PHDG vs. SPHB
PHDG (Invesco S&P 500 Downside Hedged ETF) and SPHB (Invesco S&P 500® High Beta ETF) are both exchange-traded funds - PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index, while SPHB is a S&P 500 fund tracking the S&P 500 High Beta Index. Both are passively managed. Over the past 10 years, PHDG returned 7.20%/yr vs 20.43%/yr for SPHB. A 0.56 correlation means they provide meaningful diversification when combined. PHDG charges 0.39%/yr vs 0.25%/yr for SPHB.
Performance
PHDG vs. SPHB - Performance Comparison
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Returns By Period
In the year-to-date period, PHDG achieves a 8.98% return, which is significantly lower than SPHB's 32.39% return. Over the past 10 years, PHDG has underperformed SPHB with an annualized return of 7.20%, while SPHB has yielded a comparatively higher 20.43% annualized return.
PHDG
- 1D
- -0.54%
- 1M
- -3.78%
- YTD
- 8.98%
- 6M
- 8.09%
- 1Y
- 18.45%
- 3Y*
- 9.38%
- 5Y*
- 4.49%
- 10Y*
- 7.20%
SPHB
- 1D
- 2.22%
- 1M
- 5.89%
- YTD
- 32.39%
- 6M
- 29.17%
- 1Y
- 63.01%
- 3Y*
- 29.36%
- 5Y*
- 15.93%
- 10Y*
- 20.43%
PHDG vs. SPHB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHDG Invesco S&P 500 Downside Hedged ETF | 8.98% | 2.72% | 10.95% | 8.18% | -14.09% | 15.67% | 18.97% | 8.57% | -2.44% | 15.89% |
SPHB Invesco S&P 500® High Beta ETF | 32.39% | 32.87% | 8.48% | 33.28% | -20.59% | 40.58% | 25.56% | 33.96% | -15.55% | 17.87% |
Correlation
The correlation between PHDG and SPHB is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2012 | 0.56 |
The correlation between PHDG and SPHB has been stable across timeframes, ranging from 0.52 to 0.57 - a consistent structural relationship.
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Return for Risk
PHDG vs. SPHB — Risk / Return Rank
PHDG
SPHB
PHDG vs. SPHB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) and Invesco S&P 500® High Beta ETF (SPHB). 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 | SPHB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.42 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 5.92 | -3.00 |
| Martin ratioReturn relative to average drawdown | 13.18 | 22.17 | -8.99 |
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Drawdowns
PHDG vs. SPHB - Drawdown Comparison
The maximum PHDG drawdown since its inception was -17.70%, smaller than the maximum SPHB drawdown of -46.84%. Use the drawdown chart below to compare losses from any high point for PHDG and SPHB.
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Drawdown Indicators
| PHDG | SPHB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.70% | -46.84% | +29.14% |
Max Drawdown (1Y)Largest decline over 1 year | -6.36% | -10.70% | +4.34% |
Max Drawdown (3Y)Largest decline over 3 years | -14.78% | -29.21% | +14.43% |
Max Drawdown (5Y)Largest decline over 5 years | -17.06% | -31.49% | +14.43% |
Max Drawdown (10Y)Largest decline over 10 years | -17.06% | -46.84% | +29.78% |
Current DrawdownCurrent decline from peak | -6.36% | -1.54% | -4.82% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -8.48% | +2.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.40% | 2.85% | -1.45% |
Volatility
PHDG vs. SPHB - Volatility Comparison
The current volatility for Invesco S&P 500 Downside Hedged ETF (PHDG) is 7.72%, while Invesco S&P 500® High Beta ETF (SPHB) has a volatility of 11.62%. This indicates that PHDG experiences smaller price fluctuations and is considered to be less risky than SPHB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHDG | SPHB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.72% | 11.62% | -3.90% |
Volatility (6M)Calculated over the trailing 6-month period | 9.61% | 19.74% | -10.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.39% | 24.29% | -12.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.41% | 27.74% | -16.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.11% | 28.54% | -16.43% |
PHDG vs. SPHB - Expense Ratio Comparison
PHDG has a 0.39% expense ratio, which is higher than SPHB's 0.25% expense ratio.
Dividends
PHDG vs. SPHB - Dividend Comparison
PHDG's dividend yield for the trailing twelve months is around 1.70%, more than SPHB's 0.53% 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% |
SPHB Invesco S&P 500® High Beta ETF | 0.53% | 0.60% | 0.80% | 0.73% | 0.72% | 0.91% | 1.90% | 1.26% | 1.96% | 1.34% | 0.93% | 1.69% |
Frequently Asked Questions
PHDG and SPHB have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHB has higher volatility (11.62%) compared to PHDG (7.72%). In terms of maximum drawdown, PHDG dropped -17.70% vs SPHB's -46.84%.
On 10-year performance, SPHB leads with 20.43% vs 7.20% for PHDG. On fees, SPHB is cheaper at 0.25% per year. On volatility, PHDG has been the lower-risk option at 7.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPHB has performed better with a 20.43% return vs 7.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHB is cheaper with a 0.25% expense ratio, compared with 0.39% for PHDG.
PHDG has the higher dividend yield at 1.70%, compared with 0.53% for SPHB.
PHDG is categorized as Equity Hedged, while SPHB is S&P 500. PHDG tracks S&P 500 Dynamic VEQTOR Index, while SPHB tracks S&P 500 High Beta Index. Their fees differ too: 0.39% for PHDG and 0.25% for SPHB.
SPHB currently has the higher Sharpe Ratio (2.61 vs 1.63), 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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