Which did better when the S&P 500 fell, HDG or QALT?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HDG averaged −0.41% and QALT −0.49%, so HDG returned more in those weeks.

Which earned more than cash, HDG or QALT?

Over the same weeks, HDG finished 3.0 percentage points ahead of cash and QALT finished 2.5 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HDG or QALT?

HDG charges 0.95% a year and QALT charges 0.80%, so QALT is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

HDG vs QALT: Correlation to the S&P 500

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Over the year to Nov 4, 2026, QALT moved less with the S&P 500 than HDG: correlation +0.60 against +0.85.

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Net assets: $22m on Nov 4, 2026 for ProShares Hedge Replication ETF, and $194m on Jun 30, 2026 for SEI DBi Multi-Strategy Alternative ETF.

HDG on its own →QALT on its own →

At a glance

+0.85

HDG correlation with the S&P 500

+0.60

QALT correlation with the S&P 500

38.0%

HDG down-week capture

45.7%

QALT down-week capture

HDG Fell 38% as much as the S&P 500

HDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HDG −0.41%.

QALT Fell 46% as much as the S&P 500

QALT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QALT −0.49%.

Pair scorecard

QALT costs 0.15 points a year less; their one-year returns differ by 0.8 points.

HDG vs QALT: Correlation to the S&P 500
Measure	HDG	QALT
Return
Measure	HDG	QALT
Total return, 1 year	+7.3%	+6.5%
Against its benchmark
Measure	HDG	QALT
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HDG	QALT
Expense ratio	0.95%	0.80%
Net assets, HDG as of Nov 4, 2026 and QALT as of Jun 30, 2026	$22m	$194m
Holdings
Measure	HDG	QALT
Holdings in common	not published
Risk
Measure	HDG	QALT
Beta to the S&P 500	+0.37: about 0.37% for each 1%	+0.31: about 0.31% for each 1%
Its average week when the S&P 500 fell	fell 0.41%	fell 0.49%

Method

Window by window

Window by window: HDG vs QALT: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HDG	QALT	HDG	QALT
3 months	−1.3%	−2.2%	−1.2 pts vs VOO	not measured
6 months	+0.4%	+1.0%	−4.6 pts vs VOO	not measured
1 year	+7.3%	+6.5%	−7.5 pts vs VOO	not measured
3 years	+23.6%	–	−59.7 pts vs VOO	–
Since launchNot the same days: HDG Jul 2011 · QALT Aug 2025	+53.6%	+10.0%	−618.3 pts vs VOO	not measured

– means no data for this window. Open this comparison in the app →

Side by side

HDG ProShares Hedge Replication ETF · Multi-strategy fund: runs several alternative strategies at once, or aims to return what hedge funds as a group return QALT SEI DBi Multi-Strategy Alternative ETF · Multi-strategy fund: runs several alternative strategies at once, or aims to return what hedge funds as a group return

Issuer ProShares SEI

Strategy Multi-strategy Multi-strategy

Correlation with the S&P 500 +0.85 +0.60

Beta to the S&P 500 +0.37 +0.31

Down-week capture 38.0% 45.7%

Average week when the S&P 500 fell −0.41% −0.49%

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

Total return, same 52 weeks +6.7% +6.2%

Against T-bills, percentage points +3.0 pts +2.5 pts

Expense ratio 0.95% 0.80%

First traded Jul 14, 2011 Aug 25, 2025

Net assets, HDG as of Nov 4, 2026 and QALT as of Jun 30, 2026 $22m $194m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HDG and QALT both run a multi-strategy strategy. Over the same 52 weeks to Nov 4, 2026, HDG’s weekly returns had a correlation of +0.85 with the S&P 500 and QALT’s +0.60. In the 26 weeks the index fell, by 1.07% a week on average, HDG averaged −0.41% and QALT −0.49%. Over the same weeks, HDG finished 3.0 percentage points ahead of cash and QALT finished 2.5 points ahead of cash.

Alert

About each fund

HDG

HDG is a multi-strategy 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 +0.85 with the S&P 500’s and a beta of +0.37, so for each 1% the index moved it moved about 0.37% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks HDG fell 0.41% on average, a down-week capture of 38.0%. Over the same 52 weeks HDG returned +6.7% and a Treasury bill fund +3.7%, so it finished 3.0 percentage points ahead of cash.

QALT

QALT is a multi-strategy fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.60 with the S&P 500’s and a beta of +0.31, so for each 1% the index moved it moved about 0.31% the same way. In the same weeks QALT fell 0.49% on average, a down-week capture of 45.7%. Over the same 52 weeks QALT returned +6.2% and a Treasury bill fund +3.7%, so it finished 2.5 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, HDG or QALT?: Over the 52 weeks to Nov 4, 2026, HDG’s weekly returns had a correlation of +0.85 with the S&P 500 and QALT’s +0.60, so QALT moved less with the index.
Which did better when the S&P 500 fell, HDG or QALT?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HDG averaged −0.41% and QALT −0.49%, so HDG returned more in those weeks.
Which earned more than cash, HDG or QALT?: Over the same weeks, HDG finished 3.0 percentage points ahead of cash and QALT finished 2.5 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HDG or QALT?: HDG charges 0.95% a year and QALT charges 0.80%, so QALT is cheaper. Fees come from each fund's prospectus.

Other comparisons

HDG vs HFND HDG vs LALT HDG vs QAI HDG vs QIS QALT vs QIS QALT vs HFND QALT vs LALT QALT vs QAI

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →All alternatives ETFs ranked by the Stock Diversification Score →How the scores are computed →HDG on its own →QALT on its own →HDG dividend history →QALT dividend history →Method →Standards and sources →

Sources and dates

HDG filings on SEC EDGAR ↗

HDG prospectus with the expense ratio (SEC) ↗

ProShares page for HDG ↗

QALT filings on SEC EDGAR ↗

QALT prospectus with the expense ratio (SEC) ↗

SEI website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, HDG against QALT, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hdg-vs-qalt

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