PHDG vs. SPY
Compare and contrast key facts about Invesco S&P 500® Downside Hedged ETF (PHDG) and SPDR S&P 500 ETF (SPY).
PHDG and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PHDG is an actively managed fund by Invesco. It was launched on Dec 6, 2012. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: PHDG or SPY.
Key characteristics
| PHDG | SPY | |
|---|---|---|
| YTD Return | 9.02% | 14.41% |
| 1Y Return | 16.88% | 23.17% |
| 3Y Return (Ann) | 1.44% | 7.77% |
| 5Y Return (Ann) | 7.36% | 14.45% |
| 10Y Return (Ann) | 4.61% | 12.50% |
| Sharpe Ratio | 1.47 | 1.81 |
| Daily Std Dev | 11.16% | 12.61% |
| Max Drawdown | -17.70% | -55.19% |
| Current Drawdown | -5.77% | -4.34% |
Correlation
The correlation between PHDG and SPY is 0.67, 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.
Performance
PHDG vs. SPY - Performance Comparison
In the year-to-date period, PHDG achieves a 9.02% return, which is significantly lower than SPY's 14.41% return. Over the past 10 years, PHDG has underperformed SPY with an annualized return of 4.61%, while SPY has yielded a comparatively higher 12.50% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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PHDG vs. SPY - Expense Ratio Comparison
PHDG has a 0.40% expense ratio, which is higher than SPY's 0.09% expense ratio.
Risk-Adjusted Performance
PHDG vs. SPY - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500® Downside Hedged ETF (PHDG) and SPDR S&P 500 ETF (SPY). 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.
Dividends
PHDG vs. SPY - Dividend Comparison
PHDG's dividend yield for the trailing twelve months is around 1.79%, more than SPY's 1.27% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHDG Invesco S&P 500® Downside Hedged ETF | 1.79% | 1.93% | 1.35% | 0.44% | 0.63% | 1.80% | 1.56% | 1.83% | 2.29% | 1.64% | 5.46% | 1.76% |
SPY SPDR S&P 500 ETF | 1.27% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% | 1.87% | 1.81% |
Drawdowns
PHDG vs. SPY - Drawdown Comparison
The maximum PHDG drawdown since its inception was -17.70%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PHDG and SPY. For additional features, visit the drawdowns tool.
Volatility
PHDG vs. SPY - Volatility Comparison
The current volatility for Invesco S&P 500® Downside Hedged ETF (PHDG) is 2.21%, while SPDR S&P 500 ETF (SPY) has a volatility of 4.78%. This indicates that PHDG experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.