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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CCOR averaged +0.22% and SHDG −0.75%, so CCOR returned more in those weeks.

Which earned more than cash, CCOR or SHDG?

Over the same weeks, CCOR finished 3.9 percentage points ahead of cash and SHDG finished 1.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, CCOR or SHDG?

CCOR charges 1.16% a year and SHDG charges 0.91%, so SHDG is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

CCOR vs SHDG: Correlation to the S&P 500

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Over the year to Nov 4, 2026, CCOR moved less with the S&P 500 than SHDG: correlation −0.14 against +0.90.

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Net assets on Jul 31, 2026: $28m for Core Alternative ETF and $161m for Soundwatch Hedged Equity ETF.

CCOR on its own →SHDG on its own →

At a glance

−0.14

CCOR correlation with the S&P 500

+0.90

SHDG correlation with the S&P 500

−20.7%

CCOR down-week capture

70.4%

SHDG down-week capture

CCOR Rose when the S&P 500 fell

CCOR in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CCOR +0.22%.

SHDG Fell 70% as much as the S&P 500

SHDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, SHDG −0.75%.

Pair scorecard

SHDG costs 0.25 points a year less; their one-year returns differ by 2.0 points; SHDG is 5.8 times larger.

CCOR vs SHDG: Correlation to the S&P 500
Measure	CCOR	SHDG
Return
Measure	CCOR	SHDG
Total return, 1 year	+7.6%	+5.6%
Against its benchmark
Measure	CCOR	SHDG
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	CCOR	SHDG
Expense ratio	1.16%	0.91%
Net assets, as of Jul 31, 2026	$28m	$161m
Holdings
Measure	CCOR	SHDG
Holdings in common	not published
Risk
Measure	CCOR	SHDG
Beta to the S&P 500	−0.10: about 0.10% for each 1%	+0.60: about 0.60% for each 1%
Its average week when the S&P 500 fell	rose 0.22%	fell 0.75%

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

IQ Alternatives Score90.9CCOR47.7SHDG

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

CCOR 90.9

SHDG 47.7

4.5, the lowest in this set 95.5, the highest

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: CCOR vs SHDG: Correlation to the S&P 500
	Total return		vs its benchmark
Window	CCOR	SHDG	CCOR	SHDG
3 months	+3.3%	+0.6%	not measured	+0.7 pts vs VOO
6 months	+6.0%	+4.0%	not measured	−1.0 pts vs VOO
1 year	+7.6%	+5.6%	not measured	−9.2 pts vs VOO
3 years	0.0%	+46.8%	not measured	−36.5 pts vs VOO
Since launchNot the same days: CCOR May 2017 · SHDG Oct 2022	+21.2%	+67.7%	not measured	−46.2 pts vs VOO

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Side by side

CCOR Core Alternative 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 Core Alternative Soundwatch

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 −0.14 +0.90

Beta to the S&P 500 −0.10 +0.60

Down-week capture −20.7% 70.4%

Average week when the S&P 500 fell +0.22% −0.75%

The S&P 500 in those weeks −1.07% −1.07%

Total return, same 52 weeks +7.5% +5.2%

Against T-bills, percentage points +3.9 pts +1.6 pts

Expense ratio 1.16% 0.91%

First traded May 24, 2017 Oct 24, 2022

Net assets, as of Jul 31, 2026 $28m $161m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

CCOR and SHDG both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, CCOR’s weekly returns had a correlation of −0.14 with the S&P 500 and SHDG’s +0.90. In the 26 weeks the index fell, by 1.07% a week on average, CCOR averaged +0.22% and SHDG −0.75%. Over the same weeks, CCOR finished 3.9 percentage points ahead of cash and SHDG finished 1.6 points ahead of cash.

Alert

About each fund

CCOR

CCOR 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 −0.14 with the S&P 500’s and a beta of −0.10, so for each 1% the index moved it moved about 0.10% the other way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks CCOR rose 0.22% on average, a down-week capture of −20.7%. Over the same 52 weeks CCOR returned +7.5% and a Treasury bill fund +3.7%, so it finished 3.9 percentage points ahead of cash.

SHDG

SHDG is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.90 with the S&P 500’s and a beta of +0.60, so for each 1% the index moved it moved about 0.60% the same way. In the same weeks SHDG fell 0.75% on average, a down-week capture of 70.4%. Over the same 52 weeks SHDG returned +5.2% and a Treasury bill fund +3.7%, so it finished 1.6 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, CCOR or SHDG?: Over the 52 weeks to Nov 4, 2026, CCOR’s weekly returns had a correlation of −0.14 with the S&P 500 and SHDG’s +0.90, so CCOR moved less with the index.
Which did better when the S&P 500 fell, CCOR or SHDG?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CCOR averaged +0.22% and SHDG −0.75%, so CCOR returned more in those weeks.
Which earned more than cash, CCOR or SHDG?: Over the same weeks, CCOR finished 3.9 percentage points ahead of cash and SHDG finished 1.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, CCOR or SHDG?: CCOR charges 1.16% a year and SHDG charges 0.91%, so SHDG is cheaper. Fees come from each fund's prospectus.

Other comparisons

CCOR vs TAIL CCOR vs PHEQ CCOR vs KSPY CCOR vs TOAK SHDG vs HEQQ SHDG vs QBUL SHDG vs ZHDG SHDG vs THEQ

Where to next

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

Sources and dates

CCOR filings on SEC EDGAR ↗

CCOR prospectus with the expense ratio (SEC) ↗

Core Alternative website ↗

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, CCOR against SHDG, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/ccor-vs-shdg

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