Data as of .
FHEQ vs HEGD: which moved less with stocks?
Over the year to Sep 18, 2026, FHEQ and HEGD moved with the S&P 500 equally closely, both at +0.97.
ETFIQ Diversifier Score: HEGD 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
FHEQ and HEGD both run a hedged equity strategy. Over the same 52 weeks to Sep 18, 2026, FHEQ’s weekly returns had a correlation of +0.97 with the S&P 500 and HEGD’s +0.97. In the 22 weeks the index fell, by 1.24% a week on average, FHEQ averaged −1.14% and HEGD −0.75%. Over the same weeks, FHEQ finished 6.9 percentage points ahead of cash and HEGD finished 4.7 points ahead of cash.
Performance, window by window
| Window | Total return | vs the S&P 500 | ||
|---|---|---|---|---|
| FHEQ | HEGD | FHEQ | HEGD | |
| 3 months | +1.6% | +0.3% | −0.6 pts | −1.9 pts |
| 6 months | +14.4% | +8.7% | −3.6 pts | −9.4 pts |
| 1 year | +11.1% | +9.0% | −5.5 pts | −7.5 pts |
| 3 years | not published | +45.8% | not published | −32.6 pts |
| Since launch | +37.2% | +66.1% | −14.2 pts | −57.7 pts |
| FHEQ Fidelity Hedged Equity ETF Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options | HEGD Swan Hedged Equity US Large Cap ETF Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options | |
|---|---|---|
| Issuer | Fidelity | Swan |
| Strategy | Hedged equity | Hedged equity |
| Correlation with the S&P 500 | +0.97 | +0.97 |
| Beta to the S&P 500 | +0.82 | +0.57 |
| Down-week capture | 92.2% | 60.2% |
| Average week when the S&P 500 fell | −1.14% | −0.75% |
| The S&P 500 in those weeks | −1.24% | −1.24% |
| Total return, same 52 weeks | +10.5% | +8.4% |
| Against T-bills, percentage points | +6.9 pts | +4.7 pts |
| Expense ratio | 0.48% | 0.87% |
| Listed | Apr 11, 2024 | Dec 23, 2020 |
| Net assets | $970m | $692m |
FHEQ in plain words
FHEQ 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 +0.97 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. The S&P 500 fell in 22 of those 52 weeks, by 1.24% on average. 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.
HEGD in plain words
HEGD 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 +0.57, so for each 1% the index moved it moved about 0.57% the same way. In the same weeks HEGD fell 0.75% on average, a down-week capture of 60.2%. Over the same 52 weeks HEGD returned +8.4% and a Treasury bill fund +3.6%, so it finished 4.7 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, FHEQ or HEGD?
- Over the 52 weeks to Sep 18, 2026 both had a correlation of +0.97 with the S&P 500, so neither moved less with the index at the precision this page prints.
- Which did better when the S&P 500 fell, FHEQ or HEGD?
- In the 22 weeks the S&P 500 fell, by 1.24% a week on average, FHEQ averaged −1.14% and HEGD −0.75%, so HEGD returned more in those weeks.
- Which earned more than cash, FHEQ or HEGD?
- Over the same weeks, FHEQ finished 6.9 percentage points ahead of cash and HEGD finished 4.7 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
- Which is cheaper, FHEQ or HEGD?
- FHEQ charges 0.48% a year and HEGD charges 0.87%, 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, FHEQ against HEGD, data as of Sep 18, 2026. https://etfiq.com/compare/alternatives/fheq-vs-hegd Free to use with attribution; the underlying files are at Open data.