RSPE vs. PHDG

Last updated Jun 24, 2026

RSPE (Invesco ESG S&P 500 Equal Weight ETF) and PHDG (Invesco S&P 500 Downside Hedged ETF) are both exchange-traded funds - RSPE is a S&P 500 fund tracking the S&P 500 Equal Weight ESG Leaders Select Index, while PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index. Both are passively managed. Over the past 3 years, RSPE returned 16.39%/yr vs 9.53%/yr for PHDG. A 0.56 correlation means they provide meaningful diversification when combined. RSPE charges 0.20%/yr vs 0.39%/yr for PHDG.

Performance

RSPE vs. PHDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco ESG S&P 500 Equal Weight ETF (RSPE) 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, RSPE achieves a 13.10% return, which is significantly higher than PHDG's 9.81% return.

RSPE

• 1D: -0.32%
• 1M: 3.11%
• YTD: 13.10%
• 6M: 12.30%
• 1Y: 26.11%
• 3Y*: 16.39%
• 5Y*: —
• 10Y*: —

PHDG

• 1D: -0.68%
• 1M: -2.55%
• YTD: 9.81%
• 6M: 8.89%
• 1Y: 19.71%
• 3Y*: 9.53%
• 5Y*: 4.67%
• 10Y*: 7.05%

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

RSPE vs. PHDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RSPE Invesco ESG S&P 500 Equal Weight ETF	13.10%	14.58%	10.87%	13.97%	-12.21%	1.42%
PHDG Invesco S&P 500 Downside Hedged ETF	9.81%	2.72%	10.95%	8.18%	-14.09%	1.42%

Correlation

The correlation between RSPE and PHDG is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (All Time) Calculated using the full available price history since Nov 17, 2021	0.56

The correlation between RSPE and PHDG has been stable across timeframes, ranging from 0.48 to 0.56 - a consistent structural relationship.

Return for Risk

RSPE vs. PHDG — Risk / Return Rank

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

RSPE

RSPE Risk / Return Rank: 66
RSPE Sharpe Ratio Rank: 68
RSPE Sortino Ratio Rank: 69
RSPE Omega Ratio Rank: 63
RSPE Calmar Ratio Rank: 64
RSPE Martin Ratio Rank: 68

PHDG

PHDG Risk / Return Rank: 65
PHDG Sharpe Ratio Rank: 54
PHDG Sortino Ratio Rank: 53
PHDG Omega Ratio Rank: 63
PHDG Calmar Ratio Rank: 73
PHDG Martin Ratio Rank: 81

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.

RSPE vs. PHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco ESG S&P 500 Equal Weight ETF (RSPE) 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.

	RSPE	PHDG	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.74	+0.30
Sortino ratio: Return per unit of downside risk	2.90	2.42	+0.48
Omega ratio: Gain probability vs. loss probability	1.35	1.36	-0.01
Calmar ratio: Return relative to maximum drawdown	2.93	3.50	-0.57
Martin ratio: Return relative to average drawdown	11.57	15.28	-3.71

RSPE vs. PHDG - Sharpe Ratio Comparison

The current RSPE Sharpe Ratio is 2.04, which is comparable to the PHDG Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of RSPE 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

RSPE vs. PHDG - Drawdown Comparison

The maximum RSPE drawdown since its inception was -22.93%, which is greater than PHDG's maximum drawdown of -17.70%. Use the drawdown chart below to compare losses from any high point for RSPE and PHDG.

Drawdown Indicators

	RSPE	PHDG	Difference
Max Drawdown Largest peak-to-trough decline	-22.93%	-17.70%	-5.23%
Max Drawdown (1Y) Largest decline over 1 year	-8.95%	-5.66%	-3.29%
Max Drawdown (3Y) Largest decline over 3 years	-18.58%	-14.78%	-3.80%
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	-1.04%	-5.66%	+4.62%
Average Drawdown Average peak-to-trough decline	-5.99%	-6.23%	+0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	1.29%	+0.97%

Volatility

RSPE vs. PHDG - Volatility Comparison

The current volatility for Invesco ESG S&P 500 Equal Weight ETF (RSPE) is 4.02%, while Invesco S&P 500 Downside Hedged ETF (PHDG) has a volatility of 7.76%. This indicates that RSPE experiences smaller price fluctuations and is considered to be less risky than PHDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RSPE	PHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	7.76%	-3.74%
Volatility (6M) Calculated over the trailing 6-month period	9.55%	9.60%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	12.86%	11.39%	+1.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	11.41%	+5.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.74%	12.11%	+4.63%

RSPE vs. PHDG - Expense Ratio Comparison

RSPE has a 0.20% expense ratio, which is lower than PHDG's 0.39% expense ratio.

Dividends

RSPE vs. PHDG - Dividend Comparison

RSPE's dividend yield for the trailing twelve months is around 1.48%, less than PHDG's 1.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHDG Invesco S&P 500 Downside Hedged ETF	1.69%	2.10%	1.94%	1.93%	1.35%	0.44%	0.63%	1.80%	1.56%	1.83%	2.29%	1.64%
RSPE Invesco ESG S&P 500 Equal Weight ETF	1.48%	1.63%	1.57%	1.91%	1.83%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RSPE and PHDG in my portfolio?

RSPE and PHDG have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RSPE or PHDG?

PHDG has higher volatility (7.76%) compared to RSPE (4.02%). In terms of maximum drawdown, RSPE dropped -22.93% vs PHDG's -17.70%.

Which ETF is better, RSPE or PHDG?

On 3-year performance, RSPE leads with 16.39% vs 9.53% for PHDG. On fees, RSPE is cheaper at 0.20% per year. On volatility, RSPE has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RSPE or PHDG?

Over the 3-year period, RSPE has performed better with a 16.39% return vs 9.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RSPE or PHDG?

RSPE is cheaper with a 0.20% expense ratio, compared with 0.39% for PHDG.

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

PHDG has the higher dividend yield at 1.69%, compared with 1.48% for RSPE.

What is the main difference between RSPE and PHDG?

RSPE is categorized as S&P 500, while PHDG is Equity Hedged. RSPE tracks S&P 500 Equal Weight ESG Leaders Select Index, while PHDG tracks S&P 500 Dynamic VEQTOR Index. Their fees differ too: 0.20% for RSPE and 0.39% for PHDG.

Which has better risk-adjusted returns?

RSPE currently has the higher Sharpe Ratio (2.04 vs 1.74), 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.