PHDG vs. PPA
PHDG (Invesco S&P 500 Downside Hedged ETF) and PPA (Invesco Aerospace & Defense ETF) are both exchange-traded funds - PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index, while PPA is a Aerospace & Defense fund tracking the SPADE Defense Index. Both are passively managed. Over the past 10 years, PHDG returned 7.20%/yr vs 18.02%/yr for PPA. At a 0.47 correlation, their price movements are largely independent. PHDG charges 0.39%/yr vs 0.58%/yr for PPA.
Performance
PHDG vs. PPA - Performance Comparison
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Returns By Period
In the year-to-date period, PHDG achieves a 8.98% return, which is significantly lower than PPA's 9.73% return. Over the past 10 years, PHDG has underperformed PPA with an annualized return of 7.20%, while PPA has yielded a comparatively higher 18.02% annualized return.
PHDG
- 1D
- -0.54%
- 1M
- -3.78%
- YTD
- 8.98%
- 6M
- 8.09%
- 1Y
- 18.45%
- 3Y*
- 9.38%
- 5Y*
- 4.49%
- 10Y*
- 7.20%
PPA
- 1D
- 0.37%
- 1M
- -1.27%
- YTD
- 9.73%
- 6M
- 7.35%
- 1Y
- 26.01%
- 3Y*
- 28.70%
- 5Y*
- 18.28%
- 10Y*
- 18.02%
PHDG vs. PPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHDG Invesco S&P 500 Downside Hedged ETF | 8.98% | 2.72% | 10.95% | 8.18% | -14.09% | 15.67% | 18.97% | 8.57% | -2.44% | 15.89% |
PPA Invesco Aerospace & Defense ETF | 9.73% | 37.15% | 25.28% | 18.41% | 9.52% | 7.09% | 0.45% | 39.63% | -7.51% | 30.10% |
Correlation
The correlation between PHDG and PPA is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2012 | 0.47 |
The correlation between PHDG and PPA shifts across timeframes, from 0.36 (3 years) to 0.47 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PHDG vs. PPA — Risk / Return Rank
PHDG
PPA
PHDG vs. PPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) and Invesco Aerospace & Defense ETF (PPA). 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 | PPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.23 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 1.91 | +1.01 |
| Martin ratioReturn relative to average drawdown | 13.18 | 5.24 | +7.94 |
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Drawdowns
PHDG vs. PPA - Drawdown Comparison
The maximum PHDG drawdown since its inception was -17.70%, smaller than the maximum PPA drawdown of -57.37%. Use the drawdown chart below to compare losses from any high point for PHDG and PPA.
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Drawdown Indicators
| PHDG | PPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.70% | -57.37% | +39.67% |
Max Drawdown (1Y)Largest decline over 1 year | -6.36% | -13.71% | +7.35% |
Max Drawdown (3Y)Largest decline over 3 years | -14.78% | -15.24% | +0.46% |
Max Drawdown (5Y)Largest decline over 5 years | -17.06% | -18.37% | +1.31% |
Max Drawdown (10Y)Largest decline over 10 years | -17.06% | -43.92% | +26.86% |
Current DrawdownCurrent decline from peak | -6.36% | -7.39% | +1.03% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -9.18% | +2.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.40% | 4.97% | -3.57% |
Volatility
PHDG vs. PPA - Volatility Comparison
Invesco S&P 500 Downside Hedged ETF (PHDG) and Invesco Aerospace & Defense ETF (PPA) have volatilities of 7.72% and 7.99%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHDG | PPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.72% | 7.99% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 9.61% | 16.83% | -7.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.39% | 20.14% | -8.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.41% | 18.70% | -7.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.11% | 20.72% | -8.61% |
PHDG vs. PPA - Expense Ratio Comparison
PHDG has a 0.39% expense ratio, which is lower than PPA's 0.58% expense ratio.
Dividends
PHDG vs. PPA - Dividend Comparison
PHDG's dividend yield for the trailing twelve months is around 1.70%, more than PPA's 0.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PPA Invesco Aerospace & Defense ETF | 0.37% | 0.42% | 0.61% | 0.67% | 0.83% | 0.59% | 0.88% | 0.95% | 0.90% | 0.67% | 1.70% | 1.41% |
Frequently Asked Questions
PHDG and PPA have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PPA has higher volatility (7.99%) compared to PHDG (7.72%). In terms of maximum drawdown, PHDG dropped -17.70% vs PPA's -57.37%.
On 10-year performance, PPA leads with 18.02% vs 7.20% for PHDG. On fees, PHDG is cheaper at 0.39% per year. On volatility, PHDG has been the lower-risk option at 7.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PPA has performed better with a 18.02% return vs 7.20%. 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 0.58% for PPA.
PHDG has the higher dividend yield at 1.70%, compared with 0.37% for PPA.
PHDG is categorized as Equity Hedged, while PPA is Aerospace & Defense. PHDG tracks S&P 500 Dynamic VEQTOR Index, while PPA tracks SPADE Defense Index. Their fees differ too: 0.39% for PHDG and 0.58% for PPA.
PHDG currently has the higher Sharpe Ratio (1.63 vs 1.30), 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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