Data as of Nov 4, 2026.
ACIO vs PHEQ: Correlation to the S&P 500
Over the year to Nov 4, 2026, PHEQ moved less with the S&P 500 than ACIO: correlation +0.94 against +0.99.
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Net assets: $2.4bn on Jul 31, 2026 for Aptus Collared Investment Opportunity ETF, and $140m on Jun 30, 2026 for Parametric Hedged Equity ETF.
ACIO in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ACIO −0.90%.
PHEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, PHEQ −0.34%.
Pair scorecard
PHEQ costs 0.50 points a year less; their one-year returns differ by 4.1 points.
| Measure | ACIO | PHEQ |
|---|---|---|
| Return | ||
| Total return, 1 year | +7.1% | +11.2% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.79% | 0.29% |
| Net assets, ACIO as of Jul 31, 2026 and PHEQ as of Jun 30, 2026 | $2.4bn | $140m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.79: about 0.79% for each 1% | +0.40: about 0.40% for each 1% |
| Its average week when the S&P 500 fell | fell 0.90% | fell 0.34% |
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
Oct 27, 2023 to Oct 30, 2026 · 157 weekly returns · each against VOOFrom Oct 2023 to Oct 2026, ACIO returned slightly more: +57.7% to +53.6%. PHEQ swung less: 7.8% to 10.4%. PHEQ fell slightly less at its worst: −11.4% to −11.7%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | ACIO | PHEQ | VOO | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +57.7% | +53.6% | ACIO (slight) | Price change plus distributions, reinvested. | |
| Annualized | +16.3% | +15.3% | ACIO (slight) | Total return as a yearly rate. | |
| Price return | +55.5% | +46.5% | ACIO | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 10.4% | 7.8% | PHEQ | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 6.4% | 4.9% | PHEQ | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −11.7% | −11.4% | PHEQ (slight) | Deepest fall from a high to the low after it. | |
| Upside capture | 65.3% | 41.8% | 100.0% | ACIO | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 82.3% | 49.8% | 100.0% | PHEQ | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.72 | 0.52 | 1.00 | PHEQ lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.97 | 0.90 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 1.08 | 1.30 | PHEQ | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.75 | 2.04 | PHEQ | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.155 | 0.194 | 0.181 | PHEQ | Return above Treasury bills per unit of beta. |
| Calmar | 1.39 | 1.34 | ACIO (slight) | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | VOO | VOO | VOO | The ETF each fund is measured against. | |
| Alpha | −1.9% a year | +0.7% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −1.66 | 0.46 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −4.1% to +0.4% | −2.2% to +3.6% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −1.58 | −1.11 | PHEQ | Return against its benchmark per unit of tracking error. | |
| Tracking error | 4.3% | 7.2% | 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, 157 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | ACIO | PHEQ | ACIO | PHEQ |
| 3 months | −1.2% | +2.2% | −1.1 pts vs VOO | +2.3 pts vs VOO |
| 6 months | +1.9% | +5.1% | −3.1 pts vs VOO | +0.1 pts vs VOO |
| 1 year | +7.1% | +11.2% | −7.7 pts vs VOO | −3.6 pts vs VOO |
| 3 years | +52.4% | +49.5% | −30.9 pts vs VOO | −33.8 pts vs VOO |
| Since launchNot the same days: ACIO Jul 2019 · PHEQ Oct 2023 | +98.5% | +51.1% | −87.7 pts vs VOO | −35.7 pts vs VOO |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
ACIO and PHEQ 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 PHEQ’s +0.94. In the 26 weeks the index fell, by 1.07% a week on average, ACIO averaged −0.90% and PHEQ −0.34%. Over the same weeks, ACIO finished 3.3 percentage points ahead of cash and PHEQ finished 7.2 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.
PHEQ
PHEQ is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.94 with the S&P 500’s and a beta of +0.40, so for each 1% the index moved it moved about 0.40% the same way. In the same weeks PHEQ fell 0.34% on average, a down-week capture of 31.6%. Over the same 52 weeks PHEQ returned +10.9% and a Treasury bill fund +3.7%, so it finished 7.2 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, ACIO or PHEQ?
- Over the 52 weeks to Nov 4, 2026, ACIO’s weekly returns had a correlation of +0.99 with the S&P 500 and PHEQ’s +0.94, so PHEQ moved less with the index.
- Which did better when the S&P 500 fell, ACIO or PHEQ?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, ACIO averaged −0.90% and PHEQ −0.34%, so PHEQ 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 PHEQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/acio-vs-pheq
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