HFXI vs PHDG
NYLI FTSE International Equity Currency Neutral ETF vs Invesco S&P 500 Downside Hedged ETF
Quick Verdict
HFXI has a lower expense ratio. HFXI delivered stronger 1-year returns. HFXI offers more diversification with 858 holdings.
Side-by-Side Comparison
| Metric | HFXI | PHDG | Winner |
|---|---|---|---|
| Expense Ratio | 0.20% | 0.39% | |
| AUM | $2.0B | $61M | |
| Dividend Yield | 3.96% | 1.68% | |
| Holdings | 858 | 514 | |
| YTD Return | +18.37% | +13.13% | |
| 1Y Return | +31.28% | +16.59% | |
| 3Y Return (annualized) | +21.18% | +9.80% | |
| 5Y Return (annualized) | +12.34% | +4.73% | |
| Volatility (annualized) | 13.9% | 9.9% | |
| Max Drawdown | -34.2% | -23.6% | |
| Fund Family | INDEXIQ ETF TRUST | Invesco (US) | |
| Category | Equity | Equity | |
| Inception | Jul 22, 2015 | Dec 5, 2012 |
HFXI vs PHDG Performance
NYLI FTSE International Equity Currency Neutral ETF (HFXI) is a ETF from INDEXIQ ETF TRUST and Invesco S&P 500 Downside Hedged ETF (PHDG) is a ETF from Invesco (US). Over the past year HFXI returned +31.28% while PHDG returned +16.59%. Year to date, HFXI is up 18.37% versus a gain of 13.13% for PHDG.
Over three years, HFXI compounded at +21.18% per year against +9.80% for PHDG; over five years the annualized figures are +12.34% and +4.73% respectively. Across the full 11-year window we track, HFXI has the edge at +8.03% annualized vs +4.45%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
HFXI has been the more volatile fund, with annualized monthly volatility of 13.9% 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 -34.2% for HFXI 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 0.48. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
HFXI charges 0.20% per year while PHDG charges 0.39%. On a $10,000 position that is $20 vs $39 annually, a gap of $19 per year that compounds over a long holding period. On income, HFXI currently yields 3.96% against 1.68% for PHDG.
Holdings Overlap
HFXI and PHDG share 0 holdings out of 1253 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, HFXI or PHDG?
HFXI has an expense ratio of 0.20% while PHDG charges 0.39%. HFXI is the cheaper option. On a $10,000 investment, that is $19 per year of difference.
Which performed better, HFXI or PHDG?
Over the past year HFXI returned +31.28% vs +16.59% for PHDG, so HFXI leads on 1-year performance. Over the longest common window we track (11 years), HFXI annualized +8.03% vs +4.45% for PHDG. Past performance does not guarantee future results.
Which is riskier, HFXI or PHDG?
HFXI has been the more volatile fund at 13.9% annualized versus 9.9% for PHDG. Worst drawdown: HFXI -34.2% vs PHDG -23.6%.
Should I hold both HFXI and PHDG?
HFXI and PHDG have a monthly-return correlation of 0.48, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between HFXI and PHDG?
HFXI and PHDG share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1253 unique securities.
Which pays a higher dividend, HFXI or PHDG?
HFXI yields 3.96% while PHDG yields 1.68%, so HFXI currently pays the higher dividend yield.
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