PHDG vs. HOLA

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco S&P 500 Downside Hedged ETF (PHDG) and JPMorgan International Hedged Equity Laddered Overlay ETF (HOLA).

PHDG and HOLA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. HOLA is an actively managed fund by JPMorgan. It was launched on Mar 15, 2019.

Performance

PHDG vs. HOLA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Downside Hedged ETF (PHDG) and JPMorgan International Hedged Equity Laddered Overlay ETF (HOLA). The values are adjusted to include any dividend payments, if applicable.

PHDG vs. HOLA - Yearly Performance Comparison

	2026 (YTD)	2025
PHDG Invesco S&P 500 Downside Hedged ETF	1.32%	6.58%
HOLA JPMorgan International Hedged Equity Laddered Overlay ETF	0.69%	7.55%

Returns By Period

In the year-to-date period, PHDG achieves a 1.32% return, which is significantly higher than HOLA's 0.69% return.

PHDG

• 1D: 1.24%
• 1M: -0.47%
• YTD: 1.32%
• 6M: 2.31%
• 1Y: 5.85%
• 3Y*: 6.85%
• 5Y*: 3.87%
• 10Y*: 5.84%

HOLA

• 1D: 2.16%
• 1M: -4.36%
• YTD: 0.69%
• 6M: 5.08%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PHDG vs. HOLA - Expense Ratio Comparison

PHDG has a 0.39% expense ratio, which is lower than HOLA's 0.50% expense ratio.

HOLA

JPMorgan International Hedged Equity Laddered Overlay ETF

PHDG

Invesco S&P 500 Downside Hedged ETF

Return for Risk

PHDG vs. HOLA — Risk / Return Rank

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

PHDG

PHDG Risk / Return Rank: 30
PHDG Sharpe Ratio Rank: 31
PHDG Sortino Ratio Rank: 28
PHDG Omega Ratio Rank: 30
PHDG Calmar Ratio Rank: 32
PHDG Martin Ratio Rank: 27

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.

PHDG vs. HOLA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) and JPMorgan International Hedged Equity Laddered Overlay ETF (HOLA). 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.

	PHDG	HOLA	Difference
Sharpe ratio Return per unit of total volatility	0.56	—	—
Sortino ratio Return per unit of downside risk	0.78	—	—
Omega ratio Gain probability vs. loss probability	1.12	—	—
Calmar ratio Return relative to maximum drawdown	0.74	—	—
Martin ratio Return relative to average drawdown	2.08	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	PHDG	HOLA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.27	-0.81

Correlation

The correlation between PHDG and HOLA is 0.51, 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

PHDG vs. HOLA - Dividend Comparison

PHDG's dividend yield for the trailing twelve months is around 2.09%, less than HOLA's 3.00% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHDG Invesco S&P 500 Downside Hedged ETF	2.09%	2.10%	1.94%	1.93%	1.35%	0.44%	0.63%	1.80%	1.56%	1.83%	2.29%	1.64%
HOLA JPMorgan International Hedged Equity Laddered Overlay ETF	3.00%	3.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PHDG vs. HOLA - Drawdown Comparison

The maximum PHDG drawdown since its inception was -17.70%, which is greater than HOLA's maximum drawdown of -6.99%. Use the drawdown chart below to compare losses from any high point for PHDG and HOLA.

Drawdown Indicators

	PHDG	HOLA	Difference
Max Drawdown Largest peak-to-trough decline	-17.70%	-6.99%	-10.71%
Max Drawdown (1Y) Largest decline over 1 year	-9.08%	—	—
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	-2.18%	-4.95%	+2.77%
Average Drawdown Average peak-to-trough decline	-6.32%	-1.17%	-5.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	—	—

Volatility

Volatility by Period

	PHDG	HOLA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.33%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.61%	9.31%	+1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.91%	9.31%	+1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.89%	9.31%	+2.58%