Data as of Oct 27, 2026.
ACIO vs HEDG: Correlation to the S&P 500
Over the year to Oct 27, 2026, HEDG moved less with the S&P 500 than ACIO: correlation +0.85 against +0.98.
askIQ about this page
askIQ about ACIO and HEDG
Net assets on Jul 31, 2026: $2.4bn for Aptus Collared Investment Opportunity ETF and $427m for Equable Shares Hedged Equity ETF.
ACIO in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, ACIO −0.91%.
HEDG in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, HEDG −0.21%.
Pair scorecard
ACIO costs 0.17 points a year less; their one-year returns differ by 2.9 points; ACIO is 5.6 times larger.
| Measure | ACIO | HEDG |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.5% | +9.4% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.79% | 0.96% |
| Net assets, as of Jul 31, 2026 | $2.4bn | $427m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.77: about 0.77% for each 1% | +0.28: about 0.28% for each 1% |
| Its average week when the S&P 500 fell | fell 0.91% | fell 0.21% |
How much it diversifies a stock portfolio, ranked against 22 equity hedged alternatives ETFs with a full year. 100 is best. How it is computed
A percentile among the 22 equity hedged alternatives ETFs with a full year. One year of weekly moves against the S&P 500, within one strategy; it ignores what the fund returned. All alternatives ETFs ranked by it →
Risk and return
Oct 24, 2025 to Oct 23, 2026 · 52 weekly returns · each against VOOHEDG returned more: +9.1% to +6.3%. HEDG swung less: 4.2% to 9.4%. HEDG fell less at its worst: −3.5% to −6.3%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | ACIO | HEDG | VOO | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +6.3% | +9.1% | HEDG | Price change plus distributions, reinvested. | |
| Annualized | +6.3% | +9.1% | HEDG | Total return as a yearly rate. | |
| Price return | +5.9% | +6.0% | HEDG (slight) | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 9.4% | 4.2% | HEDG | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 5.8% | 2.5% | HEDG | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −6.3% | −3.5% | HEDG | Deepest fall from a high to the low after it. | |
| Upside capture | 64.9% | 28.1% | 100.0% | ACIO | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 87.4% | 26.3% | 100.0% | HEDG | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.77 | 0.31 | 1.00 | HEDG lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.96 | 0.76 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.30 | 1.19 | HEDG | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.48 | 2.03 | HEDG | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.036 | 0.165 | 0.096 | HEDG | Return above Treasury bills per unit of beta. |
| Calmar | 1.01 | 2.59 | HEDG | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | VOO | VOO | VOO | The ETF each fund is measured against. | |
| Alpha | −4.6% a year | +2.1% a year | 0.0% | ACIO significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −2.49 | 0.99 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −8.3% to −0.9% | −2.2% to +6.4% | HEDG's includes zero | The 95% range for the yearly alpha. | |
| Information ratio | −2.06 | −0.53 | HEDG | Return against its benchmark per unit of tracking error. | |
| Tracking error | 3.3% | 8.6% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 52 weekly returns. Cash rate: the 13-week Treasury bill.
Not investment advice. ETFIQ is independent and makes no recommendations.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | ACIO | HEDG | ACIO | HEDG |
| 3 months | +3.3% | +3.5% | −0.9 pts vs VOO | −0.7 pts vs VOO |
| 6 months | +4.9% | +5.4% | −3.8 pts vs VOO | −3.3 pts vs VOO |
| 1 year | +6.5% | +9.4% | −7.1 pts vs VOO | −4.2 pts vs VOO |
| 3 years | +60.4% | – | −34.4 pts vs VOO | – |
| Since launchNot the same days: ACIO Jul 2019 · HEDG Oct 2025 | +100.2% | +10.6% | −87.1 pts vs VOO | −6.8 pts vs VOO |
Source: ETFIQ. – means no data for this window. Open this comparison in the app →
Side by side
As of Oct 27, 2026. Source: ETFIQ.
One strategy, two funds
ACIO and HEDG both run a hedged equity strategy. Over the same 52 weeks to Oct 27, 2026, ACIO’s weekly returns had a correlation of +0.98 with the S&P 500 and HEDG’s +0.85. In the 25 weeks the index fell, by 1.10% a week on average, ACIO averaged −0.91% and HEDG −0.21%. Over the same weeks, ACIO finished 2.6 percentage points ahead of cash and HEDG finished 5.8 points ahead of cash.
ACIO and HEDG are built for the same job. How do they differ in cost, holdings and results?
- Beta to the S&P 500. Over the year to Oct 27, 2026, ACIO had a beta of +0.77 and HEDG of +0.28, a gap of 0.49.
- One-year total return. Over 1 year to Oct 27, 2026 ACIO returned +6.5% and HEDG +9.4% with distributions reinvested, a gap of 2.9 points.
- Cost. ACIO charges 0.79% of assets a year and HEDG 0.96%, a gap of 0.17 points.
Data as of Oct 27, 2026.
The two-page PDF for this pair is coming. Save the comparison to follow its changes. Free. It needs an email sign-in, once.
Not advice. Your saved page · Privacy.
ACIO
ACIO is a hedged equity fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Oct 27, 2026, its weekly returns had a correlation of +0.98 with the S&P 500’s and a beta of +0.77, so for each 1% the index moved it moved about 0.77% the same way. The S&P 500 fell in 25 of those 52 weeks, by 1.10% on average. In the same weeks ACIO fell 0.91% on average, a down-week capture of 82.5%. Over the same 52 weeks ACIO returned +6.2% and a Treasury bill fund +3.7%, so it finished 2.6 percentage points ahead of cash.
HEDG
HEDG is a hedged equity fund. Over the year to Oct 27, 2026, its weekly returns had a correlation of +0.85 with the S&P 500’s and a beta of +0.28, so for each 1% the index moved it moved about 0.28% the same way. In the same weeks HEDG fell 0.21% on average, a down-week capture of 19.4%. Over the same 52 weeks HEDG returned +9.4% and a Treasury bill fund +3.7%, so it finished 5.8 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, ACIO or HEDG?
- Over the 52 weeks to Oct 27, 2026, ACIO’s weekly returns had a correlation of +0.98 with the S&P 500 and HEDG’s +0.85, so HEDG moved less with the index.
- Which did better when the S&P 500 fell, ACIO or HEDG?
- In the 25 weeks the S&P 500 fell, by 1.10% a week on average, ACIO averaged −0.91% and HEDG −0.21%, so HEDG returned more in those weeks.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
Every number is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, ACIO against HEDG, data as of Oct 27, 2026. https://etfiq.com/compare/alternatives/acio-vs-hedg
ETFIQ. (Oct 27, 2026). ACIO against HEDG. Retrieved from https://etfiq.com/compare/alternatives/acio-vs-hedg
[ACIO against HEDG (ETFIQ, Oct 27, 2026)](https://etfiq.com/compare/alternatives/acio-vs-hedg)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.