Data as of Nov 4, 2026.
FHEQ vs THEQ: Correlation to the S&P 500
Over the year to Nov 4, 2026, FHEQ moved less with the S&P 500 than THEQ: correlation +0.98 against +0.99.
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Net assets: $986m on Sep 30, 2026 for Fidelity Hedged Equity ETF, and $38m on Nov 3, 2026 for T. Rowe Price Hedged Equity ETF.
FHEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FHEQ −0.92%.
THEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, THEQ −0.77%.
Pair scorecard
THEQ costs 0.02 points a year less; their one-year returns differ by 0.4 points.
| Measure | FHEQ | THEQ |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.7% | +9.1% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.48% | 0.46% |
| Net assets, FHEQ as of Sep 30, 2026 and THEQ as of Nov 3, 2026 | $986m | $38m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.82: about 0.82% for each 1% | +0.69: about 0.69% for each 1% |
| Its average week when the S&P 500 fell | fell 0.92% | fell 0.77% |
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 4, 2025 to Oct 30, 2026 · 82 weekly returnsEach against its own benchmark: FHEQ against VOO, Apr 19, 2024 to Oct 30, 2026; THEQ against IWV, Apr 4, 2025 to Oct 30, 2026.
From Apr 2025 to Oct 2026, FHEQ returned slightly more: +31.6% to +29.8%. THEQ swung less: 8.9% to 11.0%. THEQ fell less at its worst: −5.6% to −6.8%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | FHEQ | THEQ | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +31.6% | +29.8% | FHEQ (slight) | Price change plus distributions, reinvested. |
| Annualized | +19.0% | +18.0% | FHEQ (slight) | Total return as a yearly rate. |
| Price return | +30.3% | +28.8% | FHEQ (slight) | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 11.0% | 8.9% | THEQ | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 6.3% | 4.9% | THEQ | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −6.8% | −5.6% | THEQ | Deepest fall from a high to the low after it. |
| Upside capture | 70.4% | 57.7% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 86.3% | 78.3% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.71 | 0.66 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.91 | 0.96 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 1.28 | 1.47 | THEQ | Return above Treasury bills per unit of volatility. |
| Sortino | 2.24 | 2.67 | THEQ | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.130 | 0.196 | Return above Treasury bills per unit of beta. | |
| Calmar | 2.80 | 3.23 | THEQ | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | VOO | IWV | The ETF each fund is measured against. | |
| Alpha | −1.2% a year | −2.4% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.57 | −1.60 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −5.3% to +2.9% | −5.4% to +0.6% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −1.02 | −2.15 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 5.3% | 4.8% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 82 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | FHEQ | THEQ | FHEQ | THEQ |
| 3 months | −2.6% | −0.3% | −2.5 pts vs VOO | 0.0 pts vs IWV |
| 6 months | +2.2% | +3.0% | −2.8 pts vs VOO | −1.9 pts vs IWV |
| 1 year | +8.7% | +9.1% | −6.1 pts vs VOO | −5.7 pts vs IWV |
| Since launchNot the same days: FHEQ Apr 2024 · THEQ Mar 2025 | +35.8% | +22.4% | −16.9 pts vs VOO | −14.5 pts vs IWV |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
FHEQ and THEQ 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 THEQ’s +0.99. In the 26 weeks the index fell, by 1.07% a week on average, FHEQ averaged −0.92% and THEQ −0.77%. Over the same weeks, FHEQ finished 4.7 percentage points ahead of cash and THEQ finished 5.3 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.
THEQ
THEQ is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.99 with the S&P 500’s and a beta of +0.69, so for each 1% the index moved it moved about 0.69% the same way. In the same weeks THEQ fell 0.77% on average, a down-week capture of 72.3%. Over the same 52 weeks THEQ returned +9.0% and a Treasury bill fund +3.7%, so it finished 5.3 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, FHEQ or THEQ?
- Over the 52 weeks to Nov 4, 2026, FHEQ’s weekly returns had a correlation of +0.98 with the S&P 500 and THEQ’s +0.99, so FHEQ moved less with the index.
- Which did better when the S&P 500 fell, FHEQ or THEQ?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FHEQ averaged −0.92% and THEQ −0.77%, so THEQ 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 THEQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/fheq-vs-theq
ETFIQ. (Nov 4, 2026). FHEQ against THEQ. Retrieved from https://etfiq.com/compare/alternatives/fheq-vs-theq
[FHEQ against THEQ (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/fheq-vs-theq)
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