Data as of Nov 4, 2026.
HEGD vs QBUL: Correlation to the S&P 500
Over the year to Nov 4, 2026, QBUL moved less with the S&P 500 than HEGD: correlation +0.85 against +0.98.
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Net assets: $735m on Aug 31, 2026 for Swan Hedged Equity US Large Cap ETF, and $28m on Jul 31, 2026 for TrueShares Quarterly Bull Hedge ETF.
HEGD in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEGD −0.76%.
QBUL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QBUL −0.26%.
Pair scorecard
QBUL costs 0.08 points a year less; their one-year returns differ by 6.4 points.
| Measure | HEGD | QBUL |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.8% | +0.4% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.87% | 0.79% |
| Net assets, HEGD as of Aug 31, 2026 and QBUL as of Jul 31, 2026 | $735m | $28m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.66: about 0.66% for each 1% | +0.20: about 0.20% for each 1% |
| Its average week when the S&P 500 fell | fell 0.76% | fell 0.26% |
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
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 | HEGD | QBUL | HEGD | QBUL |
| 3 months | −1.2% | −0.9% | −1.1 pts vs VOO | −0.8 pts vs VOO |
| 6 months | +1.6% | −0.8% | −3.4 pts vs VOO | −5.8 pts vs VOO |
| 1 year | +6.8% | +0.4% | −8.0 pts vs VOO | −14.4 pts vs VOO |
| 3 years | +49.5% | – | −33.8 pts vs VOO | – |
| Since launchNot the same days: HEGD Dec 2020 · QBUL Jul 2024 | +66.7% | +6.5% | −59.3 pts vs VOO | −38.0 pts vs VOO |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HEGD and QBUL both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, HEGD’s weekly returns had a correlation of +0.98 with the S&P 500 and QBUL’s +0.85. In the 26 weeks the index fell, by 1.07% a week on average, HEGD averaged −0.76% and QBUL −0.26%. Over the same weeks, HEGD finished 3.2 percentage points ahead of cash and QBUL finished 3.3 points behind cash.
HEGD
HEGD 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 Nov 4, 2026, its weekly returns had a correlation of +0.98 with the S&P 500’s and a beta of +0.66, so for each 1% the index moved it moved about 0.66% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks HEGD fell 0.76% on average, a down-week capture of 71.4%. Over the same 52 weeks HEGD returned +6.8% and a Treasury bill fund +3.7%, so it finished 3.2 percentage points ahead of cash.
QBUL
QBUL is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.85 with the S&P 500’s and a beta of +0.20, so for each 1% the index moved it moved about 0.20% the same way. In the same weeks QBUL fell 0.26% on average, a down-week capture of 23.9%. Over the same 52 weeks QBUL returned +0.3% and a Treasury bill fund +3.7%, so it finished 3.3 percentage points behind cash.
Questions people ask
- Which moved less with the S&P 500, HEGD or QBUL?
- Over the 52 weeks to Nov 4, 2026, HEGD’s weekly returns had a correlation of +0.98 with the S&P 500 and QBUL’s +0.85, so QBUL moved less with the index.
- Which did better when the S&P 500 fell, HEGD or QBUL?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEGD averaged −0.76% and QBUL −0.26%, so QBUL 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, HEGD against QBUL, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hegd-vs-qbul
ETFIQ. (Nov 4, 2026). HEGD against QBUL. Retrieved from https://etfiq.com/compare/alternatives/hegd-vs-qbul
[HEGD against QBUL (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/hegd-vs-qbul)
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