XYLD vs. PHDG
XYLD (Global X S&P 500 Covered Call ETF) and PHDG (Invesco S&P 500 Downside Hedged ETF) are both exchange-traded funds - XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite 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, XYLD returned 8.14%/yr vs 7.14%/yr for PHDG. Their 0.52 correlation means they have sometimes moved together and sometimes differently. XYLD charges 0.60%/yr vs 0.39%/yr for PHDG.
Performance
XYLD vs. PHDG - Performance Comparison
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Returns By Period
In the year-to-date period, XYLD achieves a 6.98% return, which is significantly lower than PHDG's 9.47% return. Over the past 10 years, XYLD has outperformed PHDG with an annualized return of 8.14%, while PHDG has yielded a comparatively lower 7.14% annualized return.
XYLD
- 1D
- 0.15%
- 1M
- 2.28%
- 6M
- 6.06%
- YTD
- 6.98%
- 1Y
- 16.60%
- 3Y*
- 11.30%
- 5Y*
- 7.72%
- 10Y*
- 8.14%
- ALL TIME*
- 8.30%
PHDG
- 1D
- -0.16%
- 1M
- 0.44%
- 6M
- 8.74%
- YTD
- 9.47%
- 1Y
- 14.71%
- 3Y*
- 8.21%
- 5Y*
- 4.01%
- 10Y*
- 7.14%
- ALL TIME*
- 5.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.28M | $774.65K | $908.35K | |
| $39.54M | $38.84M | $31.76M |
XYLD vs. PHDG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XYLD Global X S&P 500 Covered Call ETF | 6.98% | 8.02% | 19.49% | 11.10% | -12.05% | 19.59% | -0.56% | 21.41% | -6.09% | 16.49% |
PHDG Invesco S&P 500 Downside Hedged ETF | 9.47% | 2.72% | 10.95% | 8.18% | -14.09% | 15.67% | 18.97% | 8.57% | -2.44% | 15.89% |
Correlation
The correlation between XYLD and PHDG is 0.53, 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. | 0.53 |
Correlation (3Y) Balances recent behavior with more history. | 0.46 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.51 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2013 | 0.52 |
The correlation between XYLD and PHDG has been stable across timeframes, ranging from 0.46 to 0.53 - a consistent structural relationship.
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Return for Risk
XYLD vs. PHDG — Risk / Return Rank
XYLD
PHDG
XYLD vs. PHDG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Covered Call ETF (XYLD) 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.
| XYLD | PHDG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.10 | ||
| Sortino ratioReturn per unit of downside risk | +1.57 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.27 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 3.20 | 2.38 | +0.82 |
| Martin ratioReturn relative to average drawdown | 16.66 | 7.41 | +9.25 |
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Drawdowns
XYLD vs. PHDG - Drawdown Comparison
The maximum XYLD drawdown since its inception was -33.46%, which is greater than PHDG's maximum drawdown of -17.70%. Use the drawdown chart below to compare losses from any high point for XYLD and PHDG.
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Drawdown Indicators
| XYLD | PHDG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.46% | -17.70% | -15.76% |
Max Drawdown (1Y)Largest decline over 1 year | -5.29% | -6.36% | +1.07% |
Max Drawdown (3Y)Largest decline over 3 years | -15.53% | -14.78% | -0.75% |
Max Drawdown (5Y)Largest decline over 5 years | -18.66% | -17.06% | -1.60% |
Max Drawdown (10Y)Largest decline over 10 years | -33.46% | -17.06% | -16.40% |
Current DrawdownCurrent decline from peak | -0.51% | -5.95% | +5.44% |
Average DrawdownAverage peak-to-trough decline | -3.68% | -6.23% | +2.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 2.04% | -1.03% |
Volatility
XYLD vs. PHDG - Volatility Comparison
The current volatility for Global X S&P 500 Covered Call ETF (XYLD) is 1.57%, while Invesco S&P 500 Downside Hedged ETF (PHDG) has a volatility of 2.14%. This indicates that XYLD experiences smaller price fluctuations and is considered to be less risky 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
| XYLD | PHDG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.57% | 2.14% | -0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 5.80% | 9.37% | -3.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.98% | 11.41% | -4.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.25% | 11.37% | -0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.15% | 12.10% | +2.05% |
XYLD vs. PHDG - Expense Ratio Comparison
XYLD has a 0.60% expense ratio, which is higher than PHDG's 0.39% expense ratio.
Dividends
XYLD vs. PHDG - Dividend Comparison
XYLD's dividend yield for the trailing twelve months is around 10.63%, more than PHDG's 1.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PHDG Invesco S&P 500 Downside Hedged ETF | 1.70% | 2.10% | 1.94% | 1.93% | 1.35% | 0.44% | 0.63% | 1.80% | 1.56% | 1.83% | 2.29% | 1.64% |
XYLD Global X S&P 500 Covered Call ETF | 10.63% | 10.51% | 11.54% | 10.51% | 13.43% | 9.07% | 7.93% | 5.76% | 7.12% | 5.18% | 3.23% | 4.65% |
Frequently Asked Questions
XYLD and PHDG have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PHDG has higher volatility (2.14%) compared to XYLD (1.57%). In terms of maximum drawdown, XYLD dropped -33.46% vs PHDG's -17.70%.
On 10-year performance, XYLD leads with 8.14% vs 7.14% for PHDG. On fees, PHDG is cheaper at 0.39% per year. On volatility, XYLD has been the lower-risk option at 1.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XYLD has performed better with a 8.14% return vs 7.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PHDG is cheaper with a 0.39% expense ratio, compared with 0.60% for XYLD.
XYLD has the higher dividend yield at 10.63%, compared with 1.70% for PHDG.
XYLD is categorized as Derivative Income, while PHDG is Equity Hedged. XYLD tracks Cboe S&P 500 BuyWrite Index, while PHDG tracks S&P 500 Dynamic VEQTOR Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.60% for XYLD and 0.39% for PHDG.
XYLD currently has the higher Sharpe Ratio (2.43 vs 1.33), 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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