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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FHEQ averaged −0.92% and QBER +0.17%, so QBER returned more in those weeks.

Which earned more than cash, FHEQ or QBER?

Over the same weeks, FHEQ finished 4.7 percentage points ahead of cash and QBER finished 3.8 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, FHEQ or QBER?

FHEQ charges 0.48% a year and QBER charges 0.79%, so FHEQ is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

FHEQ vs QBER: Correlation to the S&P 500

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Over the year to Nov 4, 2026, QBER moved less with the S&P 500 than FHEQ: correlation −0.71 against +0.98.

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Net assets: $986m on Sep 30, 2026 for Fidelity Hedged Equity ETF, and $73m on Jul 31, 2026 for TrueShares Quarterly Bear Hedge ETF.

FHEQ on its own →QBER on its own →

At a glance

+0.98

FHEQ correlation with the S&P 500

−0.71

QBER correlation with the S&P 500

86.0%

FHEQ down-week capture

−15.4%

QBER 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%.

QBER Rose when the S&P 500 fell

QBER in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QBER +0.17%.

Pair scorecard

FHEQ costs 0.31 points a year less; their one-year returns differ by 8.7 points.

FHEQ vs QBER: Correlation to the S&P 500
Measure	FHEQ	QBER
Return
Measure	FHEQ	QBER
Total return, 1 year	+8.7%	0.0%
Against its benchmark
Measure	FHEQ	QBER
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	FHEQ	QBER
Expense ratio	0.48%	0.79%
Net assets, FHEQ as of Sep 30, 2026 and QBER as of Jul 31, 2026	$986m	$73m
Holdings
Measure	FHEQ	QBER
Holdings in common	not published
Risk
Measure	FHEQ	QBER
Beta to the S&P 500	+0.82: about 0.82% for each 1%	−0.12: about 0.12% for each 1%
Its average week when the S&P 500 fell	fell 0.92%	rose 0.17%

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

IQ Alternatives Score17.1FHEQ90.9QBER

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

QBER 90.9

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 QBER: Correlation to the S&P 500
	Total return		vs its benchmark
Window	FHEQ	QBER	FHEQ	QBER
3 months	−2.6%	0.0%	−2.5 pts vs VOO	not measured
6 months	+2.2%	+0.2%	−2.8 pts vs VOO	not measured
1 year	+8.7%	0.0%	−6.1 pts vs VOO	not measured
Since launchNot the same days: FHEQ Apr 2024 · QBER Jul 2024	+35.8%	−0.2%	−16.9 pts vs VOO	not measured

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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 QBER TrueShares Quarterly Bear Hedge ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer Fidelity TrueShares

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.98 −0.71

Beta to the S&P 500 +0.82 −0.12

Down-week capture 86.0% −15.4%

Average week when the S&P 500 fell −0.92% +0.17%

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

Total return, same 52 weeks +8.4% −0.1%

Against T-bills, percentage points +4.7 pts −3.8 pts

Expense ratio 0.48% 0.79%

First traded Apr 11, 2024 Jul 1, 2024

Net assets, FHEQ as of Sep 30, 2026 and QBER as of Jul 31, 2026 $986m $73m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

FHEQ and QBER 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 QBER’s −0.71. In the 26 weeks the index fell, by 1.07% a week on average, FHEQ averaged −0.92% and QBER +0.17%. Over the same weeks, FHEQ finished 4.7 percentage points ahead of cash and QBER finished 3.8 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.

QBER

QBER is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of −0.71 with the S&P 500’s and a beta of −0.12, so for each 1% the index moved it moved about 0.12% the other way. In the same weeks QBER rose 0.17% on average, a down-week capture of −15.4%. Over the same 52 weeks QBER returned −0.1% and a Treasury bill fund +3.7%, so it finished 3.8 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, FHEQ or QBER?: Over the 52 weeks to Nov 4, 2026, FHEQ’s weekly returns had a correlation of +0.98 with the S&P 500 and QBER’s −0.71, so QBER moved less with the index.
Which did better when the S&P 500 fell, FHEQ or QBER?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FHEQ averaged −0.92% and QBER +0.17%, so QBER returned more in those weeks.
Which earned more than cash, FHEQ or QBER?: Over the same weeks, FHEQ finished 4.7 percentage points ahead of cash and QBER finished 3.8 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, FHEQ or QBER?: FHEQ charges 0.48% a year and QBER charges 0.79%, so FHEQ is cheaper. Fees come from each fund's prospectus.

Other comparisons

FHEQ vs TOAK FHEQ vs PHEQ FHEQ vs THEQ FHEQ vs ZHDG QBER vs QTR QBER vs HEGD QBER vs HEDG QBER 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 →QBER on its own →FHEQ dividend history →QBER dividend history →Method →Standards and sources →

Sources and dates

FHEQ filings on SEC EDGAR ↗

FHEQ prospectus with the expense ratio (SEC) ↗

Fidelity website ↗

QBER filings on SEC EDGAR ↗

QBER prospectus with the expense ratio (SEC) ↗

TrueShares 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 QBER, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/fheq-vs-qber

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