PHDG vs. BUFR
PHDG (Invesco S&P 500 Downside Hedged ETF) and BUFR (FT Vest Laddered Buffer ETF) are both exchange-traded funds - PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index, while BUFR is a Defined Outcome fund actively managed by First Trust. PHDG is passively managed, while BUFR is actively managed. Over the past 5 years, PHDG returned 4.01%/yr vs 9.55%/yr for BUFR. Their 0.62 correlation means they have sometimes moved together and sometimes differently. PHDG charges 0.39%/yr vs 0.95%/yr for BUFR.
Performance
PHDG vs. BUFR - Performance Comparison
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Returns By Period
In the year-to-date period, PHDG achieves a 9.47% return, which is significantly higher than BUFR's 6.48% return.
PHDG
- 1D
- -0.16%
- 1M
- 0.44%
- 6M
- 8.74%
- YTD
- 9.47%
- 1Y
- 14.71%
- 3Y*
- 8.21%
- 5Y*
- 4.01%
- 10Y*
- 7.14%
- ALL TIME*
- 5.56%
BUFR
- 1D
- 0.03%
- 1M
- 0.77%
- 6M
- 5.68%
- YTD
- 6.48%
- 1Y
- 12.42%
- 3Y*
- 12.65%
- 5Y*
- 9.55%
- 10Y*
- —
- ALL TIME*
- 10.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $41.80M | $42.66M | $45.08M | |
| $1.28M | $774.65K | $908.35K |
PHDG vs. BUFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PHDG Invesco S&P 500 Downside Hedged ETF | 9.47% | 2.72% | 10.95% | 8.18% | -14.09% | 15.67% | -0.86% |
BUFR FT Vest Laddered Buffer ETF | 6.48% | 12.44% | 14.68% | 19.63% | -7.57% | 11.88% | 6.60% |
Correlation
The correlation between PHDG and BUFR is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.62 |
Correlation (3Y) Balances recent behavior with more history. | 0.59 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Aug 11, 2020 | 0.62 |
The correlation between PHDG and BUFR has been stable across timeframes, ranging from 0.59 to 0.63 - a consistent structural relationship.
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Return for Risk
PHDG vs. BUFR — Risk / Return Rank
PHDG
BUFR
PHDG vs. BUFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) and FT Vest Laddered Buffer ETF (BUFR). 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.
| PHDG | BUFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.37 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 2.78 | -0.39 |
| Martin ratioReturn relative to average drawdown | 7.41 | 14.53 | -7.12 |
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Drawdowns
PHDG vs. BUFR - Drawdown Comparison
The maximum PHDG drawdown since its inception was -17.70%, which is greater than BUFR's maximum drawdown of -13.73%. Use the drawdown chart below to compare losses from any high point for PHDG and BUFR.
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Drawdown Indicators
| PHDG | BUFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.70% | -13.73% | -3.97% |
Max Drawdown (1Y)Largest decline over 1 year | -6.36% | -4.61% | -1.75% |
Max Drawdown (3Y)Largest decline over 3 years | -14.78% | -12.81% | -1.97% |
Max Drawdown (5Y)Largest decline over 5 years | -17.06% | -13.73% | -3.33% |
Max Drawdown (10Y)Largest decline over 10 years | -17.06% | — | — |
Current DrawdownCurrent decline from peak | -5.95% | -0.90% | -5.05% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -2.05% | -4.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 0.88% | +1.16% |
Volatility
PHDG vs. BUFR - Volatility Comparison
Invesco S&P 500 Downside Hedged ETF (PHDG) has a higher volatility of 2.14% compared to FT Vest Laddered Buffer ETF (BUFR) at 1.58%. This indicates that PHDG's price experiences larger fluctuations and is considered to be riskier than BUFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHDG | BUFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.14% | 1.58% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 9.37% | 5.26% | +4.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.41% | 6.66% | +4.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.37% | 10.47% | +0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.10% | 10.16% | +1.94% |
PHDG vs. BUFR - Expense Ratio Comparison
PHDG has a 0.39% expense ratio, which is lower than BUFR's 0.95% expense ratio.
Dividends
PHDG vs. BUFR - Dividend Comparison
PHDG's dividend yield for the trailing twelve months is around 1.70%, while BUFR has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BUFR FT Vest Laddered Buffer ETF | 0.00% | 0.00% | 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 | 1.70% | 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
PHDG and BUFR have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHDG has higher volatility (2.14%) compared to BUFR (1.58%). In terms of maximum drawdown, PHDG dropped -17.70% vs BUFR's -13.73%.
On 5-year performance, BUFR leads with 9.55% vs 4.01% for PHDG. On fees, PHDG is cheaper at 0.39% per year. On volatility, BUFR has been the lower-risk option at 1.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BUFR has performed better with a 9.55% return vs 4.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PHDG is cheaper with a 0.39% expense ratio, compared with 0.95% for BUFR.
PHDG has the higher dividend yield at 1.70%, compared with 0.00% for BUFR.
PHDG is categorized as Equity Hedged, while BUFR is Defined Outcome. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.39% for PHDG and 0.95% for BUFR.
BUFR currently has the higher Sharpe Ratio (1.92 vs 1.33), 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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