PHDG vs. SHUS

Last updated Aug 2, 2026

PHDG (Invesco S&P 500 Downside Hedged ETF) and SHUS (Stratified LargeCap Hedged ETF) are both Equity Hedged funds. PHDG is passively managed, while SHUS is actively managed. Over the past year, PHDG returned 18.23% vs 18.08% for SHUS. Their 0.41 correlation means their historical movements had little consistent relationship. PHDG charges 0.39%/yr vs 0.79%/yr for SHUS.

Performance

PHDG vs. SHUS - Performance Comparison

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

Returns By Period

In the year-to-date period, PHDG achieves a 10.21% return, which is significantly lower than SHUS's 11.17% return.

PHDG

• 1D: 0.50%
• 1M: 0.03%
• 6M: 8.71%
• YTD: 10.21%
• 1Y: 18.23%
• 3Y*: 8.48%
• 5Y*: 4.25%
• 10Y*: 7.28%
• ALL TIME*: 5.61%

SHUS

• 1D: -0.09%
• 1M: 0.21%
• 6M: 7.84%
• YTD: 11.17%
• 1Y: 18.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.47%

*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	$1.18M	$678.43K	$904.25K
SHUS Stratified LargeCap Hedged ETF	$381.44	$481.50	$2.69K

PHDG vs. SHUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PHDG Invesco S&P 500 Downside Hedged ETF	10.21%	2.72%	-1.73%
SHUS Stratified LargeCap Hedged ETF	11.17%	10.89%	-2.65%

Correlation

The correlation between PHDG and SHUS is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (All Time) Calculated using the full available price history since Sep 30, 2024	0.41

Return for Risk

PHDG vs. SHUS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PHDG

PHDG Risk / Return Rank: 66
PHDG Sharpe Ratio Rank: 63
PHDG Sortino Ratio Rank: 61
PHDG Omega Ratio Rank: 70
PHDG Calmar Ratio Rank: 71
PHDG Martin Ratio Rank: 63

SHUS

SHUS Risk / Return Rank: 74
SHUS Sharpe Ratio Rank: 75
SHUS Sortino Ratio Rank: 78
SHUS Omega Ratio Rank: 73
SHUS Calmar Ratio Rank: 71
SHUS Martin Ratio Rank: 73

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PHDG vs. SHUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) and Stratified LargeCap Hedged ETF (SHUS). 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	SHUS	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.72	-0.26
Sortino ratio: Return per unit of downside risk	2.05	2.53	-0.48
Omega ratio: Gain probability vs. loss probability	1.29	1.30	-0.01
Calmar ratio: Return relative to maximum drawdown	2.46	2.49	-0.03
Martin ratio: Return relative to average drawdown	7.58	8.97	-1.40

PHDG vs. SHUS - Sharpe Ratio Comparison

The current PHDG Sharpe Ratio is 1.45, which is comparable to the SHUS Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of PHDG and SHUS, 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. SHUS - Drawdown Comparison

The maximum PHDG drawdown since its inception was -17.70%, which is greater than SHUS's maximum drawdown of -14.09%. Use the drawdown chart below to compare losses from any high point for PHDG and SHUS.

Drawdown Indicators

	PHDG	SHUS	Difference
Max Drawdown Largest peak-to-trough decline	-17.70%	-14.09%	-3.61%
Max Drawdown (1Y) Largest decline over 1 year	-6.78%	-6.95%	+0.17%
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	-5.31%	-1.06%	-4.25%
Average Drawdown Average peak-to-trough decline	-6.23%	-2.48%	-3.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	1.92%	+0.28%

Volatility

PHDG vs. SHUS - Volatility Comparison

The current volatility for Invesco S&P 500 Downside Hedged ETF (PHDG) is 2.51%, while Stratified LargeCap Hedged ETF (SHUS) has a volatility of 2.85%. This indicates that PHDG experiences smaller price fluctuations and is considered to be less risky than SHUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHDG	SHUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	2.85%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	9.48%	7.37%	+2.11%
Volatility (1Y) Calculated over the trailing 1-year period	11.50%	10.12%	+1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.39%	12.41%	-1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.11%	12.41%	-0.30%

PHDG vs. SHUS - Expense Ratio Comparison

PHDG has a 0.39% expense ratio, which is lower than SHUS's 0.79% expense ratio.

Dividends

PHDG vs. SHUS - Dividend Comparison

PHDG's dividend yield for the trailing twelve months is around 1.68%, more than SHUS's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHDG Invesco S&P 500 Downside Hedged ETF	1.68%	2.10%	1.94%	1.93%	1.35%	0.44%	0.63%	1.80%	1.56%	1.83%	2.29%	1.64%
SHUS Stratified LargeCap Hedged ETF	1.24%	1.37%	0.26%	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 SHUS in my portfolio?

PHDG and SHUS have a correlation of 0.40, 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 SHUS?

SHUS has higher volatility (2.85%) compared to PHDG (2.51%). In terms of maximum drawdown, PHDG dropped -17.70% vs SHUS's -14.09%.

Which ETF is better, PHDG or SHUS?

On 1-year performance, PHDG leads with 18.23% vs 18.08% for SHUS. On fees, PHDG is cheaper at 0.39% per year. On volatility, PHDG has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PHDG or SHUS?

Over the 1-year period, PHDG has performed better with a 18.23% return vs 18.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHDG or SHUS?

PHDG is cheaper with a 0.39% expense ratio, compared with 0.79% for SHUS.

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

PHDG has the higher dividend yield at 1.68%, compared with 1.24% for SHUS.

What is the main difference between PHDG and SHUS?

They also come from different issuers: Invesco and Exchange Traded Concepts. Their fees differ too: 0.39% for PHDG and 0.79% for SHUS.

Which has better risk-adjusted returns?

SHUS currently has the higher Sharpe Ratio (1.72 vs 1.45), 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.