FQAL vs PHDG
FQAL vs PHDG
Fidelity Quality Factor ETF vs Invesco S&P 500 Downside Hedged ETF
Quick Verdict
FQAL has a lower expense ratio. FQAL delivered stronger 1-year returns. PHDG offers more diversification with 494 holdings.
Side-by-Side Comparison
| Metric | FQAL | PHDG | Winner |
|---|---|---|---|
| Expense Ratio | 0.15% | 0.39% | |
| AUM | $1.4B | $61M | |
| Dividend Yield | 1.17% | 1.68% | |
| Holdings | 129 | 514 | |
| YTD Return | +13.20% | +13.02% | |
| 1Y Return | +20.81% | +18.49% | |
| 3Y Return (annualized) | +19.86% | +9.60% | |
| 5Y Return (annualized) | +12.09% | +4.75% | |
| Volatility (annualized) | 15.0% | 9.9% | |
| Max Drawdown | -34.1% | -23.6% | |
| Fund Family | Fidelity Investments (US) | Invesco (US) | |
| Category | Equity | Equity | |
| Inception | Sep 12, 2016 | Dec 5, 2012 |
FQAL vs PHDG Performance
Fidelity Quality Factor ETF (FQAL) is a ETF from Fidelity Investments (US) and Invesco S&P 500 Downside Hedged ETF (PHDG) is a ETF from Invesco (US). Over the past year FQAL returned +20.81% while PHDG returned +18.49%. Year to date, FQAL is up 13.20% versus a gain of 13.02% for PHDG.
Over three years, FQAL compounded at +19.86% per year against +9.60% for PHDG; over five years the annualized figures are +12.09% and +4.75% respectively. Across the full 10-year window we track, FQAL has the edge at +13.89% annualized vs +4.45%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FQAL has been the more volatile fund, with annualized monthly volatility of 15.0% compared with 9.9% for PHDG. 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 -34.1% for FQAL 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 0.66. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FQAL charges 0.15% per year while PHDG charges 0.39%. On a $10,000 position that is $15 vs $39 annually, a gap of $24 per year that compounds over a long holding period. On income, FQAL currently yields 1.17% against 1.68% for PHDG.
Holdings Overlap
FQAL and PHDG share 106 holdings out of 513 unique holdings combined, representing a 39.5% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in FQAL | Weight in PHDG | Difference |
|---|---|---|---|
| NVDA | 7.75% | 5.69% | 2.06% |
| AAPL | 6.83% | 4.98% | 1.85% |
| GOOGL | 5.66% | 2.49% | 3.17% |
| MSFT | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| LLY | Pro | Pro | Pro |
| JPM:US | Pro | Pro | Pro |
| AMAT | Pro | Pro | Pro |
| LRCX | Pro | Pro | Pro |
See all 10 holdings FQAL shares with PHDG Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, FQAL or PHDG?
FQAL has an expense ratio of 0.15% while PHDG charges 0.39%. FQAL is the cheaper option. On a $10,000 investment, that is $24 per year of difference.
Which performed better, FQAL or PHDG?
Over the past year FQAL returned +20.81% vs +18.49% for PHDG, so FQAL leads on 1-year performance. Over the longest common window we track (10 years), FQAL annualized +13.89% vs +4.45% for PHDG. Past performance does not guarantee future results.
Which is riskier, FQAL or PHDG?
FQAL has been the more volatile fund at 15.0% annualized versus 9.9% for PHDG. Worst drawdown: FQAL -34.1% vs PHDG -23.6%.
Should I hold both FQAL and PHDG?
FQAL and PHDG have a monthly-return correlation of 0.66, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FQAL and PHDG?
FQAL and PHDG share 106 common holdings with a 39.5% weight overlap. Combined, they hold 513 unique securities.
Which pays a higher dividend, FQAL or PHDG?
FQAL yields 1.17% while PHDG yields 1.68%, so PHDG currently pays the higher dividend yield.
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