Data as of Oct 27, 2026.
HEDG vs PHEQ: Correlation to the S&P 500
Over the year to Oct 27, 2026, HEDG moved less with the S&P 500 than PHEQ: correlation +0.85 against +0.94.
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Net assets: $427m on Jul 31, 2026 for Equable Shares Hedged Equity ETF, and $140m on Jun 30, 2026 for Parametric Hedged Equity ETF.
HEDG in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, HEDG −0.21%.
PHEQ in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, PHEQ −0.36%.
Pair scorecard
PHEQ costs 0.67 points a year less; their one-year returns differ by 1.4 points.
| Measure | HEDG | PHEQ |
|---|---|---|
| Return | ||
| Total return, 1 year | +9.4% | +10.8% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.96% | 0.29% |
| Net assets, HEDG as of Jul 31, 2026 and PHEQ as of Jun 30, 2026 | $427m | $140m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.28: about 0.28% for each 1% | +0.43: about 0.43% for each 1% |
| Its average week when the S&P 500 fell | fell 0.21% | fell 0.36% |
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
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 →
Risk and return
Oct 24, 2025 to Oct 23, 2026 · 52 weekly returns · each against VOOPHEQ returned more: +10.7% to +9.1%. HEDG swung less: 4.2% to 5.5%. HEDG fell less at its worst: −3.5% to −4.0%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | HEDG | PHEQ | VOO | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +9.1% | +10.7% | PHEQ | Price change plus distributions, reinvested. | |
| Annualized | +9.1% | +10.7% | PHEQ | Total return as a yearly rate. | |
| Price return | +6.0% | +9.8% | PHEQ | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 4.2% | 5.5% | HEDG | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 2.5% | 3.0% | HEDG | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −3.5% | −4.0% | HEDG | Deepest fall from a high to the low after it. | |
| Upside capture | 28.1% | 36.5% | 100.0% | PHEQ | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 26.3% | 35.6% | 100.0% | HEDG | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.31 | 0.42 | 1.00 | HEDG lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.76 | 0.82 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 1.19 | 1.19 | Tie | Return above Treasury bills per unit of volatility. | |
| Sortino | 2.03 | 2.20 | PHEQ (slight) | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.165 | 0.157 | 0.096 | HEDG (slight) | Return above Treasury bills per unit of beta. |
| Calmar | 2.59 | 2.70 | PHEQ (slight) | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | VOO | VOO | VOO | The ETF each fund is measured against. | |
| Alpha | +2.1% a year | +2.5% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.99 | 1.08 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −2.2% to +6.4% | −2.2% to +7.3% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.53 | −0.41 | PHEQ | Return against its benchmark per unit of tracking error. | |
| Tracking error | 8.6% | 7.4% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 52 weekly returns. Cash rate: the 13-week Treasury bill.
Not investment advice. ETFIQ is independent and makes no recommendations.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | HEDG | PHEQ | HEDG | PHEQ |
| 3 months | +3.5% | +4.0% | −0.7 pts vs VOO | −0.2 pts vs VOO |
| 6 months | +5.4% | +6.4% | −3.3 pts vs VOO | −2.3 pts vs VOO |
| 1 year | +9.4% | +10.8% | −4.2 pts vs VOO | −2.8 pts vs VOO |
| 3 years | – | +55.6% | – | −39.2 pts vs VOO |
| Since launchNot the same days: HEDG Oct 2025 · PHEQ Oct 2023 | +10.6% | +51.5% | −6.8 pts vs VOO | −36.1 pts vs VOO |
Source: ETFIQ. – means no data for this window. Open this comparison in the app →
Side by side
As of Oct 27, 2026. Source: ETFIQ.
One strategy, two funds
HEDG and PHEQ both run a hedged equity strategy. Over the same 52 weeks to Oct 27, 2026, HEDG’s weekly returns had a correlation of +0.85 with the S&P 500 and PHEQ’s +0.94. In the 25 weeks the index fell, by 1.10% a week on average, HEDG averaged −0.21% and PHEQ −0.36%. Over the same weeks, HEDG finished 5.8 percentage points ahead of cash and PHEQ finished 7.1 points ahead of cash.
HEDG and PHEQ are built for the same job. How do they differ in cost, holdings and results?
- Cost. HEDG charges 0.96% of assets a year and PHEQ 0.29%, a gap of 0.67 points.
- Beta to the S&P 500 (similar). Over the year to Oct 27, 2026, HEDG had a beta of +0.28 and PHEQ of +0.43, a gap of 0.15.
- One-year total return (similar). Over 1 year to Oct 27, 2026 HEDG returned +9.4% and PHEQ +10.8% with distributions reinvested, a gap of 1.4 points.
Data as of Oct 27, 2026.
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HEDG
HEDG 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 +0.85 with the S&P 500’s and a beta of +0.28, so for each 1% the index moved it moved about 0.28% the same way. The S&P 500 fell in 25 of those 52 weeks, by 1.10% on average. In the same weeks HEDG fell 0.21% on average, a down-week capture of 19.4%. Over the same 52 weeks HEDG returned +9.4% and a Treasury bill fund +3.7%, so it finished 5.8 percentage points ahead of cash.
PHEQ
PHEQ is a hedged equity fund. Over the year to Oct 27, 2026, its weekly returns had a correlation of +0.94 with the S&P 500’s and a beta of +0.43, so for each 1% the index moved it moved about 0.43% the same way. In the same weeks PHEQ fell 0.36% on average, a down-week capture of 32.7%. Over the same 52 weeks PHEQ returned +10.8% and a Treasury bill fund +3.7%, so it finished 7.1 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HEDG or PHEQ?
- Over the 52 weeks to Oct 27, 2026, HEDG’s weekly returns had a correlation of +0.85 with the S&P 500 and PHEQ’s +0.94, so HEDG moved less with the index.
- Which did better when the S&P 500 fell, HEDG or PHEQ?
- In the 25 weeks the S&P 500 fell, by 1.10% a week on average, HEDG averaged −0.21% and PHEQ −0.36%, so HEDG 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, HEDG against PHEQ, data as of Oct 27, 2026. https://etfiq.com/compare/alternatives/hedg-vs-pheq
ETFIQ. (Oct 27, 2026). HEDG against PHEQ. Retrieved from https://etfiq.com/compare/alternatives/hedg-vs-pheq
[HEDG against PHEQ (ETFIQ, Oct 27, 2026)](https://etfiq.com/compare/alternatives/hedg-vs-pheq)
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