RWL vs. PHDG
Compare and contrast key facts about Invesco S&P 500 Revenue ETF (RWL) and Invesco S&P 500 Downside Hedged ETF (PHDG).
RWL and PHDG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. RWL is a passively managed fund by Invesco that tracks the performance of the S&P 500 Revenue-Weighted Index. It was launched on Feb 19, 2008. PHDG is a passively managed fund by Invesco that tracks the performance of the S&P 500 Dynamic VEQTOR Index. It was launched on Dec 6, 2012. Both RWL and PHDG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
RWL vs. PHDG - Performance Comparison
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RWL vs. PHDG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWL Invesco S&P 500 Revenue ETF | 0.74% | 18.65% | 16.45% | 17.43% | -6.00% | 30.29% | 9.14% | 27.83% | -7.74% | 20.34% |
PHDG Invesco S&P 500 Downside Hedged ETF | 1.32% | 2.72% | 10.95% | 8.18% | -14.09% | 15.67% | 18.97% | 8.57% | -2.44% | 15.89% |
Returns By Period
In the year-to-date period, RWL achieves a 0.74% return, which is significantly lower than PHDG's 1.32% return. Over the past 10 years, RWL has outperformed PHDG with an annualized return of 12.99%, while PHDG has yielded a comparatively lower 5.84% annualized return.
RWL
- 1D
- 2.04%
- 1M
- -4.73%
- YTD
- 0.74%
- 6M
- 4.59%
- 1Y
- 17.35%
- 3Y*
- 16.48%
- 5Y*
- 12.15%
- 10Y*
- 12.99%
PHDG
- 1D
- 1.24%
- 1M
- -0.47%
- YTD
- 1.32%
- 6M
- 2.31%
- 1Y
- 5.85%
- 3Y*
- 6.85%
- 5Y*
- 3.87%
- 10Y*
- 5.84%
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RWL vs. PHDG - Expense Ratio Comparison
Both RWL and PHDG have an expense ratio of 0.39%.
Return for Risk
RWL vs. PHDG — Risk / Return Rank
RWL
PHDG
RWL vs. PHDG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Revenue ETF (RWL) 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.
| RWL | PHDG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.15 | 0.56 | +0.60 |
Sortino ratioReturn per unit of downside risk | 1.68 | 0.78 | +0.91 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.12 | +0.13 |
Calmar ratioReturn relative to maximum drawdown | 1.64 | 0.74 | +0.89 |
Martin ratioReturn relative to average drawdown | 7.90 | 2.08 | +5.83 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| RWL | PHDG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.15 | 0.56 | +0.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | 0.36 | +0.48 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.77 | 0.49 | +0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.46 | +0.09 |
Correlation
The correlation between RWL and PHDG is 0.59, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
RWL vs. PHDG - Dividend Comparison
RWL's dividend yield for the trailing twelve months is around 1.38%, less than PHDG's 2.09% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RWL Invesco S&P 500 Revenue ETF | 1.38% | 1.35% | 1.43% | 1.60% | 1.62% | 1.35% | 1.75% | 1.87% | 1.99% | 1.60% | 1.71% | 1.97% |
PHDG Invesco S&P 500 Downside Hedged ETF | 2.09% | 2.10% | 1.94% | 1.93% | 1.35% | 0.44% | 0.63% | 1.80% | 1.56% | 1.83% | 2.29% | 1.64% |
Drawdowns
RWL vs. PHDG - Drawdown Comparison
The maximum RWL drawdown since its inception was -54.83%, which is greater than PHDG's maximum drawdown of -17.70%. Use the drawdown chart below to compare losses from any high point for RWL and PHDG.
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Drawdown Indicators
| RWL | PHDG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.83% | -17.70% | -37.13% |
Max Drawdown (1Y)Largest decline over 1 year | -11.26% | -9.08% | -2.18% |
Max Drawdown (5Y)Largest decline over 5 years | -17.49% | -17.06% | -0.43% |
Max Drawdown (10Y)Largest decline over 10 years | -36.04% | -17.06% | -18.98% |
Current DrawdownCurrent decline from peak | -4.73% | -2.18% | -2.55% |
Average DrawdownAverage peak-to-trough decline | -6.50% | -6.32% | -0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.33% | 3.26% | -0.93% |
Volatility
RWL vs. PHDG - Volatility Comparison
Invesco S&P 500 Revenue ETF (RWL) has a higher volatility of 3.96% compared to Invesco S&P 500 Downside Hedged ETF (PHDG) at 2.76%. This indicates that RWL'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.
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Volatility by Period
| RWL | PHDG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.96% | 2.76% | +1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 7.71% | 6.33% | +1.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.13% | 10.61% | +4.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.55% | 10.91% | +3.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.89% | 11.89% | +5.00% |