PHEQ vs. DIVN

Last updated Aug 4, 2026

PHEQ (Parametric Hedged Equity ETF) and DIVN (Horizon Dividend Income ETF) are both exchange-traded funds - PHEQ is a Options Trading fund actively managed by Parametric, while DIVN is a Large Cap Value Equities fund actively managed by Horizon. Both are actively managed. Over the past year, PHEQ returned 13.59% vs 22.46% for DIVN. Their 0.39 correlation means their historical movements had little consistent relationship. PHEQ charges 0.29%/yr vs 0.70%/yr for DIVN.

Performance

PHEQ vs. DIVN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parametric Hedged Equity ETF (PHEQ) and Horizon Dividend Income ETF (DIVN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PHEQ achieves a 6.81% return, which is significantly lower than DIVN's 14.73% return.

PHEQ

• 1D: 0.61%
• 1M: 0.72%
• 6M: 6.49%
• YTD: 6.81%
• 1Y: 13.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.52%

DIVN

• 1D: -0.06%
• 1M: 1.08%
• 6M: 7.52%
• YTD: 14.73%
• 1Y: 22.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.56%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DIVN Horizon Dividend Income ETF	$11.52M	$5.71M	$2.75M
PHEQ Parametric Hedged Equity ETF	$455.59K	$523.53K	$595.84K

PHEQ vs. DIVN - Yearly Performance Comparison

	2026 (YTD)	2025
PHEQ Parametric Hedged Equity ETF	6.81%	8.26%
DIVN Horizon Dividend Income ETF	14.73%	8.11%

Correlation

The correlation between PHEQ and DIVN is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.39

Return for Risk

PHEQ vs. DIVN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PHEQ

PHEQ Risk / Return Rank: 88
PHEQ Sharpe Ratio Rank: 88
PHEQ Sortino Ratio Rank: 90
PHEQ Omega Ratio Rank: 89
PHEQ Calmar Ratio Rank: 83
PHEQ Martin Ratio Rank: 89

DIVN

DIVN Risk / Return Rank: 86
DIVN Sharpe Ratio Rank: 85
DIVN Sortino Ratio Rank: 90
DIVN Omega Ratio Rank: 83
DIVN Calmar Ratio Rank: 90
DIVN Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PHEQ vs. DIVN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric Hedged Equity ETF (PHEQ) and Horizon Dividend Income ETF (DIVN). 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	DIVN	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.18	+0.03
Sortino ratio: Return per unit of downside risk	3.30	3.35	-0.05
Omega ratio: Gain probability vs. loss probability	1.42	1.39	+0.04
Calmar ratio: Return relative to maximum drawdown	3.21	4.06	-0.86
Martin ratio: Return relative to average drawdown	14.32	11.43	+2.90

PHEQ vs. DIVN - Sharpe Ratio Comparison

The current PHEQ Sharpe Ratio is 2.21, which is comparable to the DIVN Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of PHEQ and DIVN, 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. DIVN - Drawdown Comparison

The maximum PHEQ drawdown since its inception was -12.55%, which is greater than DIVN's maximum drawdown of -5.55%. Use the drawdown chart below to compare losses from any high point for PHEQ and DIVN.

Drawdown Indicators

	PHEQ	DIVN	Difference
Max Drawdown Largest peak-to-trough decline	-12.55%	-5.55%	-7.00%
Max Drawdown (1Y) Largest decline over 1 year	-4.26%	-5.55%	+1.29%
Current Drawdown Current decline from peak	0.00%	-1.45%	+1.45%
Average Drawdown Average peak-to-trough decline	-0.95%	-1.35%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	1.97%	-1.02%

Volatility

PHEQ vs. DIVN - Volatility Comparison

The current volatility for Parametric Hedged Equity ETF (PHEQ) is 1.70%, while Horizon Dividend Income ETF (DIVN) has a volatility of 3.04%. This indicates that PHEQ experiences smaller price fluctuations and is considered to be less risky than DIVN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHEQ	DIVN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.70%	3.04%	-1.34%
Volatility (6M) Calculated over the trailing 6-month period	4.87%	7.52%	-2.65%
Volatility (1Y) Calculated over the trailing 1-year period	6.19%	10.36%	-4.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.49%	10.51%	-2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.49%	10.51%	-2.02%

PHEQ vs. DIVN - Expense Ratio Comparison

PHEQ has a 0.29% expense ratio, which is lower than DIVN's 0.70% expense ratio.

Dividends

PHEQ vs. DIVN - Dividend Comparison

PHEQ's dividend yield for the trailing twelve months is around 0.94%, less than DIVN's 3.70% yield.

Position	TTM	2025	2024	2023
DIVN Horizon Dividend Income ETF	3.70%	1.47%	0.00%	0.00%
PHEQ Parametric Hedged Equity ETF	0.94%	1.19%	1.39%	1.73%

Frequently Asked Questions

Can I hold both PHEQ and DIVN in my portfolio?

PHEQ and DIVN have a correlation of 0.40, 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 DIVN?

DIVN has higher volatility (3.04%) compared to PHEQ (1.70%). In terms of maximum drawdown, PHEQ dropped -12.55% vs DIVN's -5.55%.

Which ETF is better, PHEQ or DIVN?

On 1-year performance, DIVN leads with 22.46% vs 13.59% for PHEQ. On fees, PHEQ is cheaper at 0.29% per year. On volatility, PHEQ has been the lower-risk option at 1.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PHEQ or DIVN?

Over the 1-year period, DIVN has performed better with a 22.46% return vs 13.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PHEQ or DIVN?

PHEQ is cheaper with a 0.29% expense ratio, compared with 0.70% for DIVN.

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

DIVN has the higher dividend yield at 3.70%, compared with 0.94% for PHEQ.

What is the main difference between PHEQ and DIVN?

PHEQ is categorized as Options Trading, while DIVN is Large Cap Value Equities. They also come from different issuers: Parametric and Horizon. Their fees differ too: 0.29% for PHEQ and 0.70% for DIVN.

Which has better risk-adjusted returns?

PHEQ currently has the higher Sharpe Ratio (2.21 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.