PHDG vs TYO
Invesco S&P 500 Downside Hedged ETF vs Direxion Daily 7-10 Year Treasury Bear 3X ETF
Quick Verdict
PHDG has a lower expense ratio. PHDG delivered stronger 1-year returns. PHDG offers more diversification with 494 holdings.
Side-by-Side Comparison
| Metric | PHDG | TYO | Winner |
|---|---|---|---|
| Expense Ratio | 0.39% | 1.00% | |
| AUM | $61M | $12M | |
| Dividend Yield | 1.68% | 2.62% | |
| Holdings | 514 | 6 | |
| YTD Return | +12.47% | +11.63% | |
| 1Y Return | +16.44% | +10.94% | |
| 3Y Return (annualized) | +9.60% | +4.88% | |
| 5Y Return (annualized) | +4.60% | +14.70% | |
| Volatility (annualized) | 9.9% | 19.3% | |
| Max Drawdown | -23.6% | -90.4% | |
| Fund Family | Invesco (US) | Direxion Shares ETF Trust | |
| Category | Equity | Alternative | |
| Inception | Dec 5, 2012 | Apr 16, 2009 |
PHDG vs TYO Performance
Invesco S&P 500 Downside Hedged ETF (PHDG) is a ETF from Invesco (US) and Direxion Daily 7-10 Year Treasury Bear 3X ETF (TYO) is a ETF from Direxion Shares ETF Trust. Over the past year PHDG returned +16.44% while TYO returned +10.94%. Year to date, PHDG is up 12.47% versus a gain of 11.63% for TYO.
Over three years, PHDG compounded at +9.60% per year against +4.88% for TYO; over five years the annualized figures are +4.60% and +14.70% respectively. Across the full 14-year window we track, PHDG has the edge at +4.41% annualized vs -7.21%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TYO has been the more volatile fund, with annualized monthly volatility of 19.3% 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 -90.4% for TYO. 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 -0.08. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PHDG charges 0.39% per year while TYO charges 1.00%. On a $10,000 position that is $39 vs $100 annually, a gap of $61 per year that compounds over a long holding period. On income, PHDG currently yields 1.68% against 2.62% for TYO.
Holdings Overlap
PHDG and TYO share 0 holdings out of 497 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, PHDG or TYO?
PHDG has an expense ratio of 0.39% while TYO charges 1.00%. PHDG is the cheaper option. On a $10,000 investment, that is $61 per year of difference.
Which performed better, PHDG or TYO?
Over the past year PHDG returned +16.44% vs +10.94% for TYO, so PHDG leads on 1-year performance. Over the longest common window we track (14 years), PHDG annualized +4.41% vs -7.21% for TYO. Past performance does not guarantee future results.
Which is riskier, PHDG or TYO?
TYO has been the more volatile fund at 19.3% annualized versus 9.9% for PHDG. Worst drawdown: PHDG -23.6% vs TYO -90.4%.
Should I hold both PHDG and TYO?
PHDG and TYO have a monthly-return correlation of -0.08, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PHDG and TYO?
PHDG and TYO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 497 unique securities.
Which pays a higher dividend, PHDG or TYO?
PHDG yields 1.68% while TYO yields 2.62%, so TYO currently pays the higher dividend yield.
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