PHDG vs. SPTM

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco S&P 500 Downside Hedged ETF (PHDG) and SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM).

PHDG and SPTM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PHDG is a passively managed fund by Invesco that tracks the performance of the S&P 500 Dynamic VEQTOR Index. It was launched on Dec 6, 2012. SPTM is a passively managed fund by State Street that tracks the performance of the S&P Composite 1500 Index. It was launched on Oct 4, 2000. Both PHDG and SPTM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PHDG vs. SPTM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Downside Hedged ETF (PHDG) and SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM). The values are adjusted to include any dividend payments, if applicable.

PHDG vs. SPTM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHDG Invesco S&P 500 Downside Hedged ETF	1.32%	2.72%	10.95%	8.18%	-14.09%	15.67%	18.97%	8.57%	-2.44%	15.89%
SPTM SPDR Portfolio S&P 1500 Composite Stock Market ETF	-3.88%	16.93%	23.87%	25.55%	-17.75%	28.58%	17.94%	31.34%	-5.30%	21.18%

Returns By Period

In the year-to-date period, PHDG achieves a 1.32% return, which is significantly higher than SPTM's -3.88% return. Over the past 10 years, PHDG has underperformed SPTM with an annualized return of 5.84%, while SPTM has yielded a comparatively higher 13.82% annualized return.

PHDG

• 1D: 1.24%
• 1M: -0.47%
• YTD: 1.32%
• 6M: 2.31%
• 1Y: 5.85%
• 3Y*: 6.85%
• 5Y*: 3.87%
• 10Y*: 5.84%

SPTM

• 1D: 2.86%
• 1M: -5.00%
• YTD: -3.88%
• 6M: -1.39%
• 1Y: 17.66%
• 3Y*: 17.75%
• 5Y*: 11.28%
• 10Y*: 13.82%

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

PHDG vs. SPTM - Expense Ratio Comparison

PHDG has a 0.39% expense ratio, which is higher than SPTM's 0.03% expense ratio.

PHDG

Invesco S&P 500 Downside Hedged ETF

SPTM

SPDR Portfolio S&P 1500 Composite Stock Market ETF

Return for Risk

PHDG vs. SPTM — Risk / Return Rank

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

PHDG

PHDG Risk / Return Rank: 30
PHDG Sharpe Ratio Rank: 31
PHDG Sortino Ratio Rank: 28
PHDG Omega Ratio Rank: 30
PHDG Calmar Ratio Rank: 32
PHDG Martin Ratio Rank: 27

SPTM

SPTM Risk / Return Rank: 64
SPTM Sharpe Ratio Rank: 58
SPTM Sortino Ratio Rank: 61
SPTM Omega Ratio Rank: 64
SPTM Calmar Ratio Rank: 64
SPTM Martin Ratio Rank: 74

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. SPTM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) and SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM). 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.

	PHDG	SPTM	Difference
Sharpe ratio Return per unit of total volatility	0.56	0.97	-0.41
Sortino ratio Return per unit of downside risk	0.78	1.48	-0.70
Omega ratio Gain probability vs. loss probability	1.12	1.22	-0.11
Calmar ratio Return relative to maximum drawdown	0.74	1.51	-0.76
Martin ratio Return relative to average drawdown	2.08	7.28	-5.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHDG vs. SPTM - Sharpe Ratio Comparison

The current PHDG Sharpe Ratio is 0.56, which is lower than the SPTM Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of PHDG and SPTM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PHDG	SPTM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	0.97	-0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.67	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.77	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.43	+0.03

Correlation

The correlation between PHDG and SPTM is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PHDG vs. SPTM - Dividend Comparison

PHDG's dividend yield for the trailing twelve months is around 2.09%, more than SPTM's 1.20% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHDG Invesco S&P 500 Downside Hedged ETF	2.09%	2.10%	1.94%	1.93%	1.35%	0.44%	0.63%	1.80%	1.56%	1.83%	2.29%	1.64%
SPTM SPDR Portfolio S&P 1500 Composite Stock Market ETF	1.20%	1.13%	1.28%	1.44%	1.69%	1.25%	1.56%	1.72%	1.90%	1.66%	1.91%	1.92%

Drawdowns

PHDG vs. SPTM - Drawdown Comparison

The maximum PHDG drawdown since its inception was -17.70%, smaller than the maximum SPTM drawdown of -54.80%. Use the drawdown chart below to compare losses from any high point for PHDG and SPTM.

Drawdown Indicators

	PHDG	SPTM	Difference
Max Drawdown Largest peak-to-trough decline	-17.70%	-54.80%	+37.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.08%	-12.21%	+3.13%
Max Drawdown (5Y) Largest decline over 5 years	-17.06%	-24.14%	+7.08%
Max Drawdown (10Y) Largest decline over 10 years	-17.06%	-34.66%	+17.60%
Current Drawdown Current decline from peak	-2.18%	-6.07%	+3.89%
Average Drawdown Average peak-to-trough decline	-6.32%	-9.10%	+2.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	2.53%	+0.73%

Volatility

PHDG vs. SPTM - Volatility Comparison

The current volatility for Invesco S&P 500 Downside Hedged ETF (PHDG) is 2.76%, while SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM) has a volatility of 5.32%. This indicates that PHDG experiences smaller price fluctuations and is considered to be less risky than SPTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHDG	SPTM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	5.32%	-2.56%
Volatility (6M) Calculated over the trailing 6-month period	6.33%	9.52%	-3.19%
Volatility (1Y) Calculated over the trailing 1-year period	10.61%	18.32%	-7.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.91%	16.88%	-5.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.89%	18.03%	-6.14%