PHDG vs. USOI
PHDG (Invesco S&P 500 Downside Hedged ETF) and USOI (Credit Suisse X-Links Crude Oil Shares Covered Call ETN) are both exchange-traded funds - PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index, while USOI is a Commodities fund tracking the Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. Both are passively managed. Over the past year, PHDG returned 23.82% vs 42.28% for USOI. At a correlation of -0.05, they often move in opposite directions. PHDG charges 0.39%/yr vs 0.85%/yr for USOI.
Performance
PHDG vs. USOI - Performance Comparison
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Returns By Period
In the year-to-date period, PHDG achieves a 11.80% return, which is significantly lower than USOI's 43.91% return.
PHDG
- 1D
- -3.15%
- 1M
- 0.30%
- YTD
- 11.80%
- 6M
- 9.95%
- 1Y
- 23.82%
- 3Y*
- 10.38%
- 5Y*
- 5.08%
- 10Y*
- 6.98%
USOI
- 1D
- -2.40%
- 1M
- 3.02%
- YTD
- 43.91%
- 6M
- 39.35%
- 1Y
- 42.28%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PHDG vs. USOI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PHDG Invesco S&P 500 Downside Hedged ETF | 11.80% | 2.72% | 4.29% |
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 43.91% | -8.78% | 6.94% |
Correlation
The correlation between PHDG and USOI is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.19 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024 | -0.05 |
The correlation between PHDG and USOI shifts across timeframes, from -0.19 (1 year) to -0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PHDG vs. USOI — Risk / Return Rank
PHDG
USOI
PHDG vs. USOI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) and Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI). 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 | USOI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.66 | ||
| Sortino ratioReturn per unit of downside risk | +1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.32 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 6.79 | 3.57 | +3.22 |
| Martin ratioReturn relative to average drawdown | 24.73 | 8.24 | +16.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PHDG | USOI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.54 | 1.88 | +0.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.46 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.58 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.82 | -0.30 |
Drawdowns
PHDG vs. USOI - Drawdown Comparison
The maximum PHDG drawdown since its inception was -17.70%, smaller than the maximum USOI drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for PHDG and USOI.
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Drawdown Indicators
| PHDG | USOI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.70% | -19.49% | +1.79% |
Max Drawdown (1Y)Largest decline over 1 year | -3.52% | -11.90% | +8.38% |
Max Drawdown (3Y)Largest decline over 3 years | -14.78% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -17.06% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -17.06% | — | — |
Current DrawdownCurrent decline from peak | -3.15% | -7.34% | +4.19% |
Average DrawdownAverage peak-to-trough decline | -6.24% | -7.20% | +0.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 5.15% | -4.18% |
Volatility
PHDG vs. USOI - Volatility Comparison
The current volatility for Invesco S&P 500 Downside Hedged ETF (PHDG) is 4.41%, while Credit Suisse X-Links Crude Oil Shares Covered Call ETN (USOI) has a volatility of 9.43%. This indicates that PHDG experiences smaller price fluctuations and is considered to be less risky than USOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHDG | USOI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.41% | 9.43% | -5.02% |
Volatility (6M)Calculated over the trailing 6-month period | 7.53% | 18.54% | -11.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.48% | 22.60% | -13.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.03% | 22.66% | -11.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.97% | 22.66% | -10.69% |
PHDG vs. USOI - Expense Ratio Comparison
PHDG has a 0.39% expense ratio, which is lower than USOI's 0.85% expense ratio.
Dividends
PHDG vs. USOI - Dividend Comparison
PHDG's dividend yield for the trailing twelve months is around 1.90%, less than USOI's 38.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHDG Invesco S&P 500 Downside Hedged ETF | 1.90% | 2.10% | 1.94% | 1.93% | 1.35% | 0.44% | 0.63% | 1.80% | 1.56% | 1.83% | 2.29% | 1.64% |
USOI Credit Suisse X-Links Crude Oil Shares Covered Call ETN | 38.58% | 27.21% | 12.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PHDG and USOI have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USOI has higher volatility (9.43%) compared to PHDG (4.41%). In terms of maximum drawdown, PHDG dropped -17.70% vs USOI's -19.49%.
On 1-year performance, USOI leads with 42.28% vs 23.82% for PHDG. On fees, PHDG is cheaper at 0.39% per year. On volatility, PHDG 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 1-year period, USOI has performed better with a 42.28% return vs 23.82%. 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 0.85% for USOI.
USOI has the higher dividend yield at 38.58%, compared with 1.90% for PHDG.
PHDG is categorized as Equity Hedged, while USOI is Commodities. PHDG tracks S&P 500 Dynamic VEQTOR Index, while USOI tracks Credit Suisse NASDAQ WTI Crude Oil FLOWS 106 Index. They also come from different issuers: Invesco and Credit Suisse. Their fees differ too: 0.39% for PHDG and 0.85% for USOI.
PHDG currently has the higher Sharpe Ratio (2.54 vs 1.88), 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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