Which did better when the S&P 500 fell, HEDG or QBER?

In the 25 weeks the S&P 500 fell, by 1.10% a week on average, HEDG averaged −0.21% and QBER +0.15%, so QBER returned more in those weeks.

Which earned more than cash, HEDG or QBER?

Over the same weeks, HEDG finished 5.8 percentage points ahead of cash and QBER finished 3.9 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HEDG or QBER?

HEDG charges 0.96% a year and QBER charges 0.79%, so QBER is cheaper. Fees come from each fund's prospectus.

Data as of Oct 27, 2026.

Alternative ETFs

HEDG vs QBER: Correlation to the S&P 500

Over the year to Oct 27, 2026, QBER moved less with the S&P 500 than HEDG: correlation −0.68 against +0.85.

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Net assets on Jul 31, 2026: $427m for Equable Shares Hedged Equity ETF and $73m for TrueShares Quarterly Bear Hedge ETF.

HEDG on its own →QBER on its own →

At a glance

+0.85

HEDG correlation with the S&P 500

−0.68

QBER correlation with the S&P 500

19.4%

HEDG down-week capture

−13.8%

QBER down-week capture

HEDG Fell 19% as much as the S&P 500

HEDG in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, HEDG −0.21%.

QBER Rose when the S&P 500 fell

QBER in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, QBER +0.15%.

Pair scorecard

QBER costs 0.17 points a year less; their one-year returns differ by 9.7 points; HEDG is 5.8 times larger.

HEDG vs QBER: Correlation to the S&P 500
Measure	HEDG	QBER
Return
Measure	HEDG	QBER
Total return, 1 year	+9.4%	−0.3%
Against its benchmark
Measure	HEDG	QBER
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HEDG	QBER
Expense ratio	0.96%	0.79%
Net assets, as of Jul 31, 2026	$427m	$73m
Holdings
Measure	HEDG	QBER
Holdings in common	not published
Risk
Measure	HEDG	QBER
Beta to the S&P 500	+0.28: about 0.28% for each 1%	−0.11: about 0.11% for each 1%
Its average week when the S&P 500 fell	fell 0.21%	rose 0.15%

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

IQ Alternatives Score70.5HEDG97.7QBER

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

HEDG 70.5

QBER 97.7

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: HEDG vs QBER: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HEDG	QBER	HEDG	QBER
3 months	+3.5%	−0.5%	−0.7 pts vs VOO	not measured
6 months	+5.4%	−0.1%	−3.3 pts vs VOO	not measured
1 year	+9.4%	−0.3%	−4.2 pts vs VOO	not measured
Since launchNot the same days: HEDG Oct 2025 · QBER Jul 2024	+10.6%	−0.4%	−6.8 pts vs VOO	not measured

Source: ETFIQ. Open this comparison in the app →

Side by side

HEDG Equable Shares Hedged Equity ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options QBER TrueShares Quarterly Bear Hedge ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer Equable Shares TrueShares

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.85 −0.68

Beta to the S&P 500 +0.28 −0.11

Down-week capture 19.4% −13.8%

Average week when the S&P 500 fell −0.21% +0.15%

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

Total return, same 52 weeks +9.4% −0.2%

Against T-bills, percentage points +5.8 pts −3.9 pts

Expense ratio 0.96% 0.79%

First traded Oct 13, 2025 Jul 1, 2024

Net assets, as of Jul 31, 2026 $427m $73m

As of Oct 27, 2026. Source: ETFIQ.

One strategy, two funds

HEDG and QBER 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 QBER’s −0.68. In the 25 weeks the index fell, by 1.10% a week on average, HEDG averaged −0.21% and QBER +0.15%. Over the same weeks, HEDG finished 5.8 percentage points ahead of cash and QBER finished 3.9 points behind cash.

Alert

About each fund

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.

QBER

QBER is a hedged equity fund. Over the year to Oct 27, 2026, its weekly returns had a correlation of −0.68 with the S&P 500’s and a beta of −0.11, so for each 1% the index moved it moved about 0.11% the other way. In the same weeks QBER rose 0.15% on average, a down-week capture of −13.8%. Over the same 52 weeks QBER returned −0.2% and a Treasury bill fund +3.7%, so it finished 3.9 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, HEDG or QBER?: Over the 52 weeks to Oct 27, 2026, HEDG’s weekly returns had a correlation of +0.85 with the S&P 500 and QBER’s −0.68, so QBER moved less with the index.
Which did better when the S&P 500 fell, HEDG or QBER?: In the 25 weeks the S&P 500 fell, by 1.10% a week on average, HEDG averaged −0.21% and QBER +0.15%, so QBER returned more in those weeks.
Which earned more than cash, HEDG or QBER?: Over the same weeks, HEDG finished 5.8 percentage points ahead of cash and QBER finished 3.9 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HEDG or QBER?: HEDG charges 0.96% a year and QBER charges 0.79%, so QBER is cheaper. Fees come from each fund's prospectus.

Other comparisons

HEDG vs THEQ HEDG vs PHEQ HEDG vs ZHDG HEDG vs HEQQ QBER vs TOAK QBER vs THEQ QBER vs QBUL QBER vs QTR

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →HEDG on its own →QBER on its own →HEDG dividend history →QBER dividend history →Method →Standards and sources →

Sources and dates

HEDG filings on SEC EDGAR ↗

HEDG prospectus with the expense ratio (SEC) ↗

Equable Shares website ↗

QBER filings on SEC EDGAR ↗

QBER prospectus with the expense ratio (SEC) ↗

TrueShares 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, HEDG against QBER, data as of Oct 27, 2026. https://etfiq.com/compare/alternatives/hedg-vs-qber

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.