XTR vs. PHDG

Last updated Jun 4, 2026

XTR (Global X S&P 500 Tail Risk ETF) and PHDG (Invesco S&P 500 Downside Hedged ETF) are both Equity Hedged funds - XTR tracks the Cboe S&P 500 Tail Risk Index while PHDG tracks the S&P 500 Dynamic VEQTOR Index. Both are passively managed. Over the past 3 years, XTR returned 18.55%/yr vs 10.77%/yr for PHDG. A 0.70 correlation means they provide meaningful diversification when combined. XTR charges 0.25%/yr vs 0.39%/yr for PHDG.

Performance

XTR vs. PHDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Tail Risk ETF (XTR) 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, XTR achieves a 8.67% return, which is significantly lower than PHDG's 13.79% return.

XTR

• 1D: -0.65%
• 1M: 5.03%
• YTD: 8.67%
• 6M: 8.51%
• 1Y: 22.85%
• 3Y*: 18.55%
• 5Y*: —
• 10Y*: —

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)

XTR vs. PHDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XTR Global X S&P 500 Tail Risk ETF	8.67%	13.66%	21.85%	21.16%	-17.67%	4.43%
PHDG Invesco S&P 500 Downside Hedged ETF	13.79%	2.72%	10.95%	8.18%	-14.09%	4.28%

Correlation

The correlation between XTR and PHDG is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since Aug 27, 2021	0.70

The correlation between XTR and PHDG has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.

XTR vs. PHDG - Sectors Allocation Comparison

Sectors	XTR	PHDG
Technology	35.6%	35.1%
Financial Services	11.8%	11.9%
Communication Services	11.2%	11.0%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.5%	8.7%
Industrials	8.3%	8.3%
Consumer Defensive	4.9%	5.0%
Energy	3.5%	3.6%
Utilities	2.4%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

XTR vs. PHDG — Risk / Return Rank

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

XTR

XTR Risk / Return Rank: 61
XTR Sharpe Ratio Rank: 63
XTR Sortino Ratio Rank: 63
XTR Omega Ratio Rank: 60
XTR Calmar Ratio Rank: 54
XTR Martin Ratio Rank: 63

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.

XTR vs. PHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Tail Risk ETF (XTR) 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.

	XTR	PHDG	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.88	-0.74
Sortino ratio: Return per unit of downside risk	2.98	4.23	-1.25
Omega ratio: Gain probability vs. loss probability	1.38	1.53	-0.15
Calmar ratio: Return relative to maximum drawdown	2.70	7.19	-4.49
Martin ratio: Return relative to average drawdown	11.51	26.70	-15.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XTR vs. PHDG - Sharpe Ratio Comparison

The current XTR Sharpe Ratio is 2.14, which is comparable to the PHDG Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of XTR 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

	XTR	PHDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	2.88	-0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.53	+0.19

Drawdowns

XTR vs. PHDG - Drawdown Comparison

The maximum XTR drawdown since its inception was -20.83%, which is greater than PHDG's maximum drawdown of -17.70%. Use the drawdown chart below to compare losses from any high point for XTR and PHDG.

Drawdown Indicators

	XTR	PHDG	Difference
Max Drawdown Largest peak-to-trough decline	-20.83%	-17.70%	-3.13%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-3.52%	-4.99%
Max Drawdown (3Y) Largest decline over 3 years	-14.35%	-14.78%	+0.43%
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	-0.65%	-0.87%	+0.22%
Average Drawdown Average peak-to-trough decline	-5.95%	-6.25%	+0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	0.95%	+1.04%

Volatility

XTR vs. PHDG - Volatility Comparison

Global X S&P 500 Tail Risk ETF (XTR) and Invesco S&P 500 Downside Hedged ETF (PHDG) have volatilities of 2.99% 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

	XTR	PHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	3.07%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	8.16%	6.64%	+1.52%
Volatility (1Y) Calculated over the trailing 1-year period	10.76%	8.81%	+1.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.78%	10.92%	+2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.78%	11.92%	+1.86%

XTR vs. PHDG - Expense Ratio Comparison

XTR has a 0.25% expense ratio, which is lower than PHDG's 0.39% expense ratio.

Dividends

XTR vs. PHDG - Dividend Comparison

XTR's dividend yield for the trailing twelve months is around 16.40%, more 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%
XTR Global X S&P 500 Tail Risk ETF	16.40%	17.82%	20.89%	1.09%	1.08%	2.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XTR and PHDG in my portfolio?

XTR and PHDG have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XTR or PHDG?

PHDG has higher volatility (3.07%) compared to XTR (2.99%). In terms of maximum drawdown, XTR dropped -20.83% vs PHDG's -17.70%.

Which ETF is better, XTR or PHDG?

On 3-year performance, XTR leads with 18.55% vs 10.77% for PHDG. On fees, XTR is cheaper at 0.25% 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, XTR or PHDG?

Over the 3-year period, XTR has performed better with a 18.55% return vs 10.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTR or PHDG?

XTR is cheaper with a 0.25% expense ratio, compared with 0.39% for PHDG.

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

XTR has the higher dividend yield at 16.40%, compared with 1.86% for PHDG.

What is the main difference between XTR and PHDG?

XTR tracks Cboe S&P 500 Tail Risk Index, while PHDG tracks S&P 500 Dynamic VEQTOR Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.25% for XTR and 0.39% for PHDG.

Which has better risk-adjusted returns?

PHDG currently has the higher Sharpe Ratio (2.88 vs 2.14), 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.