XIDE vs. PHEQ

Last updated Jun 6, 2026

XIDE (FT Cboe Vest U.S. Equity Buffer & Premium Income ETF - December) and PHEQ (Parametric Hedged Equity ETF) are both Options Trading funds. Both are actively managed. Over the past year, XIDE returned 7.39% vs 15.83% for PHEQ. A 0.68 correlation means they provide meaningful diversification when combined. XIDE charges 0.85%/yr vs 0.29%/yr for PHEQ.

Performance

XIDE vs. PHEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Buffer & Premium Income ETF - December (XIDE) 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, XIDE achieves a 2.82% return, which is significantly lower than PHEQ's 5.06% return.

XIDE

• 1D: -0.35%
• 1M: 0.40%
• YTD: 2.82%
• 6M: 3.29%
• 1Y: 7.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PHEQ

• 1D: -0.82%
• 1M: 0.58%
• YTD: 5.06%
• 6M: 5.59%
• 1Y: 15.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XIDE vs. PHEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XIDE FT Cboe Vest U.S. Equity Buffer & Premium Income ETF - December	2.82%	6.89%	6.63%	0.28%
PHEQ Parametric Hedged Equity ETF	5.06%	11.76%	14.94%	0.31%

Correlation

The correlation between XIDE and PHEQ is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Dec 19, 2023	0.68

The correlation between XIDE and PHEQ shifts across timeframes, from 0.68 (all time) to 0.80 (1 year), reflecting how their relationship changes across market environments.

XIDE vs. PHEQ - Sectors Allocation Comparison

Sectors	XIDE	PHEQ
Technology	36.2%	35.4%
Financial Services	11.9%	11.3%
Communication Services	10.9%	11.8%
Consumer Cyclical	10.1%	10.2%
Healthcare	8.4%	8.6%
Industrials	8.1%	8.3%
Consumer Defensive	4.9%	5.0%
Energy	3.5%	3.7%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.6%
Basic Materials	1.8%	1.7%

Return for Risk

XIDE vs. PHEQ — Risk / Return Rank

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

XIDE

XIDE Risk / Return Rank: 85
XIDE Sharpe Ratio Rank: 83
XIDE Sortino Ratio Rank: 90
XIDE Omega Ratio Rank: 94
XIDE Calmar Ratio Rank: 67
XIDE Martin Ratio Rank: 90

PHEQ

PHEQ Risk / Return Rank: 84
PHEQ Sharpe Ratio Rank: 82
PHEQ Sortino Ratio Rank: 87
PHEQ Omega Ratio Rank: 86
PHEQ Calmar Ratio Rank: 76
PHEQ Martin Ratio Rank: 85

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.

XIDE vs. PHEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Buffer & Premium Income ETF - December (XIDE) 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.

	XIDE	PHEQ	Difference
Sharpe ratio: Return per unit of total volatility	2.55	2.57	-0.03
Sortino ratio: Return per unit of downside risk	3.98	3.82	+0.15
Omega ratio: Gain probability vs. loss probability	1.64	1.51	+0.13
Calmar ratio: Return relative to maximum drawdown	3.11	3.73	-0.62
Martin ratio: Return relative to average drawdown	19.26	17.04	+2.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XIDE vs. PHEQ - Sharpe Ratio Comparison

The current XIDE Sharpe Ratio is 2.55, which is comparable to the PHEQ Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of XIDE 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.

Sharpe Ratios by Period

	XIDE	PHEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	2.57	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	1.76	-0.43

Drawdowns

XIDE vs. PHEQ - Drawdown Comparison

The maximum XIDE drawdown since its inception was -6.61%, smaller than the maximum PHEQ drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for XIDE and PHEQ.

Drawdown Indicators

	XIDE	PHEQ	Difference
Max Drawdown Largest peak-to-trough decline	-6.61%	-12.55%	+5.94%
Max Drawdown (1Y) Largest decline over 1 year	-2.38%	-4.26%	+1.88%
Current Drawdown Current decline from peak	-0.35%	-0.82%	+0.47%
Average Drawdown Average peak-to-trough decline	-0.25%	-0.97%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	0.93%	-0.55%

Volatility

XIDE vs. PHEQ - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Buffer & Premium Income ETF - December (XIDE) is 0.48%, while Parametric Hedged Equity ETF (PHEQ) has a volatility of 1.36%. This indicates that XIDE experiences smaller price fluctuations and is considered to be less risky than PHEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XIDE	PHEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	1.36%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	2.63%	4.65%	-2.02%
Volatility (1Y) Calculated over the trailing 1-year period	2.92%	6.19%	-3.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.12%	8.62%	-3.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.12%	8.62%	-3.50%

XIDE vs. PHEQ - Expense Ratio Comparison

XIDE has a 0.85% expense ratio, which is higher than PHEQ's 0.29% expense ratio.

Dividends

XIDE vs. PHEQ - Dividend Comparison

XIDE's dividend yield for the trailing twelve months is around 6.38%, more than PHEQ's 1.03% yield.

Position	TTM	2025	2024	2023
PHEQ Parametric Hedged Equity ETF	1.03%	1.19%	1.39%	1.73%
XIDE FT Cboe Vest U.S. Equity Buffer & Premium Income ETF - December	6.38%	6.51%	6.68%	0.00%

Frequently Asked Questions

Can I hold both XIDE and PHEQ in my portfolio?

XIDE and PHEQ have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XIDE or PHEQ?

PHEQ has higher volatility (1.36%) compared to XIDE (0.48%). In terms of maximum drawdown, XIDE dropped -6.61% vs PHEQ's -12.55%.

Which ETF is better, XIDE or PHEQ?

On 1-year performance, PHEQ leads with 15.83% vs 7.39% for XIDE. On fees, PHEQ is cheaper at 0.29% per year. On volatility, XIDE has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XIDE or PHEQ?

Over the 1-year period, PHEQ has performed better with a 15.83% return vs 7.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XIDE or PHEQ?

PHEQ is cheaper with a 0.29% expense ratio, compared with 0.85% for XIDE.

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

XIDE has the higher dividend yield at 6.38%, compared with 1.03% for PHEQ.

What is the main difference between XIDE and PHEQ?

They also come from different issuers: FT Vest and Parametric. Their fees differ too: 0.85% for XIDE and 0.29% for PHEQ.

Which has better risk-adjusted returns?

PHEQ currently has the higher Sharpe Ratio (2.57 vs 2.55), 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.