FLGV vs PHDG
Franklin US Treasury Bond ETF vs Invesco S&P 500 Downside Hedged ETF
Quick Verdict
FLGV has a lower expense ratio. PHDG delivered stronger 1-year returns. PHDG offers more diversification with 494 holdings.
Side-by-Side Comparison
| Metric | FLGV | PHDG | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.39% | |
| AUM | $1.0B | $61M | |
| Dividend Yield | 4.11% | 1.68% | |
| Holdings | 47 | 514 | |
| YTD Return | -0.78% | +12.11% | |
| 1Y Return | +1.19% | +17.06% | |
| 3Y Return (annualized) | +3.28% | +9.49% | |
| 5Y Return (annualized) | -0.50% | +4.59% | |
| Volatility (annualized) | 5.0% | 9.9% | |
| Max Drawdown | -18.4% | -23.6% | |
| Fund Family | Franklin Templeton Investments (US) | Invesco (US) | |
| Category | Fixed Income | Equity | |
| Inception | Jun 9, 2020 | Dec 5, 2012 |
FLGV vs PHDG Performance
Franklin US Treasury Bond ETF (FLGV) is a ETF from Franklin Templeton Investments (US) and Invesco S&P 500 Downside Hedged ETF (PHDG) is a ETF from Invesco (US). Over the past year FLGV returned +1.19% while PHDG returned +17.06%. Year to date, FLGV is down 0.78% versus a gain of 12.11% for PHDG.
Over three years, FLGV compounded at +3.28% per year against +9.49% for PHDG; over five years the annualized figures are -0.50% and +4.59% respectively. Across the full 6-year window we track, PHDG has the edge at +4.38% annualized vs -0.96%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PHDG has been the more volatile fund, with annualized monthly volatility of 9.9% compared with 5.0% for FLGV. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -18.4% for FLGV and -23.6% for PHDG. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.37. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FLGV charges 0.09% per year while PHDG charges 0.39%. On a $10,000 position that is $9 vs $39 annually, a gap of $30 per year that compounds over a long holding period. On income, FLGV currently yields 4.11% against 1.68% for PHDG.
Holdings Overlap
FLGV and PHDG share 0 holdings out of 535 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, FLGV or PHDG?
FLGV has an expense ratio of 0.09% while PHDG charges 0.39%. FLGV is the cheaper option. On a $10,000 investment, that is $30 per year of difference.
Which performed better, FLGV or PHDG?
Over the past year FLGV returned +1.19% vs +17.06% for PHDG, so PHDG leads on 1-year performance. Over the longest common window we track (6 years), FLGV annualized -0.96% vs +4.38% for PHDG. Past performance does not guarantee future results.
Which is riskier, FLGV or PHDG?
PHDG has been the more volatile fund at 9.9% annualized versus 5.0% for FLGV. Worst drawdown: FLGV -18.4% vs PHDG -23.6%.
Should I hold both FLGV and PHDG?
FLGV and PHDG have a monthly-return correlation of 0.37, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FLGV and PHDG?
FLGV and PHDG share 0 common holdings with a 0.0% weight overlap. Combined, they hold 535 unique securities.
Which pays a higher dividend, FLGV or PHDG?
FLGV yields 4.11% while PHDG yields 1.68%, so FLGV currently pays the higher dividend yield.
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