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

In the 25 weeks the S&P 500 fell, by 1.10% a week on average, HEDG averaged −0.21% and XTR −1.06%, so HEDG returned more in those weeks.

Which earned more than cash, HEDG or XTR?

Over the same weeks, HEDG finished 5.8 percentage points ahead of cash and XTR finished 5.5 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HEDG or XTR?

HEDG charges 0.96% a year and XTR charges 0.25%, so XTR is cheaper. Fees come from each fund's prospectus.

Data as of Oct 27, 2026.

Alternative ETFs

HEDG vs XTR: Correlation to the S&P 500

Over the year to Oct 27, 2026, HEDG moved less with the S&P 500 than XTR: correlation +0.85 against +0.99.

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Net assets: $427m on Jul 31, 2026 for Equable Shares Hedged Equity ETF, and $5.0m on Oct 12, 2026 for Global X S&P 500 Tail Risk ETF.

HEDG on its own →XTR on its own →

At a glance

+0.85

HEDG correlation with the S&P 500

+0.99

XTR correlation with the S&P 500

19.4%

HEDG down-week capture

97.1%

XTR 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%.

XTR Fell with the S&P 500

XTR in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, XTR −1.06%.

Pair scorecard

XTR costs 0.71 points a year less; their one-year returns differ by 0.1 points.

HEDG vs XTR: Correlation to the S&P 500
Measure	HEDG	XTR
Return
Measure	HEDG	XTR
Total return, 1 year	+9.4%	+9.5%
Against its benchmark
Measure	HEDG	XTR
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HEDG	XTR
Expense ratio	0.96%	0.25%
Net assets, HEDG as of Jul 31, 2026 and XTR as of Oct 12, 2026	$427m	$5.0m
Holdings
Measure	HEDG	XTR
Holdings in common	not published
Risk
Measure	HEDG	XTR
Beta to the S&P 500	+0.28: about 0.28% for each 1%	+0.91: about 0.91% for each 1%
Its average week when the S&P 500 fell	fell 0.21%	fell 1.06%

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

IQ Alternatives Score70.5HEDG8XTR

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

XTR 8

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 XTR: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HEDG	XTR	HEDG	XTR
3 months	+3.5%	+3.2%	−0.7 pts vs VOO	−1.0 pts vs VOO
6 months	+5.4%	+7.2%	−3.3 pts vs VOO	−1.5 pts vs VOO
1 year	+9.4%	+9.5%	−4.2 pts vs VOO	−4.1 pts vs VOO
3 years	–	+74.1%	–	−20.7 pts vs VOO
Since launchNot the same days: HEDG Oct 2025 · XTR Aug 2021	+10.6%	+59.0%	−6.8 pts vs VOO	−26.6 pts vs VOO

Source: ETFIQ. – means no data for this window. 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 XTR Global X S&P 500 Tail Risk ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer Equable Shares Global X

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.85 +0.99

Beta to the S&P 500 +0.28 +0.91

Down-week capture 19.4% 97.1%

Average week when the S&P 500 fell −0.21% −1.06%

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

Total return, same 52 weeks +9.4% +9.2%

Against T-bills, percentage points +5.8 pts +5.5 pts

Expense ratio 0.96% 0.25%

First traded Oct 13, 2025 Aug 26, 2021

Net assets, HEDG as of Jul 31, 2026 and XTR as of Oct 12, 2026 $427m $5.0m

As of Oct 27, 2026. Source: ETFIQ.

One strategy, two funds

HEDG and XTR 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 XTR’s +0.99. In the 25 weeks the index fell, by 1.10% a week on average, HEDG averaged −0.21% and XTR −1.06%. Over the same weeks, HEDG finished 5.8 percentage points ahead of cash and XTR finished 5.5 points ahead of 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.

XTR

XTR 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 +0.91, so for each 1% the index moved it moved about 0.91% the same way. In the same weeks XTR fell 1.06% on average, a down-week capture of 97.1%. Over the same 52 weeks XTR returned +9.2% and a Treasury bill fund +3.7%, so it finished 5.5 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, HEDG or XTR?: Over the 52 weeks to Oct 27, 2026, HEDG’s weekly returns had a correlation of +0.85 with the S&P 500 and XTR’s +0.99, so HEDG moved less with the index.
Which did better when the S&P 500 fell, HEDG or XTR?: In the 25 weeks the S&P 500 fell, by 1.10% a week on average, HEDG averaged −0.21% and XTR −1.06%, so HEDG returned more in those weeks.
Which earned more than cash, HEDG or XTR?: Over the same weeks, HEDG finished 5.8 percentage points ahead of cash and XTR finished 5.5 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HEDG or XTR?: HEDG charges 0.96% a year and XTR charges 0.25%, so XTR is cheaper. Fees come from each fund's prospectus.

Other comparisons

HEDG vs QTR HEDG vs QBUL HEDG vs CCOR HEDG vs HEQQ XTR vs KSPY XTR vs ZHDG XTR vs HEQT XTR vs HOLA

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 →XTR on its own →HEDG dividend history →XTR dividend history →Method →Standards and sources →

Sources and dates

HEDG filings on SEC EDGAR ↗

HEDG prospectus with the expense ratio (SEC) ↗

Equable Shares website ↗

XTR filings on SEC EDGAR ↗

XTR prospectus with the expense ratio (SEC) ↗

Global X page for XTR ↗

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 XTR, data as of Oct 27, 2026. https://etfiq.com/compare/alternatives/hedg-vs-xtr

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