Which did better when the S&P 500 fell, HEGD or QTR?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEGD averaged −0.76% and QTR −1.79%, so HEGD returned more in those weeks.

Which earned more than cash, HEGD or QTR?

Over the same weeks, HEGD finished 3.2 percentage points ahead of cash and QTR finished 1.7 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HEGD or QTR?

HEGD charges 0.87% a year and QTR charges 0.25%, so QTR is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

HEGD vs QTR: Correlation to the S&P 500

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Over the year to Nov 4, 2026, QTR moved less with the S&P 500 than HEGD: correlation +0.91 against +0.98.

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Net assets: $735m on Aug 31, 2026 for Swan Hedged Equity US Large Cap ETF, and $10m on Oct 12, 2026 for Global X NASDAQ 100 Tail Risk ETF.

HEGD on its own →QTR on its own →

At a glance

+0.98

HEGD correlation with the S&P 500

+0.91

QTR correlation with the S&P 500

71.4%

HEGD down-week capture

167.0%

QTR down-week capture

HEGD Fell 71% as much as the S&P 500

HEGD in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEGD −0.76%.

QTR Fell more than the S&P 500

QTR in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QTR −1.79%.

Pair scorecard

QTR costs 0.62 points a year less; their one-year returns differ by 0.8 points.

HEGD vs QTR: Correlation to the S&P 500
Measure	HEGD	QTR
Return
Measure	HEGD	QTR
Total return, 1 year	+6.8%	+6.0%
Against its benchmark
Measure	HEGD	QTR
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HEGD	QTR
Expense ratio	0.87%	0.25%
Net assets, HEGD as of Aug 31, 2026 and QTR as of Oct 12, 2026	$735m	$10m
Holdings
Measure	HEGD	QTR
Holdings in common	not published
Risk
Measure	HEGD	QTR
Beta to the S&P 500	+0.66: about 0.66% for each 1%	+1.34: about 1.34% for each 1%
Its average week when the S&P 500 fell	fell 0.76%	fell 1.79%

ETFIQ Stock Diversification Score · HEGD and QTR score the same How much does it diversify a stock portfolio?

IQ Alternatives Score26.1HEGD26.1QTR

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

HEGD 26.1

QTR 26.1

4.5, the lowest in this set 95.5, the highest

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: HEGD vs QTR: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HEGD	QTR	HEGD	QTR
3 months	−1.2%	−4.6%	−1.1 pts vs VOO	−4.5 pts vs VOO
6 months	+1.6%	−2.4%	−3.4 pts vs VOO	−7.4 pts vs VOO
1 year	+6.8%	+6.0%	−8.0 pts vs VOO	−8.8 pts vs VOO
3 years	+49.5%	+66.0%	−33.8 pts vs VOO	−17.3 pts vs VOO
Since launchNot the same days: HEGD Dec 2020 · QTR Aug 2021	+66.7%	+58.6%	−59.3 pts vs VOO	−26.3 pts vs VOO

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Side by side

HEGD Swan Hedged Equity US Large Cap ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options QTR Global X NASDAQ 100 Tail Risk ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer Swan Global X

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.98 +0.91

Beta to the S&P 500 +0.66 +1.34

Down-week capture 71.4% 167.0%

Average week when the S&P 500 fell −0.76% −1.79%

The S&P 500 in those weeks −1.07% −1.07%

Total return, same 52 weeks +6.8% +5.4%

Against T-bills, percentage points +3.2 pts +1.7 pts

Expense ratio 0.87% 0.25%

First traded Dec 23, 2020 Aug 26, 2021

Net assets, HEGD as of Aug 31, 2026 and QTR as of Oct 12, 2026 $735m $10m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HEGD and QTR 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 QTR’s +0.91. In the 26 weeks the index fell, by 1.07% a week on average, HEGD averaged −0.76% and QTR −1.79%. Over the same weeks, HEGD finished 3.2 percentage points ahead of cash and QTR finished 1.7 points ahead of cash.

Alert

About each fund

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.

QTR

QTR is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.91 with the S&P 500’s and a beta of +1.34, so for each 1% the index moved it moved about 1.34% the same way. In the same weeks QTR fell 1.79% on average, a down-week capture of 167.0%. Over the same 52 weeks QTR returned +5.4% and a Treasury bill fund +3.7%, so it finished 1.7 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, HEGD or QTR?: Over the 52 weeks to Nov 4, 2026, HEGD’s weekly returns had a correlation of +0.98 with the S&P 500 and QTR’s +0.91, so QTR moved less with the index.
Which did better when the S&P 500 fell, HEGD or QTR?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEGD averaged −0.76% and QTR −1.79%, so HEGD returned more in those weeks.
Which earned more than cash, HEGD or QTR?: Over the same weeks, HEGD finished 3.2 percentage points ahead of cash and QTR finished 1.7 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HEGD or QTR?: HEGD charges 0.87% a year and QTR charges 0.25%, so QTR is cheaper. Fees come from each fund's prospectus.

Other comparisons

HEGD vs QBUL HEGD vs HELO HEGD vs XTR HEGD vs CCOR QTR vs TAIL QTR vs TOAK QTR vs THEQ QTR vs ZHDG

Where to next

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

Sources and dates

HEGD filings on SEC EDGAR ↗

HEGD prospectus with the expense ratio (SEC) ↗

Swan website ↗

QTR filings on SEC EDGAR ↗

QTR prospectus with the expense ratio (SEC) ↗

Global X page for QTR ↗

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, HEGD against QTR, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hegd-vs-qtr

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