PHDG vs. XTR

Last updated Jun 5, 2026

PHDG (Invesco S&P 500 Downside Hedged ETF) and XTR (Global X S&P 500 Tail Risk ETF) are both Equity Hedged funds - PHDG tracks the S&P 500 Dynamic VEQTOR Index while XTR tracks the Cboe S&P 500 Tail Risk Index. Both are passively managed. Over the past 3 years, PHDG returned 11.64%/yr vs 18.80%/yr for XTR. A 0.70 correlation means they provide meaningful diversification when combined. PHDG charges 0.39%/yr vs 0.25%/yr for XTR.

Performance

PHDG vs. XTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Downside Hedged ETF (PHDG) and Global X S&P 500 Tail Risk ETF (XTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHDG achieves a 15.43% return, which is significantly higher than XTR's 9.12% return.

PHDG

• 1D: 1.44%
• 1M: 5.27%
• YTD: 15.43%
• 6M: 13.92%
• 1Y: 26.83%
• 3Y*: 11.64%
• 5Y*: 5.75%
• 10Y*: 7.32%

XTR

• 1D: 0.41%
• 1M: 4.62%
• YTD: 9.12%
• 6M: 8.93%
• 1Y: 23.35%
• 3Y*: 18.80%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PHDG vs. XTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PHDG Invesco S&P 500 Downside Hedged ETF	15.43%	2.72%	10.95%	8.18%	-14.09%	4.28%
XTR Global X S&P 500 Tail Risk ETF	9.12%	13.66%	21.85%	21.16%	-17.67%	4.43%

Correlation

The correlation between PHDG and XTR is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since Aug 27, 2021	0.70

The correlation between PHDG and XTR has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.

PHDG vs. XTR - Sectors Allocation Comparison

Sectors	PHDG	XTR
Technology	35.1%	35.6%
Financial Services	11.9%	11.8%
Communication Services	11.0%	11.2%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.7%	8.5%
Industrials	8.3%	8.3%
Consumer Defensive	5.0%	4.9%
Energy	3.6%	3.5%
Utilities	2.4%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

PHDG vs. XTR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PHDG

PHDG Risk / Return Rank: 92
PHDG Sharpe Ratio Rank: 90
PHDG Sortino Ratio Rank: 92
PHDG Omega Ratio Rank: 89
PHDG Calmar Ratio Rank: 94
PHDG Martin Ratio Rank: 94

XTR

XTR Risk / Return Rank: 64
XTR Sharpe Ratio Rank: 67
XTR Sortino Ratio Rank: 67
XTR Omega Ratio Rank: 64
XTR Calmar Ratio Rank: 57
XTR Martin Ratio Rank: 66

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PHDG vs. XTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Downside Hedged ETF (PHDG) and Global X S&P 500 Tail Risk ETF (XTR). 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	XTR	Difference
Sharpe ratio: Return per unit of total volatility	3.03	2.18	+0.84
Sortino ratio: Return per unit of downside risk	4.47	3.03	+1.44
Omega ratio: Gain probability vs. loss probability	1.56	1.38	+0.18
Calmar ratio: Return relative to maximum drawdown	7.65	2.76	+4.89
Martin ratio: Return relative to average drawdown	28.46	11.76	+16.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHDG vs. XTR - Sharpe Ratio Comparison

The current PHDG Sharpe Ratio is 3.03, which is higher than the XTR Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of PHDG and XTR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PHDG	XTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.03	2.18	+0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.73	-0.18

Drawdowns

PHDG vs. XTR - Drawdown Comparison

The maximum PHDG drawdown since its inception was -17.70%, smaller than the maximum XTR drawdown of -20.83%. Use the drawdown chart below to compare losses from any high point for PHDG and XTR.

Drawdown Indicators

	PHDG	XTR	Difference
Max Drawdown Largest peak-to-trough decline	-17.70%	-20.83%	+3.13%
Max Drawdown (1Y) Largest decline over 1 year	-3.52%	-8.51%	+4.99%
Max Drawdown (3Y) Largest decline over 3 years	-14.78%	-14.35%	-0.43%
Max Drawdown (5Y) Largest decline over 5 years	-17.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-17.06%	—	—
Current Drawdown Current decline from peak	0.00%	-0.23%	+0.23%
Average Drawdown Average peak-to-trough decline	-6.24%	-5.94%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	1.99%	-1.04%

Volatility

PHDG vs. XTR - Volatility Comparison

Invesco S&P 500 Downside Hedged ETF (PHDG) has a higher volatility of 3.19% compared to Global X S&P 500 Tail Risk ETF (XTR) at 2.94%. This indicates that PHDG's price experiences larger fluctuations and is considered to be riskier than XTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHDG	XTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	2.94%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	6.77%	8.16%	-1.39%
Volatility (1Y) Calculated over the trailing 1-year period	8.91%	10.75%	-1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.94%	13.78%	-2.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.93%	13.78%	-1.85%

PHDG vs. XTR - Expense Ratio Comparison

PHDG has a 0.39% expense ratio, which is higher than XTR's 0.25% expense ratio.

Dividends

PHDG vs. XTR - Dividend Comparison

PHDG's dividend yield for the trailing twelve months is around 1.84%, less than XTR's 16.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHDG Invesco S&P 500 Downside Hedged ETF	1.84%	2.10%	1.94%	1.93%	1.35%	0.44%	0.63%	1.80%	1.56%	1.83%	2.29%	1.64%
XTR Global X S&P 500 Tail Risk ETF	16.33%	17.82%	20.89%	1.09%	1.08%	2.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PHDG and XTR in my portfolio?

PHDG and XTR have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHDG or XTR?

PHDG has higher volatility (3.19%) compared to XTR (2.94%). In terms of maximum drawdown, PHDG dropped -17.70% vs XTR's -20.83%.

Which ETF is better, PHDG or XTR?

On 3-year performance, XTR leads with 18.80% vs 11.64% for PHDG. On fees, XTR is cheaper at 0.25% per year. On volatility, XTR has been the lower-risk option at 2.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PHDG or XTR?

Over the 3-year period, XTR has performed better with a 18.80% return vs 11.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHDG or XTR?

XTR is cheaper with a 0.25% expense ratio, compared with 0.39% for PHDG.

Which ETF pays a higher dividend yield, PHDG or XTR?

XTR has the higher dividend yield at 16.33%, compared with 1.84% for PHDG.

What is the main difference between PHDG and XTR?

PHDG tracks S&P 500 Dynamic VEQTOR Index, while XTR tracks Cboe S&P 500 Tail Risk Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.39% for PHDG and 0.25% for XTR.

Which has better risk-adjusted returns?

PHDG currently has the higher Sharpe Ratio (3.03 vs 2.18), 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.