PHDG vs. RBIL
PHDG (Invesco S&P 500 Downside Hedged ETF) and RBIL (F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF) are both exchange-traded funds - PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index, while RBIL is a Inflation-Protected Bonds fund tracking the Bloomberg US Ultrashort TIPS 1-13 Months Index. Both are passively managed. Over the past year, PHDG returned 19.13% vs 3.81% for RBIL. Their -0.14 correlation means they have often moved in opposite directions in the past. PHDG charges 0.39%/yr vs 0.17%/yr for RBIL.
Performance
PHDG vs. RBIL - Performance Comparison
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Returns By Period
In the year-to-date period, PHDG achieves a 12.66% return, which is significantly higher than RBIL's 2.61% return.
PHDG
- 1D
- -0.41%
- 1M
- 1.59%
- 6M
- 11.62%
- YTD
- 12.66%
- 1Y
- 19.13%
- 3Y*
- 9.76%
- 5Y*
- 4.66%
- 10Y*
- 7.42%
- ALL TIME*
- 5.77%
RBIL
- 1D
- -0.03%
- 1M
- 0.18%
- 6M
- 2.25%
- YTD
- 2.61%
- 1Y
- 3.81%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $105.56K | $636.87K | $916.04K | |
| $1.19M | $1.87M | $2.26M |
PHDG vs. RBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PHDG Invesco S&P 500 Downside Hedged ETF | 12.66% | 0.57% |
RBIL F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF | 2.61% | 2.85% |
Correlation
The correlation between PHDG and RBIL is -0.16, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.16 |
Correlation (All Time) Calculated using the full available price history since Feb 25, 2025 | -0.14 |
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Return for Risk
PHDG vs. RBIL — Risk / Return Rank
PHDG
RBIL
PHDG vs. RBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) and F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL). 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 | RBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.30 | ||
| Sortino ratioReturn per unit of downside risk | -3.77 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 2.00 | -0.66 |
| Calmar ratioReturn relative to maximum drawdown | 2.83 | 6.80 | -3.97 |
| Martin ratioReturn relative to average drawdown | 8.59 | 27.52 | -18.92 |
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Drawdowns
PHDG vs. RBIL - Drawdown Comparison
The maximum PHDG drawdown since its inception was -17.70%, which is greater than RBIL's maximum drawdown of -0.56%. Use the drawdown chart below to compare losses from any high point for PHDG and RBIL.
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Drawdown Indicators
| PHDG | RBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.70% | -0.56% | -17.14% |
Max Drawdown (1Y)Largest decline over 1 year | -6.78% | -0.56% | -6.22% |
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 DrawdownCurrent decline from peak | -3.20% | -0.22% | -2.98% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -0.08% | -6.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.23% | 0.14% | +2.09% |
Volatility
PHDG vs. RBIL - Volatility Comparison
Invesco S&P 500 Downside Hedged ETF (PHDG) has a higher volatility of 2.97% compared to F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL) at 0.28%. This indicates that PHDG's price experiences larger fluctuations and is considered to be riskier than RBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHDG | RBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.97% | 0.28% | +2.69% |
Volatility (6M)Calculated over the trailing 6-month period | 9.64% | 0.89% | +8.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.48% | 0.96% | +10.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.43% | 1.06% | +10.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.13% | 1.06% | +11.07% |
PHDG vs. RBIL - Expense Ratio Comparison
PHDG has a 0.39% expense ratio, which is higher than RBIL's 0.17% expense ratio.
Dividends
PHDG vs. RBIL - Dividend Comparison
PHDG's dividend yield for the trailing twelve months is around 1.65%, less than RBIL's 4.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHDG Invesco S&P 500 Downside Hedged ETF | 1.65% | 2.10% | 1.94% | 1.93% | 1.35% | 0.44% | 0.63% | 1.80% | 1.56% | 1.83% | 2.29% | 1.64% |
RBIL F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF | 4.16% | 3.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PHDG and RBIL have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHDG has higher volatility (2.97%) compared to RBIL (0.28%). In terms of maximum drawdown, PHDG dropped -17.70% vs RBIL's -0.56%.
On 1-year performance, PHDG leads with 19.13% vs 3.81% for RBIL. On fees, RBIL is cheaper at 0.17% per year. On volatility, RBIL has been the lower-risk option at 0.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PHDG has performed better with a 19.13% return vs 3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RBIL is cheaper with a 0.17% expense ratio, compared with 0.39% for PHDG.
RBIL has the higher dividend yield at 4.16%, compared with 1.65% for PHDG.
PHDG is categorized as Equity Hedged, while RBIL is Inflation-Protected Bonds. PHDG tracks S&P 500 Dynamic VEQTOR Index, while RBIL tracks Bloomberg US Ultrashort TIPS 1-13 Months Index. They also come from different issuers: Invesco and F/m. Their fees differ too: 0.39% for PHDG and 0.17% for RBIL.
RBIL currently has the higher Sharpe Ratio (3.98 vs 1.67), 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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