IVVM and PHEQ has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IVVM vs. PHEQ — Risk / Return Rank
IVVM
PHEQ
IVVM vs. PHEQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Moderate Buffer ETF (IVVM) 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.
| IVVM | PHEQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.37 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | 2.85 | -0.36 |
| Martin ratioReturn relative to average drawdown | 12.04 | 12.72 | -0.68 |
Loading charts...
Drawdowns
IVVM vs. PHEQ - Drawdown Comparison
The maximum IVVM drawdown since its inception was -11.62%, smaller than the maximum PHEQ drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for IVVM and PHEQ.
Loading charts...
Drawdown Indicators
| IVVM | PHEQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.62% | -12.55% | +0.93% |
Max Drawdown (1Y)Largest decline over 1 year | -5.31% | -4.26% | -1.05% |
Max Drawdown (3Y)Largest decline over 3 years | -11.62% | — | — |
Current DrawdownCurrent decline from peak | -0.40% | -0.46% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -0.90% | -0.95% | +0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.10% | 0.95% | +0.15% |
Volatility
IVVM vs. PHEQ - Volatility Comparison
iShares Large Cap Moderate Buffer ETF (IVVM) has a higher volatility of 2.14% compared to Parametric Hedged Equity ETF (PHEQ) at 1.60%. This indicates that IVVM'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.
Loading charts...
Volatility by Period
| IVVM | PHEQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.14% | 1.60% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 5.77% | 4.85% | +0.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.42% | 6.21% | +1.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.50% | 8.49% | +1.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.50% | 8.49% | +1.01% |
IVVM vs. PHEQ - Expense Ratio Comparison
IVVM has a 0.50% expense ratio, which is higher than PHEQ's 0.29% expense ratio.
Dividends
IVVM vs. PHEQ - Dividend Comparison
IVVM's dividend yield for the trailing twelve months is around 0.64%, less than PHEQ's 0.94% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
IVVM iShares Large Cap Moderate Buffer ETF | 0.64% | 0.68% | 0.62% | 0.00% |
PHEQ Parametric Hedged Equity ETF | 0.94% | 1.19% | 1.39% | 1.73% |
Frequently Asked Questions
IVVM and PHEQ have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IVVM has higher volatility (2.14%) compared to PHEQ (1.60%). In terms of maximum drawdown, IVVM dropped -11.62% vs PHEQ's -12.55%.
On 1-year performance, IVVM leads with 14.40% vs 12.91% for PHEQ. On fees, PHEQ is cheaper at 0.29% per year. On volatility, PHEQ has been the lower-risk option at 1.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IVVM has performed better with a 14.40% return vs 12.91%. 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 IVVM.
PHEQ has the higher dividend yield at 0.94%, compared with 0.64% for IVVM.
They also come from different issuers: iShares and Parametric. Their fees differ too: 0.50% for IVVM and 0.29% for PHEQ.
PHEQ currently has the higher Sharpe Ratio (1.95 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.
Find the right allocation for IVVM and PHEQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer