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

In the 25 weeks the S&P 500 fell, by 1.10% a week on average, ATTR averaged −0.14% and SHDG −0.70%, so ATTR returned more in those weeks.

Which earned more than cash, ATTR or SHDG?

Over the same weeks, ATTR finished 3.8 percentage points ahead of cash and SHDG finished 1.2 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, ATTR or SHDG?

ATTR charges 0.63% a year and SHDG charges 0.91%, so ATTR is cheaper. Fees come from each fund's prospectus.

Data as of Oct 27, 2026.

Alternative ETFs

ATTR vs SHDG: Correlation to the S&P 500

Over the year to Oct 27, 2026, SHDG moved less with the S&P 500 than ATTR: correlation +0.88 against +0.91.

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Net assets: $96m on Jun 30, 2026 for Arin Tactical Tail Risk ETF, and $161m on Jul 31, 2026 for Soundwatch Hedged Equity ETF.

ATTR on its own →SHDG on its own →

At a glance

+0.91

ATTR correlation with the S&P 500

+0.88

SHDG correlation with the S&P 500

12.8%

ATTR down-week capture

63.9%

SHDG 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%.

SHDG Fell 64% as much as the S&P 500

SHDG in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, SHDG −0.70%.

Pair scorecard

ATTR costs 0.28 points a year less.

ATTR vs SHDG: Correlation to the S&P 500
Measure	ATTR	SHDG
Return
Measure	ATTR	SHDG
Total return, 1 year	not published	+4.8%
Against its benchmark
Measure	ATTR	SHDG
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	ATTR	SHDG
Expense ratio	0.63%	0.91%
Net assets, ATTR as of Jun 30, 2026 and SHDG as of Jul 31, 2026	$96m	$161m
Holdings
Measure	ATTR	SHDG
Holdings in common	not published
Risk
Measure	ATTR	SHDG
Beta to the S&P 500	+0.21: about 0.21% for each 1%	+0.56: about 0.56% for each 1%
Its average week when the S&P 500 fell	fell 0.14%	fell 0.70%

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

IQ Alternatives Score60.3ATTR47.7SHDG

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

SHDG 47.7

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 SHDG: Correlation to the S&P 500
	Total return		vs its benchmark
Window	ATTR	SHDG	ATTR	SHDG
3 months	+2.5%	+3.6%	−1.7 pts vs VOO	−0.6 pts vs VOO
6 months	+3.5%	+5.2%	−5.2 pts vs VOO	−3.5 pts vs VOO
1 year	–	+4.8%	–	−8.8 pts vs VOO
3 years	–	+53.7%	–	−41.1 pts vs VOO
Since launchNot the same days: ATTR Oct 2025 · SHDG Oct 2022	+7.5%	+68.3%	−5.8 pts vs VOO	−46.4 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 SHDG Soundwatch Hedged Equity ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer Arin Soundwatch

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.91 +0.88

Beta to the S&P 500 +0.21 +0.56

Down-week capture 12.8% 63.9%

Average week when the S&P 500 fell −0.14% −0.70%

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

Total return, same 52 weeks +7.5% +4.9%

Against T-bills, percentage points +3.8 pts +1.2 pts

Expense ratio 0.63% 0.91%

First traded Oct 28, 2025 Oct 24, 2022

Net assets, ATTR as of Jun 30, 2026 and SHDG as of Jul 31, 2026 $96m $161m

As of Oct 27, 2026. Source: ETFIQ.

One strategy, two funds

ATTR and SHDG 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 SHDG’s +0.88. In the 25 weeks the index fell, by 1.10% a week on average, ATTR averaged −0.14% and SHDG −0.70%. Over the same weeks, ATTR finished 3.8 percentage points ahead of cash and SHDG finished 1.2 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.

SHDG

SHDG is a hedged equity fund. Over the year to Oct 27, 2026, its weekly returns had a correlation of +0.88 with the S&P 500’s and a beta of +0.56, so for each 1% the index moved it moved about 0.56% the same way. In the same weeks SHDG fell 0.70% on average, a down-week capture of 63.9%. Over the same 52 weeks SHDG returned +4.9% and a Treasury bill fund +3.7%, so it finished 1.2 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, ATTR or SHDG?: Over the 52 weeks to Oct 27, 2026, ATTR’s weekly returns had a correlation of +0.91 with the S&P 500 and SHDG’s +0.88, so SHDG moved less with the index.
Which did better when the S&P 500 fell, ATTR or SHDG?: In the 25 weeks the S&P 500 fell, by 1.10% a week on average, ATTR averaged −0.14% and SHDG −0.70%, so ATTR returned more in those weeks.
Which earned more than cash, ATTR or SHDG?: Over the same weeks, ATTR finished 3.8 percentage points ahead of cash and SHDG finished 1.2 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, ATTR or SHDG?: ATTR charges 0.63% a year and SHDG charges 0.91%, so ATTR is cheaper. Fees come from each fund's prospectus.

Other comparisons

ATTR vs TAIL ATTR vs PHEQ ATTR vs KSPY ATTR vs HOLA SHDG vs TOAK SHDG vs TAIL SHDG vs THEQ SHDG vs ZHDG

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 →SHDG on its own →SHDG 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 ↗

SHDG filings on SEC EDGAR ↗

SHDG prospectus with the expense ratio (SEC) ↗

Soundwatch 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.

Cite this pageCitation, APA and Markdown

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

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