PHDG vs. SVOL
PHDG (Invesco S&P 500 Downside Hedged ETF) and SVOL (Simplify Volatility Premium ETF) are both exchange-traded funds - PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index, while SVOL is a Volatility fund actively managed by Simplify. PHDG is passively managed, while SVOL is actively managed. Over the past 5 years, PHDG returned 4.49%/yr vs 6.13%/yr for SVOL. At a 0.34 correlation, their price movements are largely independent. PHDG charges 0.39%/yr vs 0.50%/yr for SVOL.
Performance
PHDG vs. SVOL - Performance Comparison
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Returns By Period
In the year-to-date period, PHDG achieves a 8.98% return, which is significantly higher than SVOL's -0.41% 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%
SVOL
- 1D
- -0.38%
- 1M
- 0.56%
- YTD
- -0.41%
- 6M
- -0.81%
- 1Y
- 14.08%
- 3Y*
- 5.71%
- 5Y*
- 6.13%
- 10Y*
- —
PHDG vs. SVOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PHDG Invesco S&P 500 Downside Hedged ETF | 8.98% | 2.72% | 10.95% | 8.18% | -14.09% | 6.46% |
SVOL Simplify Volatility Premium ETF | -0.41% | 2.41% | 6.77% | 22.88% | -3.30% | 12.70% |
Correlation
The correlation between PHDG and SVOL is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since May 13, 2021 | 0.34 |
The correlation between PHDG and SVOL shifts across timeframes, from 0.34 (all time) to 0.47 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PHDG vs. SVOL — Risk / Return Rank
PHDG
SVOL
PHDG vs. SVOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) and Simplify Volatility Premium ETF (SVOL). 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 | SVOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.15 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 1.09 | +1.83 |
| Martin ratioReturn relative to average drawdown | 13.18 | 2.59 | +10.59 |
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Drawdowns
PHDG vs. SVOL - Drawdown Comparison
The maximum PHDG drawdown since its inception was -17.70%, smaller than the maximum SVOL drawdown of -33.50%. Use the drawdown chart below to compare losses from any high point for PHDG and SVOL.
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Drawdown Indicators
| PHDG | SVOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.70% | -33.50% | +15.80% |
Max Drawdown (1Y)Largest decline over 1 year | -6.36% | -13.01% | +6.65% |
Max Drawdown (3Y)Largest decline over 3 years | -14.78% | -33.50% | +18.72% |
Max Drawdown (5Y)Largest decline over 5 years | -17.06% | -33.50% | +16.44% |
Max Drawdown (10Y)Largest decline over 10 years | -17.06% | — | — |
Current DrawdownCurrent decline from peak | -6.36% | -2.98% | -3.38% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -4.75% | -1.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.40% | 5.45% | -4.05% |
Volatility
PHDG vs. SVOL - Volatility Comparison
Invesco S&P 500 Downside Hedged ETF (PHDG) has a higher volatility of 7.72% compared to Simplify Volatility Premium ETF (SVOL) at 4.41%. This indicates that PHDG's price experiences larger fluctuations and is considered to be riskier than SVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHDG | SVOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.72% | 4.41% | +3.31% |
Volatility (6M)Calculated over the trailing 6-month period | 9.61% | 10.15% | -0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.39% | 20.13% | -8.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.41% | 22.02% | -10.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.11% | 21.87% | -9.76% |
PHDG vs. SVOL - Expense Ratio Comparison
PHDG has a 0.39% expense ratio, which is lower than SVOL's 0.50% expense ratio.
Dividends
PHDG vs. SVOL - Dividend Comparison
PHDG's dividend yield for the trailing twelve months is around 1.70%, less than SVOL's 22.36% 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% |
SVOL Simplify Volatility Premium ETF | 22.36% | 19.82% | 16.79% | 16.36% | 18.32% | 4.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PHDG and SVOL have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHDG has higher volatility (7.72%) compared to SVOL (4.41%). In terms of maximum drawdown, PHDG dropped -17.70% vs SVOL's -33.50%.
On 5-year performance, SVOL leads with 6.13% vs 4.49% for PHDG. On fees, PHDG is cheaper at 0.39% per year. On volatility, SVOL has been the lower-risk option at 4.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SVOL has performed better with a 6.13% return vs 4.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PHDG is cheaper with a 0.39% expense ratio, compared with 0.50% for SVOL.
SVOL has the higher dividend yield at 22.36%, compared with 1.70% for PHDG.
PHDG is categorized as Equity Hedged, while SVOL is Volatility. They also come from different issuers: Invesco and Simplify. Their fees differ too: 0.39% for PHDG and 0.50% for SVOL.
PHDG currently has the higher Sharpe Ratio (1.63 vs 0.70), 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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