PHDG vs. SNTH

Last updated Jun 23, 2026

PHDG (Invesco S&P 500 Downside Hedged ETF) and SNTH (MRP SynthEquity ETF) are both Equity Hedged funds. PHDG is passively managed, while SNTH is actively managed. Over the past year, PHDG returned 21.44% vs 29.49% for SNTH. A 0.59 correlation means they provide meaningful diversification when combined. PHDG charges 0.39%/yr vs 0.95%/yr for SNTH.

Performance

PHDG vs. SNTH - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with PHDG having a 10.56% return and SNTH slightly lower at 10.26%.

PHDG

• 1D: -0.33%
• 1M: -1.88%
• YTD: 10.56%
• 6M: 10.62%
• 1Y: 21.44%
• 3Y*: 9.78%
• 5Y*: 4.89%
• 10Y*: 7.12%

SNTH

• 1D: 1.10%
• 1M: 1.20%
• YTD: 10.26%
• 6M: 10.08%
• 1Y: 29.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PHDG vs. SNTH - Yearly Performance Comparison

	2026 (YTD)	2025
PHDG Invesco S&P 500 Downside Hedged ETF	10.56%	3.33%
SNTH MRP SynthEquity ETF	10.26%	24.27%

Correlation

The correlation between PHDG and SNTH is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (All Time) Calculated using the full available price history since Mar 11, 2025	0.59

The correlation between PHDG and SNTH shifts across timeframes, from 0.59 (all time) to 0.71 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PHDG vs. SNTH — Risk / Return Rank

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

PHDG

PHDG Risk / Return Rank: 70
PHDG Sharpe Ratio Rank: 58
PHDG Sortino Ratio Rank: 57
PHDG Omega Ratio Rank: 68
PHDG Calmar Ratio Rank: 79
PHDG Martin Ratio Rank: 86

SNTH

SNTH Risk / Return Rank: 70
SNTH Sharpe Ratio Rank: 75
SNTH Sortino Ratio Rank: 73
SNTH Omega Ratio Rank: 69
SNTH Calmar Ratio Rank: 68
SNTH Martin Ratio Rank: 64

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. SNTH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) and MRP SynthEquity ETF (SNTH). 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	SNTH	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.32	-0.42
Sortino ratio: Return per unit of downside risk	2.62	3.14	-0.52
Omega ratio: Gain probability vs. loss probability	1.39	1.39	0.00
Calmar ratio: Return relative to maximum drawdown	3.93	3.29	+0.64
Martin ratio: Return relative to average drawdown	17.30	11.20	+6.09

PHDG vs. SNTH - Sharpe Ratio Comparison

The current PHDG Sharpe Ratio is 1.90, which is comparable to the SNTH Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of PHDG and SNTH, 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. SNTH - Drawdown Comparison

The maximum PHDG drawdown since its inception was -17.70%, which is greater than SNTH's maximum drawdown of -9.79%. Use the drawdown chart below to compare losses from any high point for PHDG and SNTH.

Drawdown Indicators

	PHDG	SNTH	Difference
Max Drawdown Largest peak-to-trough decline	-17.70%	-9.79%	-7.91%
Max Drawdown (1Y) Largest decline over 1 year	-5.48%	-8.99%	+3.51%
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	-5.01%	-0.72%	-4.29%
Average Drawdown Average peak-to-trough decline	-6.23%	-1.96%	-4.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	2.64%	-1.40%

Volatility

PHDG vs. SNTH - Volatility Comparison

Invesco S&P 500 Downside Hedged ETF (PHDG) has a higher volatility of 7.74% compared to MRP SynthEquity ETF (SNTH) at 4.31%. This indicates that PHDG's price experiences larger fluctuations and is considered to be riskier than SNTH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHDG	SNTH	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.74%	4.31%	+3.43%
Volatility (6M) Calculated over the trailing 6-month period	9.73%	8.97%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	11.39%	12.81%	-1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.40%	15.64%	-4.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.15%	15.64%	-3.49%

PHDG vs. SNTH - Expense Ratio Comparison

PHDG has a 0.39% expense ratio, which is lower than SNTH's 0.95% expense ratio.

Dividends

PHDG vs. SNTH - Dividend Comparison

PHDG's dividend yield for the trailing twelve months is around 2.28%, less than SNTH's 10.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHDG Invesco S&P 500 Downside Hedged ETF	2.28%	2.10%	1.94%	1.93%	1.35%	0.44%	0.63%	1.80%	1.56%	1.83%	2.29%	1.64%
SNTH MRP SynthEquity ETF	10.92%	11.55%	0.00%	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 SNTH in my portfolio?

PHDG and SNTH have a correlation of 0.71, 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 SNTH?

PHDG has higher volatility (7.74%) compared to SNTH (4.31%). In terms of maximum drawdown, PHDG dropped -17.70% vs SNTH's -9.79%.

Which ETF is better, PHDG or SNTH?

On 1-year performance, SNTH leads with 29.49% vs 21.44% for PHDG. On fees, PHDG is cheaper at 0.39% per year. On volatility, SNTH has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PHDG or SNTH?

Over the 1-year period, SNTH has performed better with a 29.49% return vs 21.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHDG or SNTH?

PHDG is cheaper with a 0.39% expense ratio, compared with 0.95% for SNTH.

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

SNTH has the higher dividend yield at 10.92%, compared with 2.28% for PHDG.

What is the main difference between PHDG and SNTH?

They also come from different issuers: Invesco and MRP. Their fees differ too: 0.39% for PHDG and 0.95% for SNTH.

Which has better risk-adjusted returns?

SNTH currently has the higher Sharpe Ratio (2.32 vs 1.90), 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.