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PHDG vs. QVMT
Performance
Return for Risk
Dividends
Drawdowns
Volatility

PHDG vs. QVMT

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco S&P 500 Downside Hedged ETF (PHDG) and Invesco S&P S&P 500 Concentrated QVM ETF (QVMT).

PHDG and QVMT 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. QVMT is a passively managed fund by Invesco that tracks the performance of the S&P 500 Quality, Value & Momentum Multi-factor Index. It was launched on Oct 9, 2015. Both PHDG and QVMT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PHDG vs. QVMT - Performance Comparison

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

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PHDG vs. QVMT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PHDG
Invesco S&P 500 Downside Hedged ETF		1.69%2.72%10.95%8.18%-14.09%15.67%18.97%8.57%-2.44%15.89%
QVMT
Invesco S&P S&P 500 Concentrated QVM ETF		5.51%19.08%14.40%11.71%-5.61%35.27%-9.98%28.86%-9.51%18.77%

Returns By Period

In the year-to-date period, PHDG achieves a 1.69% return, which is significantly lower than QVMT's 5.51% return. Over the past 10 years, PHDG has underperformed QVMT with an annualized return of 5.88%, while QVMT has yielded a comparatively higher 12.17% annualized return.

PHDG

1D
0.37%
1M
-0.39%
YTD
1.69%
6M
2.33%
1Y
6.29%
3Y*
6.98%
5Y*
3.94%
10Y*
5.88%

QVMT

1D
0.76%
1M
-3.49%
YTD
5.51%
6M
10.86%
1Y
18.92%
3Y*
17.49%
5Y*
11.27%
10Y*
12.17%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P 500 Downside Hedged ETF

Invesco S&P S&P 500 Concentrated QVM ETF

Often compared with PHDG:
PHDG vs. SPYPHDG vs. VOOPHDG vs. DIVOPHDG vs. JEPIPHDG vs. SVOLPHDG vs. DBEFPHDG vs. QQQ
Often compared with QVMT:
QVMT vs. XCLRQVMT vs. IGMQVMT vs. SPMOQVMT vs. QDIVQVMT vs. RSPUQVMT vs. VOOQVMT vs. IVV

PHDG vs. QVMT - Expense Ratio Comparison

PHDG has a 0.39% expense ratio, which is higher than QVMT's 0.13% expense ratio.

PHDG
Invesco S&P 500 Downside Hedged ETF
QVMT
Invesco S&P S&P 500 Concentrated QVM ETF

Return for Risk

PHDG vs. QVMT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PHDG
PHDG Risk / Return Rank: 2828
Overall Rank
PHDG Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
PHDG Sortino Ratio Rank: 2727
Sortino Ratio Rank
PHDG Omega Ratio Rank: 2929
Omega Ratio Rank
PHDG Calmar Ratio Rank: 2828
Calmar Ratio Rank
PHDG Martin Ratio Rank: 2525
Martin Ratio Rank
QVMT
QVMT Risk / Return Rank: 5757
Overall Rank
QVMT Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
QVMT Sortino Ratio Rank: 5858
Sortino Ratio Rank
QVMT Omega Ratio Rank: 5757
Omega Ratio Rank
QVMT Calmar Ratio Rank: 5252
Calmar Ratio Rank
QVMT Martin Ratio Rank: 5757
Martin Ratio Rank
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. QVMT - 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 S&P S&P 500 Concentrated QVM ETF (QVMT). 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.

PHDGQVMTDifference

Sharpe ratio

Return per unit of total volatility

0.60

1.14

-0.54

Sortino ratio

Return per unit of downside risk

0.83

1.61

-0.78

Omega ratio

Gain probability vs. loss probability

1.12

1.23

-0.10

Calmar ratio

Return relative to maximum drawdown

0.69

1.54

-0.85

Martin ratio

Return relative to average drawdown

1.93

6.33

-4.40

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHDG vs. QVMT - Sharpe Ratio Comparison

The current PHDG Sharpe Ratio is 0.60, which is lower than the QVMT Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of PHDG and QVMT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

PHDGQVMTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.60

1.14

-0.54

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.36

0.65

-0.29

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.50

0.58

-0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.46

0.54

-0.08

Correlation

The correlation between PHDG and QVMT is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

PHDG vs. QVMT - Dividend Comparison

PHDG's dividend yield for the trailing twelve months is around 2.08%, less than QVMT's 2.28% yield.

TTM20252024202320222021202020192018201720162015
PHDG
Invesco S&P 500 Downside Hedged ETF		2.08%2.10%1.94%1.93%1.35%0.44%0.63%1.80%1.56%1.83%2.29%1.64%
QVMT
Invesco S&P S&P 500 Concentrated QVM ETF		2.28%2.42%2.71%3.05%2.49%2.31%2.70%2.23%2.48%2.37%1.11%0.54%

Drawdowns

PHDG vs. QVMT - Drawdown Comparison

The maximum PHDG drawdown since its inception was -17.70%, smaller than the maximum QVMT drawdown of -48.05%. Use the drawdown chart below to compare losses from any high point for PHDG and QVMT.

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Drawdown Indicators

PHDGQVMTDifference

Max Drawdown

Largest peak-to-trough decline

-17.70%

-48.05%

+30.35%

Max Drawdown (1Y)

Largest decline over 1 year

-8.93%

-12.17%

+3.24%

Max Drawdown (5Y)

Largest decline over 5 years

-17.06%

-21.95%

+4.89%

Max Drawdown (10Y)

Largest decline over 10 years

-17.06%

-48.05%

+30.99%

Current Drawdown

Current decline from peak

-1.82%

-3.49%

+1.67%

Average Drawdown

Average peak-to-trough decline

-6.32%

-6.43%

+0.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.24%

2.96%

+0.28%

Volatility

PHDG vs. QVMT - Volatility Comparison

The current volatility for Invesco S&P 500 Downside Hedged ETF (PHDG) is 2.79%, while Invesco S&P S&P 500 Concentrated QVM ETF (QVMT) has a volatility of 4.26%. This indicates that PHDG experiences smaller price fluctuations and is considered to be less risky than QVMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PHDGQVMTDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.79%

4.26%

-1.47%

Volatility (6M)

Calculated over the trailing 6-month period

6.33%

9.49%

-3.16%

Volatility (1Y)

Calculated over the trailing 1-year period

10.58%

16.65%

-6.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.90%

17.34%

-6.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.89%

21.08%

-9.19%