Data as of .
CAOS vs FHEQ: which moved less with stocks?
Over the year to Sep 18, 2026, CAOS moved less with the S&P 500 than FHEQ: correlation −0.40 against +0.97.
ETFIQ Diversifier Score: CAOS scores higher
How much does it diversify a stock portfolio?
A percentile among the 63 alternatives ETFs with a full year. It is a position in a set, not a rating, and neither end of it is a recommendation. All alternatives ETFs ranked by it · How it is computed
One strategy, two funds
CAOS and FHEQ both run a hedged equity strategy. Over the same 52 weeks to Sep 18, 2026, CAOS’s weekly returns had a correlation of −0.40 with the S&P 500 and FHEQ’s +0.97. In the 22 weeks the index fell, by 1.24% a week on average, CAOS averaged +0.08% and FHEQ −1.14%. Over the same weeks, CAOS finished 2.6 percentage points behind cash and FHEQ finished 6.9 points ahead of cash.
Performance, window by window
| Window | Total return | vs the S&P 500 | ||
|---|---|---|---|---|
| CAOS | FHEQ | CAOS | FHEQ | |
| 3 months | +0.1% | +1.6% | −2.1 pts | −0.6 pts |
| 6 months | −0.2% | +14.4% | −18.2 pts | −3.6 pts |
| 1 year | +1.1% | +11.1% | −15.5 pts | −5.5 pts |
| 3 years | +10.5% | not published | −67.9 pts | not published |
| Since launch | +17.6% | +37.2% | −79.9 pts | −14.2 pts |
| CAOS Alpha Architect Tail Risk ETF Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options | FHEQ Fidelity Hedged Equity ETF Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options | |
|---|---|---|
| Issuer | Alpha Architect | Fidelity |
| Strategy | Hedged equity | Hedged equity |
| Correlation with the S&P 500 | −0.40 | +0.97 |
| Beta to the S&P 500 | −0.04 | +0.82 |
| Down-week capture | −6.2% | 92.2% |
| Average week when the S&P 500 fell | +0.08% | −1.14% |
| The S&P 500 in those weeks | −1.24% | −1.24% |
| Total return, same 52 weeks | +1.1% | +10.5% |
| Against T-bills, percentage points | −2.6 pts | +6.9 pts |
| Expense ratio | 0.63% | 0.48% |
| Listed | Mar 6, 2023 | Apr 11, 2024 |
| Net assets | $705m | $970m |
CAOS in plain words
CAOS 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 Sep 18, 2026, its weekly returns had a correlation of −0.40 with the S&P 500’s and a beta of −0.04, so for each 1% the index moved it moved about 0.04% the other way. The S&P 500 fell in 22 of those 52 weeks, by 1.24% on average. In the same weeks CAOS rose 0.08% on average, a down-week capture of −6.2%. Over the same 52 weeks CAOS returned +1.1% and a Treasury bill fund +3.6%, so it finished 2.6 percentage points behind cash.
FHEQ in plain words
FHEQ is a hedged equity fund. Over the year to Sep 18, 2026, its weekly returns had a correlation of +0.97 with the S&P 500’s and a beta of +0.82, so for each 1% the index moved it moved about 0.82% the same way. In the same weeks FHEQ fell 1.14% on average, a down-week capture of 92.2%. Over the same 52 weeks FHEQ returned +10.5% and a Treasury bill fund +3.6%, so it finished 6.9 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, CAOS or FHEQ?
- Over the 52 weeks to Sep 18, 2026, CAOS’s weekly returns had a correlation of −0.40 with the S&P 500 and FHEQ’s +0.97, so CAOS moved less with the index.
- Which did better when the S&P 500 fell, CAOS or FHEQ?
- In the 22 weeks the S&P 500 fell, by 1.24% a week on average, CAOS averaged +0.08% and FHEQ −1.14%, so CAOS returned more in those weeks.
- Which earned more than cash, CAOS or FHEQ?
- Over the same weeks, CAOS finished 2.6 percentage points behind cash and FHEQ finished 6.9 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
- Which is cheaper, CAOS or FHEQ?
- CAOS charges 0.63% a year and FHEQ charges 0.48%, so FHEQ is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, CAOS against FHEQ, data as of Sep 18, 2026. https://etfiq.com/compare/alternatives/caos-vs-fheq Free to use with attribution; the underlying files are at Open data.