MAXJ vs. PHDG

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Large Cap Max Buffer Jun ETF (MAXJ) and Invesco S&P 500 Downside Hedged ETF (PHDG).

MAXJ and PHDG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MAXJ is an actively managed fund by iShares. It was launched on Jun 28, 2024. PHDG is a passively managed fund by Invesco that tracks the performance of the S&P 500 Dynamic VEQTOR Index. It was launched on Dec 6, 2012.

Performance

MAXJ vs. PHDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Max Buffer Jun ETF (MAXJ) and Invesco S&P 500 Downside Hedged ETF (PHDG). The values are adjusted to include any dividend payments, if applicable.

MAXJ vs. PHDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MAXJ iShares Large Cap Max Buffer Jun ETF	-0.12%	8.97%	4.55%
PHDG Invesco S&P 500 Downside Hedged ETF	1.69%	2.72%	0.66%

Returns By Period

In the year-to-date period, MAXJ achieves a -0.12% return, which is significantly lower than PHDG's 1.69% return.

MAXJ

• 1D: 0.66%
• 1M: -0.74%
• YTD: -0.12%
• 6M: 1.37%
• 1Y: 10.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PHDG

• 1D: 0.37%
• 1M: -0.39%
• YTD: 1.69%
• 6M: 2.33%
• 1Y: 6.29%
• 3Y*: 6.98%
• 5Y*: 3.94%
• 10Y*: 5.88%

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

MAXJ vs. PHDG - Expense Ratio Comparison

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

MAXJ

iShares Large Cap Max Buffer Jun ETF

PHDG

Invesco S&P 500 Downside Hedged ETF

Return for Risk

MAXJ vs. PHDG — Risk / Return Rank

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

MAXJ

MAXJ Risk / Return Rank: 91
MAXJ Sharpe Ratio Rank: 88
MAXJ Sortino Ratio Rank: 91
MAXJ Omega Ratio Rank: 96
MAXJ Calmar Ratio Rank: 88
MAXJ Martin Ratio Rank: 94

PHDG

PHDG Risk / Return Rank: 28
PHDG Sharpe Ratio Rank: 30
PHDG Sortino Ratio Rank: 27
PHDG Omega Ratio Rank: 29
PHDG Calmar Ratio Rank: 28
PHDG Martin Ratio Rank: 25

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.

MAXJ vs. PHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Jun ETF (MAXJ) 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.

	MAXJ	PHDG	Difference
Sharpe ratio Return per unit of total volatility	1.83	0.60	+1.23
Sortino ratio Return per unit of downside risk	2.65	0.83	+1.82
Omega ratio Gain probability vs. loss probability	1.48	1.12	+0.36
Calmar ratio Return relative to maximum drawdown	2.76	0.69	+2.07
Martin ratio Return relative to average drawdown	14.07	1.93	+12.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MAXJ vs. PHDG - Sharpe Ratio Comparison

The current MAXJ Sharpe Ratio is 1.83, which is higher than the PHDG Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of MAXJ and PHDG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MAXJ	PHDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	0.60	+1.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.36	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.40	0.46	+0.94

Correlation

The correlation between MAXJ and PHDG is 0.44, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MAXJ vs. PHDG - Dividend Comparison

MAXJ's dividend yield for the trailing twelve months is around 1.01%, less than PHDG's 2.08% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MAXJ iShares Large Cap Max Buffer Jun ETF	1.01%	1.01%	0.81%	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	2.08%	2.10%	1.94%	1.93%	1.35%	0.44%	0.63%	1.80%	1.56%	1.83%	2.29%	1.64%

Drawdowns

MAXJ vs. PHDG - Drawdown Comparison

The maximum MAXJ drawdown since its inception was -6.35%, smaller than the maximum PHDG drawdown of -17.70%. Use the drawdown chart below to compare losses from any high point for MAXJ and PHDG.

Drawdown Indicators

	MAXJ	PHDG	Difference
Max Drawdown Largest peak-to-trough decline	-6.35%	-17.70%	+11.35%
Max Drawdown (1Y) Largest decline over 1 year	-3.88%	-8.93%	+5.05%
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	-1.06%	-1.82%	+0.76%
Average Drawdown Average peak-to-trough decline	-0.61%	-6.32%	+5.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	3.24%	-2.48%

Volatility

MAXJ vs. PHDG - Volatility Comparison

The current volatility for iShares Large Cap Max Buffer Jun ETF (MAXJ) is 1.28%, while Invesco S&P 500 Downside Hedged ETF (PHDG) has a volatility of 2.79%. This indicates that MAXJ experiences smaller price fluctuations and is considered to be less risky than PHDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAXJ	PHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	2.79%	-1.51%
Volatility (6M) Calculated over the trailing 6-month period	1.94%	6.33%	-4.39%
Volatility (1Y) Calculated over the trailing 1-year period	5.67%	10.58%	-4.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.51%	10.90%	-5.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.51%	11.89%	-6.38%