SGOL vs. PHDG
SGOL (abrdn Physical Gold Shares ETF) and PHDG (Invesco S&P 500 Downside Hedged ETF) are both exchange-traded funds - SGOL is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index. Both are passively managed. Over the past 10 years, SGOL returned 11.62%/yr vs 7.14%/yr for PHDG. Their 0.03 correlation means their historical movements had little consistent relationship. SGOL charges 0.17%/yr vs 0.39%/yr for PHDG.
Performance
SGOL vs. PHDG - Performance Comparison
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Returns By Period
In the year-to-date period, SGOL achieves a -6.06% return, which is significantly lower than PHDG's 9.47% return. Over the past 10 years, SGOL has outperformed PHDG with an annualized return of 11.62%, while PHDG has yielded a comparatively lower 7.14% annualized return.
SGOL
- 1D
- 0.08%
- 1M
- 0.65%
- 6M
- -18.71%
- YTD
- -6.06%
- 1Y
- 21.20%
- 3Y*
- 27.11%
- 5Y*
- 17.42%
- 10Y*
- 11.62%
- ALL TIME*
- 8.34%
PHDG
- 1D
- -0.16%
- 1M
- 0.44%
- 6M
- 8.74%
- YTD
- 9.47%
- 1Y
- 14.71%
- 3Y*
- 8.21%
- 5Y*
- 4.01%
- 10Y*
- 7.14%
- ALL TIME*
- 5.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.28M | $774.65K | $908.35K | |
| $79.87M | $79.24M | $102.39M |
SGOL vs. PHDG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGOL abrdn Physical Gold Shares ETF | -6.06% | 63.99% | 26.90% | 12.99% | -0.51% | -3.94% | 25.03% | 18.21% | -1.94% | 12.86% |
PHDG Invesco S&P 500 Downside Hedged ETF | 9.47% | 2.72% | 10.95% | 8.18% | -14.09% | 15.67% | 18.97% | 8.57% | -2.44% | 15.89% |
Correlation
The correlation between SGOL and PHDG is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.16 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.08 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2012 | 0.03 |
Over the past year, SGOL and PHDG have become more correlated (0.29) than their long-term average of 0.03, meaning their price movements have been converging.
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Return for Risk
SGOL vs. PHDG — Risk / Return Rank
SGOL
PHDG
SGOL vs. PHDG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Gold Shares ETF (SGOL) 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.
| SGOL | PHDG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.27 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 2.38 | -1.62 |
| Martin ratioReturn relative to average drawdown | 1.73 | 7.41 | -5.68 |
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Drawdowns
SGOL vs. PHDG - Drawdown Comparison
The maximum SGOL drawdown since its inception was -45.51%, which is greater than PHDG's maximum drawdown of -17.70%. Use the drawdown chart below to compare losses from any high point for SGOL and PHDG.
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Drawdown Indicators
| SGOL | PHDG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.51% | -17.70% | -27.81% |
Max Drawdown (1Y)Largest decline over 1 year | -26.32% | -6.36% | -19.96% |
Max Drawdown (3Y)Largest decline over 3 years | -26.32% | -14.78% | -11.54% |
Max Drawdown (5Y)Largest decline over 5 years | -26.32% | -17.06% | -9.26% |
Max Drawdown (10Y)Largest decline over 10 years | -26.32% | -17.06% | -9.26% |
Current DrawdownCurrent decline from peak | -24.94% | -5.95% | -18.99% |
Average DrawdownAverage peak-to-trough decline | -18.45% | -6.23% | -12.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.64% | 2.04% | +9.60% |
Volatility
SGOL vs. PHDG - Volatility Comparison
abrdn Physical Gold Shares ETF (SGOL) has a higher volatility of 6.07% compared to Invesco S&P 500 Downside Hedged ETF (PHDG) at 2.14%. This indicates that SGOL'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
| SGOL | PHDG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.07% | 2.14% | +3.93% |
Volatility (6M)Calculated over the trailing 6-month period | 23.69% | 9.37% | +14.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.79% | 11.41% | +16.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.34% | 11.37% | +6.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 12.10% | +3.98% |
SGOL vs. PHDG - Expense Ratio Comparison
SGOL has a 0.17% expense ratio, which is lower than PHDG's 0.39% expense ratio.
Dividends
SGOL vs. PHDG - Dividend Comparison
SGOL has not paid dividends to shareholders, while PHDG's dividend yield for the trailing twelve months is around 1.70%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHDG Invesco S&P 500 Downside Hedged ETF | 1.70% | 2.10% | 1.94% | 1.93% | 1.35% | 0.44% | 0.63% | 1.80% | 1.56% | 1.83% | 2.29% | 1.64% |
SGOL abrdn Physical Gold Shares ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SGOL and PHDG have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SGOL has higher volatility (6.07%) compared to PHDG (2.14%). In terms of maximum drawdown, SGOL dropped -45.51% vs PHDG's -17.70%.
On 10-year performance, SGOL leads with 11.62% vs 7.14% for PHDG. On fees, SGOL is cheaper at 0.17% per year. On volatility, PHDG has been the lower-risk option at 2.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SGOL has performed better with a 11.62% return vs 7.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOL is cheaper with a 0.17% expense ratio, compared with 0.39% for PHDG.
PHDG has the higher dividend yield at 1.70%, compared with 0.00% for SGOL.
SGOL is categorized as Gold, while PHDG is Equity Hedged. SGOL tracks LBMA Gold Price PM ($/ozt), while PHDG tracks S&P 500 Dynamic VEQTOR Index. They also come from different issuers: abrdn and Invesco. Their fees differ too: 0.17% for SGOL and 0.39% for PHDG.
PHDG currently has the higher Sharpe Ratio (1.33 vs 0.73), 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.
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