IVV vs PHEQ
IVV vs PHEQ
iShares Core S&P 500 ETF vs Parametric Hedged Equity ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | IVV | PHEQ | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.29% | |
| AUM | $865.2B | $137M | |
| Dividend Yield | 1.09% | 0.94% | |
| Holdings | 508 | 186 | |
| YTD Return | +13.31% | +6.93% | |
| 1Y Return | +24.00% | +13.44% | |
| 3Y Return (annualized) | +21.16% | - | |
| 5Y Return (annualized) | +13.34% | - | |
| Volatility (annualized) | 15.1% | 6.8% | |
| Max Drawdown | -56.5% | -12.6% | |
| Fund Family | iShares by BlackRock (US) | Parametric | |
| Category | Equity | Equity | |
| Inception | May 15, 2000 | Oct 16, 2023 |
IVV vs PHEQ Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and Parametric Hedged Equity ETF (PHEQ) is a ETF from Parametric. Over the past year IVV returned +24.00% while PHEQ returned +13.44%. Year to date, IVV is up 13.31% versus a gain of 6.93% for PHEQ.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% 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 -56.5% for IVV and -12.6% for PHEQ. 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 0.92. 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 1.09% against 0.94% for PHEQ.
Holdings Overlap
IVV and PHEQ share 118 holdings out of 560 unique holdings combined, representing a 65.6% weight overlap.
High overlap means holding both may not provide much additional diversification.
Top Shared Holdings
| Stock | Weight in IVV | Weight in PHEQ | Difference |
|---|---|---|---|
| NVDA | 7.76% | 8.66% | 0.90% |
| AAPL | 7.44% | 7.30% | 0.14% |
| MSFT | 4.57% | 5.09% | 0.52% |
| AMZN | Pro | Pro | Pro |
| GOOGL | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| GOOG | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
| LLY | Pro | Pro | Pro |
See all 10 holdings IVV shares with PHEQ Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
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. On a $10,000 investment, that is $26 per year of difference.
Which performed better, IVV or PHEQ?
Over the past year IVV returned +24.00% vs +13.44% for PHEQ, so IVV leads on 1-year performance. Over the longest common window we track (3 years), IVV annualized +7.03% vs +15.00% for PHEQ. Past performance does not guarantee future results.
Which is riskier, IVV or PHEQ?
IVV has been the more volatile fund at 15.1% annualized versus 6.8% for PHEQ. Worst drawdown: IVV -56.5% 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. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between IVV and PHEQ?
IVV and PHEQ share 118 common holdings with a 65.6% weight overlap. Combined, they hold 560 unique securities.
Which pays a higher dividend, IVV or PHEQ?
IVV yields 1.09% while PHEQ yields 0.94%, so IVV currently pays the higher dividend yield.
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