PHDG vs. QGRD

Last updated Jun 23, 2026

PHDG (Invesco S&P 500 Downside Hedged ETF) and QGRD (Horizon NASDAQ-100 Defined Risk ETF) are both Equity Hedged funds. PHDG is passively managed, while QGRD is actively managed. A 0.65 correlation means they provide meaningful diversification when combined. PHDG charges 0.39%/yr vs 0.85%/yr for QGRD.

Performance

PHDG vs. QGRD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Downside Hedged ETF (PHDG) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHDG achieves a 10.56% return, which is significantly lower than QGRD's 14.58% 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%

QGRD

• 1D: -0.24%
• 1M: 2.94%
• YTD: 14.58%
• 6M: 13.42%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PHDG vs. QGRD - Yearly Performance Comparison

	2026 (YTD)	2025
PHDG Invesco S&P 500 Downside Hedged ETF	10.56%	6.54%
QGRD Horizon NASDAQ-100 Defined Risk ETF	14.58%	8.15%

Correlation

The correlation between PHDG and QGRD is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.65

Return for Risk

PHDG vs. QGRD — Risk / Return Rank

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

PHDG

PHDG Risk / Return Rank: 70
PHDG Sharpe Ratio Rank: 58
PHDG Sortino Ratio Rank: 57
PHDG Omega Ratio Rank: 68
PHDG Calmar Ratio Rank: 79
PHDG Martin Ratio Rank: 86

QGRD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. QGRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). 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	QGRD	Difference
Sharpe ratio: Return per unit of total volatility	1.90	—	—
Sortino ratio: Return per unit of downside risk	2.62	—	—
Omega ratio: Gain probability vs. loss probability	1.39	—	—
Calmar ratio: Return relative to maximum drawdown	3.93	—	—
Martin ratio: Return relative to average drawdown	17.30	—	—

Drawdowns

PHDG vs. QGRD - Drawdown Comparison

The maximum PHDG drawdown since its inception was -17.70%, which is greater than QGRD's maximum drawdown of -9.41%. Use the drawdown chart below to compare losses from any high point for PHDG and QGRD.

Drawdown Indicators

	PHDG	QGRD	Difference
Max Drawdown Largest peak-to-trough decline	-17.70%	-9.41%	-8.29%
Max Drawdown (1Y) Largest decline over 1 year	-5.48%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.78%	—	—
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	-5.01%	-0.57%	-4.44%
Average Drawdown Average peak-to-trough decline	-6.23%	-2.19%	-4.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	—	—

Volatility

Volatility by Period

	PHDG	QGRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.74%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.73%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.39%	14.15%	-2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.40%	14.15%	-2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.15%	14.15%	-2.00%

PHDG vs. QGRD - Expense Ratio Comparison

PHDG has a 0.39% expense ratio, which is lower than QGRD's 0.85% expense ratio.

Dividends

PHDG vs. QGRD - Dividend Comparison

PHDG's dividend yield for the trailing twelve months is around 2.28%, more than QGRD's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.37%	1.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PHDG and QGRD in my portfolio?

PHDG and QGRD have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PHDG or QGRD?

On fees, PHDG is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PHDG or QGRD?

PHDG is cheaper with a 0.39% expense ratio, compared with 0.85% for QGRD.

Which ETF pays a higher dividend yield, PHDG or QGRD?

PHDG has the higher dividend yield at 2.28%, compared with 1.37% for QGRD.

What is the main difference between PHDG and QGRD?

They also come from different issuers: Invesco and Horizon. Their fees differ too: 0.39% for PHDG and 0.85% for QGRD.