PHDG vs. SBR

Last updated Jul 26, 2026

PHDG (Invesco S&P 500 Downside Hedged ETF) is Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index, while SBR (Sabine Royalty Trust) is a stock. Over the past 10 years, PHDG returned 7.14%/yr vs 16.34%/yr for SBR. Their 0.15 correlation means their historical movements had little consistent relationship.

Performance

PHDG vs. SBR - Performance Comparison

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

Returns By Period

In the year-to-date period, PHDG achieves a 9.47% return, which is significantly lower than SBR's 11.57% return. Over the past 10 years, PHDG has underperformed SBR with an annualized return of 7.14%, while SBR has yielded a comparatively higher 16.34% annualized return.

PHDG

• 1D: -0.16%
• 1M: 0.44%
• 6M: 8.74%
• YTD: 9.47%
• 1Y: 14.71%
• 3Y*: 8.21%
• 5Y*: 4.01%
• 10Y*: 7.14%
• ALL TIME*: 5.56%

SBR

• 1D: -0.51%
• 1M: 2.51%
• 6M: 11.20%
• YTD: 11.57%
• 1Y: 19.45%
• 3Y*: 12.34%
• 5Y*: 24.15%
• 10Y*: 16.34%
• ALL TIME*: 15.38%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PHDG Invesco S&P 500 Downside Hedged ETF	$1.28M	$774.65K	$908.35K
SBR Sabine Royalty Trust	$2.30M	$2.17M	$2.74M

PHDG vs. SBR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHDG Invesco S&P 500 Downside Hedged ETF	9.47%	2.72%	10.95%	8.18%	-14.09%	15.67%	18.97%	8.57%	-2.44%	15.89%
SBR Sabine Royalty Trust	11.57%	14.04%	4.06%	-13.10%	132.08%	60.71%	-24.24%	15.77%	-9.61%	34.83%

Correlation

The correlation between PHDG and SBR is -0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.05
Correlation (3Y) Balances recent behavior with more history.	0.05
Correlation (5Y) Shows whether the relationship held over a longer period.	0.09
Correlation (10Y) Provides a long-term view across more market conditions.	0.13
Correlation (All Time) Calculated using the full available price history since Dec 6, 2012	0.15

The correlation between PHDG and SBR shifts across timeframes, from -0.05 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PHDG vs. SBR — Risk / Return Rank

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

PHDG

PHDG Risk / Return Rank: 61
PHDG Sharpe Ratio Rank: 56
PHDG Sortino Ratio Rank: 55
PHDG Omega Ratio Rank: 63
PHDG Calmar Ratio Rank: 68
PHDG Martin Ratio Rank: 62

SBR

SBR Risk / Return Rank: 67
SBR Sharpe Ratio Rank: 72
SBR Sortino Ratio Rank: 64
SBR Omega Ratio Rank: 64
SBR Calmar Ratio Rank: 68
SBR Martin Ratio Rank: 67

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. SBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) and Sabine Royalty Trust (SBR). 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	SBR	Difference
Sharpe ratio: Return per unit of total volatility	1.33	0.78	+0.55
Sortino ratio: Return per unit of downside risk	1.89	1.12	+0.77
Omega ratio: Gain probability vs. loss probability	1.27	1.15	+0.12
Calmar ratio: Return relative to maximum drawdown	2.38	1.03	+1.36
Martin ratio: Return relative to average drawdown	7.41	2.10	+5.32

PHDG vs. SBR - Sharpe Ratio Comparison

The current PHDG Sharpe Ratio is 1.33, which is higher than the SBR Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of PHDG and SBR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PHDG vs. SBR - Drawdown Comparison

The maximum PHDG drawdown since its inception was -17.70%, smaller than the maximum SBR drawdown of -56.40%. Use the drawdown chart below to compare losses from any high point for PHDG and SBR.

Drawdown Indicators

	PHDG	SBR	Difference
Max Drawdown Largest peak-to-trough decline	-17.70%	-56.40%	+38.70%
Max Drawdown (1Y) Largest decline over 1 year	-6.36%	-18.54%	+12.18%
Max Drawdown (3Y) Largest decline over 3 years	-14.78%	-18.54%	+3.76%
Max Drawdown (5Y) Largest decline over 5 years	-17.06%	-34.56%	+17.50%
Max Drawdown (10Y) Largest decline over 10 years	-17.06%	-50.71%	+33.65%
Current Drawdown Current decline from peak	-5.95%	-5.64%	-0.31%
Average Drawdown Average peak-to-trough decline	-6.23%	-13.61%	+7.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	9.05%	-7.01%

Volatility

PHDG vs. SBR - Volatility Comparison

The current volatility for Invesco S&P 500 Downside Hedged ETF (PHDG) is 2.14%, while Sabine Royalty Trust (SBR) has a volatility of 3.95%. This indicates that PHDG experiences smaller price fluctuations and is considered to be less risky than SBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHDG	SBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	3.95%	-1.81%
Volatility (6M) Calculated over the trailing 6-month period	9.37%	15.32%	-5.95%
Volatility (1Y) Calculated over the trailing 1-year period	11.41%	24.41%	-13.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.37%	31.69%	-20.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.10%	31.21%	-19.11%

Dividends

PHDG vs. SBR - Dividend Comparison

PHDG's dividend yield for the trailing twelve months is around 1.70%, less than SBR's 6.64% 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%
SBR Sabine Royalty Trust	6.64%	7.53%	8.41%	9.41%	10.13%	7.72%	8.59%	7.49%	8.98%	5.31%	5.50%	11.82%

Frequently Asked Questions

Can I hold both PHDG and SBR in my portfolio?

PHDG and SBR have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHDG or SBR?

SBR has higher volatility (3.95%) compared to PHDG (2.14%). In terms of maximum drawdown, PHDG dropped -17.70% vs SBR's -56.40%.

Which has better risk-adjusted returns?

PHDG currently has the higher Sharpe Ratio (1.33 vs 0.78), 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.