Which did better when the S&P 500 fell, FHEQ or HEQQ?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FHEQ averaged −0.92% and HEQQ −1.03%, so FHEQ returned more in those weeks.

Which earned more than cash, FHEQ or HEQQ?

Over the same weeks, FHEQ finished 4.7 percentage points ahead of cash and HEQQ finished 0.1 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, FHEQ or HEQQ?

FHEQ charges 0.48% a year and HEQQ charges 0.50%, so FHEQ is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

FHEQ vs HEQQ: Correlation to the S&P 500

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Over the year to Nov 4, 2026, HEQQ moved less with the S&P 500 than FHEQ: correlation +0.88 against +0.98.

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Net assets: $986m on Sep 30, 2026 for Fidelity Hedged Equity ETF, and $30m on Nov 3, 2026 for JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF.

FHEQ on its own →HEQQ on its own →

At a glance

+0.98

FHEQ correlation with the S&P 500

+0.88

HEQQ correlation with the S&P 500

86.0%

FHEQ down-week capture

96.6%

HEQQ down-week capture

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

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

HEQQ Fell with the S&P 500

HEQQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEQQ −1.03%.

Pair scorecard

FHEQ costs 0.02 points a year less; their one-year returns differ by 4.8 points.

FHEQ vs HEQQ: Correlation to the S&P 500
Measure	FHEQ	HEQQ
Return
Measure	FHEQ	HEQQ
Total return, 1 year	+8.7%	+3.9%
Against its benchmark
Measure	FHEQ	HEQQ
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	FHEQ	HEQQ
Expense ratio	0.48%	0.50%
Net assets, FHEQ as of Sep 30, 2026 and HEQQ as of Nov 3, 2026	$986m	$30m
Holdings
Measure	FHEQ	HEQQ
Holdings in common	not published
Risk
Measure	FHEQ	HEQQ
Beta to the S&P 500	+0.82: about 0.82% for each 1%	+0.81: about 0.81% for each 1%
Its average week when the S&P 500 fell	fell 0.92%	fell 1.03%

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

IQ Alternatives Score17.1FHEQ36.4HEQQ

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

FHEQ 17.1

HEQQ 36.4

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: FHEQ vs HEQQ: Correlation to the S&P 500
	Total return		vs its benchmark
Window	FHEQ	HEQQ	FHEQ	HEQQ
3 months	−2.6%	−1.5%	−2.5 pts vs VOO	−1.4 pts vs VOO
6 months	+2.2%	−1.8%	−2.8 pts vs VOO	−6.8 pts vs VOO
1 year	+8.7%	+3.9%	−6.1 pts vs VOO	−10.9 pts vs VOO
Since launchNot the same days: FHEQ Apr 2024 · HEQQ Mar 2025	+35.8%	+20.7%	−16.9 pts vs VOO	−16.9 pts vs VOO

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Side by side

FHEQ Fidelity Hedged Equity ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options HEQQ JPMorgan Nasdaq 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 +0.98 +0.88

Beta to the S&P 500 +0.82 +0.81

Down-week capture 86.0% 96.6%

Average week when the S&P 500 fell −0.92% −1.03%

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

Total return, same 52 weeks +8.4% +3.6%

Against T-bills, percentage points +4.7 pts −0.1 pts

Expense ratio 0.48% 0.50%

First traded Apr 11, 2024 Mar 27, 2025

Net assets, FHEQ as of Sep 30, 2026 and HEQQ as of Nov 3, 2026 $986m $30m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

FHEQ and HEQQ 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 HEQQ’s +0.88. In the 26 weeks the index fell, by 1.07% a week on average, FHEQ averaged −0.92% and HEQQ −1.03%. Over the same weeks, FHEQ finished 4.7 percentage points ahead of cash and HEQQ finished 0.1 points behind cash.

Alert

About each fund

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.

HEQQ

HEQQ is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.88 with the S&P 500’s and a beta of +0.81, so for each 1% the index moved it moved about 0.81% the same way. In the same weeks HEQQ fell 1.03% on average, a down-week capture of 96.6%. Over the same 52 weeks HEQQ returned +3.6% and a Treasury bill fund +3.7%, so it finished 0.1 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, FHEQ or HEQQ?: Over the 52 weeks to Nov 4, 2026, FHEQ’s weekly returns had a correlation of +0.98 with the S&P 500 and HEQQ’s +0.88, so HEQQ moved less with the index.
Which did better when the S&P 500 fell, FHEQ or HEQQ?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FHEQ averaged −0.92% and HEQQ −1.03%, so FHEQ returned more in those weeks.
Which earned more than cash, FHEQ or HEQQ?: Over the same weeks, FHEQ finished 4.7 percentage points ahead of cash and HEQQ finished 0.1 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, FHEQ or HEQQ?: FHEQ charges 0.48% a year and HEQQ charges 0.50%, so FHEQ is cheaper. Fees come from each fund's prospectus.

Other comparisons

FHEQ vs QBUL FHEQ vs QTR FHEQ vs XTR FHEQ vs HELO HEQQ vs HELO HEQQ vs HEGD HEQQ vs HEDG HEQQ vs HEQT

Where to next

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

Sources and dates

FHEQ filings on SEC EDGAR ↗

FHEQ prospectus with the expense ratio (SEC) ↗

Fidelity website ↗

HEQQ filings on SEC EDGAR ↗

HEQQ prospectus with the expense ratio (SEC) ↗

JPMorgan 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, FHEQ against HEQQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/fheq-vs-heqq

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