Invesco S&P 500 Downside Hedged ETF (PHDG) Valuation
PHDG valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 25.8 trailing earnings
- Forward P/E
- 19.8 analyst estimates
- Price / sales
- 3.59
- Price / book
- 5.35
- EV / EBITDA
- 17.1
- Earnings yield
- 3.88% inverse of P/E
- Dividend yield
- 1.11% of the holdings
- Return on equity
- 20.8% combined
- Net margin
- 13.9% combined
- Beta
- 1.14 weighted, vs S&P 500
PHDG valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| PHDG | 25.8 | 19.8 | 3.59 | 5.35 | 1.11% | 20.8% | 13.9% | 1.9% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
PHDG valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 27.6% | 32.3 | 23.3 | 9.07 | 12.30 | 0.56% | 38.0% |
| Financial Services | 8.6% | 15.9 | 14.7 | 3.47 | 2.37 | 1.49% | 14.9% |
| Healthcare | 7.2% | 37.7 | 17.5 | 1.73 | 5.20 | 1.50% | 13.8% |
| Consumer Cyclical | 6.6% | 27.0 | 23.2 | 2.71 | 6.44 | 0.73% | 23.9% |
| Communication Services | 6.6% | 18.2 | 18.7 | 4.81 | 4.94 | 0.71% | 27.2% |
| Industrials | 5.0% | 27.9 | 21.6 | 2.72 | 6.27 | 1.22% | 22.5% |
| Consumer Defensive | 3.4% | 29.1 | 21.6 | 1.70 | 6.89 | 2.34% | 23.7% |
| Energy | 2.7% | 19.8 | 12.9 | 1.87 | 2.52 | 2.30% | 12.7% |
| Utilities | 1.5% | 19.1 | 15.5 | 2.77 | 2.07 | 3.03% | 10.8% |
| Real Estate | 1.3% | 34.7 | 32.3 | 6.38 | 3.16 | 3.36% | 9.1% |
| Basic Materials | 1.1% | 31.2 | 17.0 | 2.86 | 3.79 | 1.38% | 12.1% |
PHDG earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How PHDG weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
PHDG largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 5.57% | 27.1 | 24.9 | 17.1 | 0.47% | 7.41% |
| AAPL | Apple Inc. | 5.35% | 39.4 | 35.2 | 10.7 | 0.31% | 4.89% |
| MSFT | Microsoft Corporation | 4.25% | 29.5 | 25.1 | 11.8 | 0.74% | 5.19% |
| AMZN | Amazon.com, Inc. | 2.78% | 20.1 | 23.6 | 3.5 | — | 4.97% |
| GOOGL | Alphabet Inc. | 1.98% | 17.1 | 22.8 | 9.3 | 0.26% | 4.18% |
| GOOG | Alphabet Inc. | 1.66% | 16.9 | 21.8 | 9.2 | 0.26% | 3.55% |
| AVGO | Broadcom Inc. | 1.62% | 43.3 | 19.4 | 17.6 | 0.79% | 1.34% |
| META | Meta Platforms, Inc. | 1.59% | 26.7 | 22.1 | 7.9 | 0.30% | 2.15% |
| BRK.B | Berkshire Hathaway Inc. | 1.17% | 13.4 | 22.7 | 3.0 | — | 3.15% |
| TSLA | Tesla, Inc. | 1.17% | 328.4 | 158.7 | 13.5 | — | 0.13% |
| LLY | Eli Lilly and Company | 1.12% | 42.2 | 24.4 | 14.1 | 0.55% | 0.96% |
| MU | Micron Technology, Inc. | 1.05% | 11.8 | 7.0 | 7.5 | 0.07% | 3.19% |
| JPM | JPMorgan Chase & Co. | 0.97% | 14.2 | 13.5 | 4.7 | 1.94% | 2.44% |
| AMD | Advanced Micro Devices, Inc. | 0.90% | 134.9 | 39.5 | 20.9 | — | 0.24% |
| XOM | Exxon Mobil Corporation | 0.85% | 23.0 | 14.8 | 2.0 | 2.30% | 1.34% |
| V | Visa Inc. | 0.77% | 34.3 | 24.0 | 17.0 | 0.67% | 0.81% |
| JNJ | Johnson & Johnson | 0.68% | 38.8 | 21.0 | 6.2 | 2.10% | 0.63% |
| WMT | Walmart Inc. | 0.59% | 43.0 | 38.0 | 1.3 | 0.83% | 0.50% |
| MA | Mastercard Incorporated | 0.55% | 34.0 | 24.2 | 15.4 | 0.56% | 0.58% |
| ABBV | AbbVie Inc. | 0.53% | 80.6 | 16.4 | 7.8 | 2.42% | 0.24% |
| CVX | Chevron Corporation | 0.51% | 21.2 | 15.2 | 2.1 | 3.16% | 0.86% |
| PLTR | Palantir Technologies Inc. | 0.50% | 160.4 | 85.5 | 72.6 | — | 0.11% |
| COST | Costco Wholesale Corporation | 0.49% | 47.6 | 40.3 | 1.4 | 0.59% | 0.37% |
| CSCO | Cisco Systems, Inc. | 0.48% | 32.2 | 19.8 | 6.7 | 1.56% | 0.53% |
| INTC | Intel Corporation | 0.46% | — | 63.3 | 8.3 | — | −0.39% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About PHDG valuation
Adding up its 497 holdings with company data, PHDG trades at 25.8 times trailing earnings and 19.8 times analysts' forward estimates, with a price-to-book ratio of 5.35 and a dividend yield of 1.11%. Its earnings yield of 3.88% is 1.45 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 27.1% of the fund and earn 37.0% of its combined profit. By sector, Healthcare is the most expensive at 37.7 times earnings and Financial Services the cheapest at 15.9. Companies that lost money over the past year are 1.9% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 99.3% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: PHDG chart, PHDG performance, PHDG holdings, PHDG dividends.
PHDG valuation FAQ
What is the P/E ratio of PHDG?
Based on its holdings, PHDG has a trailing P/E of 25.8 and a forward P/E of 19.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of PHDG?
The trailing earnings yield is 3.88% (1 ÷ P/E) and the forward earnings yield 5.06%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is PHDG more expensive than the S&P 500?
PHDG trades at 25.8 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 19.8 and 19.9.
What is the price-to-book ratio of PHDG?
The holdings of PHDG trade at 5.35 times book value, with a combined return on equity of 20.8%.
Which sector in PHDG has the highest P/E?
Healthcare has the highest P/E at 37.7 and Financial Services the lowest at 15.9.