IVVW vs PHDG: Grades, Fees and Holdings Compared

iShares S&P 500 BuyWrite ETF

IVVWACboe

Invesco S&P 500 Downside Hedged ETF

PHDGBNYSE Arca

Overlap

83.7%by weight

Expense ratio

IVVW −0.14pt a year

IVVW0.25%PHDG0.39%

Avg volume · 30D

IVVW 5.7×the volume

IVVW41.5KPHDG7.25K

IVVW vs PHDG Performance

Oct 31, 2025 – Oct 30, 2026

+13.4%IVVW+8.7%PHDG

Expense ratio: IVVW 0.25%, better; PHDG 0.39%
Fund size: IVVW $348M; PHDG $62M
1Y total return: IVVW +13.4%, better; PHDG +8.7%
Yield (12M): IVVW 18.55%, better; PHDG 1.44%
Holdings: IVVW 506; PHDG 508
Avg volume (30D): IVVW 41.5K sh, better; PHDG 7.25K sh
NAV per share: IVVW $44.40; PHDG $41.16
52W range

ETF.net Grade

Pillar letters and Scores for IVVW, PHDG, with each pillar’s weight
Pillar	IVVW	PHDG
Cost30% weight	A96Higher	A73
Mission25% weight	A100	Not scored
Risk15% weight	C53Higher	D39
Tradability15% weight	C53Higher	D30
Holdings10% weight	A75Higher	A70
Durability5% weight	A72Higher	B66

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. IVVW and PHDG are both graded against the same 51 S&P 500 Option Income funds, so their Grades compare head to head.

S&P 500 Option Income⁠

Category · 51 funds

See all 51 ›

IVVW ranks 3rd and PHDG 29th of 51 funds in the S&P 500 Option Income Category.

Rank 1ACSHINeos Enhanced Income Cash Alternative ETFScore 83
Rank 2ABALIiShares U.S. Large Cap Premium Income Active ETFScore 81
Rank 3AIVVWiShares S&P 500 BuyWrite ETFScore 80
Rank 4AGPIXGoldman Sachs S&P 500 Premium Income ETFScore 78
Rank 29BOVLHOverlay Shares Hedged Large Cap Equity ETFScore 56
Rank 29BPHDGInvesco S&P 500 Downside Hedged ETFScore 56
Rank 31CHEDGEquable Shares Hedged Equity ETFScore 53

Our read on each fund

ETF.net Research

IVVWAiShares S&P 500 BuyWrite ETF

PHDGBInvesco S&P 500 Downside Hedged ETF

In short

IVVW BlackRock's version of the covered call: hold the whole S&P 500 through the iShares Core fund, sell one-month index calls struck 1% out of the money, pay the premium out monthly. All for a quarter-point fee.

PHDG Most funds in this corner of the market sell options for income. PHDG does the opposite: an S&P 500 core paired with a VIX futures hedge that scales up as markets get choppy, run actively since 2012.

Stated mandate

IVVW The fund seeks to track an index strategy that holds the iShares Core S&P 500 ETF and sells one-month call options primarily on the S&P 500 Index to generate income. The short option position is intended to be offset by the fund’s long position in the underlying ETF.

PHDG 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

IVVW Costs 0.25% a year against a category median near 0.60%. On an income strategy, that is less of the option premium quietly leaking out the door.
The calls sit 1% out of the money, so a slice of each month's rally still belongs to shareholders before the cap bites. At-the-money writers give that up.cboe.com
Rules over hunches: it tracks a Cboe index that pairs a long position in the iShares Core S&P 500 ETF with a short monthly S&P 500 call, rolled on a set schedule.cboe.com
Inside a crowded covered-call field where fat fees are the norm, this is one of the tighter builds in its peer group.

PHDG The hedge is rules-driven: its reference index shifts among the S&P 500, VIX short-term futures and cash based on realized and implied volatility.spglobal.com
0.39% net of a waiver through August 31, 2027 (0.44% gross), below the category median despite an actively managed volatility overlay.
Live since December 2012, so this hedging engine has run through real volatility spikes rather than arriving as a recent product launch.
Broad core behind the hedge: exposure to about 500 large US stocks, with cash paid out quarterly.

Worth knowing

IVVW Covered calls trade upside for income. Above the strike, the month's gain is capped, and the premium cushions losses rather than blocking them.cboe.com
Monthly payouts come from option premium, so they move with volatility instead of arriving as a fixed amount.
Launched in 2024 and moderately traded, so the live record is short and spreads can run wider than the category's biggest names.

PHDG Long volatility costs money to carry. In calm, grinding-higher markets the VIX sleeve can bleed value, and that is the price of the cushion.spglobal.com sec.gov
The index's stop-loss rule shifts to cash after a 2% slide over five index business days. It dampens drawdowns but does not set a floor under them.sec.gov
It trades thinly next to the category's covered-call heavyweights, and several of those undercut it on fee (IVVW at 0.25%).

Full IVVW profile⁠

Full PHDG profile⁠

IVVW vs PHDG Holdings

How IVVW and PHDG differ

Overlap by weight

83.7%

Shared holdings make up 99.5% of IVVW and 83.8% of PHDG.

Level by level

Asset classEquity, Alternatives0.0%
Holdings496 in both83.7%
Countryby domicile98.4%
Sector11 Sectors98.8%

Sector

Sector weights in IVVW and PHDG, widest gap first
Sector	More in IVVWMore in PHDG	IVVW	PHDG
Technology	PHDG +1.0 points	38.5%	39.5%
Industrials	IVVW +0.5 points	8.0%	7.5%
Financials	IVVW +0.2 points	11.8%	11.6%
Consumer Staples	IVVW +0.2 points	4.8%	4.6%
Communication	PHDG +0.2 points	8.9%	9.1%
Materials	IVVW +0.2 points	1.7%	1.5%
Consumer Discretionary	PHDG +0.1 points	9.0%	9.1%
Health Care	IVVW +0.1 points	9.8%	9.7%
Energy	Same weight	3.7%	3.7%
Utilities	Same weight	2.0%	2.0%
Real Estate	Same weight	1.7%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in IVVW and PHDG, widest gap first
Country	More in IVVWMore in PHDG	IVVW	PHDG
United States	IVVW +1.5 points	99.5%	98.1%
Ireland	PHDG +1.1 points	0.0%	1.1%
Other countries (7)	PHDG +0.4 points	0.4%	0.8%

Concentration

Weight in the 10 largest Holdings

IVVW37.3%
PHDG48.3%

Securities held

IVVW503
PHDG505

Asset class

IVVW: Equity
PHDG: Alternatives

Holdings

Only in IVVW7
In both496
Only in PHDG9

Only in IVVW

7 securities, 0.4% of IVVW by weight

Elevance Health Inc0.14%
Becton Dickinson0.08%
Vivmark Residential0.07%
Block Class A0.06%
Fiserv Inc0.04%
Ball Corp0.03%
Skydance Shs Class B<0.01%

Only in PHDG

9 securities, 12.2% of PHDG by weight

Invesco Premier US Government Money Portfolio11.81%
Elevance Health Inc0.12%
Becton Dickinson & Co0.07%
Vivmark Residential0.06%
Block Inc0.05%
Fiserv Inc0.03%
Ball Corp0.02%
Skydance Corp<0.01%
Securities Lending - Bnym0.00%

Weight gaps

The 100 widest of 496 Holdings in both funds.

Holding weights in IVVW and PHDG, widest gap first
Holding	More in IVVWMore in PHDG	IVVW	PHDG
AppleAAPL	IVVW +1.26 points	7.70%	6.44%
NVIDIANVDA	IVVW +1.04 points	7.58%	6.54%
MicrosoftMSFT	IVVW +0.95 points	5.93%	4.98%
Amazon.com IncAMZN	IVVW +0.58 points	3.61%	3.03%
Alphabet Class AGOOGL	IVVW +0.40 points	2.51%	2.11%
Eli LillyLLY	IVVW +0.35 points	1.74%	1.39%
Meta Platforms Class AMETA	IVVW +0.34 points	2.08%	1.74%
Alphabet Class CGOOG	IVVW +0.33 points	2.03%	1.70%
Broadcom IncAVGO	IVVW +0.30 points	2.38%	2.08%
Tesla IncTSLA	IVVW +0.29 points	1.73%	1.44%
Berkshire Hathaway Inc Class BBRK.B	IVVW +0.27 points	1.55%	1.28%
Exxonmobil Holdings CorpXOM	IVVW +0.23 points	1.18%	0.95%
JPMorgan Chase & CoJPM	IVVW +0.21 points	1.37%	1.16%
Micron TechnologyMU	IVVW +0.19 points	1.53%	1.34%
Visa Class AV	IVVW +0.20 points	1.08%	0.88%
Johnson & JohnsonJNJ	IVVW +0.17 points	1.01%	0.84%
WalmartWMT	IVVW +0.16 points	0.84%	0.68%
AbbVieABBV	IVVW +0.15 points	0.80%	0.65%
Mastercard Class AMA	IVVW +0.14 points	0.79%	0.65%
ChevronCVX	IVVW +0.13 points	0.71%	0.58%
Costco Wholesale CorpCOST	IVVW +0.13 points	0.69%	0.56%
Merck & Co IncMRK	IVVW +0.10 points	0.56%	0.46%
Coca-ColaKO	IVVW +0.11 points	0.56%	0.45%
Procter & GamblePG	IVVW +0.11 points	0.58%	0.47%
UnitedHealth GroupUNH	IVVW +0.09 points	0.56%	0.47%
Advanced Micro DevicesAMD	IVVW +0.09 points	1.26%	1.17%
Cisco Systems IncCSCO	IVVW +0.09 points	0.63%	0.54%
Home DepotHD	IVVW +0.09 points	0.50%	0.41%
Philip Morris InternationalPM	IVVW +0.09 points	0.50%	0.41%
Intel CorporationINTC	PHDG +0.08 points	0.50%	0.58%
Bank of AmericaBAC	IVVW +0.08 points	0.50%	0.42%
Palantir Technologies Class APLTR	IVVW +0.08 points	0.65%	0.57%
RtxRTX	IVVW +0.07 points	0.41%	0.34%
Amgen IncAMGN	IVVW +0.07 points	0.39%	0.32%
Linde PLCLIN	IVVW +0.07 points	0.36%	0.29%
NetflixNFLX	IVVW +0.07 points	0.40%	0.33%
Ge AerospaceGE	IVVW +0.07 points	0.48%	0.41%
Palo Alto NetworksPANW	IVVW +0.07 points	0.46%	0.39%
Gilead SciencesGILD	IVVW +0.06 points	0.32%	0.26%
International Business Machines CoIBM	IVVW +0.06 points	0.37%	0.31%
Thermo Fisher ScientificTMO	IVVW +0.06 points	0.39%	0.33%
Caterpillar IncCAT	IVVW +0.06 points	0.44%	0.38%
Wells FargoWFC	IVVW +0.07 points	0.39%	0.32%
Texas InstrumentTXN	IVVW +0.06 points	0.42%	0.36%
Goldman Sachs GroupGS	IVVW +0.06 points	0.40%	0.34%
PepsicoPEP	IVVW +0.06 points	0.29%	0.23%
ConocophillipsCOP	IVVW +0.05 points	0.28%	0.23%
Lam ResearchLRCX	IVVW +0.06 points	0.46%	0.40%
Verizon Communications IncVZ	IVVW +0.05 points	0.28%	0.23%
Crowdstrike Holdings Class ACRWD	IVVW +0.05 points	0.39%	0.34%
Abbott LaboratoriesABT	IVVW +0.05 points	0.28%	0.23%
Walt DisneyDIS	IVVW +0.05 points	0.29%	0.24%
Applied Material IncAMAT	IVVW +0.05 points	0.47%	0.42%
Nextera EnergyNEE	IVVW +0.05 points	0.27%	0.22%
Accenture PLC Class AACN	IVVW +0.05 points	0.24%	0.19%
Ge VernovaGEV	IVVW +0.05 points	0.35%	0.30%
PfizerPFE	IVVW +0.05 points	0.27%	0.22%
Morgan StanleyMS	IVVW +0.05 points	0.34%	0.29%
DeereDE	IVVW +0.05 points	0.26%	0.21%
Union PacificUNP	IVVW +0.05 points	0.28%	0.23%
Mcdonalds CorpMCD	IVVW +0.05 points	0.28%	0.23%
SalesforceCRM	IVVW +0.05 points	0.29%	0.24%
CitigroupC	IVVW +0.04 points	0.31%	0.27%
WelltowerWELL	IVVW +0.05 points	0.26%	0.21%
Analog DevicesADI	IVVW +0.04 points	0.31%	0.27%
Vertex PharmaceuticalsVRTX	IVVW +0.05 points	0.22%	0.17%
Amphenol Corp Class AAPH	IVVW +0.04 points	0.30%	0.26%
AT&TT	IVVW +0.04 points	0.22%	0.18%
American ExpressAXP	IVVW +0.04 points	0.26%	0.22%
OracleORCL	IVVW +0.04 points	0.35%	0.30%
TjxTJX	IVVW +0.04 points	0.24%	0.20%
S&P GlobalSPGI	IVVW +0.04 points	0.22%	0.18%
BlackRockBLK	IVVW +0.04 points	0.25%	0.21%
KlaKLAC	IVVW +0.04 points	0.32%	0.28%
Regeneron PharmaceuticalsREGN	IVVW +0.04 points	0.14%	0.10%
Marathon PetroleumMPC	IVVW +0.04 points	0.19%	0.15%
Altria Group IncMO	IVVW +0.04 points	0.20%	0.16%
Bristol Myers SquibbBMY	IVVW +0.04 points	0.20%	0.16%
ProgressivePGR	IVVW +0.04 points	0.21%	0.17%
Valero Energy CorpVLO	IVVW +0.04 points	0.18%	0.14%
Charles SchwabSCHW	IVVW +0.04 points	0.22%	0.18%
Automatic Data Processing IncADP	IVVW +0.04 points	0.18%	0.14%
BoeingBA	IVVW +0.04 points	0.21%	0.17%
DanaherDHR	IVVW +0.03 points	0.22%	0.19%
Phillips 66PSX	IVVW +0.03 points	0.17%	0.14%
ChubbCB	IVVW +0.04 points	0.20%	0.16%
Uber TechnologiesUBER	IVVW +0.03 points	0.20%	0.17%
Intuitive SurgicalISRG	IVVW +0.03 points	0.23%	0.20%
Lockheed MartinLMT	IVVW +0.03 points	0.20%	0.17%
Mckesson CorpMCK	IVVW +0.04 points	0.18%	0.14%
Lowes Companies IncLOW	IVVW +0.03 points	0.18%	0.15%
Prologis ReitPLD	IVVW +0.04 points	0.19%	0.15%
Cme Group Class ACME	IVVW +0.04 points	0.17%	0.13%
Cvs HealthCVS	IVVW +0.03 points	0.18%	0.15%
Capital One Financial CorpCOF	IVVW +0.03 points	0.19%	0.16%
SouthernSO	IVVW +0.03 points	0.17%	0.14%
Intercontinental Exchange IncICE	IVVW +0.03 points	0.15%	0.12%
Starbucks CorpSBUX	IVVW +0.03 points	0.18%	0.15%
IntuitINTU	IVVW +0.03 points	0.14%	0.11%
Duke Energy CorpDUK	IVVW +0.03 points	0.15%	0.12%

All IVVW holdings⁠All 507 PHDG holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IVVW vs PHDG Cost

Overpaying PHDG vs IVVW

$2,739

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

IVVW 0.25%
$5,159
PHDG 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

IVVW 0.25%
PHDG 0.39%
Overpaying

Year by year

Year	IVVW	PHDG	Overpaying
10	$455	$705	$250
20	$1,769	$2,725	$956
30	$5,159	$7,898	$2,739

Expense ratio

0.25%IVVW, cheaper
0.39%PHDG

IVVW0.25%PHDG0.39%

0.10%1.18%

Middle half of S&P 500 Option Income funds
Median 0.60%

IVVW 2nd cheapest of 51 funds

PHDG 14th cheapest of 51 funds

IVVW vs PHDG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IVVW 18.55%, better; PHDG 1.44%
Payout (12M): IVVW $8.25; PHDG $0.59
Last payment: IVVW $0.88; PHDG $0.12
Ex-dividend: IVVW Oct 2, 2026; PHDG Sep 21, 2026
Paid on: IVVW Oct 7, 2026; PHDG Sep 25, 2026
Frequency: IVVW Monthly; PHDG Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

IVVWMonthly · 31 paymentsAll IVVW payments⁠

PHDGQuarterly · 15 paymentsAll PHDG payments⁠

IVVW vs PHDG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IVVW 7.3%since Apr 2024PHDG 10.5%
Return per unit of riskSharpe ratio, 3 years: IVVW 1.10since Apr 2024PHDG 0.65
Worst fallMax drawdown, 5 years: IVVW −16.8%since Mar 2024PHDG −17.1%
Market sensitivityBeta, 5 years: IVVW 0.54PHDG 0.71; Market = 1

Popular comparisons

IVVWAvsCSHIA
iShares S&P 500 BuyWrite ETF · Neos Enhanced Income Cash Alternative ETF
Expense ratio
0.25% · 0.38%
Category
PHDGBvsCSHIA
Invesco S&P 500 Downside Hedged ETF · Neos Enhanced Income Cash Alternative ETF
Expense ratio
0.39% · 0.38%
Category
IVVWAvsBALIA
iShares S&P 500 BuyWrite ETF · iShares U.S. Large Cap Premium Income Active ETF
Expense ratio
0.25% · 0.35%
Category
PHDGBvsBALIA
Invesco S&P 500 Downside Hedged ETF · iShares U.S. Large Cap Premium Income Active ETF
Expense ratio
0.39% · 0.35%
Category
IVVWAvsGPIXA
iShares S&P 500 BuyWrite ETF · Goldman Sachs S&P 500 Premium Income ETF
Expense ratio
0.25% · 0.29%
Category
PHDGBvsGPIXA
Invesco S&P 500 Downside Hedged ETF · Goldman Sachs S&P 500 Premium Income ETF
Expense ratio
0.39% · 0.29%
Category