PHDG vs. CBON
PHDG (Invesco S&P 500 Downside Hedged ETF) and CBON (VanEck Vectors ChinaAMC China Bond ETF) are both exchange-traded funds - PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index, while CBON is a Emerging Markets Bonds fund tracking the ChinaBond China High Quality Bond Index. Both are passively managed. Over the past 10 years, PHDG returned 7.14%/yr vs 3.01%/yr for CBON. Their 0.10 correlation means their historical movements had little consistent relationship. PHDG charges 0.39%/yr vs 0.50%/yr for CBON.
Performance
PHDG vs. CBON - 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 CBON's 5.29% return. Over the past 10 years, PHDG has outperformed CBON with an annualized return of 7.14%, while CBON has yielded a comparatively lower 3.01% annualized 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%
CBON
- 1D
- -0.25%
- 1M
- 0.35%
- 6M
- 4.74%
- YTD
- 5.29%
- 1Y
- 8.54%
- 3Y*
- 4.82%
- 5Y*
- 2.11%
- 10Y*
- 3.01%
- ALL TIME*
- 2.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $207.99K | $136.05K | $172.83K | |
| $1.28M | $774.65K | $908.35K |
PHDG vs. CBON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHDG Invesco S&P 500 Downside Hedged ETF | 9.47% | 2.72% | 10.95% | 8.18% | -14.09% | 15.67% | 18.97% | 8.57% | -2.44% | 15.89% |
CBON VanEck Vectors ChinaAMC China Bond ETF | 5.29% | 5.46% | 1.85% | 2.92% | -7.99% | 5.93% | 12.01% | 2.67% | 1.88% | 6.96% |
Correlation
The correlation between PHDG and CBON is 0.16, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.16 |
Correlation (3Y) Balances recent behavior with more history. | 0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.09 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2014 | 0.10 |
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Return for Risk
PHDG vs. CBON — Risk / Return Rank
PHDG
CBON
PHDG vs. CBON - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) and VanEck Vectors ChinaAMC China Bond ETF (CBON). 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 | CBON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.08 | ||
| Sortino ratioReturn per unit of downside risk | -1.79 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.47 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 6.42 | -4.04 |
| Martin ratioReturn relative to average drawdown | 7.41 | 24.44 | -17.03 |
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Drawdowns
PHDG vs. CBON - Drawdown Comparison
The maximum PHDG drawdown since its inception was -17.70%, which is greater than CBON's maximum drawdown of -14.13%. Use the drawdown chart below to compare losses from any high point for PHDG and CBON.
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Drawdown Indicators
| PHDG | CBON | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.70% | -14.13% | -3.57% |
Max Drawdown (1Y)Largest decline over 1 year | -6.36% | -1.34% | -5.02% |
Max Drawdown (3Y)Largest decline over 3 years | -14.78% | -4.56% | -10.22% |
Max Drawdown (5Y)Largest decline over 5 years | -17.06% | -14.13% | -2.93% |
Max Drawdown (10Y)Largest decline over 10 years | -17.06% | -14.13% | -2.93% |
Current DrawdownCurrent decline from peak | -5.95% | -0.33% | -5.62% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -3.95% | -2.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 0.35% | +1.69% |
Volatility
PHDG vs. CBON - Volatility Comparison
Invesco S&P 500 Downside Hedged ETF (PHDG) has a higher volatility of 2.14% compared to VanEck Vectors ChinaAMC China Bond ETF (CBON) at 1.06%. This indicates that PHDG's price experiences larger fluctuations and is considered to be riskier than CBON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHDG | CBON | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.14% | 1.06% | +1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 9.37% | 2.72% | +6.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.41% | 3.57% | +7.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.37% | 4.90% | +6.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.10% | 5.55% | +6.55% |
PHDG vs. CBON - Expense Ratio Comparison
PHDG has a 0.39% expense ratio, which is lower than CBON's 0.50% expense ratio.
Dividends
PHDG vs. CBON - Dividend Comparison
PHDG's dividend yield for the trailing twelve months is around 1.70%, more than CBON's 1.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBON VanEck Vectors ChinaAMC China Bond ETF | 1.51% | 1.66% | 2.15% | 3.01% | 2.70% | 3.05% | 2.87% | 3.87% | 3.39% | 3.33% | 3.25% | 2.78% |
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 CBON have a correlation of 0.16, 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 CBON (1.06%). In terms of maximum drawdown, PHDG dropped -17.70% vs CBON's -14.13%.
On 10-year performance, PHDG leads with 7.14% vs 3.01% for CBON. On fees, PHDG is cheaper at 0.39% per year. On volatility, CBON has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PHDG has performed better with a 7.14% return vs 3.01%. 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 0.50% for CBON.
PHDG has the higher dividend yield at 1.70%, compared with 1.51% for CBON.
PHDG is categorized as Equity Hedged, while CBON is Emerging Markets Bonds. PHDG tracks S&P 500 Dynamic VEQTOR Index, while CBON tracks ChinaBond China High Quality Bond Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.39% for PHDG and 0.50% for CBON.
CBON currently has the higher Sharpe Ratio (2.41 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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