Data as of Nov 4, 2026.
ACIO vs HOLA: Correlation to the S&P 500
Over the year to Nov 4, 2026, HOLA moved less with the S&P 500 than ACIO: correlation +0.69 against +0.99.
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Net assets: $2.4bn on Jul 31, 2026 for Aptus Collared Investment Opportunity ETF, and $282m on Nov 3, 2026 for JPMorgan International Hedged Equity Laddered Overlay ETF.
ACIO in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ACIO −0.90%.
HOLA in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HOLA −0.40%.
Pair scorecard
HOLA costs 0.29 points a year less; their one-year returns differ by 3.6 points.
| Measure | ACIO | HOLA |
|---|---|---|
| Return | ||
| Total return, 1 year | +7.1% | +10.7% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.79% | 0.50% |
| Net assets, ACIO as of Jul 31, 2026 and HOLA as of Nov 3, 2026 | $2.4bn | $282m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.79: about 0.79% for each 1% | +0.46: about 0.46% for each 1% |
| Its average week when the S&P 500 fell | fell 0.90% | fell 0.40% |
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
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
Jul 25, 2025 to Oct 30, 2026 · 66 weekly returnsEach against its own benchmark: ACIO against VOO, Jul 19, 2019 to Oct 30, 2026; HOLA against EFA, Jul 25, 2025 to Oct 30, 2026.
From Jul 2025 to Oct 2026, HOLA returned more: +12.3% to +10.6%. ACIO and HOLA swung about the same: 9.0% and 8.9%. ACIO fell slightly less at its worst: −6.3% to −6.6%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | ACIO | HOLA | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +10.6% | +12.3% | HOLA | Price change plus distributions, reinvested. |
| Annualized | +8.3% | +9.6% | HOLA | Total return as a yearly rate. |
| Price return | +10.1% | +9.0% | ACIO | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 9.0% | 8.9% | Tie | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 5.6% | 6.2% | ACIO (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −6.3% | −6.6% | ACIO (slight) | Deepest fall from a high to the low after it. |
| Upside capture | 52.1% | 55.0% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 73.1% | 71.0% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.54 | 0.60 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.84 | 0.90 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.50 | 0.64 | HOLA | Return above Treasury bills per unit of volatility. |
| Sortino | 0.80 | 0.91 | HOLA | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.128 | 0.095 | Return above Treasury bills per unit of beta. | |
| Calmar | 1.32 | 1.45 | HOLA (slight) | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | VOO | EFA | The ETF each fund is measured against. | |
| Alpha | −0.1% a year | −0.3% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.08 | −0.14 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −3.3% to +3.0% | −5.3% to +4.6% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.65 | −0.70 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 9.4% | 6.3% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 66 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | ACIO | HOLA | ACIO | HOLA |
| 3 months | −1.2% | −1.3% | −1.1 pts vs VOO | +0.3 pts vs EFA |
| 6 months | +1.9% | +2.4% | −3.1 pts vs VOO | −0.1 pts vs EFA |
| 1 year | +7.1% | +10.7% | −7.7 pts vs VOO | −6.2 pts vs EFA |
| 3 years | +52.4% | – | −30.9 pts vs VOO | – |
| Since launchNot the same days: ACIO Jul 2019 · HOLA Jul 2025 | +98.5% | +15.0% | −87.7 pts vs VOO | −7.9 pts vs EFA |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
ACIO and HOLA 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 HOLA’s +0.69. In the 26 weeks the index fell, by 1.07% a week on average, ACIO averaged −0.90% and HOLA −0.40%. Over the same weeks, ACIO finished 3.3 percentage points ahead of cash and HOLA finished 6.5 points ahead of cash.
Client brief:
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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.
HOLA
HOLA is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.69 with the S&P 500’s and a beta of +0.46, so for each 1% the index moved it moved about 0.46% the same way. In the same weeks HOLA fell 0.40% on average, a down-week capture of 36.9%. Over the same 52 weeks HOLA returned +10.2% and a Treasury bill fund +3.7%, so it finished 6.5 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, ACIO or HOLA?
- Over the 52 weeks to Nov 4, 2026, ACIO’s weekly returns had a correlation of +0.99 with the S&P 500 and HOLA’s +0.69, so HOLA moved less with the index.
- Which did better when the S&P 500 fell, ACIO or HOLA?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, ACIO averaged −0.90% and HOLA −0.40%, so HOLA returned more in those weeks.
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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 HOLA, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/acio-vs-hola
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