VAMO vs. PHDG

Last updated Jun 4, 2026

VAMO (Cambria Value and Momentum ETF) and PHDG (Invesco S&P 500 Downside Hedged ETF) are both exchange-traded funds - VAMO is a Momentum fund actively managed by Cambria, while PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index. VAMO is actively managed, while PHDG is passively managed. Over the past 10 years, VAMO returned 5.64%/yr vs 7.22%/yr for PHDG. At a 0.24 correlation, their price movements are largely independent. VAMO charges 0.65%/yr vs 0.39%/yr for PHDG.

Performance

VAMO vs. PHDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Value and Momentum ETF (VAMO) 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, VAMO achieves a 3.15% return, which is significantly lower than PHDG's 13.79% return. Over the past 10 years, VAMO has underperformed PHDG with an annualized return of 5.64%, while PHDG has yielded a comparatively higher 7.22% annualized return.

VAMO

• 1D: 0.04%
• 1M: -1.08%
• YTD: 3.15%
• 6M: 4.57%
• 1Y: 18.13%
• 3Y*: 13.91%
• 5Y*: 8.12%
• 10Y*: 5.64%

PHDG

• 1D: -0.63%
• 1M: 4.88%
• YTD: 13.79%
• 6M: 11.91%
• 1Y: 25.21%
• 3Y*: 10.77%
• 5Y*: 5.45%
• 10Y*: 7.22%

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

VAMO vs. PHDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VAMO Cambria Value and Momentum ETF	3.15%	16.51%	6.11%	5.58%	8.55%	32.16%	-4.92%	-4.63%	-11.43%	3.82%
PHDG Invesco S&P 500 Downside Hedged ETF	13.79%	2.72%	10.95%	8.18%	-14.09%	15.67%	18.97%	8.57%	-2.44%	15.89%

Correlation

The correlation between VAMO and PHDG is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Sep 10, 2015	0.24

VAMO vs. PHDG - Sectors Allocation Comparison

Sectors	VAMO	PHDG
Financial Services	38.8%	11.9%
Energy	34.0%	3.6%
Consumer Cyclical	33.5%	10.1%
Industrials	21.4%	8.3%
Healthcare	17.5%	8.7%
Technology	8.3%	35.1%
Basic Materials	7.3%	1.8%
Consumer Defensive	6.5%	5.0%
Communication Services	5.0%	11.0%
Utilities	1.6%	2.4%
Real Estate	-	1.9%

Return for Risk

VAMO vs. PHDG — Risk / Return Rank

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

VAMO

VAMO Risk / Return Rank: 52
VAMO Sharpe Ratio Rank: 46
VAMO Sortino Ratio Rank: 49
VAMO Omega Ratio Rank: 44
VAMO Calmar Ratio Rank: 66
VAMO Martin Ratio Rank: 55

PHDG

PHDG Risk / Return Rank: 90
PHDG Sharpe Ratio Rank: 86
PHDG Sortino Ratio Rank: 90
PHDG Omega Ratio Rank: 85
PHDG Calmar Ratio Rank: 94
PHDG Martin Ratio Rank: 94

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.

VAMO vs. PHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Value and Momentum ETF (VAMO) 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.

	VAMO	PHDG	Difference
Sharpe ratio: Return per unit of total volatility	1.63	2.88	-1.25
Sortino ratio: Return per unit of downside risk	2.40	4.23	-1.83
Omega ratio: Gain probability vs. loss probability	1.28	1.53	-0.25
Calmar ratio: Return relative to maximum drawdown	3.28	7.19	-3.91
Martin ratio: Return relative to average drawdown	9.47	26.70	-17.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VAMO vs. PHDG - Sharpe Ratio Comparison

The current VAMO Sharpe Ratio is 1.63, which is lower than the PHDG Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of VAMO 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.

Sharpe Ratios by Period

	VAMO	PHDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	2.88	-1.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.50	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.61	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.53	-0.29

Drawdowns

VAMO vs. PHDG - Drawdown Comparison

The maximum VAMO drawdown since its inception was -41.84%, which is greater than PHDG's maximum drawdown of -17.70%. Use the drawdown chart below to compare losses from any high point for VAMO and PHDG.

Drawdown Indicators

	VAMO	PHDG	Difference
Max Drawdown Largest peak-to-trough decline	-41.84%	-17.70%	-24.14%
Max Drawdown (1Y) Largest decline over 1 year	-5.55%	-3.52%	-2.03%
Max Drawdown (3Y) Largest decline over 3 years	-11.61%	-14.78%	+3.17%
Max Drawdown (5Y) Largest decline over 5 years	-17.25%	-17.06%	-0.19%
Max Drawdown (10Y) Largest decline over 10 years	-41.84%	-17.06%	-24.78%
Current Drawdown Current decline from peak	-2.76%	-0.87%	-1.89%
Average Drawdown Average peak-to-trough decline	-9.98%	-6.25%	-3.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	0.95%	+0.97%

Volatility

VAMO vs. PHDG - Volatility Comparison

Cambria Value and Momentum ETF (VAMO) and Invesco S&P 500 Downside Hedged ETF (PHDG) have volatilities of 2.97% and 3.07%, 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

	VAMO	PHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	3.07%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	7.66%	6.64%	+1.02%
Volatility (1Y) Calculated over the trailing 1-year period	11.19%	8.81%	+2.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.34%	10.92%	+6.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	11.92%	+6.17%

VAMO vs. PHDG - Expense Ratio Comparison

VAMO has a 0.65% expense ratio, which is higher than PHDG's 0.39% expense ratio.

Dividends

VAMO vs. PHDG - Dividend Comparison

VAMO's dividend yield for the trailing twelve months is around 0.63%, less than PHDG's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHDG Invesco S&P 500 Downside Hedged ETF	1.86%	2.10%	1.94%	1.93%	1.35%	0.44%	0.63%	1.80%	1.56%	1.83%	2.29%	1.64%
VAMO Cambria Value and Momentum ETF	0.63%	1.41%	0.84%	1.35%	1.10%	1.07%	1.03%	1.15%	1.03%	0.35%	0.56%	0.20%

Frequently Asked Questions

Can I hold both VAMO and PHDG in my portfolio?

VAMO and PHDG have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VAMO or PHDG?

PHDG has higher volatility (3.07%) compared to VAMO (2.97%). In terms of maximum drawdown, VAMO dropped -41.84% vs PHDG's -17.70%.

Which ETF is better, VAMO or PHDG?

On 10-year performance, PHDG leads with 7.22% vs 5.64% for VAMO. On fees, PHDG is cheaper at 0.39% per year. On volatility, VAMO has been the lower-risk option at 2.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VAMO or PHDG?

Over the 10-year period, PHDG has performed better with a 7.22% return vs 5.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VAMO or PHDG?

PHDG is cheaper with a 0.39% expense ratio, compared with 0.65% for VAMO.

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

PHDG has the higher dividend yield at 1.86%, compared with 0.63% for VAMO.

What is the main difference between VAMO and PHDG?

VAMO is categorized as Momentum, while PHDG is Equity Hedged. They also come from different issuers: Cambria and Invesco. Their fees differ too: 0.65% for VAMO and 0.39% for PHDG.

Which has better risk-adjusted returns?

PHDG currently has the higher Sharpe Ratio (2.88 vs 1.63), 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.