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

In the 25 weeks the S&P 500 fell, by 1.10% a week on average, HEDG averaged −0.21% and ZHDG −1.07%, so HEDG returned more in those weeks.

Which earned more than cash, HEDG or ZHDG?

Over the same weeks, HEDG finished 5.8 percentage points ahead of cash and ZHDG finished 1.9 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HEDG or ZHDG?

HEDG charges 0.96% a year and ZHDG charges 0.95%, so ZHDG is cheaper. Fees come from each fund's prospectus.

Data as of Oct 27, 2026.

Alternative ETFs

HEDG vs ZHDG: Correlation to the S&P 500

Over the year to Oct 27, 2026, HEDG moved less with the S&P 500 than ZHDG: correlation +0.85 against +0.97.

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Net assets on Jul 31, 2026: $427m for Equable Shares Hedged Equity ETF and $35m for ZEGA Buy and Hedge ETF.

HEDG on its own →ZHDG on its own →

At a glance

+0.85

HEDG correlation with the S&P 500

+0.97

ZHDG correlation with the S&P 500

19.4%

HEDG down-week capture

97.8%

ZHDG 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%.

ZHDG Fell with the S&P 500

ZHDG in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, ZHDG −1.07%.

Pair scorecard

ZHDG costs 0.01 points a year less; their one-year returns differ by 3.5 points; HEDG is 12.2 times larger.

HEDG vs ZHDG: Correlation to the S&P 500
Measure	HEDG	ZHDG
Return
Measure	HEDG	ZHDG
Total return, 1 year	+9.4%	+5.9%
Against its benchmark
Measure	HEDG	ZHDG
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HEDG	ZHDG
Expense ratio	0.96%	0.95%
Net assets, as of Jul 31, 2026	$427m	$35m
Holdings
Measure	HEDG	ZHDG
Holdings in common	not published
Risk
Measure	HEDG	ZHDG
Beta to the S&P 500	+0.28: about 0.28% for each 1%	+0.86: about 0.86% for each 1%
Its average week when the S&P 500 fell	fell 0.21%	fell 1.07%

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

IQ Alternatives Score70.5HEDG13.7ZHDG

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

ZHDG 13.7

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 ZHDG: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HEDG	ZHDG	HEDG	ZHDG
3 months	+3.5%	+2.9%	−0.7 pts vs VOO	not measured
6 months	+5.4%	+6.6%	−3.3 pts vs VOO	not measured
1 year	+9.4%	+5.9%	−4.2 pts vs VOO	not measured
3 years	–	+56.4%	–	not measured
Since launchNot the same days: HEDG Oct 2025 · ZHDG Jul 2021	+10.6%	+34.4%	−6.8 pts vs VOO	not measured

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 ZHDG ZEGA Buy and Hedge ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer Equable Shares Zega

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.85 +0.97

Beta to the S&P 500 +0.28 +0.86

Down-week capture 19.4% 97.8%

Average week when the S&P 500 fell −0.21% −1.07%

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

Total return, same 52 weeks +9.4% +5.6%

Against T-bills, percentage points +5.8 pts +1.9 pts

Expense ratio 0.96% 0.95%

First traded Oct 13, 2025 Jul 7, 2021

Net assets, as of Jul 31, 2026 $427m $35m

As of Oct 27, 2026. Source: ETFIQ.

One strategy, two funds

HEDG and ZHDG 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 ZHDG’s +0.97. In the 25 weeks the index fell, by 1.10% a week on average, HEDG averaged −0.21% and ZHDG −1.07%. Over the same weeks, HEDG finished 5.8 percentage points ahead of cash and ZHDG finished 1.9 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.

ZHDG

ZHDG is a hedged equity fund. Over the year to Oct 27, 2026, its weekly returns had a correlation of +0.97 with the S&P 500’s and a beta of +0.86, so for each 1% the index moved it moved about 0.86% the same way. In the same weeks ZHDG fell 1.07% on average, a down-week capture of 97.8%. Over the same 52 weeks ZHDG returned +5.6% and a Treasury bill fund +3.7%, so it finished 1.9 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, HEDG or ZHDG?: Over the 52 weeks to Oct 27, 2026, HEDG’s weekly returns had a correlation of +0.85 with the S&P 500 and ZHDG’s +0.97, so HEDG moved less with the index.
Which did better when the S&P 500 fell, HEDG or ZHDG?: In the 25 weeks the S&P 500 fell, by 1.10% a week on average, HEDG averaged −0.21% and ZHDG −1.07%, so HEDG returned more in those weeks.
Which earned more than cash, HEDG or ZHDG?: Over the same weeks, HEDG finished 5.8 percentage points ahead of cash and ZHDG finished 1.9 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HEDG or ZHDG?: HEDG charges 0.96% a year and ZHDG charges 0.95%, so ZHDG is cheaper. Fees come from each fund's prospectus.

Other comparisons

HEDG vs SHDG HEDG vs XTR HEDG vs HOLA HEDG vs HEQT ZHDG vs HEQT ZHDG vs HOLA ZHDG vs HEGD ZHDG vs TAIL

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

Sources and dates

HEDG filings on SEC EDGAR ↗

HEDG prospectus with the expense ratio (SEC) ↗

Equable Shares website ↗

ZHDG filings on SEC EDGAR ↗

ZHDG prospectus with the expense ratio (SEC) ↗

Zega 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 ZHDG, data as of Oct 27, 2026. https://etfiq.com/compare/alternatives/hedg-vs-zhdg

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