PHEQ vs VTI
Parametric Hedged Equity ETF vs Vanguard Morningstar Total Stock Market ETF
Which is better, PHEQ or VTI?
VTI has been ahead.
VTI has a lower expense ratio. VTI led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.92. VTI is less concentrated, with 33.3% of the fund in its ten largest positions against 39.6%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | PHEQ | VTI |
|---|---|---|
| Expense Ratio | 0.29% | 0.03%Best |
| AUM | $154M | $690.1B |
| Dividend Yield | 0.92% | 1.03% |
| Holdings | 374 | 3,524 |
| YTD Return | +10.08% | +14.35%Best |
| 1Y Return | +13.17% | +17.97%Best |
| 3Y Return (annualized) | +15.10% | +22.47%Best |
| 5Y Return (annualized) | - | +12.62% |
| Volatility (annualized) | 6.7%Best | 12.6% |
| Max Drawdown | -12.6%Best | -19.3% |
| $10,000 over 3 years | $15,248 | $18,832Best |
| Top 10 Weight | 39.6% | 33.3%Best |
| Fund Family | Parametric | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Oct 16, 2023 | May 24, 2001 |
Volatility and max drawdown, and the $10,000 over 3 years row, are measured over the window both funds cover: Oct 19, 2023 to Oct 13, 2026 (3 years).
PHEQ vs VTI growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 3 years both funds cover.
PHEQ vs VTI Performance
Parametric Hedged Equity ETF (PHEQ) is an ETF from Parametric and Vanguard Morningstar Total Stock Market ETF (VTI) is an ETF from Vanguard (US). Over the past year PHEQ returned +13.17% while VTI returned +17.97%. Year to date, PHEQ is up 10.08% versus a gain of 14.35% for VTI.
Over three years, PHEQ compounded at +15.10% per year against +22.47% for VTI.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VTI has been the more volatile fund, with annualized monthly volatility of 12.6% compared with 6.7% for PHEQ. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -12.6% for PHEQ and -19.3% for VTI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
PHEQ charges 0.29% per year while VTI charges 0.03%. On a $10,000 position that is $29 vs $3 annually, a gap of $26 per year that compounds over a long holding period. On income, PHEQ currently yields 0.92% against 1.03% for VTI.
Holdings Overlap
100.0% of PHEQ's money is in holdings VTI also owns. 61.4% of VTI's money is in holdings PHEQ also owns.
Most of PHEQ is already inside VTI. Owning both mostly buys the same companies twice.
The two holdings books were reported 47 days apart, PHEQ as of Sep 16, 2026 and VTI as of Jul 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
164 positions in common, counted across the 174 positions we hold weights for in PHEQ and 3,463 in VTI, against full books of 374 and 3,524.
What only one of them owns
Our book lists 992 positions for VTI that do not appear in our book for PHEQ (36.3% of the fund), and 6 for PHEQ that do not appear in VTI (2.4%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in PHEQ | Weight in VTI | Difference |
|---|---|---|---|
| NVDANvidia Corp | 7.91% | 6.40% | 1.51% |
| AAPLApple, Inc | 7.55% | 6.29% | 1.26% |
| MSFTMicrosoft Corp | 5.80% | 4.79% | 1.01% |
| AMZNAmazon.Com Inc | 3.93% | 3.65% | 0.28% |
| GOOGLAlphabet Inc,class A | 3.25% | 2.90% | 0.35% |
| AVGOBroadcom Inc | 2.59% | 2.56% | 0.03% |
| GOOGAlphabet Inc. C | 2.73% | 2.31% | 0.42% |
| METAMeta Platforms Inc | 2.24% | 1.70% | 0.54% |
| JPMJpmorgan Chase | 1.80% | 1.31% | 0.49% |
| LLYEli Lilly & Co. | 1.72% | 1.35% | 0.37% |
100.0% of PHEQ is already inside VTI.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, PHEQ or VTI?
PHEQ has an expense ratio of 0.29% while VTI charges 0.03%. VTI is the cheaper option, by $26 a year on a $10,000 investment.
Which performed better, PHEQ or VTI?
Over the past year PHEQ returned +13.17% vs +17.97% for VTI, so VTI leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PHEQ or VTI?
VTI has been the more volatile fund at 12.6% annualized versus 6.7% for PHEQ. Worst drawdown: PHEQ -12.6% vs VTI -19.3%.
Should I hold both PHEQ and VTI?
PHEQ and VTI have a monthly-return correlation of 0.92, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between PHEQ and VTI?
100.0% of PHEQ's money is in holdings VTI also owns. 61.4% of VTI's is in holdings PHEQ also owns. They hold 164 positions in common, counted across the 174 positions we hold weights for in PHEQ and 3,463 in VTI.
Which pays a higher dividend, PHEQ or VTI?
PHEQ yields 0.92% while VTI yields 1.03%, so VTI currently pays the higher dividend yield.
Is VTI better than PHEQ?
VTI has a lower expense ratio. VTI led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.92. VTI is less concentrated, with 33.3% of the fund in its ten largest positions against 39.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.