Which did better when the S&P 500 fell, ATTR or PHEQ?

In the 25 weeks the S&P 500 fell, by 1.10% a week on average, ATTR averaged −0.14% and PHEQ −0.36%, so ATTR returned more in those weeks.

Which earned more than cash, ATTR or PHEQ?

Over the same weeks, ATTR finished 3.8 percentage points ahead of cash and PHEQ finished 7.1 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, ATTR or PHEQ?

ATTR charges 0.63% a year and PHEQ charges 0.29%, so PHEQ is cheaper. Fees come from each fund's prospectus.

Data as of Oct 27, 2026.

Alternative ETFs

ATTR vs PHEQ: Correlation to the S&P 500

Over the year to Oct 27, 2026, ATTR moved less with the S&P 500 than PHEQ: correlation +0.91 against +0.94.

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Net assets on Jun 30, 2026: $96m for Arin Tactical Tail Risk ETF and $140m for Parametric Hedged Equity ETF.

ATTR on its own →PHEQ on its own →

At a glance

+0.91

ATTR correlation with the S&P 500

+0.94

PHEQ correlation with the S&P 500

12.8%

ATTR down-week capture

32.7%

PHEQ down-week capture

ATTR Fell 13% as much as the S&P 500

ATTR in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, ATTR −0.14%.

PHEQ Fell 33% as much as the S&P 500

PHEQ in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, PHEQ −0.36%.

Pair scorecard

PHEQ costs 0.34 points a year less; PHEQ is 1.5 times larger.

ATTR vs PHEQ: Correlation to the S&P 500
Measure	ATTR	PHEQ
Return
Measure	ATTR	PHEQ
Total return, 1 year	not published	+10.8%
Against its benchmark
Measure	ATTR	PHEQ
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	ATTR	PHEQ
Expense ratio	0.63%	0.29%
Net assets, as of Jun 30, 2026	$96m	$140m
Holdings
Measure	ATTR	PHEQ
Holdings in common	not published
Risk
Measure	ATTR	PHEQ
Beta to the S&P 500	+0.21: about 0.21% for each 1%	+0.43: about 0.43% for each 1%
Its average week when the S&P 500 fell	fell 0.14%	fell 0.36%

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

IQ Alternatives Score60.3ATTR47.8PHEQ

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

ATTR 60.3

PHEQ 47.8

8.0, the lowest in this set 97.7, the highest

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 →

Method

Window by window

Window by window: ATTR vs PHEQ: Correlation to the S&P 500
	Total return		vs its benchmark
Window	ATTR	PHEQ	ATTR	PHEQ
3 months	+2.5%	+4.0%	−1.7 pts vs VOO	−0.2 pts vs VOO
6 months	+3.5%	+6.4%	−5.2 pts vs VOO	−2.3 pts vs VOO
1 year	–	+10.8%	–	−2.8 pts vs VOO
3 years	–	+55.6%	–	−39.2 pts vs VOO
Since launchNot the same days: ATTR Oct 2025 · PHEQ Oct 2023	+7.5%	+51.5%	−5.8 pts vs VOO	−36.1 pts vs VOO

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

Side by side

ATTR Arin Tactical Tail Risk ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options PHEQ Parametric Hedged Equity ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer Arin Parametric

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.91 +0.94

Beta to the S&P 500 +0.21 +0.43

Down-week capture 12.8% 32.7%

Average week when the S&P 500 fell −0.14% −0.36%

The S&P 500 in those weeks −1.10% −1.10%

Total return, same 52 weeks +7.5% +10.8%

Against T-bills, percentage points +3.8 pts +7.1 pts

Expense ratio 0.63% 0.29%

First traded Oct 28, 2025 Oct 19, 2023

Net assets, as of Jun 30, 2026 $96m $140m

As of Oct 27, 2026. Source: ETFIQ.

One strategy, two funds

ATTR and PHEQ both run a hedged equity strategy. Over the same 52 weeks to Oct 27, 2026, ATTR’s weekly returns had a correlation of +0.91 with the S&P 500 and PHEQ’s +0.94. In the 25 weeks the index fell, by 1.10% a week on average, ATTR averaged −0.14% and PHEQ −0.36%. Over the same weeks, ATTR finished 3.8 percentage points ahead of cash and PHEQ finished 7.1 points ahead of cash.

Alert

About each fund

ATTR

ATTR 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 +0.91 with the S&P 500’s and a beta of +0.21, so for each 1% the index moved it moved about 0.21% the same way. The S&P 500 fell in 25 of those 52 weeks, by 1.10% on average. In the same weeks ATTR fell 0.14% on average, a down-week capture of 12.8%. Over the same 52 weeks ATTR returned +7.5% and a Treasury bill fund +3.7%, so it finished 3.8 percentage points ahead of cash.

PHEQ

PHEQ is a hedged equity fund. Over the year to Oct 27, 2026, its weekly returns had a correlation of +0.94 with the S&P 500’s and a beta of +0.43, so for each 1% the index moved it moved about 0.43% the same way. In the same weeks PHEQ fell 0.36% on average, a down-week capture of 32.7%. Over the same 52 weeks PHEQ returned +10.8% and a Treasury bill fund +3.7%, so it finished 7.1 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, ATTR or PHEQ?: Over the 52 weeks to Oct 27, 2026, ATTR’s weekly returns had a correlation of +0.91 with the S&P 500 and PHEQ’s +0.94, so ATTR moved less with the index.
Which did better when the S&P 500 fell, ATTR or PHEQ?: In the 25 weeks the S&P 500 fell, by 1.10% a week on average, ATTR averaged −0.14% and PHEQ −0.36%, so ATTR returned more in those weeks.
Which earned more than cash, ATTR or PHEQ?: Over the same weeks, ATTR finished 3.8 percentage points ahead of cash and PHEQ finished 7.1 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, ATTR or PHEQ?: ATTR charges 0.63% a year and PHEQ charges 0.29%, so PHEQ is cheaper. Fees come from each fund's prospectus.

Other comparisons

ATTR vs CAOS ATTR vs FHEQ ATTR vs QTR ATTR vs XTR PHEQ vs QBUL PHEQ vs QTR PHEQ vs XTR PHEQ vs TOAK

Where to next

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

Sources and dates

ATTR filings on SEC EDGAR ↗

ATTR prospectus with the expense ratio (SEC) ↗

Arin page for ATTR ↗

PHEQ filings on SEC EDGAR ↗

PHEQ prospectus with the expense ratio (SEC) ↗

Parametric page for PHEQ ↗

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, ATTR against PHEQ, data as of Oct 27, 2026. https://etfiq.com/compare/alternatives/attr-vs-pheq

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