QGRD vs. PHDG

Last updated Jul 17, 2026

QGRD (Horizon NASDAQ-100 Defined Risk ETF) and PHDG (Invesco S&P 500 Downside Hedged ETF) are both Equity Hedged funds. QGRD is actively managed, while PHDG is passively managed. Over the past year, QGRD returned 19.20% vs 17.91% for PHDG. A 0.65 correlation means they provide meaningful diversification when combined. QGRD charges 0.85%/yr vs 0.39%/yr for PHDG.

Performance

QGRD vs. PHDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon NASDAQ-100 Defined Risk ETF (QGRD) and Invesco S&P 500 Downside Hedged ETF (PHDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with QGRD having a 10.23% return and PHDG slightly higher at 10.51%.

QGRD

• 1D: -1.30%
• 1M: -2.77%
• 6M: 9.01%
• YTD: 10.23%
• 1Y: 19.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PHDG

• 1D: -0.63%
• 1M: -0.76%
• 6M: 9.02%
• YTD: 10.51%
• 1Y: 17.91%
• 3Y*: 8.94%
• 5Y*: 4.47%
• 10Y*: 7.25%

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

QGRD vs. PHDG - Yearly Performance Comparison

	2026 (YTD)	2025
QGRD Horizon NASDAQ-100 Defined Risk ETF	10.23%	8.15%
PHDG Invesco S&P 500 Downside Hedged ETF	10.51%	6.54%

Correlation

The correlation between QGRD and PHDG is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.65

The correlation between QGRD and PHDG has been stable across timeframes, ranging from 0.65 to 0.65 - a consistent structural relationship.

Return for Risk

QGRD vs. PHDG — Risk / Return Rank

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

QGRD

QGRD Risk / Return Rank: 45
QGRD Sharpe Ratio Rank: 45
QGRD Sortino Ratio Rank: 42
QGRD Omega Ratio Rank: 43
QGRD Calmar Ratio Rank: 50
QGRD Martin Ratio Rank: 47

PHDG

PHDG Risk / Return Rank: 65
PHDG Sharpe Ratio Rank: 59
PHDG Sortino Ratio Rank: 57
PHDG Omega Ratio Rank: 68
PHDG Calmar Ratio Rank: 70
PHDG Martin Ratio Rank: 68

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.

QGRD vs. PHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon NASDAQ-100 Defined Risk ETF (QGRD) and Invesco S&P 500 Downside Hedged ETF (PHDG). 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.

	QGRD	PHDG	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.58	-0.27
Sortino ratio: Return per unit of downside risk	1.79	2.21	-0.42
Omega ratio: Gain probability vs. loss probability	1.23	1.32	-0.09
Calmar ratio: Return relative to maximum drawdown	2.05	2.83	-0.78
Martin ratio: Return relative to average drawdown	6.18	9.74	-3.56

QGRD vs. PHDG - Sharpe Ratio Comparison

The current QGRD Sharpe Ratio is 1.31, which is comparable to the PHDG Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of QGRD and PHDG, 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

QGRD vs. PHDG - Drawdown Comparison

The maximum QGRD drawdown since its inception was -9.41%, smaller than the maximum PHDG drawdown of -17.70%. Use the drawdown chart below to compare losses from any high point for QGRD and PHDG.

Drawdown Indicators

	QGRD	PHDG	Difference
Max Drawdown Largest peak-to-trough decline	-9.41%	-17.70%	+8.29%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-6.36%	-3.05%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.78%	—
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	-4.34%	-5.05%	+0.71%
Average Drawdown Average peak-to-trough decline	-2.25%	-6.23%	+3.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	1.84%	+1.27%

Volatility

QGRD vs. PHDG - Volatility Comparison

Horizon NASDAQ-100 Defined Risk ETF (QGRD) has a higher volatility of 5.86% compared to Invesco S&P 500 Downside Hedged ETF (PHDG) at 5.01%. This indicates that QGRD's price experiences larger fluctuations and is considered to be riskier than PHDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QGRD	PHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.86%	5.01%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	11.69%	9.56%	+2.13%
Volatility (1Y) Calculated over the trailing 1-year period	14.72%	11.37%	+3.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.61%	11.41%	+3.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.61%	12.10%	+2.51%

QGRD vs. PHDG - Expense Ratio Comparison

QGRD has a 0.85% expense ratio, which is higher than PHDG's 0.39% expense ratio.

Dividends

QGRD vs. PHDG - Dividend Comparison

QGRD's dividend yield for the trailing twelve months is around 1.42%, less than PHDG's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHDG Invesco S&P 500 Downside Hedged ETF	1.68%	2.10%	1.94%	1.93%	1.35%	0.44%	0.63%	1.80%	1.56%	1.83%	2.29%	1.64%
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.42%	1.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QGRD and PHDG in my portfolio?

QGRD and PHDG have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QGRD or PHDG?

QGRD has higher volatility (5.86%) compared to PHDG (5.01%). In terms of maximum drawdown, QGRD dropped -9.41% vs PHDG's -17.70%.

Which ETF is better, QGRD or PHDG?

On 1-year performance, QGRD leads with 19.20% vs 17.91% for PHDG. On fees, PHDG is cheaper at 0.39% per year. On volatility, PHDG has been the lower-risk option at 5.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QGRD or PHDG?

Over the 1-year period, QGRD has performed better with a 19.20% return vs 17.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QGRD or PHDG?

PHDG is cheaper with a 0.39% expense ratio, compared with 0.85% for QGRD.

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

PHDG has the higher dividend yield at 1.68%, compared with 1.42% for QGRD.

What is the main difference between QGRD and PHDG?

They also come from different issuers: Horizon and Invesco. Their fees differ too: 0.85% for QGRD and 0.39% for PHDG.

Which has better risk-adjusted returns?

PHDG currently has the higher Sharpe Ratio (1.58 vs 1.31), 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.