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

In the 25 weeks the S&P 500 fell, by 1.10% a week on average, FHEQ averaged −0.92% and TOAK −0.02%, so TOAK returned more in those weeks.

Which earned more than cash, FHEQ or TOAK?

Over the same weeks, FHEQ finished 4.1 percentage points ahead of cash and TOAK finished 0.1 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, FHEQ or TOAK?

FHEQ charges 0.48% a year and TOAK charges 0.26%, so TOAK is cheaper. Fees come from each fund's prospectus.

Data as of Oct 27, 2026.

Alternative ETFs

FHEQ vs TOAK: Correlation to the S&P 500

Over the year to Oct 27, 2026, TOAK moved less with the S&P 500 than FHEQ: correlation +0.17 against +0.97.

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Net assets: $986m on Sep 30, 2026 for Fidelity Hedged Equity ETF, and $90m on May 31, 2026 for Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF.

FHEQ on its own →TOAK on its own →

At a glance

+0.97

FHEQ correlation with the S&P 500

+0.17

TOAK correlation with the S&P 500

83.7%

FHEQ down-week capture

1.9%

TOAK down-week capture

FHEQ Fell 84% as much as the S&P 500

FHEQ in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, FHEQ −0.92%.

TOAK Fell 2% as much as the S&P 500

TOAK in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, TOAK −0.02%.

Pair scorecard

TOAK costs 0.22 points a year less; their one-year returns differ by 4.5 points.

FHEQ vs TOAK: Correlation to the S&P 500
Measure	FHEQ	TOAK
Return
Measure	FHEQ	TOAK
Total return, 1 year	+8.1%	+3.6%
Against its benchmark
Measure	FHEQ	TOAK
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	FHEQ	TOAK
Expense ratio	0.48%	0.26%
Net assets, FHEQ as of Sep 30, 2026 and TOAK as of May 31, 2026	$986m	$90m
Holdings
Measure	FHEQ	TOAK
Holdings in common	not published
Risk
Measure	FHEQ	TOAK
Beta to the S&P 500	+0.80: about 0.80% for each 1%	+0.04: about 0.04% for each 1%
Its average week when the S&P 500 fell	fell 0.92%	fell 0.02%

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

IQ Alternatives Score18.2FHEQ79.5TOAK

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 18.2

TOAK 79.5

8.0, the lowest in this set 97.7, the highest

A percentile among the 22 equity hedged alternatives ETFs with a full year. 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 TOAK: Correlation to the S&P 500
	Total return		vs its benchmark
Window	FHEQ	TOAK	FHEQ	TOAK
3 months	+1.4%	+0.9%	−2.8 pts vs VOO	not measured
6 months	+6.0%	+1.8%	−2.7 pts vs VOO	not measured
1 year	+8.1%	+3.6%	−5.5 pts vs VOO	not measured
Since launchNot the same days: FHEQ Apr 2024 · TOAK Aug 2024	+36.7%	+8.9%	−16.6 pts vs VOO	not measured

Source: ETFIQ. Open this comparison in the app →

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 TOAK Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer Fidelity Manager Directed Portfolios

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.97 +0.17

Beta to the S&P 500 +0.80 +0.04

Down-week capture 83.7% 1.9%

Average week when the S&P 500 fell −0.92% −0.02%

The S&P 500 in those weeks −1.10% −1.10%

Total return, same 52 weeks +7.8% +3.6%

Against T-bills, percentage points +4.1 pts −0.1 pts

Expense ratio 0.48% 0.26%

First traded Apr 11, 2024 Aug 20, 2024

Net assets, FHEQ as of Sep 30, 2026 and TOAK as of May 31, 2026 $986m $90m

As of Oct 27, 2026. Source: ETFIQ.

One strategy, two funds

FHEQ and TOAK both run a hedged equity strategy. Over the same 52 weeks to Oct 27, 2026, FHEQ’s weekly returns had a correlation of +0.97 with the S&P 500 and TOAK’s +0.17. In the 25 weeks the index fell, by 1.10% a week on average, FHEQ averaged −0.92% and TOAK −0.02%. Over the same weeks, FHEQ finished 4.1 percentage points ahead of cash and TOAK 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 Oct 27, 2026, its weekly returns had a correlation of +0.97 with the S&P 500’s and a beta of +0.80, so for each 1% the index moved it moved about 0.80% the same way. The S&P 500 fell in 25 of those 52 weeks, by 1.10% on average. In the same weeks FHEQ fell 0.92% on average, a down-week capture of 83.7%. Over the same 52 weeks FHEQ returned +7.8% and a Treasury bill fund +3.7%, so it finished 4.1 percentage points ahead of cash.

TOAK

TOAK is a hedged equity fund. Over the year to Oct 27, 2026, its weekly returns had a correlation of +0.17 with the S&P 500’s and a beta of +0.04, so for each 1% the index moved it moved about 0.04% the same way. In the same weeks TOAK fell 0.02% on average, a down-week capture of 1.9%. Over the same 52 weeks TOAK 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 TOAK?: Over the 52 weeks to Oct 27, 2026, FHEQ’s weekly returns had a correlation of +0.97 with the S&P 500 and TOAK’s +0.17, so TOAK moved less with the index.
Which did better when the S&P 500 fell, FHEQ or TOAK?: In the 25 weeks the S&P 500 fell, by 1.10% a week on average, FHEQ averaged −0.92% and TOAK −0.02%, so TOAK returned more in those weeks.
Which earned more than cash, FHEQ or TOAK?: Over the same weeks, FHEQ finished 4.1 percentage points ahead of cash and TOAK finished 0.1 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, FHEQ or TOAK?: FHEQ charges 0.48% a year and TOAK charges 0.26%, so TOAK is cheaper. Fees come from each fund's prospectus.

Other comparisons

FHEQ vs THEQ FHEQ vs HEQT FHEQ vs HEDG FHEQ vs HEGD TOAK vs HEDG TOAK vs XTR TOAK vs HEGD TOAK 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 →TOAK on its own →FHEQ dividend history →Method →Standards and sources →

Sources and dates

FHEQ filings on SEC EDGAR ↗

FHEQ prospectus with the expense ratio (SEC) ↗

Fidelity website ↗

TOAK filings on SEC EDGAR ↗

TOAK prospectus with the expense ratio (SEC) ↗

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 TOAK, data as of Oct 27, 2026. https://etfiq.com/compare/alternatives/fheq-vs-toak

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