PHEQ vs. AMZP

Last updated Jun 24, 2026

PHEQ (Parametric Hedged Equity ETF) and AMZP (Kurv Yield Premium Strategy Amazon AMZN ETF) are both Options Trading funds. Both are actively managed. Over the past year, PHEQ returned 14.61% vs 11.65% for AMZP. A 0.57 correlation means they provide meaningful diversification when combined. PHEQ charges 0.29%/yr vs 0.99%/yr for AMZP.

Performance

PHEQ vs. AMZP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parametric Hedged Equity ETF (PHEQ) and Kurv Yield Premium Strategy Amazon AMZN ETF (AMZP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHEQ achieves a 5.21% return, which is significantly higher than AMZP's -2.19% return.

PHEQ

• 1D: -0.45%
• 1M: -0.33%
• YTD: 5.21%
• 6M: 4.64%
• 1Y: 14.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AMZP

• 1D: 0.48%
• 1M: -13.35%
• YTD: -2.19%
• 6M: -2.18%
• 1Y: 11.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PHEQ vs. AMZP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PHEQ Parametric Hedged Equity ETF	5.21%	11.76%	14.94%	6.03%
AMZP Kurv Yield Premium Strategy Amazon AMZN ETF	-2.19%	9.56%	37.42%	7.73%

Correlation

The correlation between PHEQ and AMZP is 0.58, 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	0.58
Correlation (All Time) Calculated using the full available price history since Nov 6, 2023	0.57

The correlation between PHEQ and AMZP has been stable across timeframes, ranging from 0.57 to 0.58 - a consistent structural relationship.

Return for Risk

PHEQ vs. AMZP — Risk / Return Rank

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

PHEQ

PHEQ Risk / Return Rank: 81
PHEQ Sharpe Ratio Rank: 80
PHEQ Sortino Ratio Rank: 85
PHEQ Omega Ratio Rank: 83
PHEQ Calmar Ratio Rank: 72
PHEQ Martin Ratio Rank: 82

AMZP

AMZP Risk / Return Rank: 14
AMZP Sharpe Ratio Rank: 14
AMZP Sortino Ratio Rank: 15
AMZP Omega Ratio Rank: 15
AMZP Calmar Ratio Rank: 14
AMZP Martin Ratio Rank: 14

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.

PHEQ vs. AMZP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric Hedged Equity ETF (PHEQ) and Kurv Yield Premium Strategy Amazon AMZN ETF (AMZP). 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.

	PHEQ	AMZP	Difference
Sharpe ratio: Return per unit of total volatility	2.39	0.39	+2.01
Sortino ratio: Return per unit of downside risk	3.58	0.73	+2.85
Omega ratio: Gain probability vs. loss probability	1.47	1.09	+0.38
Calmar ratio: Return relative to maximum drawdown	3.44	0.50	+2.95
Martin ratio: Return relative to average drawdown	15.59	1.21	+14.38

PHEQ vs. AMZP - Sharpe Ratio Comparison

The current PHEQ Sharpe Ratio is 2.39, which is higher than the AMZP Sharpe Ratio of 0.39. The chart below compares the historical Sharpe Ratios of PHEQ and AMZP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PHEQ vs. AMZP - Drawdown Comparison

The maximum PHEQ drawdown since its inception was -12.55%, smaller than the maximum AMZP drawdown of -27.36%. Use the drawdown chart below to compare losses from any high point for PHEQ and AMZP.

Drawdown Indicators

	PHEQ	AMZP	Difference
Max Drawdown Largest peak-to-trough decline	-12.55%	-27.36%	+14.81%
Max Drawdown (1Y) Largest decline over 1 year	-4.26%	-23.64%	+19.38%
Current Drawdown Current decline from peak	-0.67%	-16.53%	+15.86%
Average Drawdown Average peak-to-trough decline	-0.98%	-6.16%	+5.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	9.67%	-8.73%

Volatility

PHEQ vs. AMZP - Volatility Comparison

The current volatility for Parametric Hedged Equity ETF (PHEQ) is 1.72%, while Kurv Yield Premium Strategy Amazon AMZN ETF (AMZP) has a volatility of 10.66%. This indicates that PHEQ experiences smaller price fluctuations and is considered to be less risky than AMZP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHEQ	AMZP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	10.66%	-8.94%
Volatility (6M) Calculated over the trailing 6-month period	4.82%	23.61%	-18.79%
Volatility (1Y) Calculated over the trailing 1-year period	6.17%	30.20%	-24.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.60%	27.14%	-18.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.60%	27.14%	-18.54%

PHEQ vs. AMZP - Expense Ratio Comparison

PHEQ has a 0.29% expense ratio, which is lower than AMZP's 0.99% expense ratio.

Dividends

PHEQ vs. AMZP - Dividend Comparison

PHEQ's dividend yield for the trailing twelve months is around 0.95%, less than AMZP's 20.90% yield.

Position	TTM	2025	2024	2023
AMZP Kurv Yield Premium Strategy Amazon AMZN ETF	20.90%	22.04%	15.15%	2.45%
PHEQ Parametric Hedged Equity ETF	0.95%	1.19%	1.39%	1.73%

Frequently Asked Questions

Can I hold both PHEQ and AMZP in my portfolio?

PHEQ and AMZP have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PHEQ or AMZP?

AMZP has higher volatility (10.66%) compared to PHEQ (1.72%). In terms of maximum drawdown, PHEQ dropped -12.55% vs AMZP's -27.36%.

Which ETF is better, PHEQ or AMZP?

On 1-year performance, PHEQ leads with 14.61% vs 11.65% for AMZP. On fees, PHEQ is cheaper at 0.29% per year. On volatility, PHEQ has been the lower-risk option at 1.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PHEQ or AMZP?

Over the 1-year period, PHEQ has performed better with a 14.61% return vs 11.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHEQ or AMZP?

PHEQ is cheaper with a 0.29% expense ratio, compared with 0.99% for AMZP.

Which ETF pays a higher dividend yield, PHEQ or AMZP?

AMZP has the higher dividend yield at 20.90%, compared with 0.95% for PHEQ.

What is the main difference between PHEQ and AMZP?

They also come from different issuers: Parametric and Kurv. Their fees differ too: 0.29% for PHEQ and 0.99% for AMZP.

Which has better risk-adjusted returns?

PHEQ currently has the higher Sharpe Ratio (2.39 vs 0.39), 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.