Data as of Nov 4, 2026.
FHEQ vs HOLA: Correlation to the S&P 500
Over the year to Nov 4, 2026, HOLA moved less with the S&P 500 than FHEQ: correlation +0.69 against +0.98.
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Net assets: $986m on Sep 30, 2026 for Fidelity Hedged Equity ETF, and $282m on Nov 3, 2026 for JPMorgan International Hedged Equity Laddered Overlay ETF.
FHEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FHEQ −0.92%.
HOLA in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HOLA −0.40%.
Pair scorecard
FHEQ costs 0.02 points a year less; their one-year returns differ by 2.0 points.
| Measure | FHEQ | HOLA |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.7% | +10.7% |
| 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 HOLA as of Nov 3, 2026 | $986m | $282m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.82: about 0.82% for each 1% | +0.46: about 0.46% for each 1% |
| Its average week when the S&P 500 fell | fell 0.92% | fell 0.40% |
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
Jul 25, 2025 to Oct 30, 2026 · 66 weekly returnsEach against its own benchmark: FHEQ against VOO, Apr 19, 2024 to Oct 30, 2026; HOLA against EFA, Jul 25, 2025 to Oct 30, 2026.
From Jul 2025 to Oct 2026, FHEQ returned slightly more: +13.6% to +12.3%. HOLA swung less: 8.9% to 10.0%. HOLA fell slightly less at its worst: −6.6% to −6.8%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | FHEQ | HOLA | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +13.6% | +12.3% | FHEQ (slight) | Price change plus distributions, reinvested. |
| Annualized | +10.6% | +9.6% | FHEQ (slight) | Total return as a yearly rate. |
| Price return | +12.8% | +9.0% | FHEQ | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 10.0% | 8.9% | HOLA | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 6.3% | 6.2% | Tie | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −6.8% | −6.6% | HOLA (slight) | Deepest fall from a high to the low after it. |
| Upside capture | 70.4% | 55.0% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 86.3% | 71.0% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.71 | 0.60 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.91 | 0.90 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.67 | 0.64 | FHEQ (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 1.07 | 0.91 | FHEQ | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.130 | 0.095 | Return above Treasury bills per unit of beta. | |
| Calmar | 1.56 | 1.45 | FHEQ (slight) | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | VOO | EFA | The ETF each fund is measured against. | |
| Alpha | −1.2% a year | −0.3% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.57 | −0.14 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −5.3% to +2.9% | −5.3% to +4.6% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −1.02 | −0.70 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 5.3% | 6.3% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 66 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | FHEQ | HOLA | FHEQ | HOLA |
| 3 months | −2.6% | −1.3% | −2.5 pts vs VOO | +0.3 pts vs EFA |
| 6 months | +2.2% | +2.4% | −2.8 pts vs VOO | −0.1 pts vs EFA |
| 1 year | +8.7% | +10.7% | −6.1 pts vs VOO | −6.2 pts vs EFA |
| Since launchNot the same days: FHEQ Apr 2024 · HOLA Jul 2025 | +35.8% | +15.0% | −16.9 pts vs VOO | −7.9 pts vs EFA |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
FHEQ and HOLA 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 HOLA’s +0.69. In the 26 weeks the index fell, by 1.07% a week on average, FHEQ averaged −0.92% and HOLA −0.40%. Over the same weeks, FHEQ finished 4.7 percentage points ahead of cash and HOLA finished 6.5 points ahead of cash.
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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.
HOLA
HOLA is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.69 with the S&P 500’s and a beta of +0.46, so for each 1% the index moved it moved about 0.46% the same way. In the same weeks HOLA fell 0.40% on average, a down-week capture of 36.9%. Over the same 52 weeks HOLA returned +10.2% and a Treasury bill fund +3.7%, so it finished 6.5 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, FHEQ or HOLA?
- Over the 52 weeks to Nov 4, 2026, FHEQ’s weekly returns had a correlation of +0.98 with the S&P 500 and HOLA’s +0.69, so HOLA moved less with the index.
- Which did better when the S&P 500 fell, FHEQ or HOLA?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FHEQ averaged −0.92% and HOLA −0.40%, so HOLA 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 HOLA, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/fheq-vs-hola
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[FHEQ against HOLA (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/fheq-vs-hola)
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