Data as of .
FHEQ vs HELO: which moved less with stocks?
Over the year to Sep 18, 2026, HELO moved less with the S&P 500 than FHEQ: correlation +0.95 against +0.97.
ETFIQ Diversifier Score: HELO 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 HELO 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 HELO’s +0.95. In the 22 weeks the index fell, by 1.24% a week on average, FHEQ averaged −1.14% and HELO −0.70%. Over the same weeks, FHEQ finished 6.9 percentage points ahead of cash and HELO finished 3.3 points ahead of cash.
Performance, window by window
| Window | Total return | vs the S&P 500 | ||
|---|---|---|---|---|
| FHEQ | HELO | FHEQ | HELO | |
| 3 months | +1.6% | +1.9% | −0.6 pts | −0.4 pts |
| 6 months | +14.4% | +7.8% | −3.6 pts | −10.3 pts |
| 1 year | +11.1% | +7.1% | −5.5 pts | −9.5 pts |
| Since launch | +37.2% | +41.1% | −14.2 pts | −43.7 pts |
| FHEQ Fidelity Hedged Equity ETF Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options | HELO JPMorgan Hedged Equity Laddered Overlay ETF Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options | |
|---|---|---|
| Issuer | Fidelity | JPMorgan |
| Strategy | Hedged equity | Hedged equity |
| Correlation with the S&P 500 | +0.97 | +0.95 |
| Beta to the S&P 500 | +0.82 | +0.53 |
| Down-week capture | 92.2% | 56.2% |
| Average week when the S&P 500 fell | −1.14% | −0.70% |
| The S&P 500 in those weeks | −1.24% | −1.24% |
| Total return, same 52 weeks | +10.5% | +7.0% |
| Against T-bills, percentage points | +6.9 pts | +3.3 pts |
| Expense ratio | 0.48% | 0.50% |
| Listed | Apr 11, 2024 | Sep 29, 2023 |
| Net assets | $970m | $4.8bn |
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.
HELO in plain words
HELO is a hedged equity fund. Over the year to Sep 18, 2026, its weekly returns had a correlation of +0.95 with the S&P 500’s and a beta of +0.53, so for each 1% the index moved it moved about 0.53% the same way. In the same weeks HELO fell 0.70% on average, a down-week capture of 56.2%. Over the same 52 weeks HELO returned +7.0% and a Treasury bill fund +3.6%, so it finished 3.3 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, FHEQ or HELO?
- Over the 52 weeks to Sep 18, 2026, FHEQ’s weekly returns had a correlation of +0.97 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 22 weeks the S&P 500 fell, by 1.24% a week on average, FHEQ averaged −1.14% and HELO −0.70%, so HELO returned more in those weeks.
- Which earned more than cash, FHEQ or HELO?
- Over the same weeks, FHEQ finished 6.9 percentage points ahead of cash and HELO finished 3.3 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
- Which is cheaper, FHEQ or HELO?
- FHEQ charges 0.48% a year and HELO charges 0.50%, 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 HELO, data as of Sep 18, 2026. https://etfiq.com/compare/alternatives/fheq-vs-helo Free to use with attribution; the underlying files are at Open data.