PHDG vs SPY
PHDG vs SPY
Invesco S&P 500 Downside Hedged ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | PHDG | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.39% | 0.09% | |
| AUM | $61M | $789.1B | |
| Dividend Yield | 1.68% | 1.01% | |
| Holdings | 514 | 505 | |
| YTD Return | +12.91% | +13.28% | |
| 1Y Return | +19.13% | +23.94% | |
| 3Y Return (annualized) | +9.51% | +21.07% | |
| 5Y Return (annualized) | +4.61% | +13.27% | |
| Volatility (annualized) | 9.9% | 15.3% | |
| Max Drawdown | -23.6% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 5, 2012 | Jan 22, 1993 |
PHDG vs SPY Performance
Invesco S&P 500 Downside Hedged ETF (PHDG) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PHDG returned +19.13% while SPY returned +23.94%. Year to date, PHDG is up 12.91% versus a gain of 13.28% for SPY.
Over three years, PHDG compounded at +9.51% per year against +21.07% for SPY; over five years the annualized figures are +4.61% and +13.27% respectively. Across the full 14-year window we track, SPY has the edge at +8.84% annualized vs +4.44%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% 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 -56.5% for SPY. 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 0.69. They move independently enough that combining them can meaningfully diversify a portfolio.
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 1.68% against 1.01% for SPY.
Holdings Overlap
PHDG and SPY share 482 holdings out of 515 unique holdings combined, representing a 73.4% weight overlap.
High overlap means holding both may not provide much additional diversification.
Top Shared Holdings
| Stock | Weight in PHDG | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 5.69% | 7.31% | 1.62% |
| AAPL | 4.98% | 7.09% | 2.11% |
| MSFT | 3.30% | 4.43% | 1.13% |
| AMZN | Pro | Pro | Pro |
| GOOGL | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| GOOG | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| MU | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
See all 10 holdings PHDG shares with SPY 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, PHDG or SPY?
PHDG has an expense ratio of 0.39% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $30 per year of difference.
Which performed better, PHDG or SPY?
Over the past year PHDG returned +19.13% vs +23.94% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (14 years), PHDG annualized +4.44% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, PHDG or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 9.9% for PHDG. Worst drawdown: PHDG -23.6% vs SPY -56.5%.
Should I hold both PHDG and SPY?
PHDG and SPY have a monthly-return correlation of 0.69, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PHDG and SPY?
PHDG and SPY share 482 common holdings with a 73.4% weight overlap. Combined, they hold 515 unique securities.
Which pays a higher dividend, PHDG or SPY?
PHDG yields 1.68% while SPY yields 1.01%, so PHDG currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.