PHDG vs MMSD
Comparison between INVESCO S&P 500 DOWNSIDE HEDGED ETF (PHDG, ETF) and IQ MACKAY MUNICIPAL SHORT DURATION ETF (MMSD, ETF).
PHDG vs MMSD - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
PHDG
$68M
Winner
MMSD
$68M
Expense Ratio
PHDG
0.39%
Winner
MMSD
0.25%
Max Drawdown
PHDG
23.59%
Winner
MMSD
1.85%
Sharpe Ratio
Winner
PHDG
1.70
MMSD
0.45
5Y Beta
PHDG
0.30
Winner
MMSD
0.03
5Y Dividends CAGR
PHDG
28.74%
MMSD
N/A
PHDG vs MMSD - Historical Returns
Returns include dividend reinvestment.
1M
PHDG
-0.34%
Winner
MMSD
+0.52%
3M
Winner
PHDG
+9.29%
MMSD
+0.54%
6M
Winner
PHDG
+10.55%
MMSD
+1.65%
1Y
Winner
PHDG
+21.26%
MMSD
+4.34%
5Y(CAGR)
PHDG
+5.02%
MMSD
N/A
10Y(CAGR)
PHDG
+7.03%
MMSD
N/A
Max(CAGR)
Winner
PHDG
+5.75%
MMSD
+4.59%
PHDG vs MMSD - Annual Returns (2012 - 2026)
Returns include dividend reinvestment.
| Year | PHDG | MMSD |
|---|---|---|
| 2026 | +11.61% | +1.32% |
| 2025 | +2.46% | +3.66% |
| 2024 | +11.96% | N/A |
| 2023 | +8.79% | N/A |
| 2022 | -14.38% | N/A |
| 2021 | +16.13% | N/A |
| 2020 | +18.15% | N/A |
| 2019 | +8.89% | N/A |
| 2018 | -3.39% | N/A |
| 2017 | +15.36% | N/A |
| 2016 | -0.25% | N/A |
| 2015 | -9.72% | N/A |
| 2014 | +6.86% | N/A |
| 2013 | +12.19% | N/A |
| 2012 | -0.01% | N/A |
PHDG vs MMSD Drawdown Comparison
The maximum drawdown for PHDG was -17.69%, occurring on Nov 3, 2016. Recovery took 759 trading sessions.
The maximum drawdown for MMSD was -1.35%, occurring on Mar 26, 2026. Recovery took 73 trading sessions.
The current PHDG drawdown is -3.52%. The current MMSD drawdown is -0.12%.
| Rank | PHDG | MMSD |
|---|---|---|
| #1 | -17.69% Dec 5, 2014 - Dec 11, 2017 | -1.35% Feb 26, 2026 - Jun 11, 2026 |
| #2 | -17.06% Dec 27, 2021 - Jun 12, 2024 | -0.49% Sep 15, 2025 - Dec 16, 2025 |
| #3 | -15.87% Mar 18, 2020 - Aug 24, 2020 | -0.36% May 16, 2025 - May 27, 2025 |
| #4 | -14.79% Dec 4, 2024 - Mar 2, 2026 | -0.22% May 6, 2025 - May 16, 2025 |
| #5 | -12.79% Feb 6, 2018 - Mar 12, 2020 | -0.16% Jul 10, 2025 - Jul 21, 2025 |
| #6 | -10.06% Sep 2, 2020 - Apr 15, 2021 | -0.16% Jan 14, 2026 - Jan 21, 2026 |
| #7 | -6.11% Aug 5, 2024 - Dec 4, 2024 | -0.14% Jun 12, 2025 - Jun 23, 2025 |
| #8 | -5.20% Aug 2, 2013 - Dec 23, 2013 | -0.13% Jun 5, 2025 - Jun 10, 2025 |
| #9 | -4.42% Sep 7, 2021 - Nov 2, 2021 | -0.12% Jul 29, 2025 - Jul 31, 2025 |
| #10 | -4.37% Jul 16, 2024 - Aug 5, 2024 | -0.12% Jun 11, 2026 - Jun 12, 2026 |
| #11 | -3.88% Jun 4, 2026 - Jun 11, 2026 | -0.10% Jan 21, 2026 - Jan 28, 2026 |
| #12 | -3.69% Apr 2, 2014 - Jun 9, 2014 | -0.08% May 27, 2025 - May 30, 2025 |
| #13 | -3.44% Dec 31, 2013 - Feb 28, 2014 | -0.08% Sep 8, 2025 - Sep 10, 2025 |
| #14 | -3.37% Mar 10, 2026 - Apr 8, 2026 | -0.08% Dec 18, 2025 - Dec 29, 2025 |
| #15 | -3.26% May 12, 2021 - Jul 2, 2021 | -0.08% Jan 9, 2026 - Jan 14, 2026 |
Correlation
Correlation between PHDG and MMSD is 0.87 which considered as a strong positive correlation - the stocks tend to move together.
0.87
-101
Dividend Comparison (2012 - 2026)
PHDG vs MMSD dividend yield comparison.
| Year | PHDG | MMSD |
|---|---|---|
| 2026 | 0.36% | 1.47% |
| 2025 | 2.10% | 2.30% |
| 2024 | 1.94% | 0.00% |
| 2023 | 1.93% | 0.00% |
| 2022 | 1.35% | 0.00% |
| 2021 | 0.44% | 0.00% |
| 2020 | 0.63% | 0.00% |
| 2019 | 1.80% | 0.00% |
| 2018 | 1.56% | 0.00% |
| 2017 | 1.83% | 0.00% |
| 2016 | 2.29% | 0.00% |
| 2015 | 1.64% | 0.00% |
| 2014 | 5.46% | 0.00% |
| 2013 | 1.76% | 0.00% |
| 2012 | 0.09% | 0.00% |
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