SPTM vs. PHDG
SPTM (SPDR Portfolio S&P 1500 Composite Stock Market ETF) and PHDG (Invesco S&P 500 Downside Hedged ETF) are both exchange-traded funds - SPTM is a Large Cap Blend Equities fund tracking the S&P Composite 1500 Index, while PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index. Both are passively managed. Over the past 10 years, SPTM returned 14.86%/yr vs 7.28%/yr for PHDG. Their 0.64 correlation means they have sometimes moved together and sometimes differently. SPTM charges 0.03%/yr vs 0.39%/yr for PHDG.
Performance
SPTM vs. PHDG - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SPTM having a 10.61% return and PHDG slightly lower at 10.21%. Over the past 10 years, SPTM has outperformed PHDG with an annualized return of 14.86%, while PHDG has yielded a comparatively lower 7.28% annualized return.
SPTM
- 1D
- 0.62%
- 1M
- 0.21%
- 6M
- 8.81%
- YTD
- 10.61%
- 1Y
- 21.87%
- 3Y*
- 18.90%
- 5Y*
- 12.48%
- 10Y*
- 14.86%
- ALL TIME*
- 8.78%
PHDG
- 1D
- 0.50%
- 1M
- 0.03%
- 6M
- 8.71%
- YTD
- 10.21%
- 1Y
- 18.23%
- 3Y*
- 8.48%
- 5Y*
- 4.25%
- 10Y*
- 7.28%
- ALL TIME*
- 5.61%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.18M | $678.43K | $904.25K | |
| $40.04M | $39.69M | $45.49M |
SPTM vs. PHDG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPTM SPDR Portfolio S&P 1500 Composite Stock Market ETF | 10.61% | 16.93% | 23.87% | 25.55% | -17.75% | 28.58% | 17.94% | 31.34% | -5.30% | 21.18% |
PHDG Invesco S&P 500 Downside Hedged ETF | 10.21% | 2.72% | 10.95% | 8.18% | -14.09% | 15.67% | 18.97% | 8.57% | -2.44% | 15.89% |
Correlation
The correlation between SPTM and PHDG is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.67 |
Correlation (3Y) Balances recent behavior with more history. | 0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.67 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.64 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2012 | 0.64 |
The correlation between SPTM and PHDG has been stable across timeframes, ranging from 0.63 to 0.67 - a consistent structural relationship.
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Return for Risk
SPTM vs. PHDG — Risk / Return Rank
SPTM
PHDG
SPTM vs. PHDG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM) 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.
| SPTM | PHDG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.29 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 2.46 | -0.15 |
| Martin ratioReturn relative to average drawdown | 10.07 | 7.58 | +2.50 |
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Drawdowns
SPTM vs. PHDG - Drawdown Comparison
The maximum SPTM drawdown since its inception was -54.80%, which is greater than PHDG's maximum drawdown of -17.70%. Use the drawdown chart below to compare losses from any high point for SPTM and PHDG.
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Drawdown Indicators
| SPTM | PHDG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.80% | -17.70% | -37.10% |
Max Drawdown (1Y)Largest decline over 1 year | -8.68% | -6.78% | -1.90% |
Max Drawdown (3Y)Largest decline over 3 years | -18.87% | -14.78% | -4.09% |
Max Drawdown (5Y)Largest decline over 5 years | -24.14% | -17.06% | -7.08% |
Max Drawdown (10Y)Largest decline over 10 years | -34.66% | -17.06% | -17.60% |
Current DrawdownCurrent decline from peak | -1.11% | -5.31% | +4.20% |
Average DrawdownAverage peak-to-trough decline | -9.00% | -6.23% | -2.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.99% | 2.20% | -0.21% |
Volatility
SPTM vs. PHDG - Volatility Comparison
SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM) has a higher volatility of 3.50% compared to Invesco S&P 500 Downside Hedged ETF (PHDG) at 2.51%. This indicates that SPTM'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
| SPTM | PHDG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.50% | 2.51% | +0.99% |
Volatility (6M)Calculated over the trailing 6-month period | 10.02% | 9.48% | +0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.81% | 11.50% | +1.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 11.39% | +5.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 12.11% | +5.92% |
SPTM vs. PHDG - Expense Ratio Comparison
SPTM has a 0.03% expense ratio, which is lower than PHDG's 0.39% expense ratio.
Dividends
SPTM vs. PHDG - Dividend Comparison
SPTM's dividend yield for the trailing twelve months is around 1.06%, less than PHDG's 1.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHDG Invesco S&P 500 Downside Hedged ETF | 1.68% | 2.10% | 1.94% | 1.93% | 1.35% | 0.44% | 0.63% | 1.80% | 1.56% | 1.83% | 2.29% | 1.64% |
SPTM SPDR Portfolio S&P 1500 Composite Stock Market ETF | 1.06% | 1.13% | 1.28% | 1.44% | 1.69% | 1.25% | 1.56% | 1.72% | 1.90% | 1.66% | 1.91% | 1.92% |
Frequently Asked Questions
SPTM and PHDG have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPTM has higher volatility (3.50%) compared to PHDG (2.51%). In terms of maximum drawdown, SPTM dropped -54.80% vs PHDG's -17.70%.
On 10-year performance, SPTM leads with 14.86% vs 7.28% for PHDG. On fees, SPTM is cheaper at 0.03% per year. On volatility, PHDG has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPTM has performed better with a 14.86% return vs 7.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTM is cheaper with a 0.03% expense ratio, compared with 0.39% for PHDG.
PHDG has the higher dividend yield at 1.68%, compared with 1.06% for SPTM.
SPTM is categorized as Large Cap Blend Equities, while PHDG is Equity Hedged. SPTM tracks S&P Composite 1500 Index, while PHDG tracks S&P 500 Dynamic VEQTOR Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.03% for SPTM and 0.39% for PHDG.
SPTM currently has the higher Sharpe Ratio (1.57 vs 1.45), 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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