PHDG vs. GUNR
PHDG (Invesco S&P 500 Downside Hedged ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index, while GUNR is a Natural Resources fund tracking the Morningstar Global Upstream Natural Resources Index. Both are passively managed. Over the past 10 years, PHDG returned 7.14%/yr vs 10.26%/yr for GUNR. Their 0.40 correlation means their historical movements had little consistent relationship. PHDG charges 0.39%/yr vs 0.46%/yr for GUNR.
Performance
PHDG vs. GUNR - Performance Comparison
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Returns By Period
In the year-to-date period, PHDG achieves a 9.47% return, which is significantly lower than GUNR's 15.47% return. Over the past 10 years, PHDG has underperformed GUNR with an annualized return of 7.14%, while GUNR has yielded a comparatively higher 10.26% 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%
GUNR
- 1D
- -0.13%
- 1M
- 6.07%
- 6M
- 3.93%
- YTD
- 15.47%
- 1Y
- 29.81%
- 3Y*
- 10.45%
- 5Y*
- 11.05%
- 10Y*
- 10.26%
- ALL TIME*
- 6.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.72M | $19.11M | $19.24M | |
| $1.28M | $774.65K | $908.35K |
PHDG vs. GUNR - 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% |
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 15.47% | 30.03% | -8.37% | -2.40% | 14.83% | 26.06% | 0.46% | 18.41% | -9.42% | 18.74% |
Correlation
The correlation between PHDG and GUNR is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.25 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.29 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.35 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2012 | 0.40 |
The correlation between PHDG and GUNR shifts across timeframes, from 0.25 (3 years) to 0.40 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PHDG vs. GUNR — Risk / Return Rank
PHDG
GUNR
PHDG vs. GUNR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). 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 | GUNR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.33 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 2.54 | -0.16 |
| Martin ratioReturn relative to average drawdown | 7.41 | 8.17 | -0.76 |
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Drawdowns
PHDG vs. GUNR - Drawdown Comparison
The maximum PHDG drawdown since its inception was -17.70%, smaller than the maximum GUNR drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for PHDG and GUNR.
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Drawdown Indicators
| PHDG | GUNR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.70% | -45.64% | +27.94% |
Max Drawdown (1Y)Largest decline over 1 year | -6.36% | -11.70% | +5.34% |
Max Drawdown (3Y)Largest decline over 3 years | -14.78% | -19.59% | +4.81% |
Max Drawdown (5Y)Largest decline over 5 years | -17.06% | -24.06% | +7.00% |
Max Drawdown (10Y)Largest decline over 10 years | -17.06% | -43.04% | +25.98% |
Current DrawdownCurrent decline from peak | -5.95% | -5.61% | -0.34% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -10.38% | +4.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 3.64% | -1.60% |
Volatility
PHDG vs. GUNR - Volatility Comparison
The current volatility for Invesco S&P 500 Downside Hedged ETF (PHDG) is 2.14%, while FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) has a volatility of 3.48%. This indicates that PHDG experiences smaller price fluctuations and is considered to be less risky than GUNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHDG | GUNR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.14% | 3.48% | -1.34% |
Volatility (6M)Calculated over the trailing 6-month period | 9.37% | 13.16% | -3.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.41% | 15.91% | -4.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.37% | 18.95% | -7.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.10% | 20.31% | -8.21% |
PHDG vs. GUNR - Expense Ratio Comparison
PHDG has a 0.39% expense ratio, which is lower than GUNR's 0.46% expense ratio.
Dividends
PHDG vs. GUNR - Dividend Comparison
PHDG's dividend yield for the trailing twelve months is around 1.70%, less than GUNR's 2.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 2.32% | 2.81% | 3.39% | 3.55% | 4.12% | 3.61% | 2.79% | 3.25% | 3.27% | 2.00% | 1.73% | 4.50% |
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 GUNR have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GUNR has higher volatility (3.48%) compared to PHDG (2.14%). In terms of maximum drawdown, PHDG dropped -17.70% vs GUNR's -45.64%.
On 10-year performance, GUNR leads with 10.26% vs 7.14% for PHDG. On fees, PHDG is cheaper at 0.39% per year. On volatility, PHDG has been the lower-risk option at 2.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GUNR has performed better with a 10.26% return vs 7.14%. 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 0.46% for GUNR.
GUNR has the higher dividend yield at 2.32%, compared with 1.70% for PHDG.
PHDG is categorized as Equity Hedged, while GUNR is Natural Resources. PHDG tracks S&P 500 Dynamic VEQTOR Index, while GUNR tracks Morningstar Global Upstream Natural Resources Index. They also come from different issuers: Invesco and Northern Trust. Their fees differ too: 0.39% for PHDG and 0.46% for GUNR.
GUNR currently has the higher Sharpe Ratio (1.87 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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