Data as of Nov 4, 2026.
CAOS vs FHEQ: Correlation to the S&P 500
Over the year to Nov 4, 2026, CAOS moved less with the S&P 500 than FHEQ: correlation −0.15 against +0.98.
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Net assets: $728m on Nov 3, 2026 for Alpha Architect Tail Risk ETF, and $986m on Sep 30, 2026 for Fidelity Hedged Equity ETF.
CAOS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CAOS +0.04%.
FHEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FHEQ −0.92%.
Pair scorecard
FHEQ costs 0.15 points a year less; their one-year returns differ by 7.4 points.
| Measure | CAOS | FHEQ |
|---|---|---|
| Return | ||
| Total return, 1 year | +1.3% | +8.7% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.63% | 0.48% |
| Net assets, CAOS as of Nov 3, 2026 and FHEQ as of Sep 30, 2026 | $728m | $986m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | −0.01: about 0.01% for each 1% | +0.82: about 0.82% for each 1% |
| Its average week when the S&P 500 fell | rose 0.04% | fell 0.92% |
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
Apr 19, 2024 to Oct 30, 2026 · 132 weekly returnsFrom Apr 2024 to Oct 2026, FHEQ returned more: +38.9% to +9.6%. CAOS swung less: 2.2% to 10.8%. CAOS fell less at its worst: −2.5% to −10.5%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | CAOS | FHEQ | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +9.6% | +38.9% | FHEQ | Price change plus distributions, reinvested. |
| Annualized | +3.7% | +13.8% | FHEQ | Total return as a yearly rate. |
| Price return | +9.6% | +36.6% | FHEQ | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 2.2% | 10.8% | CAOS | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 1.2% | 6.7% | CAOS | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −2.5% | −10.5% | CAOS | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | −0.28 | 0.86 | FHEQ | Return above Treasury bills per unit of volatility. |
| Sortino | −0.53 | 1.38 | FHEQ | Return above Treasury bills per unit of downside deviation. |
| Calmar | 1.50 | 1.32 | CAOS | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 132 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | CAOS | FHEQ | CAOS | FHEQ |
| 3 months | +1.0% | −2.6% | not measured | −2.5 pts vs VOO |
| 6 months | +0.8% | +2.2% | not measured | −2.8 pts vs VOO |
| 1 year | +1.3% | +8.7% | not measured | −6.1 pts vs VOO |
| 3 years | +10.5% | – | not measured | – |
| Since launchNot the same days: CAOS Mar 2023 · FHEQ Apr 2024 | +18.5% | +35.8% | not measured | −16.9 pts vs VOO |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
CAOS and FHEQ both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, CAOS’s weekly returns had a correlation of −0.15 with the S&P 500 and FHEQ’s +0.98. In the 26 weeks the index fell, by 1.07% a week on average, CAOS averaged +0.04% and FHEQ −0.92%. Over the same weeks, CAOS finished 2.3 percentage points behind cash and FHEQ finished 4.7 points ahead of cash.
Client brief:
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CAOS
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 Nov 4, 2026, its weekly returns had a correlation of −0.15 with the S&P 500’s and a beta of −0.01, so for each 1% the index moved it moved about 0.01% the other way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks CAOS rose 0.04% on average, a down-week capture of −3.3%. Over the same 52 weeks CAOS returned +1.3% and a Treasury bill fund +3.7%, so it finished 2.3 percentage points behind cash.
FHEQ
FHEQ is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.98 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 0.92% on average, a down-week capture of 86.0%. Over the same 52 weeks FHEQ returned +8.4% and a Treasury bill fund +3.7%, so it finished 4.7 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, CAOS or FHEQ?
- Over the 52 weeks to Nov 4, 2026, CAOS’s weekly returns had a correlation of −0.15 with the S&P 500 and FHEQ’s +0.98, so CAOS moved less with the index.
- Which did better when the S&P 500 fell, CAOS or FHEQ?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CAOS averaged +0.04% and FHEQ −0.92%, so CAOS 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, CAOS against FHEQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/caos-vs-fheq
ETFIQ. (Nov 4, 2026). CAOS against FHEQ. Retrieved from https://etfiq.com/compare/alternatives/caos-vs-fheq
[CAOS against FHEQ (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/caos-vs-fheq)
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