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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FHEQ averaged −0.92% and ZHDG −0.92%, so the two did the same at the precision this page prints.

Which earned more than cash, FHEQ or ZHDG?

Over the same weeks, FHEQ finished 4.7 percentage points ahead of cash and ZHDG finished 2.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, FHEQ or ZHDG?

FHEQ charges 0.48% a year and ZHDG charges 0.95%, so FHEQ is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

FHEQ vs ZHDG: Correlation to the S&P 500

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Over the year to Nov 4, 2026, ZHDG moved less with the S&P 500 than FHEQ: correlation +0.96 against +0.98.

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Net assets: $986m on Sep 30, 2026 for Fidelity Hedged Equity ETF, and $35m on Jul 31, 2026 for ZEGA Buy and Hedge ETF.

FHEQ on its own →ZHDG on its own →

At a glance

+0.98

FHEQ correlation with the S&P 500

+0.96

ZHDG correlation with the S&P 500

86.0%

FHEQ down-week capture

85.6%

ZHDG 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%.

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

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

Pair scorecard

FHEQ costs 0.47 points a year less; their one-year returns differ by 2.1 points.

FHEQ vs ZHDG: Correlation to the S&P 500
Measure	FHEQ	ZHDG
Return
Measure	FHEQ	ZHDG
Total return, 1 year	+8.7%	+6.6%
Against its benchmark
Measure	FHEQ	ZHDG
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	FHEQ	ZHDG
Expense ratio	0.48%	0.95%
Net assets, FHEQ as of Sep 30, 2026 and ZHDG as of Jul 31, 2026	$986m	$35m
Holdings
Measure	FHEQ	ZHDG
Holdings in common	not published
Risk
Measure	FHEQ	ZHDG
Beta to the S&P 500	+0.82: about 0.82% for each 1%	+0.82: about 0.82% for each 1%
Its average week when the S&P 500 fell	fell 0.92%	fell 0.92%

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

IQ Alternatives Score17.1FHEQ25ZHDG

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

ZHDG 25

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 ZHDG: Correlation to the S&P 500
	Total return		vs its benchmark
Window	FHEQ	ZHDG	FHEQ	ZHDG
3 months	−2.6%	−1.4%	−2.5 pts vs VOO	not measured
6 months	+2.2%	+3.0%	−2.8 pts vs VOO	not measured
1 year	+8.7%	+6.6%	−6.1 pts vs VOO	not measured
3 years	–	+49.1%	–	not measured
Since launchNot the same days: FHEQ Apr 2024 · ZHDG Jul 2021	+35.8%	+33.8%	−16.9 pts vs VOO	not measured

– means no data for this window. 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 ZHDG ZEGA Buy and Hedge ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer Fidelity Zega

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.98 +0.96

Beta to the S&P 500 +0.82 +0.82

Down-week capture 86.0% 85.6%

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

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

Total return, same 52 weeks +8.4% +6.3%

Against T-bills, percentage points +4.7 pts +2.6 pts

Expense ratio 0.48% 0.95%

First traded Apr 11, 2024 Jul 7, 2021

Net assets, FHEQ as of Sep 30, 2026 and ZHDG as of Jul 31, 2026 $986m $35m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

FHEQ and ZHDG 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 ZHDG’s +0.96. In the 26 weeks the index fell, by 1.07% a week on average, FHEQ averaged −0.92% and ZHDG −0.92%. Over the same weeks, FHEQ finished 4.7 percentage points ahead of cash and ZHDG finished 2.6 points ahead of 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.

ZHDG

ZHDG is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.96 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. In the same weeks ZHDG fell 0.92% on average, a down-week capture of 85.6%. Over the same 52 weeks ZHDG returned +6.3% and a Treasury bill fund +3.7%, so it finished 2.6 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, FHEQ or ZHDG?: Over the 52 weeks to Nov 4, 2026, FHEQ’s weekly returns had a correlation of +0.98 with the S&P 500 and ZHDG’s +0.96, so ZHDG moved less with the index.
Which did better when the S&P 500 fell, FHEQ or ZHDG?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FHEQ averaged −0.92% and ZHDG −0.92%, so the two did the same at the precision this page prints.
Which earned more than cash, FHEQ or ZHDG?: Over the same weeks, FHEQ finished 4.7 percentage points ahead of cash and ZHDG finished 2.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, FHEQ or ZHDG?: FHEQ charges 0.48% a year and ZHDG charges 0.95%, so FHEQ is cheaper. Fees come from each fund's prospectus.

Other comparisons

FHEQ vs KSPY FHEQ vs PHEQ FHEQ vs TAIL FHEQ vs SHDG ZHDG vs HEGD ZHDG vs HEDG ZHDG vs HEQT ZHDG vs HOLA

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 →ZHDG on its own →FHEQ dividend history →ZHDG dividend history →Method →Standards and sources →

Sources and dates

FHEQ filings on SEC EDGAR ↗

FHEQ prospectus with the expense ratio (SEC) ↗

Fidelity website ↗

ZHDG filings on SEC EDGAR ↗

ZHDG prospectus with the expense ratio (SEC) ↗

Zega 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 ZHDG, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/fheq-vs-zhdg

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