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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CCOR averaged +0.22% and ZHDG −0.92%, so CCOR returned more in those weeks.

Which earned more than cash, CCOR or ZHDG?

Over the same weeks, CCOR finished 3.9 percentage points ahead of cash and ZHDG finished 2.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, CCOR or ZHDG?

CCOR charges 1.16% a year and ZHDG charges 0.95%, so ZHDG is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

CCOR vs ZHDG: Correlation to the S&P 500

Share on X Download as PDF

Over the year to Nov 4, 2026, CCOR moved less with the S&P 500 than ZHDG: correlation −0.14 against +0.96.

askIQ about this page

askIQ about CCOR and ZHDG

Net assets on Jul 31, 2026: $28m for Core Alternative ETF and $35m for ZEGA Buy and Hedge ETF.

CCOR on its own →ZHDG on its own →

At a glance

−0.14

CCOR correlation with the S&P 500

+0.96

ZHDG correlation with the S&P 500

−20.7%

CCOR down-week capture

85.6%

ZHDG 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%.

ZHDG Fell 86% as much as the S&P 500

ZHDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ZHDG −0.92%.

Pair scorecard

ZHDG costs 0.21 points a year less; their one-year returns differ by 1.0 point; ZHDG is 1.3 times larger.

CCOR vs ZHDG: Correlation to the S&P 500
Measure	CCOR	ZHDG
Return
Measure	CCOR	ZHDG
Total return, 1 year	+7.6%	+6.6%
Against its benchmark
Measure	CCOR	ZHDG
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	CCOR	ZHDG
Expense ratio	1.16%	0.95%
Net assets, as of Jul 31, 2026	$28m	$35m
Holdings
Measure	CCOR	ZHDG
Holdings in common	not published
Risk
Measure	CCOR	ZHDG
Beta to the S&P 500	−0.10: about 0.10% for each 1%	+0.82: about 0.82% for each 1%
Its average week when the S&P 500 fell	rose 0.22%	fell 0.92%

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

IQ Alternatives Score90.9CCOR25ZHDG

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

ZHDG 25

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 ZHDG: Correlation to the S&P 500
	Total return
Window	CCOR	ZHDG
3 months	+3.3%	−1.4%
6 months	+6.0%	+3.0%
1 year	+7.6%	+6.6%
3 years	0.0%	+49.1%
Since launchNot the same days: CCOR May 2017 · ZHDG Jul 2021	+21.2%	+33.8%

Open this comparison in the app →

Side by side

CCOR Core Alternative ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options ZHDG ZEGA Buy and Hedge ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer Core Alternative Zega

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 −0.14 +0.96

Beta to the S&P 500 −0.10 +0.82

Down-week capture −20.7% 85.6%

Average week when the S&P 500 fell +0.22% −0.92%

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

Total return, same 52 weeks +7.5% +6.3%

Against T-bills, percentage points +3.9 pts +2.6 pts

Expense ratio 1.16% 0.95%

First traded May 24, 2017 Jul 7, 2021

Net assets, as of Jul 31, 2026 $28m $35m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

CCOR and ZHDG 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 ZHDG’s +0.96. In the 26 weeks the index fell, by 1.07% a week on average, CCOR averaged +0.22% and ZHDG −0.92%. Over the same weeks, CCOR finished 3.9 percentage points ahead of cash and ZHDG finished 2.6 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.

ZHDG

ZHDG is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.96 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 ZHDG fell 0.92% on average, a down-week capture of 85.6%. Over the same 52 weeks ZHDG returned +6.3% and a Treasury bill fund +3.7%, so it finished 2.6 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, CCOR or ZHDG?: Over the 52 weeks to Nov 4, 2026, CCOR’s weekly returns had a correlation of −0.14 with the S&P 500 and ZHDG’s +0.96, so CCOR moved less with the index.
Which did better when the S&P 500 fell, CCOR or ZHDG?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CCOR averaged +0.22% and ZHDG −0.92%, so CCOR returned more in those weeks.
Which earned more than cash, CCOR or ZHDG?: Over the same weeks, CCOR finished 3.9 percentage points ahead of cash and ZHDG finished 2.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, CCOR or ZHDG?: CCOR charges 1.16% a year and ZHDG charges 0.95%, so ZHDG is cheaper. Fees come from each fund's prospectus.

Other comparisons

CCOR vs PHEQ CCOR vs TAIL CCOR vs SHDG CCOR vs XTR ZHDG vs QBUL ZHDG vs HEQQ ZHDG vs QTR ZHDG vs HELO

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 →ZHDG on its own →CCOR dividend history →ZHDG dividend history →Method →Standards and sources →

Sources and dates

CCOR filings on SEC EDGAR ↗

CCOR prospectus with the expense ratio (SEC) ↗

Core Alternative website ↗

ZHDG filings on SEC EDGAR ↗

ZHDG prospectus with the expense ratio (SEC) ↗

Zega 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 ZHDG, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/ccor-vs-zhdg

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.