QGRD vs. PHDG

Last updated Jun 6, 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. A 0.69 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

In the year-to-date period, QGRD achieves a 10.11% return, which is significantly lower than PHDG's 11.80% return.

QGRD

• 1D: -3.94%
• 1M: 1.47%
• YTD: 10.11%
• 6M: 7.90%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PHDG

• 1D: -3.15%
• 1M: 0.30%
• YTD: 11.80%
• 6M: 9.95%
• 1Y: 23.82%
• 3Y*: 10.38%
• 5Y*: 5.08%
• 10Y*: 6.98%

*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	10.11%	8.34%
PHDG Invesco S&P 500 Downside Hedged ETF	11.80%	6.43%

Correlation

The correlation between QGRD and PHDG is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 11, 2025	0.69

Return for Risk

QGRD vs. PHDG — Risk / Return Rank

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

PHDG

PHDG Risk / Return Rank: 87
PHDG Sharpe Ratio Rank: 81
PHDG Sortino Ratio Rank: 82
PHDG Omega Ratio Rank: 83
PHDG Calmar Ratio Rank: 94
PHDG Martin Ratio Rank: 93

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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	QGRD	PHDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.54	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.46	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	0.52	+1.07

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	—	-3.52%	—
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	-4.45%	-3.15%	-1.30%
Average Drawdown Average peak-to-trough decline	-2.19%	-6.24%	+4.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.97%	—

Volatility

Volatility by Period

	QGRD	PHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.41%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.53%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.56%	9.48%	+4.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.56%	11.03%	+2.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.56%	11.97%	+1.59%

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 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHDG Invesco S&P 500 Downside Hedged ETF	1.90%	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 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QGRD or PHDG?

On fees, PHDG is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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 1.90%, 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.