Data as of Oct 27, 2026.
HEDG vs THEQ: Correlation to the S&P 500
Over the year to Oct 27, 2026, HEDG moved less with the S&P 500 than THEQ: correlation +0.85 against +0.99.
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Net assets: $427m on Jul 31, 2026 for Equable Shares Hedged Equity ETF, and $38m on Oct 26, 2026 for T. Rowe Price Hedged Equity ETF.
HEDG in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, HEDG −0.21%.
THEQ in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, THEQ −0.83%.
Pair scorecard
THEQ costs 0.50 points a year less; their one-year returns differ by 1.5 points.
| Measure | HEDG | THEQ |
|---|---|---|
| Return | ||
| Total return, 1 year | +9.4% | +7.9% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.96% | 0.46% |
| Net assets, HEDG as of Jul 31, 2026 and THEQ as of Oct 26, 2026 | $427m | $38m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.28: about 0.28% for each 1% | +0.72: about 0.72% for each 1% |
| Its average week when the S&P 500 fell | fell 0.21% | fell 0.83% |
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 →
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | HEDG | THEQ | HEDG | THEQ |
| 3 months | +3.5% | +2.6% | −0.7 pts vs VOO | −1.0 pts vs IWV |
| 6 months | +5.4% | +5.5% | −3.3 pts vs VOO | −2.9 pts vs IWV |
| 1 year | +9.4% | +7.9% | −4.2 pts vs VOO | −5.2 pts vs IWV |
| Since launchNot the same days: HEDG Oct 2025 · THEQ Mar 2025 | +10.6% | +22.7% | −6.8 pts vs VOO | −14.4 pts vs IWV |
Source: ETFIQ. Open this comparison in the app →
Side by side
As of Oct 27, 2026. Source: ETFIQ.
One strategy, two funds
HEDG and THEQ 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 THEQ’s +0.99. In the 25 weeks the index fell, by 1.10% a week on average, HEDG averaged −0.21% and THEQ −0.83%. Over the same weeks, HEDG finished 5.8 percentage points ahead of cash and THEQ finished 4.1 points ahead of cash.
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.
THEQ
THEQ is a hedged equity fund. Over the year to Oct 27, 2026, its weekly returns had a correlation of +0.99 with the S&P 500’s and a beta of +0.72, so for each 1% the index moved it moved about 0.72% the same way. In the same weeks THEQ fell 0.83% on average, a down-week capture of 75.9%. Over the same 52 weeks THEQ returned +7.8% and a Treasury bill fund +3.7%, so it finished 4.1 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HEDG or THEQ?
- Over the 52 weeks to Oct 27, 2026, HEDG’s weekly returns had a correlation of +0.85 with the S&P 500 and THEQ’s +0.99, so HEDG moved less with the index.
- Which did better when the S&P 500 fell, HEDG or THEQ?
- In the 25 weeks the S&P 500 fell, by 1.10% a week on average, HEDG averaged −0.21% and THEQ −0.83%, 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 THEQ, data as of Oct 27, 2026. https://etfiq.com/compare/alternatives/hedg-vs-theq
ETFIQ. (Oct 27, 2026). HEDG against THEQ. Retrieved from https://etfiq.com/compare/alternatives/hedg-vs-theq
[HEDG against THEQ (ETFIQ, Oct 27, 2026)](https://etfiq.com/compare/alternatives/hedg-vs-theq)
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