XOEF vs. PHDG

Last updated Jun 6, 2026

XOEF (iShares S&P 500 ex S&P 100 ETF) and PHDG (Invesco S&P 500 Downside Hedged ETF) are both exchange-traded funds - XOEF is a S&P 500 fund tracking the S&P 500 Ex-S&P 100 Select Index, while PHDG is a Equity Hedged fund tracking the S&P 500 Dynamic VEQTOR Index. Both are passively managed. A 0.54 correlation means they provide meaningful diversification when combined. XOEF charges 0.20%/yr vs 0.39%/yr for PHDG.

Performance

XOEF vs. PHDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 ex S&P 100 ETF (XOEF) 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, XOEF achieves a 12.43% return, which is significantly higher than PHDG's 11.80% return.

XOEF

• 1D: -1.83%
• 1M: 1.36%
• YTD: 12.43%
• 6M: 12.72%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PHDG

• 1D: -3.15%
• 1M: 0.30%
• YTD: 11.80%
• 6M: 9.95%
• 1Y: 23.82%
• 3Y*: 10.38%
• 5Y*: 5.08%
• 10Y*: 6.98%

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

XOEF vs. PHDG - Yearly Performance Comparison

	2026 (YTD)	2025
XOEF iShares S&P 500 ex S&P 100 ETF	12.43%	4.15%
PHDG Invesco S&P 500 Downside Hedged ETF	11.80%	6.54%

Correlation

The correlation between XOEF and PHDG is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.54

Return for Risk

XOEF vs. PHDG — Risk / Return Rank

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

PHDG

PHDG Risk / Return Rank: 87
PHDG Sharpe Ratio Rank: 81
PHDG Sortino Ratio Rank: 82
PHDG Omega Ratio Rank: 83
PHDG Calmar Ratio Rank: 94
PHDG Martin Ratio Rank: 93

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.

XOEF vs. PHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 ex S&P 100 ETF (XOEF) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	XOEF	PHDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.54	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.46	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.49	0.52	+0.97

Drawdowns

XOEF vs. PHDG - Drawdown Comparison

The maximum XOEF drawdown since its inception was -7.66%, smaller than the maximum PHDG drawdown of -17.70%. Use the drawdown chart below to compare losses from any high point for XOEF and PHDG.

Drawdown Indicators

	XOEF	PHDG	Difference
Max Drawdown Largest peak-to-trough decline	-7.66%	-17.70%	+10.04%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.52%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-14.78%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.06%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.06%	—
Current Drawdown Current decline from peak	-1.83%	-3.15%	+1.32%
Average Drawdown Average peak-to-trough decline	-1.31%	-6.24%	+4.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.97%	—

Volatility

Volatility by Period

	XOEF	PHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.41%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.53%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.73%	9.48%	+3.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.73%	11.03%	+1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.73%	11.97%	+0.76%

XOEF vs. PHDG - Expense Ratio Comparison

XOEF has a 0.20% expense ratio, which is lower than PHDG's 0.39% expense ratio.

Dividends

XOEF vs. PHDG - Dividend Comparison

XOEF's dividend yield for the trailing twelve months is around 0.80%, less than PHDG's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHDG Invesco S&P 500 Downside Hedged ETF	1.90%	2.10%	1.94%	1.93%	1.35%	0.44%	0.63%	1.80%	1.56%	1.83%	2.29%	1.64%
XOEF iShares S&P 500 ex S&P 100 ETF	0.80%	0.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XOEF and PHDG in my portfolio?

XOEF and PHDG have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XOEF or PHDG?

On fees, XOEF is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XOEF or PHDG?

XOEF is cheaper with a 0.20% expense ratio, compared with 0.39% for PHDG.

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

PHDG has the higher dividend yield at 1.90%, compared with 0.80% for XOEF.

What is the main difference between XOEF and PHDG?

XOEF is categorized as S&P 500, while PHDG is Equity Hedged. XOEF tracks S&P 500 Ex-S&P 100 Select Index, while PHDG tracks S&P 500 Dynamic VEQTOR Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.20% for XOEF and 0.39% for PHDG.