PHDG vs. VOO
PHDG (Invesco S&P 500 Downside Hedged ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, PHDG returned 7.05%/yr vs 15.61%/yr for VOO. A 0.66 correlation means they provide meaningful diversification when combined. PHDG charges 0.39%/yr vs 0.03%/yr for VOO.
Performance
PHDG vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, PHDG achieves a 9.81% return, which is significantly higher than VOO's 8.19% return. Over the past 10 years, PHDG has underperformed VOO with an annualized return of 7.05%, while VOO has yielded a comparatively higher 15.61% annualized return.
PHDG
- 1D
- -0.68%
- 1M
- -2.55%
- YTD
- 9.81%
- 6M
- 8.89%
- 1Y
- 19.71%
- 3Y*
- 9.53%
- 5Y*
- 4.67%
- 10Y*
- 7.05%
VOO
- 1D
- -1.42%
- 1M
- -1.34%
- YTD
- 8.19%
- 6M
- 7.24%
- 1Y
- 23.69%
- 3Y*
- 20.78%
- 5Y*
- 13.13%
- 10Y*
- 15.61%
PHDG vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHDG Invesco S&P 500 Downside Hedged ETF | 9.81% | 2.72% | 10.95% | 8.18% | -14.09% | 15.67% | 18.97% | 8.57% | -2.44% | 15.89% |
VOO Vanguard S&P 500 ETF | 8.19% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
Correlation
The correlation between PHDG and VOO 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 VOO has been stable across timeframes, ranging from 0.63 to 0.68 - a consistent structural relationship.
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Return for Risk
PHDG vs. VOO — Risk / Return Rank
PHDG
VOO
PHDG vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.35 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.50 | 2.67 | +0.83 |
| Martin ratioReturn relative to average drawdown | 15.28 | 11.96 | +3.32 |
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Drawdowns
PHDG vs. VOO - Drawdown Comparison
The maximum PHDG drawdown since its inception was -17.70%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for PHDG and VOO.
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Drawdown Indicators
| PHDG | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.70% | -33.99% | +16.29% |
Max Drawdown (1Y)Largest decline over 1 year | -5.66% | -8.90% | +3.24% |
Max Drawdown (3Y)Largest decline over 3 years | -14.78% | -18.69% | +3.91% |
Max Drawdown (5Y)Largest decline over 5 years | -17.06% | -24.52% | +7.46% |
Max Drawdown (10Y)Largest decline over 10 years | -17.06% | -33.99% | +16.93% |
Current DrawdownCurrent decline from peak | -5.66% | -3.14% | -2.52% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -3.68% | -2.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 1.99% | -0.70% |
Volatility
PHDG vs. VOO - Volatility Comparison
Invesco S&P 500 Downside Hedged ETF (PHDG) has a higher volatility of 7.76% compared to Vanguard S&P 500 ETF (VOO) at 4.83%. This indicates that PHDG's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHDG | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.76% | 4.83% | +2.93% |
Volatility (6M)Calculated over the trailing 6-month period | 9.60% | 9.82% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.39% | 12.46% | -1.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.41% | 16.91% | -5.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.11% | 18.02% | -5.91% |
PHDG vs. VOO - Expense Ratio Comparison
PHDG has a 0.39% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
PHDG vs. VOO - Dividend Comparison
PHDG's dividend yield for the trailing twelve months is around 1.69%, more than VOO's 1.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHDG Invesco S&P 500 Downside Hedged ETF | 1.69% | 2.10% | 1.94% | 1.93% | 1.35% | 0.44% | 0.63% | 1.80% | 1.56% | 1.83% | 2.29% | 1.64% |
VOO Vanguard S&P 500 ETF | 1.05% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
PHDG and VOO 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 (7.76%) compared to VOO (4.83%). In terms of maximum drawdown, PHDG dropped -17.70% vs VOO's -33.99%.
On 10-year performance, VOO leads with 15.61% vs 7.05% for PHDG. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VOO has performed better with a 15.61% return vs 7.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 0.39% for PHDG.
PHDG has the higher dividend yield at 1.69%, compared with 1.05% for VOO.
PHDG is categorized as Equity Hedged, while VOO is S&P 500. PHDG tracks S&P 500 Dynamic VEQTOR Index, while VOO tracks S&P 500 Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.39% for PHDG and 0.03% for VOO.
VOO currently has the higher Sharpe Ratio (1.91 vs 1.74), 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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