Data as of Nov 4, 2026.
FHEQ vs HELO: Correlation to the S&P 500
Over the year to Nov 4, 2026, HELO moved less with the S&P 500 than FHEQ: correlation +0.95 against +0.98.
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Net assets: $986m on Sep 30, 2026 for Fidelity Hedged Equity ETF, and $4.9bn on Nov 3, 2026 for JPMorgan Hedged Equity Laddered Overlay ETF.
FHEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FHEQ −0.92%.
HELO in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HELO −0.65%.
Pair scorecard
FHEQ costs 0.02 points a year less; their one-year returns differ by 1.5 points.
| Measure | FHEQ | HELO |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.7% | +7.2% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.48% | 0.50% |
| Net assets, FHEQ as of Sep 30, 2026 and HELO as of Nov 3, 2026 | $986m | $4.9bn |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.82: about 0.82% for each 1% | +0.59: about 0.59% for each 1% |
| Its average week when the S&P 500 fell | fell 0.92% | fell 0.65% |
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 returns · each against VOOFrom Apr 2024 to Oct 2026, FHEQ returned more: +38.9% to +28.8%. HELO swung less: 7.8% to 10.8%. HELO fell slightly less at its worst: −9.6% to −10.5%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | FHEQ | HELO | VOO | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +38.9% | +28.8% | FHEQ | Price change plus distributions, reinvested. | |
| Annualized | +13.8% | +10.5% | FHEQ | Total return as a yearly rate. | |
| Price return | +36.6% | +26.7% | FHEQ | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 10.8% | 7.8% | HELO | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 6.7% | 5.1% | HELO | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −10.5% | −9.6% | HELO (slight) | Deepest fall from a high to the low after it. | |
| Upside capture | 70.4% | 44.3% | 100.0% | FHEQ | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 86.3% | 62.8% | 100.0% | HELO | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.71 | 0.52 | 1.00 | HELO lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.91 | 0.92 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.86 | 0.77 | FHEQ (slight) | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.38 | 1.18 | FHEQ | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.130 | 0.116 | 0.147 | FHEQ | Return above Treasury bills per unit of beta. |
| Calmar | 1.32 | 1.10 | FHEQ | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | VOO | VOO | VOO | The ETF each fund is measured against. | |
| Alpha | −1.2% a year | −1.6% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.57 | −1.13 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −5.3% to +2.9% | −4.3% to +1.2% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −1.02 | −1.19 | FHEQ | Return against its benchmark per unit of tracking error. | |
| Tracking error | 5.3% | 7.3% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
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 | FHEQ | HELO | FHEQ | HELO |
| 3 months | −2.6% | +0.2% | −2.5 pts vs VOO | +0.3 pts vs VOO |
| 6 months | +2.2% | +3.1% | −2.8 pts vs VOO | −1.9 pts vs VOO |
| 1 year | +8.7% | +7.2% | −6.1 pts vs VOO | −7.6 pts vs VOO |
| 3 years | – | +40.1% | – | −43.2 pts vs VOO |
| Since launchNot the same days: FHEQ Apr 2024 · HELO Sep 2023 | +35.8% | +42.5% | −16.9 pts vs VOO | −43.9 pts vs VOO |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
FHEQ and HELO both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, FHEQ’s weekly returns had a correlation of +0.98 with the S&P 500 and HELO’s +0.95. In the 26 weeks the index fell, by 1.07% a week on average, FHEQ averaged −0.92% and HELO −0.65%. Over the same weeks, FHEQ finished 4.7 percentage points ahead of cash and HELO finished 3.4 points ahead of cash.
Client brief:
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FHEQ
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 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.
HELO
HELO is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.95 with the S&P 500’s and a beta of +0.59, so for each 1% the index moved it moved about 0.59% the same way. In the same weeks HELO fell 0.65% on average, a down-week capture of 60.7%. Over the same 52 weeks HELO returned +7.0% and a Treasury bill fund +3.7%, so it finished 3.4 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, FHEQ or HELO?
- Over the 52 weeks to Nov 4, 2026, FHEQ’s weekly returns had a correlation of +0.98 with the S&P 500 and HELO’s +0.95, so HELO moved less with the index.
- Which did better when the S&P 500 fell, FHEQ or HELO?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FHEQ averaged −0.92% and HELO −0.65%, so HELO 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, FHEQ against HELO, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/fheq-vs-helo
ETFIQ. (Nov 4, 2026). FHEQ against HELO. Retrieved from https://etfiq.com/compare/alternatives/fheq-vs-helo
[FHEQ against HELO (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/fheq-vs-helo)
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