Invesco S&P 500 Downside Hedged ETF
$41.35−0.27 (−0.64%)
- Expense ratio
- 0.44%
- Fund size
- $62M
- 1Y return
- +13.0%
- Yield · Last 12 months
- 1.41%
- Holdings
- 507
- Volume · 30D
- 0M sh
- NAV per share
- $41.66
- 52W range
The ETF.net PHDG Grade
Score 54 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.AScore 70Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 40Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.DScore 29Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.BScore 65Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 66Category rank
Our read on PHDG
CMost funds in this corner sell options for income. PHDG goes the other way: an actively managed S&P 500 sleeve paired with volatility exposure that scales with the market's mood. Running since 2012.
The actively managed ETF seeks positive total returns in rising or falling markets. It obtains dynamic exposure to S&P 500 equity and volatility.
Why people hold it
- Costs less than the typical fund in its peer group: 0.44% a year against a category median of 0.60%.
- A different tool than the covered-call crowd. Instead of selling upside for premium, it pairs roughly 500 S&P 500 stocks with volatility exposure, tracking the S&P 500 Dynamic VEQTOR Index.
- Live since December 2012, so the strategy has a long real-world record rather than a backtest, and it grades in the upper half of a 50-plus fund cohort.
Worth knowing
- Volatility exposure isn't free. When markets grind steadily higher, the hedge side of the portfolio can weigh on results versus plain S&P 500 exposure.
- It's a thinly traded fund of modest size, so spreads can run wider than in the giants of its category. Order size and timing matter more here.
- Built as a hedged-equity strategy, not an income machine. It distributes quarterly, unlike the monthly-premium peers such as GPIX and BALI.
PHDG Holdings
- Other
- 507
- 57%
- Invesco Premier US Government Money Portfolio
Sectors
- Technology38.6%
- Financials12.1%
- Communication9.5%
- Consumer Discr.9.3%
- Health Care9.3%
- Industrials7.8%
- Cons. Staples4.5%
- Energy3.5%
- Utilities2.0%
- Real Estate1.8%
- Materials1.7%
Geography
- United States97.99%
- Ireland1.15%
- United Kingdom0.40%
- Switzerland0.30%
- Netherlands0.08%
- Bermuda0.07%
- Canada0.01%
PHDG Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | PHDG |
|---|---|
| Year to date | +12.3% |
| 1 month | +1.0% |
| 3 months | +1.6% |
| 1 year | +13.0% |
| 3 years | +12.2% |
| 5 years | +5.0% |
| 10 years | +7.4% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | PHDG |
|---|---|---|
| 2026 YTD | +12.3% | |
| 2025 | +2.7% | |
| 2024 | +10.9% | |
| 2023 | +8.2% | |
| 2022 | −14.1% | |
| 2021 | +15.7% | |
| 2020 | +19.0% |
PHDG in the news
ETF.net Research hasn’t filed on PHDG yet — coverage lands here as it’s written.
PHDG Dividends
- 1.41%
- $0.59
- $0.12 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 21, 2026 | Pays Sep 25, 2026 | $0.12 |
| Jun 22, 2026 | Jun 26, 2026 | $0.15 |
| Mar 23, 2026 | Mar 27, 2026 | $0.15 |
| Dec 22, 2025 | Dec 26, 2025 | $0.17 |
| Sep 22, 2025 | Sep 26, 2025 | $0.23 |
| Jun 23, 2025 | Jun 27, 2025 | $0.25 |
| Mar 24, 2025 | Mar 28, 2025 | $0.15 |
| Dec 23, 2024 | Dec 27, 2024 | $0.17 |
| Sep 23, 2024 | Sep 27, 2024 | $0.23 |
| Jun 24, 2024 | Jun 28, 2024 | $0.17 |
| Mar 18, 2024 | Mar 22, 2024 | $0.15 |
| Dec 18, 2023 | Dec 22, 2023 | $0.21 |
PHDG Risk
- 10.8%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.54
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −17.1%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.71
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PHDG Cost
- The middle half of S&P 500 Option Income funds
- Median 0.60%
15 of the 51 S&P 500 Option Income funds charge less.