PHDG vs. XYLD
PHDG (Invesco S&P 500 Downside Hedged ETF) and XYLD (Global X S&P 500 Covered Call ETF) are both exchange-traded funds - PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index, while XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index. Both are passively managed. Over the past 10 years, PHDG returned 7.14%/yr vs 8.14%/yr for XYLD. Their 0.52 correlation means they have sometimes moved together and sometimes differently. PHDG charges 0.39%/yr vs 0.60%/yr for XYLD.
Performance
PHDG vs. XYLD - Performance Comparison
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Returns By Period
In the year-to-date period, PHDG achieves a 9.47% return, which is significantly higher than XYLD's 6.98% return. Over the past 10 years, PHDG has underperformed XYLD with an annualized return of 7.14%, while XYLD has yielded a comparatively higher 8.14% annualized return.
PHDG
- 1D
- -0.16%
- 1M
- 0.44%
- 6M
- 8.74%
- YTD
- 9.47%
- 1Y
- 14.71%
- 3Y*
- 8.21%
- 5Y*
- 4.01%
- 10Y*
- 7.14%
- ALL TIME*
- 5.56%
XYLD
- 1D
- 0.15%
- 1M
- 2.28%
- 6M
- 6.06%
- YTD
- 6.98%
- 1Y
- 16.60%
- 3Y*
- 11.30%
- 5Y*
- 7.72%
- 10Y*
- 8.14%
- ALL TIME*
- 8.30%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.28M | $774.65K | $908.35K | |
| $39.54M | $38.84M | $31.76M |
PHDG vs. XYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHDG Invesco S&P 500 Downside Hedged ETF | 9.47% | 2.72% | 10.95% | 8.18% | -14.09% | 15.67% | 18.97% | 8.57% | -2.44% | 15.89% |
XYLD Global X S&P 500 Covered Call ETF | 6.98% | 8.02% | 19.49% | 11.10% | -12.05% | 19.59% | -0.56% | 21.41% | -6.09% | 16.49% |
Correlation
The correlation between PHDG and XYLD is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.53 |
Correlation (3Y) Balances recent behavior with more history. | 0.46 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.51 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2013 | 0.52 |
The correlation between PHDG and XYLD has been stable across timeframes, ranging from 0.46 to 0.53 - a consistent structural relationship.
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Return for Risk
PHDG vs. XYLD — Risk / Return Rank
PHDG
XYLD
PHDG vs. XYLD - 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 Covered Call ETF (XYLD). 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 | XYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.57 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.54 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 3.20 | -0.82 |
| Martin ratioReturn relative to average drawdown | 7.41 | 16.66 | -9.25 |
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Drawdowns
PHDG vs. XYLD - Drawdown Comparison
The maximum PHDG drawdown since its inception was -17.70%, smaller than the maximum XYLD drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for PHDG and XYLD.
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Drawdown Indicators
| PHDG | XYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.70% | -33.46% | +15.76% |
Max Drawdown (1Y)Largest decline over 1 year | -6.36% | -5.29% | -1.07% |
Max Drawdown (3Y)Largest decline over 3 years | -14.78% | -15.53% | +0.75% |
Max Drawdown (5Y)Largest decline over 5 years | -17.06% | -18.66% | +1.60% |
Max Drawdown (10Y)Largest decline over 10 years | -17.06% | -33.46% | +16.40% |
Current DrawdownCurrent decline from peak | -5.95% | -0.51% | -5.44% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -3.68% | -2.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 1.01% | +1.03% |
Volatility
PHDG vs. XYLD - Volatility Comparison
Invesco S&P 500 Downside Hedged ETF (PHDG) has a higher volatility of 2.14% compared to Global X S&P 500 Covered Call ETF (XYLD) at 1.57%. This indicates that PHDG's price experiences larger fluctuations and is considered to be riskier than XYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHDG | XYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.14% | 1.57% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 9.37% | 5.80% | +3.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.41% | 6.98% | +4.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.37% | 11.25% | +0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.10% | 14.15% | -2.05% |
PHDG vs. XYLD - Expense Ratio Comparison
PHDG has a 0.39% expense ratio, which is lower than XYLD's 0.60% expense ratio.
Dividends
PHDG vs. XYLD - Dividend Comparison
PHDG's dividend yield for the trailing twelve months is around 1.70%, less than XYLD's 10.63% 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% |
XYLD Global X S&P 500 Covered Call ETF | 10.63% | 10.51% | 11.54% | 10.51% | 13.43% | 9.07% | 7.93% | 5.76% | 7.12% | 5.18% | 3.23% | 4.65% |
Frequently Asked Questions
PHDG and XYLD have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHDG has higher volatility (2.14%) compared to XYLD (1.57%). In terms of maximum drawdown, PHDG dropped -17.70% vs XYLD's -33.46%.
On 10-year performance, XYLD leads with 8.14% vs 7.14% for PHDG. On fees, PHDG is cheaper at 0.39% per year. On volatility, XYLD has been the lower-risk option at 1.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XYLD has performed better with a 8.14% return vs 7.14%. 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 0.60% for XYLD.
XYLD has the higher dividend yield at 10.63%, compared with 1.70% for PHDG.
PHDG is categorized as Equity Hedged, while XYLD is Derivative Income. PHDG tracks S&P 500 Dynamic VEQTOR Index, while XYLD tracks Cboe S&P 500 BuyWrite Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.39% for PHDG and 0.60% for XYLD.
XYLD currently has the higher Sharpe Ratio (2.43 vs 1.33), 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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