Which did better when the S&P 500 fell, ACIO or HEQQ?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, ACIO averaged −0.90% and HEQQ −1.03%, so ACIO returned more in those weeks.

Which earned more than cash, ACIO or HEQQ?

Over the same weeks, ACIO finished 3.3 percentage points ahead of cash and HEQQ finished 0.1 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, ACIO or HEQQ?

ACIO charges 0.79% a year and HEQQ charges 0.50%, so HEQQ is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

ACIO vs HEQQ: Correlation to the S&P 500

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Over the year to Nov 4, 2026, HEQQ moved less with the S&P 500 than ACIO: correlation +0.88 against +0.99.

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Net assets: $2.4bn on Jul 31, 2026 for Aptus Collared Investment Opportunity ETF, and $30m on Nov 3, 2026 for JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF.

ACIO on its own →HEQQ on its own →

At a glance

+0.99

ACIO correlation with the S&P 500

+0.88

HEQQ correlation with the S&P 500

84.3%

ACIO down-week capture

96.6%

HEQQ down-week capture

ACIO Fell 84% as much as the S&P 500

ACIO in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ACIO −0.90%.

HEQQ Fell with the S&P 500

HEQQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEQQ −1.03%.

Pair scorecard

HEQQ costs 0.29 points a year less; their one-year returns differ by 3.2 points.

ACIO vs HEQQ: Correlation to the S&P 500
Measure	ACIO	HEQQ
Return
Measure	ACIO	HEQQ
Total return, 1 year	+7.1%	+3.9%
Against its benchmark
Measure	ACIO	HEQQ
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	ACIO	HEQQ
Expense ratio	0.79%	0.50%
Net assets, ACIO as of Jul 31, 2026 and HEQQ as of Nov 3, 2026	$2.4bn	$30m
Holdings
Measure	ACIO	HEQQ
Holdings in common	not published
Risk
Measure	ACIO	HEQQ
Beta to the S&P 500	+0.79: about 0.79% for each 1%	+0.81: about 0.81% for each 1%
Its average week when the S&P 500 fell	fell 0.90%	fell 1.03%

ETFIQ Stock Diversification Score · HEQQ scores higher How much does it diversify a stock portfolio?

IQ Alternatives Score17.1ACIO36.4HEQQ

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

ACIO 17.1

HEQQ 36.4

4.5, the lowest in this set 95.5, the highest

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 →

Method

Window by window

Window by window: ACIO vs HEQQ: Correlation to the S&P 500
	Total return		vs its benchmark
Window	ACIO	HEQQ	ACIO	HEQQ
3 months	−1.2%	−1.5%	−1.1 pts vs VOO	−1.4 pts vs VOO
6 months	+1.9%	−1.8%	−3.1 pts vs VOO	−6.8 pts vs VOO
1 year	+7.1%	+3.9%	−7.7 pts vs VOO	−10.9 pts vs VOO
3 years	+52.4%	–	−30.9 pts vs VOO	–
Since launchNot the same days: ACIO Jul 2019 · HEQQ Mar 2025	+98.5%	+20.7%	−87.7 pts vs VOO	−16.9 pts vs VOO

– means no data for this window. Open this comparison in the app →

Side by side

ACIO Aptus Collared Investment Opportunity ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options HEQQ JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer Aptus JPMorgan

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.99 +0.88

Beta to the S&P 500 +0.79 +0.81

Down-week capture 84.3% 96.6%

Average week when the S&P 500 fell −0.90% −1.03%

The S&P 500 in those weeks −1.07% −1.07%

Total return, same 52 weeks +6.9% +3.6%

Against T-bills, percentage points +3.3 pts −0.1 pts

Expense ratio 0.79% 0.50%

First traded Jul 10, 2019 Mar 27, 2025

Net assets, ACIO as of Jul 31, 2026 and HEQQ as of Nov 3, 2026 $2.4bn $30m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

ACIO and HEQQ both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, ACIO’s weekly returns had a correlation of +0.99 with the S&P 500 and HEQQ’s +0.88. In the 26 weeks the index fell, by 1.07% a week on average, ACIO averaged −0.90% and HEQQ −1.03%. Over the same weeks, ACIO finished 3.3 percentage points ahead of cash and HEQQ finished 0.1 points behind cash.

Alert

About each fund

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 Nov 4, 2026, its weekly returns had a correlation of +0.99 with the S&P 500’s and a beta of +0.79, so for each 1% the index moved it moved about 0.79% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks ACIO fell 0.90% on average, a down-week capture of 84.3%. Over the same 52 weeks ACIO returned +6.9% and a Treasury bill fund +3.7%, so it finished 3.3 percentage points ahead of cash.

HEQQ

HEQQ is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.88 with the S&P 500’s and a beta of +0.81, so for each 1% the index moved it moved about 0.81% the same way. In the same weeks HEQQ fell 1.03% on average, a down-week capture of 96.6%. Over the same 52 weeks HEQQ returned +3.6% and a Treasury bill fund +3.7%, so it finished 0.1 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, ACIO or HEQQ?: Over the 52 weeks to Nov 4, 2026, ACIO’s weekly returns had a correlation of +0.99 with the S&P 500 and HEQQ’s +0.88, so HEQQ moved less with the index.
Which did better when the S&P 500 fell, ACIO or HEQQ?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, ACIO averaged −0.90% and HEQQ −1.03%, so ACIO returned more in those weeks.
Which earned more than cash, ACIO or HEQQ?: Over the same weeks, ACIO finished 3.3 percentage points ahead of cash and HEQQ finished 0.1 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, ACIO or HEQQ?: ACIO charges 0.79% a year and HEQQ charges 0.50%, so HEQQ is cheaper. Fees come from each fund's prospectus.

Other comparisons

ACIO vs CCOR ACIO vs QBUL ACIO vs ZHDG ACIO vs QTR HEQQ vs HELO HEQQ vs FHEQ HEQQ vs HEGD HEQQ vs CAOS

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →ACIO on its own →HEQQ on its own →ACIO dividend history →HEQQ dividend history →Method →Standards and sources →

Sources and dates

ACIO filings on SEC EDGAR ↗

ACIO prospectus with the expense ratio (SEC) ↗

Aptus website ↗

HEQQ filings on SEC EDGAR ↗

HEQQ prospectus with the expense ratio (SEC) ↗

JPMorgan website ↗

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.

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ETFIQ, ACIO against HEQQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/acio-vs-heqq

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