PHDG vs. SPY
PHDG (Invesco S&P 500 Downside Hedged ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, PHDG returned 7.12%/yr vs 15.70%/yr for SPY. A 0.66 correlation means they provide meaningful diversification when combined. PHDG charges 0.39%/yr vs 0.09%/yr for SPY.
Performance
PHDG vs. SPY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PHDG achieves a 10.56% return, which is significantly higher than SPY's 9.74% return. Over the past 10 years, PHDG has underperformed SPY with an annualized return of 7.12%, while SPY has yielded a comparatively higher 15.70% annualized return.
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%
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
PHDG vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHDG Invesco S&P 500 Downside Hedged ETF | 10.56% | 2.72% | 10.95% | 8.18% | -14.09% | 15.67% | 18.97% | 8.57% | -2.44% | 15.89% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between PHDG and SPY is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2012 | 0.66 |
The correlation between PHDG and SPY has been stable across timeframes, ranging from 0.63 to 0.68 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PHDG vs. SPY — Risk / Return Rank
PHDG
SPY
PHDG vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) and State Street 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.
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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.39 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.93 | 3.01 | +0.92 |
| Martin ratioReturn relative to average drawdown | 17.30 | 13.54 | +3.76 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| PHDG | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.70% | -55.19% | +37.49% |
Max Drawdown (1Y)Largest decline over 1 year | -5.48% | -8.88% | +3.40% |
Max Drawdown (3Y)Largest decline over 3 years | -14.78% | -18.76% | +3.98% |
Max Drawdown (5Y)Largest decline over 5 years | -17.06% | -24.50% | +7.44% |
Max Drawdown (10Y)Largest decline over 10 years | -17.06% | -33.72% | +16.66% |
Current DrawdownCurrent decline from peak | -5.01% | -1.75% | -3.26% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -9.04% | +2.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.24% | 1.97% | -0.73% |
Volatility
PHDG vs. SPY - Volatility Comparison
Invesco S&P 500 Downside Hedged ETF (PHDG) has a higher volatility of 7.74% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that PHDG's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PHDG | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.74% | 4.64% | +3.10% |
Volatility (6M)Calculated over the trailing 6-month period | 9.73% | 9.75% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.39% | 12.43% | -1.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.40% | 17.14% | -5.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.15% | 17.99% | -5.84% |
PHDG vs. SPY - Expense Ratio Comparison
PHDG has a 0.39% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
PHDG vs. SPY - Dividend Comparison
PHDG's dividend yield for the trailing twelve months is around 2.28%, more than SPY's 1.01% 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% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
PHDG and SPY have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHDG has higher volatility (7.74%) compared to SPY (4.64%). In terms of maximum drawdown, PHDG dropped -17.70% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.70% vs 7.12% for PHDG. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.70% return vs 7.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.39% for PHDG.
PHDG has the higher dividend yield at 2.28%, compared with 1.01% for SPY.
PHDG is categorized as Equity Hedged, while SPY is S&P 500. PHDG tracks S&P 500 Dynamic VEQTOR Index, while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.39% for PHDG and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 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.
Find the right allocation for PHDG and SPY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer