PHEQ vs VOO
Parametric Hedged Equity ETF vs Vanguard S&P 500 ETF
Which is better, PHEQ or VOO?
VOO has been ahead.
VOO has a lower expense ratio. VOO led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.93. VOO is less concentrated, with 36.4% of the fund in its ten largest positions against 38.8%.
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 | PHEQ | VOO |
|---|---|---|
| Expense Ratio | 0.29% | 0.03%Best |
| AUM | $144M | $997.4B |
| Dividend Yield | 0.94% | 1.08% |
| Holdings | 184 | 509 |
| YTD Return | +8.22% | +13.37%Best |
| 1Y Return | +12.17% | +20.08%Best |
| 3Y Return (annualized) | +14.95% | +21.29%Best |
| 5Y Return (annualized) | - | +12.89% |
| Volatility (annualized) | 6.8%Best | 12.4% |
| Max Drawdown | -12.6%Best | -18.7% |
| $10,000 over 2.9 years | $15,058 | $18,814Best |
| Top 10 Weight | 38.8% | 36.4%Best |
| Fund Family | Parametric | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Oct 16, 2023 | Sep 7, 2010 |
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 4, 2026 (2.9 years).
PHEQ vs VOO 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.
PHEQ vs VOO Performance
Parametric Hedged Equity ETF (PHEQ) is an ETF from Parametric and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year PHEQ returned +12.17% while VOO returned +20.08%. Year to date, PHEQ is up 8.22% versus a gain of 13.37% for VOO.
Over three years, PHEQ compounded at +14.95% per year against +21.29% for VOO.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOO has been the more volatile fund, with annualized monthly volatility of 12.4% 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 -12.6% for PHEQ and -18.7% for VOO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.93. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
PHEQ charges 0.29% per year while VOO charges 0.03%. On a $10,000 position that is $29 vs $3 annually, a gap of $26 per year that compounds over a long holding period. On income, PHEQ currently yields 0.94% against 1.08% for VOO.
Holdings Overlap
93.6% of PHEQ's money is in holdings VOO also owns. 68.1% of VOO's money is in holdings PHEQ also owns.
Most of PHEQ is already inside VOO. Owning both mostly buys the same companies twice.
120 positions in common, counted across the 171 positions we hold weights for in PHEQ and 504 in VOO, against full books of 184 and 509.
What only one of them owns
Our book lists 376 positions for VOO that do not appear in our book for PHEQ (31.3% of the fund), and 44 for PHEQ that do not appear in VOO (7.3%).
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 PHEQ | Weight in VOO | Difference |
|---|---|---|---|
| AAPLApple Inc Ord | 8.25% | 6.59% | 1.66% |
| NVDANvidia Corp. | 7.32% | 7.51% | 0.19% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 4.70% | 4.30% | 0.40% |
| AMZNAmazon.Com Inc | 3.70% | 3.62% | 0.08% |
| GOOGL Alphabet Inc. Class A | 3.27% | 3.25% | 0.02% |
| AVGOBroadcom Inc | 2.91% | 2.77% | 0.14% |
| GOOGAlphabet, Inc., Class C | 2.85% | 2.59% | 0.26% |
| METAMeta Platform Inc | 2.07% | 1.92% | 0.15% |
| MUMicron Technology, Inc. | 1.39% | 2.02% | 0.63% |
| TSLATesla Motors Inc | 1.55% | 1.84% | 0.29% |
93.6% of PHEQ is already inside VOO.
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, PHEQ or VOO?
PHEQ has an expense ratio of 0.29% while VOO charges 0.03%. VOO is the cheaper option, by $26 a year on a $10,000 investment.
Which performed better, PHEQ or VOO?
Over the past year PHEQ returned +12.17% vs +20.08% for VOO, so VOO leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PHEQ or VOO?
VOO has been the more volatile fund at 12.4% annualized versus 6.8% for PHEQ. Worst drawdown: PHEQ -12.6% vs VOO -18.7%.
Should I hold both PHEQ and VOO?
PHEQ and VOO have a monthly-return correlation of 0.93, 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 PHEQ and VOO?
93.6% of PHEQ's money is in holdings VOO also owns. 68.1% of VOO's is in holdings PHEQ also owns. They hold 120 positions in common, counted across the 171 positions we hold weights for in PHEQ and 504 in VOO.
Which pays a higher dividend, PHEQ or VOO?
PHEQ yields 0.94% while VOO yields 1.08%, so VOO currently pays the higher dividend yield.
Is VOO better than PHEQ?
VOO has a lower expense ratio. VOO led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.93. VOO is less concentrated, with 36.4% of the fund in its ten largest positions against 38.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.