PHDG vs. DIVO
PHDG (Invesco S&P 500 Downside Hedged ETF) and DIVO (Amplify CWP Enhanced Dividend Income ETF) are both exchange-traded funds - PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index, while DIVO is a Derivative Income fund actively managed by Amplify. PHDG is passively managed, while DIVO is actively managed. Over the past 5 years, PHDG returned 4.89%/yr vs 11.01%/yr for DIVO. At a 0.49 correlation, their price movements are largely independent. PHDG charges 0.39%/yr vs 0.56%/yr for DIVO.
Performance
PHDG vs. DIVO - Performance Comparison
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Returns By Period
In the year-to-date period, PHDG achieves a 10.56% return, which is significantly higher than DIVO's 5.44% return.
PHDG
- 1D
- -0.33%
- 1M
- -1.88%
- YTD
- 10.56%
- 6M
- 10.62%
- 1Y
- 21.44%
- 3Y*
- 9.78%
- 5Y*
- 4.89%
- 10Y*
- 7.12%
DIVO
- 1D
- 0.26%
- 1M
- 0.01%
- YTD
- 5.44%
- 6M
- 4.30%
- 1Y
- 18.55%
- 3Y*
- 15.16%
- 5Y*
- 11.01%
- 10Y*
- —
PHDG vs. DIVO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHDG Invesco S&P 500 Downside Hedged ETF | 10.56% | 2.72% | 10.95% | 8.18% | -14.09% | 15.67% | 18.97% | 8.57% | -2.44% | 15.89% |
DIVO Amplify CWP Enhanced Dividend Income ETF | 5.44% | 17.40% | 16.22% | 6.95% | -1.46% | 22.87% | 12.40% | 24.90% | -3.18% | 21.41% |
Correlation
The correlation between PHDG and DIVO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Dec 14, 2016 | 0.49 |
The correlation between PHDG and DIVO has been stable across timeframes, ranging from 0.42 to 0.51 - a consistent structural relationship.
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Return for Risk
PHDG vs. DIVO — Risk / Return Rank
PHDG
DIVO
PHDG vs. DIVO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) and Amplify CWP Enhanced Dividend Income ETF (DIVO). 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 | DIVO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.35 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.93 | 3.13 | +0.80 |
| Martin ratioReturn relative to average drawdown | 17.30 | 11.22 | +6.08 |
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Drawdowns
PHDG vs. DIVO - Drawdown Comparison
The maximum PHDG drawdown since its inception was -17.70%, smaller than the maximum DIVO drawdown of -30.04%. Use the drawdown chart below to compare losses from any high point for PHDG and DIVO.
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Drawdown Indicators
| PHDG | DIVO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.70% | -30.04% | +12.34% |
Max Drawdown (1Y)Largest decline over 1 year | -5.48% | -5.95% | +0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -14.78% | -12.12% | -2.66% |
Max Drawdown (5Y)Largest decline over 5 years | -17.06% | -13.72% | -3.34% |
Max Drawdown (10Y)Largest decline over 10 years | -17.06% | — | — |
Current DrawdownCurrent decline from peak | -5.01% | -1.56% | -3.45% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -2.60% | -3.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.24% | 1.66% | -0.42% |
Volatility
PHDG vs. DIVO - Volatility Comparison
Invesco S&P 500 Downside Hedged ETF (PHDG) has a higher volatility of 7.74% compared to Amplify CWP Enhanced Dividend Income ETF (DIVO) at 2.95%. This indicates that PHDG's price experiences larger fluctuations and is considered to be riskier than DIVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHDG | DIVO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.74% | 2.95% | +4.79% |
Volatility (6M)Calculated over the trailing 6-month period | 9.73% | 7.14% | +2.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.39% | 9.22% | +2.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.40% | 11.95% | -0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.15% | 14.83% | -2.68% |
PHDG vs. DIVO - Expense Ratio Comparison
PHDG has a 0.39% expense ratio, which is lower than DIVO's 0.56% expense ratio.
Dividends
PHDG vs. DIVO - Dividend Comparison
PHDG's dividend yield for the trailing twelve months is around 2.28%, less than DIVO's 6.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIVO Amplify CWP Enhanced Dividend Income ETF | 6.42% | 6.44% | 4.70% | 4.67% | 4.76% | 4.79% | 4.91% | 8.16% | 5.27% | 3.83% | 0.00% | 0.00% |
PHDG Invesco S&P 500 Downside Hedged ETF | 2.28% | 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 DIVO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHDG has higher volatility (7.74%) compared to DIVO (2.95%). In terms of maximum drawdown, PHDG dropped -17.70% vs DIVO's -30.04%.
On 5-year performance, DIVO leads with 11.01% vs 4.89% for PHDG. On fees, PHDG is cheaper at 0.39% per year. On volatility, DIVO has been the lower-risk option at 2.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DIVO has performed better with a 11.01% return vs 4.89%. 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 0.56% for DIVO.
DIVO has the higher dividend yield at 6.42%, compared with 2.28% for PHDG.
PHDG is categorized as Equity Hedged, while DIVO is Derivative Income. They also come from different issuers: Invesco and Amplify. Their fees differ too: 0.39% for PHDG and 0.56% for DIVO.
DIVO currently has the higher Sharpe Ratio (2.02 vs 1.90), 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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