PHDG vs. SIXH
PHDG (Invesco S&P 500 Downside Hedged ETF) and SIXH (6 Meridian Hedged Equity-Index Option Strategy ETF) are both Equity Hedged funds. PHDG is passively managed, while SIXH is actively managed. Over the past 5 years, PHDG returned 4.25%/yr vs 9.67%/yr for SIXH. Their 0.19 correlation means their historical movements had little consistent relationship. PHDG charges 0.39%/yr vs 0.87%/yr for SIXH.
Performance
PHDG vs. SIXH - Performance Comparison
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Returns By Period
In the year-to-date period, PHDG achieves a 10.21% return, which is significantly lower than SIXH's 11.82% 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%
SIXH
- 1D
- -0.05%
- 1M
- 1.25%
- 6M
- 6.67%
- YTD
- 11.82%
- 1Y
- 15.44%
- 3Y*
- 13.19%
- 5Y*
- 9.67%
- 10Y*
- —
- ALL TIME*
- 11.24%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.18M | $678.43K | $904.25K | |
| $192.69K | $438.81K | $385.38K |
PHDG vs. SIXH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PHDG Invesco S&P 500 Downside Hedged ETF | 10.21% | 2.72% | 10.95% | 8.18% | -14.09% | 15.67% | 13.04% |
SIXH 6 Meridian Hedged Equity-Index Option Strategy ETF | 11.82% | 9.47% | 12.06% | 4.93% | 6.90% | 18.37% | 6.49% |
Correlation
The correlation between PHDG and SIXH is -0.09, 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. | -0.09 |
Correlation (3Y) Balances recent behavior with more history. | 0.05 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.17 |
Correlation (All Time) Calculated using the full available price history since May 11, 2020 | 0.19 |
The correlation between PHDG and SIXH shifts across timeframes, from -0.09 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PHDG vs. SIXH — Risk / Return Rank
PHDG
SIXH
PHDG vs. SIXH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) and 6 Meridian Hedged Equity-Index Option Strategy ETF (SIXH). 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 | SIXH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.35 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 3.59 | -1.13 |
| Martin ratioReturn relative to average drawdown | 7.58 | 9.12 | -1.54 |
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Drawdowns
PHDG vs. SIXH - Drawdown Comparison
The maximum PHDG drawdown since its inception was -17.70%, which is greater than SIXH's maximum drawdown of -11.68%. Use the drawdown chart below to compare losses from any high point for PHDG and SIXH.
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Drawdown Indicators
| PHDG | SIXH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.70% | -11.68% | -6.02% |
Max Drawdown (1Y)Largest decline over 1 year | -6.78% | -4.36% | -2.42% |
Max Drawdown (3Y)Largest decline over 3 years | -14.78% | -9.10% | -5.68% |
Max Drawdown (5Y)Largest decline over 5 years | -17.06% | -11.68% | -5.38% |
Max Drawdown (10Y)Largest decline over 10 years | -17.06% | — | — |
Current DrawdownCurrent decline from peak | -5.31% | -1.63% | -3.68% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -1.82% | -4.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 1.71% | +0.49% |
Volatility
PHDG vs. SIXH - Volatility Comparison
Invesco S&P 500 Downside Hedged ETF (PHDG) and 6 Meridian Hedged Equity-Index Option Strategy ETF (SIXH) have volatilities of 2.51% and 2.48%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHDG | SIXH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 2.48% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 9.48% | 6.36% | +3.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.50% | 7.87% | +3.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.39% | 10.40% | +0.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.11% | 10.09% | +2.02% |
PHDG vs. SIXH - Expense Ratio Comparison
PHDG has a 0.39% expense ratio, which is lower than SIXH's 0.87% expense ratio.
Dividends
PHDG vs. SIXH - Dividend Comparison
PHDG's dividend yield for the trailing twelve months is around 1.68%, less than SIXH's 1.82% 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% |
SIXH 6 Meridian Hedged Equity-Index Option Strategy ETF | 1.82% | 2.23% | 1.55% | 2.04% | 2.06% | 1.65% | 1.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PHDG and SIXH have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHDG has higher volatility (2.51%) compared to SIXH (2.48%). In terms of maximum drawdown, PHDG dropped -17.70% vs SIXH's -11.68%.
On 5-year performance, SIXH leads with 9.67% vs 4.25% for PHDG. On fees, PHDG is cheaper at 0.39% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SIXH has performed better with a 9.67% return vs 4.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PHDG is cheaper with a 0.39% expense ratio, compared with 0.87% for SIXH.
SIXH has the higher dividend yield at 1.82%, compared with 1.68% for PHDG.
They also come from different issuers: Invesco and Exchange Traded Concepts. Their fees differ too: 0.39% for PHDG and 0.87% for SIXH.
SIXH currently has the higher Sharpe Ratio (1.99 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.
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