PHDG vs SPGM
Invesco S&P 500 Downside Hedged ETF vs State Street SPDR Portfolio MSCI Global Stock Market ETF
Quick Verdict
SPGM has a lower expense ratio. SPGM delivered stronger 1-year returns. SPGM offers more diversification with 2,985 holdings.
Side-by-Side Comparison
| Metric | PHDG | SPGM | Winner |
|---|---|---|---|
| Expense Ratio | 0.39% | 0.09% | |
| AUM | $63M | $1.8B | |
| Dividend Yield | 1.69% | 1.81% | |
| Holdings | 514 | 2,985 | |
| YTD Return | +11.88% | +14.03% | |
| 1Y Return | +16.05% | +23.92% | |
| 3Y Return (annualized) | +10.16% | +21.78% | |
| 5Y Return (annualized) | +4.53% | +11.73% | |
| Volatility (annualized) | 9.9% | 13.6% | |
| Max Drawdown | -23.6% | -34.0% | |
| Fund Family | Invesco (US) | SPDR State Street Global Advisors | |
| Category | Equity | Equity | |
| Inception | Dec 5, 2012 | Feb 27, 2012 |
PHDG vs SPGM Performance
Invesco S&P 500 Downside Hedged ETF (PHDG) is a ETF from Invesco (US) and State Street SPDR Portfolio MSCI Global Stock Market ETF (SPGM) is a ETF from SPDR State Street Global Advisors. Over the past year PHDG returned +16.05% while SPGM returned +23.92%. Year to date, PHDG is up 11.88% versus a gain of 14.03% for SPGM.
Over three years, PHDG compounded at +10.16% per year against +21.78% for SPGM; over five years the annualized figures are +4.53% and +11.73% respectively. Across the full 14-year window we track, SPGM has the edge at +9.85% annualized vs +4.36%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPGM has been the more volatile fund, with annualized monthly volatility of 13.6% 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 -23.6% for PHDG and -34.0% for SPGM. 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 0.62. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PHDG charges 0.39% per year while SPGM charges 0.09%. On a $10,000 position that is $39 vs $9 annually, a gap of $30 per year that compounds over a long holding period. On income, PHDG currently yields 1.69% against 1.81% for SPGM.
Holdings Overlap
PHDG and SPGM share 314 holdings out of 3026 unique holdings combined, representing a 46.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, PHDG or SPGM?
PHDG has an expense ratio of 0.39% while SPGM charges 0.09%. SPGM is the cheaper option. On a $10,000 investment, that is $30 per year of difference.
Which performed better, PHDG or SPGM?
Over the past year PHDG returned +16.05% vs +23.92% for SPGM, so SPGM leads on 1-year performance. Over the longest common window we track (14 years), PHDG annualized +4.36% vs +9.85% for SPGM. Past performance does not guarantee future results.
Which is riskier, PHDG or SPGM?
SPGM has been the more volatile fund at 13.6% annualized versus 9.9% for PHDG. Worst drawdown: PHDG -23.6% vs SPGM -34.0%.
Should I hold both PHDG and SPGM?
PHDG and SPGM have a monthly-return correlation of 0.62, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PHDG and SPGM?
PHDG and SPGM share 314 common holdings with a 46.9% weight overlap. Combined, they hold 3026 unique securities.
Which pays a higher dividend, PHDG or SPGM?
PHDG yields 1.69% while SPGM yields 1.81%, so SPGM currently pays the higher dividend yield.
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