SIXF vs. PHEQ

Last updated Jul 2, 2026

SIXF (Allianzim U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF) and PHEQ (Parametric Hedged Equity ETF) are both Options Trading funds. Both are actively managed. Over the past year, SIXF returned 15.10% vs 13.53% for PHEQ. A 0.78 correlation means they provide meaningful diversification when combined. SIXF charges 0.74%/yr vs 0.29%/yr for PHEQ.

Performance

SIXF vs. PHEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF (SIXF) and Parametric Hedged Equity ETF (PHEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SIXF achieves a 6.87% return, which is significantly higher than PHEQ's 6.04% return.

SIXF

• 1D: 0.09%
• 1M: 0.34%
• YTD: 6.87%
• 6M: 6.87%
• 1Y: 15.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PHEQ

• 1D: -0.32%
• 1M: 0.22%
• YTD: 6.04%
• 6M: 6.04%
• 1Y: 13.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SIXF vs. PHEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SIXF Allianzim U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF	6.87%	13.14%	12.53%
PHEQ Parametric Hedged Equity ETF	6.04%	11.76%	13.08%

Correlation

The correlation between SIXF and PHEQ is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024	0.78

The correlation between SIXF and PHEQ has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

Return for Risk

SIXF vs. PHEQ — Risk / Return Rank

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

SIXF

SIXF Risk / Return Rank: 86
SIXF Sharpe Ratio Rank: 88
SIXF Sortino Ratio Rank: 90
SIXF Omega Ratio Rank: 90
SIXF Calmar Ratio Rank: 74
SIXF Martin Ratio Rank: 88

PHEQ

PHEQ Risk / Return Rank: 82
PHEQ Sharpe Ratio Rank: 82
PHEQ Sortino Ratio Rank: 87
PHEQ Omega Ratio Rank: 84
PHEQ Calmar Ratio Rank: 74
PHEQ Martin Ratio Rank: 84

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.

SIXF vs. PHEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF (SIXF) and Parametric Hedged Equity ETF (PHEQ). 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.

	SIXF	PHEQ	Difference
Sharpe ratio: Return per unit of total volatility	2.44	2.23	+0.21
Sortino ratio: Return per unit of downside risk	3.57	3.32	+0.24
Omega ratio: Gain probability vs. loss probability	1.48	1.43	+0.05
Calmar ratio: Return relative to maximum drawdown	3.15	3.19	-0.04
Martin ratio: Return relative to average drawdown	16.23	14.40	+1.83

SIXF vs. PHEQ - Sharpe Ratio Comparison

The current SIXF Sharpe Ratio is 2.44, which is comparable to the PHEQ Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of SIXF and PHEQ, 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

SIXF vs. PHEQ - Drawdown Comparison

The maximum SIXF drawdown since its inception was -11.25%, smaller than the maximum PHEQ drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for SIXF and PHEQ.

Drawdown Indicators

	SIXF	PHEQ	Difference
Max Drawdown Largest peak-to-trough decline	-11.25%	-12.55%	+1.30%
Max Drawdown (1Y) Largest decline over 1 year	-4.82%	-4.26%	-0.56%
Current Drawdown Current decline from peak	0.00%	-0.32%	+0.32%
Average Drawdown Average peak-to-trough decline	-0.79%	-0.97%	+0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.94%	-0.01%

Volatility

SIXF vs. PHEQ - Volatility Comparison

Allianzim U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF (SIXF) and Parametric Hedged Equity ETF (PHEQ) have volatilities of 1.81% and 1.83%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SIXF	PHEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.81%	1.83%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	5.00%	4.81%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	6.21%	6.09%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.69%	8.57%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.69%	8.57%	+0.12%

SIXF vs. PHEQ - Expense Ratio Comparison

SIXF has a 0.74% expense ratio, which is higher than PHEQ's 0.29% expense ratio.

Dividends

SIXF vs. PHEQ - Dividend Comparison

SIXF has not paid dividends to shareholders, while PHEQ's dividend yield for the trailing twelve months is around 0.94%.

Position	TTM	2025	2024	2023
PHEQ Parametric Hedged Equity ETF	0.94%	1.19%	1.39%	1.73%
SIXF Allianzim U.S. Large Cap 6 Month Buffer10 Feb/Aug ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SIXF and PHEQ in my portfolio?

SIXF and PHEQ have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SIXF or PHEQ?

PHEQ has higher volatility (1.83%) compared to SIXF (1.81%). In terms of maximum drawdown, SIXF dropped -11.25% vs PHEQ's -12.55%.

Which ETF is better, SIXF or PHEQ?

On 1-year performance, SIXF leads with 15.10% vs 13.53% for PHEQ. On fees, PHEQ is cheaper at 0.29% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SIXF or PHEQ?

Over the 1-year period, SIXF has performed better with a 15.10% return vs 13.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SIXF or PHEQ?

PHEQ is cheaper with a 0.29% expense ratio, compared with 0.74% for SIXF.

Which ETF pays a higher dividend yield, SIXF or PHEQ?

PHEQ has the higher dividend yield at 0.94%, compared with 0.00% for SIXF.

What is the main difference between SIXF and PHEQ?

They also come from different issuers: Allianz and Parametric. Their fees differ too: 0.74% for SIXF and 0.29% for PHEQ.

Which has better risk-adjusted returns?

SIXF currently has the higher Sharpe Ratio (2.44 vs 2.23), 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.