IVV vs PHEQ
iShares Core S&P 500 ETF vs Parametric Hedged Equity ETF
Which is better, IVV or PHEQ?
IVV has been ahead.
IVV has a lower expense ratio. IVV led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.92. IVV is less concentrated, with 37.8% of the fund in its ten largest positions against 39.9%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | IVV | PHEQ |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.29% |
| AUM | $876.4B | $144M |
| Dividend Yield | 1.06% | 0.92% |
| Holdings | 508 | 184 |
| YTD Return | +11.03%Best | +7.65% |
| 1Y Return | +15.62%Best | +11.00% |
| 3Y Return (annualized) | +20.81%Best | +14.63% |
| 5Y Return (annualized) | +12.61% | - |
| Volatility (annualized) | 12.5% | 6.8%Best |
| Max Drawdown | -18.8% | -12.6%Best |
| $10,000 over 2.9 years | $18,292Best | $14,858 |
| Top 10 Weight | 37.8%Best | 39.9% |
| Fund Family | iShares by BlackRock (US) | Parametric |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | May 15, 2000 | Oct 16, 2023 |
Volatility and max drawdown, and the $10,000 over 2.9 years row, are measured over the window both funds cover: Oct 19, 2023 to Sep 16, 2026 (2.9 years).
IVV vs PHEQ growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 2.9 years both funds cover.
IVV vs PHEQ Performance
iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US) and Parametric Hedged Equity ETF (PHEQ) is an ETF from Parametric. Over the past year IVV returned +15.62% while PHEQ returned +11.00%. Year to date, IVV is up 11.03% versus a gain of 7.65% for PHEQ.
Over three years, IVV compounded at +20.81% per year against +14.63% for PHEQ.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 12.5% compared with 6.8% for PHEQ. 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 -18.8% for IVV and -12.6% for PHEQ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
IVV charges 0.03% per year while PHEQ charges 0.29%. On a $10,000 position that is $3 vs $29 annually, a gap of $26 per year that compounds over a long holding period. On income, IVV currently yields 1.06% against 0.92% for PHEQ.
Holdings Overlap
67.7% of IVV's money is in holdings PHEQ also owns. 95.0% of PHEQ's money is in holdings IVV also owns.
Most of PHEQ is already inside IVV. Owning both mostly buys the same companies twice.
123 positions in common, counted across the 490 positions we hold weights for in IVV and 174 in PHEQ, against full books of 508 and 184.
What only one of them owns
Our book lists 42 positions for PHEQ that do not appear in our book for IVV (7.7% of the fund), and 359 for IVV that do not appear in PHEQ (30.9%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in IVV | Weight in PHEQ | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.07% | 8.54% | 0.47% |
| AAPLApple, Inc | 7.02% | 7.25% | 0.23% |
| MSFTMicrosoft Corp | 5.69% | 5.80% | 0.11% |
| AMZNAmazon.Com Inc | 3.84% | 4.06% | 0.22% |
| GOOGLAlphabet Inc,class A | 3.00% | 3.16% | 0.16% |
| AVGOBroadcom Inc | 2.65% | 2.71% | 0.06% |
| GOOGAlphabet Inc | 2.39% | 2.67% | 0.28% |
| METAMeta Platforms Inc | 1.90% | 2.05% | 0.15% |
| MUMicron Technology, Inc. | 1.63% | 1.84% | 0.21% |
| TSLATesla Inc | 1.56% | 1.75% | 0.19% |
95.0% of PHEQ is already inside IVV.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IVV or PHEQ?
IVV has an expense ratio of 0.03% while PHEQ charges 0.29%. IVV is the cheaper option, by $26 a year on a $10,000 investment.
Which performed better, IVV or PHEQ?
Over the past year IVV returned +15.62% vs +11.00% for PHEQ, so IVV leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVV or PHEQ?
IVV has been the more volatile fund at 12.5% annualized versus 6.8% for PHEQ. Worst drawdown: IVV -18.8% vs PHEQ -12.6%.
Should I hold both IVV and PHEQ?
IVV and PHEQ have a monthly-return correlation of 0.92, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between IVV and PHEQ?
95.0% of PHEQ's money is in holdings IVV also owns. 95.0% of PHEQ's is in holdings IVV also owns. They hold 123 positions in common, counted across the 490 positions we hold weights for in IVV and 174 in PHEQ.
Which pays a higher dividend, IVV or PHEQ?
IVV yields 1.06% while PHEQ yields 0.92%, so IVV currently pays the higher dividend yield.
Is PHEQ better than IVV?
IVV has a lower expense ratio. IVV led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.92. IVV is less concentrated, with 37.8% of the fund in its ten largest positions against 39.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.