PHDG vs SPY
Invesco S&P 500 Downside Hedged ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, PHDG or SPY?
All Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 42.1%.
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 | PHDG | SPY |
|---|---|---|
| Expense Ratio | 0.39% | 0.09%Best |
| AUM | $62M | $804.7B |
| Dividend Yield | 1.67% | 0.98% |
| Holdings | 514 | 505 |
| YTD Return | +10.64% | +11.97%Best |
| 1Y Return | +12.42% | +16.40%Best |
| 3Y Return (annualized) | +10.53% | +21.10%Best |
| 5Y Return (annualized) | +4.09% | +12.88%Best |
| Volatility (annualized) | 9.8%Best | 14.3% |
| Max Drawdown | -23.6%Best | -34.1% |
| $10,000 over 5 years | $12,219 | $18,327Best |
| Top 10 Weight | 42.1% | 37.8%Best |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | All Cap Blend | Large Cap Blend |
| Inception | Dec 5, 2012 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Dec 6, 2012 to Sep 14, 2026 (13.8 years).
PHDG vs SPY 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 13.8 years both funds cover.
PHDG vs SPY Performance
Invesco S&P 500 Downside Hedged ETF (PHDG) is an ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year PHDG returned +12.42% while SPY returned +16.40%. Year to date, PHDG is up 10.64% versus a gain of 11.97% for SPY.
Over three years, PHDG compounded at +10.53% per year against +21.10% for SPY; over five years the annualized figures are +4.09% and +12.88% respectively. Across the full 14-year window we track, SPY has the edge at +13.57% annualized vs +4.25%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.3% compared with 9.8% 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 -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.69. They move together some of the time, and apart the rest.
Fees and Cost Over Time
PHDG charges 0.39% per year while SPY 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 1.67% against 0.98% for SPY.
Holdings Overlap
82.3% of PHDG's money is in holdings SPY also owns. 97.4% of SPY's money is in holdings PHDG also owns.
Most of SPY is already inside PHDG. Owning both mostly buys the same companies twice.
480 positions in common, counted across the 486 positions we hold weights for in PHDG and 504 in SPY, against full books of 514 and 505.
What only one of them owns
Our book lists 21 positions for SPY that do not appear in our book for PHDG (2.1% of the fund), and 4 for PHDG that do not appear in SPY (11.8%).
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 PHDG | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 6.81% | 8.01% | 1.20% |
| AAPLApple, Inc | 5.93% | 7.26% | 1.33% |
| MSFTMicrosoft Corp | 4.81% | 5.66% | 0.85% |
| AMZNAmazon.Com Inc | 3.24% | 3.79% | 0.55% |
| GOOGLAlphabet Inc,class A | 2.53% | 2.99% | 0.46% |
| AVGOBroadcom Inc | 2.23% | 2.66% | 0.43% |
| GOOGAlphabet Inc | 2.02% | 2.39% | 0.37% |
| METAMeta Platforms Inc | 1.60% | 1.93% | 0.33% |
| MUMicron Technology, Inc. | 1.38% | 1.60% | 0.22% |
| TSLATesla Inc | 1.32% | 1.52% | 0.20% |
97.4% of SPY is already inside PHDG.
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, PHDG or SPY?
PHDG has an expense ratio of 0.39% while SPY charges 0.09%. SPY is the cheaper option, by $30 a year on a $10,000 investment.
Which performed better, PHDG or SPY?
Over the past year PHDG returned +12.42% vs +16.40% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (14 years), PHDG annualized +4.25% vs +13.57% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PHDG or SPY?
SPY has been the more volatile fund at 14.3% annualized versus 9.8% for PHDG. Worst drawdown: PHDG -23.6% vs SPY -34.1%.
Should I hold both PHDG and SPY?
PHDG and SPY have a monthly-return correlation of 0.69, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between PHDG and SPY?
97.4% of SPY's money is in holdings PHDG also owns. 97.4% of SPY's is in holdings PHDG also owns. They hold 480 positions in common, counted across the 486 positions we hold weights for in PHDG and 504 in SPY.
Which pays a higher dividend, PHDG or SPY?
PHDG yields 1.67% while SPY yields 0.98%, so PHDG currently pays the higher dividend yield.
Is SPY better than PHDG?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 42.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.