Invesco S&P 500 Downside Hedged ETF (PHDG) Performance
PHDG total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +10.7% since Dec 31, 2025
- 1 year
- +10.7% total return
- 5 years
- +4.2% a year
- 10 years
- +7.4% a year
- Since first price
- +5.5% a year since 2012
PHDG trailing returns vs SPY, QQQ, AGG
| Period | PHDG total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.1% | −1.1% | −1.0% | −5.0% | +0.9% |
| 3 months | +1.0% | +0.7% | +3.2% | +1.9% | −0.4% |
| 6 months | +3.1% | +2.4% | +7.8% | +8.4% | −1.5% |
| YTD | +10.7% | +9.6% | +12.3% | +15.1% | −1.0% |
| 1 year | +10.7% | +9.0% | +14.4% | +15.9% | −1.1% |
| 3 years | +39.7%+11.8%/yr | +31.8% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +22.9%+4.2%/yr | +12.8% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +104.5%+7.4%/yr | +74.5% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionDec 6, 2012 | +111.6%+5.5%/yr | +63.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: PHDG vs SPY
From Dec 6, 2012: PHDG grew to $21,157, SPY to $68,048.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PHDG returns by calendar year
9 of 13 full years positive. Best 2020 (+19.0%), worst 2022 (−14.1%). 2026 is year to date.
PHDG annual returns table
| Year | PHDG | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +10.7% | −6.8% | +12.3% | +15.1% | −1.0% |
| 2025 | +2.7% | −14.2% | +17.7% | +20.8% | +7.2% |
| 2024 | +10.9% | −6.1% | +24.9% | +25.6% | +1.3% |
| 2023 | +8.2% | −8.9% | +26.2% | +54.9% | +5.7% |
| 2022 | −14.1% | −15.9% | −18.2% | −32.6% | −13.0% |
| 2021 | +15.7% | −5.0% | +28.7% | +27.4% | −1.8% |
| 2020 | +19.0% | −15.9% | +18.3% | +48.6% | +7.5% |
| 2019 | +8.6% | −8.2% | +31.2% | +39.0% | +8.5% |
| 2018 | −2.4% | −12.5% | −4.6% | −0.1% | +0.1% |
| 2017 | +15.9% | −2.5% | +21.7% | +32.7% | +3.6% |
| 2016 | −0.6% | −7.8% | +12.0% | +7.1% | +2.4% |
| 2015 | −9.9% | −15.4% | +1.2% | +9.4% | +0.5% |
| 2014 | +5.2% | −3.7% | +13.5% | +19.2% | +6.0% |
| 2013 | +13.2% | −5.2% | +32.3% | +36.6% | −2.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
PHDG largest drawdowns
Now 4.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 5, 2014 | −17.7% | Nov 3, 2016 | Dec 11, 2017 | 1.9 years | 3.0 years |
| Dec 27, 2021 | −17.1% | Oct 5, 2023 | Jun 12, 2024 | 1.8 years | 2.5 years |
| Mar 18, 2020 | −15.9% | Apr 14, 2020 | Aug 24, 2020 | 27 days | 5 months |
| Dec 4, 2024 | −14.8% | May 2, 2025 | Mar 2, 2026 | 5 months | 1.2 years |
| Feb 6, 2018 | −12.8% | Jan 3, 2019 | Mar 12, 2020 | 11 months | 2.1 years |
| Sep 2, 2020 | −10.1% | Sep 21, 2020 | Apr 15, 2021 | 19 days | 7 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
PHDG risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2012 |
|---|---|---|---|---|
| Annualized return | +12.0% | +4.7% | +7.3% | +5.7% |
| Volatility (annualized) | 10.4% | 10.9% | 10.2% | 9.6% |
| Sharpe ratio | 0.73 | 0.15 | 0.52 | 0.45 |
| Sortino ratio | 1.10 | 0.21 | 0.77 | 0.66 |
| Best month | +7.0% | +7.0% | +7.2% | +7.2% |
| Worst month | −7.9% | −7.9% | −7.9% | −7.9% |
| Best 12 months | +26.8% | +26.8% | +26.8% | +26.8% |
| Worst 12 months | −3.6% | −14.1% | −14.1% | −14.1% |
| Positive months | 72% | 58% | 62% | 61% |
| Beta vs S&P 500 | 0.68 | 0.56 | 0.45 | — |
| Correlation with S&P 500 | 0.82 | 0.80 | 0.68 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
PHDG rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 155 | −14.1% | +5.8% | +26.8% | 68% |
| 3-year (a year) | 131 | −2.1% | +5.3% | +14.3% | 87% |
| 5-year (a year) | 107 | +0.5% | +4.7% | +11.3% | 100% |
| 10-year (a year) | 47 | +3.4% | +4.7% | +7.5% | 100% |
Every holding period starting at a month-end since 2012. Returns for 3 years and longer are annualized.
PHDG performance overview
Invesco S&P 500 Downside Hedged ETF (PHDG) returned +10.7% over the past year and +7.4% a year over ten years, with distributions reinvested. Since its first recorded price in 2012 it has returned +5.5% a year, turning $10,000 into about $21,157. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −17.7%, from Dec 5, 2014 to Nov 3, 2016, and it took 1.1 years to get back to the old high. PHDG finished 9 of its 13 full calendar years with a gain; the best year was 2020 (+19.0%) and the worst 2022 (−14.1%). Volatility has been 9.6% a year.
Related: PHDG chart, PHDG holdings, PHDG dividends, PHDG valuation. See the PHDG overview for the latest quote and fund facts.
PHDG performance FAQ
What is the PHDG return over the past year?
PHDG returned +10.7% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 9.0%.
What is the average annual return of PHDG?
PHDG has returned +4.2% a year over 5 years, +7.4% a year over 10 years, +5.5% a year since December 6, 2012 (total return, distributions reinvested).
How much would $10,000 invested in PHDG be worth?
$10,000 invested in PHDG at its first recorded close on December 6, 2012 would be worth about $21,157 on October 23, 2026 with distributions reinvested.
What was the worst year for PHDG?
The worst calendar year was 2022, with a total return of −14.1%. The best was 2020 at +19.0%.
What is the biggest drawdown of PHDG?
The largest peak-to-trough decline was −17.7% between December 5, 2014 and November 3, 2016. It recovered to the old high on December 11, 2017, 1.1 years after the bottom.
How volatile is PHDG?
Over the past 3 years PHDG had an annualized volatility of 10.4% and a Sharpe ratio of 0.73 (excess return over 1–3 month T-bills per unit of risk).