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Data as of Nov 4, 2026.

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Alternative ETFs

HEGD vs THEQ: Correlation to the S&P 500

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Over the year to Nov 4, 2026, HEGD moved less with the S&P 500 than THEQ: correlation +0.98 against +0.99.

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Net assets: $735m on Aug 31, 2026 for Swan Hedged Equity US Large Cap ETF, and $38m on Nov 3, 2026 for T. Rowe Price Hedged Equity ETF.

HEGD on its own →THEQ on its own →
At a glance
+0.98
HEGD correlation with the S&P 500
+0.99
THEQ correlation with the S&P 500
71.4%
HEGD down-week capture
72.3%
THEQ down-week capture
HEGD Fell 71% as much as the S&P 500
Fell 71% as much as the S&P 500HEGD in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEGD −0.76%.SPY−1.07%HEGD−0.76%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell 71% as much as the S&P 500HEGD in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEGD −0.76%.SPY−1.07%HEGD−0.76%Average week when SPY fell

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

THEQ Fell 72% as much as the S&P 500
Fell 72% as much as the S&P 500THEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, THEQ −0.77%.SPY−1.07%THEQ−0.77%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell 72% as much as the S&P 500THEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, THEQ −0.77%.SPY−1.07%THEQ−0.77%Average week when SPY fell

THEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, THEQ −0.77%.

Pair scorecard

THEQ costs 0.41 points a year less; their one-year returns differ by 2.3 points.

HEGD vs THEQ: Correlation to the S&P 500
MeasureHEGDTHEQ
Return
Total return, 1 year+6.8%+9.1%
Against its benchmark
Treasury bills, 52 weeks+3.7%
Cost and size
Expense ratio0.87%0.46%
Net assets, HEGD as of Aug 31, 2026 and THEQ as of Nov 3, 2026$735m$38m
Holdings
Holdings in commonnot published
Risk
Beta to the S&P 500+0.66: about 0.66% for each 1%+0.69: about 0.69% for each 1%
Its average week when the S&P 500 fellfell 0.76%fell 0.77%
ETFIQ Stock Diversification Score · HEGD scores higher How much does it diversify a stock portfolio?
IQ Alternatives Score26.1HEGD19.3THEQ

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

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 THEQ: Correlation to the S&P 500
Total returnvs its benchmark
WindowHEGDTHEQHEGDTHEQ
3 months−1.2%−0.3%−1.1 pts vs VOO0.0 pts vs IWV
6 months+1.6%+3.0%−3.4 pts vs VOO−1.9 pts vs IWV
1 year+6.8%+9.1%−8.0 pts vs VOO−5.7 pts vs IWV
3 years+49.5%–−33.8 pts vs VOO–
Since launchNot the same days: HEGD Dec 2020 · THEQ Mar 2025+66.7%+22.4%−59.3 pts vs VOO−14.5 pts vs IWV

– means no data for this window. Open this comparison in the app →

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 THEQ T. Rowe Price Hedged Equity ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options
Issuer Swan T. Rowe Price
Strategy Hedged equity Hedged equity
Correlation with the S&P 500 +0.98 +0.99
Beta to the S&P 500 +0.66 +0.69
Down-week capture 71.4% 72.3%
Average week when the S&P 500 fell −0.76% −0.77%
The S&P 500 in those weeks −1.07% −1.07%
Total return, same 52 weeks +6.8% +9.0%
Against T-bills, percentage points +3.2 pts +5.3 pts
Expense ratio 0.87% 0.46%
First traded Dec 23, 2020 Mar 27, 2025
Net assets, HEGD as of Aug 31, 2026 and THEQ as of Nov 3, 2026 $735m $38m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HEGD and THEQ 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 THEQ’s +0.99. In the 26 weeks the index fell, by 1.07% a week on average, HEGD averaged −0.76% and THEQ −0.77%. Over the same weeks, HEGD finished 3.2 percentage points ahead of cash and THEQ finished 5.3 points ahead of cash.

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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.

THEQ

THEQ is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.99 with the S&P 500’s and a beta of +0.69, so for each 1% the index moved it moved about 0.69% the same way. In the same weeks THEQ fell 0.77% on average, a down-week capture of 72.3%. Over the same 52 weeks THEQ returned +9.0% and a Treasury bill fund +3.7%, so it finished 5.3 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, HEGD or THEQ?
Over the 52 weeks to Nov 4, 2026, HEGD’s weekly returns had a correlation of +0.98 with the S&P 500 and THEQ’s +0.99, so HEGD moved less with the index.
Which did better when the S&P 500 fell, HEGD or THEQ?
In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEGD averaged −0.76% and THEQ −0.77%, so HEGD returned more in those weeks.
Which earned more than cash, HEGD or THEQ?
Over the same weeks, HEGD finished 3.2 percentage points ahead of cash and THEQ finished 5.3 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HEGD or THEQ?
HEGD charges 0.87% a year and THEQ charges 0.46%, so THEQ is cheaper. Fees come from each fund's prospectus.
Other comparisons
HEGD vs ZHDGHEGD vs HEQQHEGD vs CCORHEGD vs QBULTHEQ vs XTRTHEQ vs PHEQTHEQ vs KSPYTHEQ vs HELO
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 →THEQ on its own →HEGD dividend history →THEQ dividend history →Method →Standards and sources →
Sources and dates
HEGD filings on SEC EDGAR ↗
HEGD prospectus with the expense ratio (SEC) ↗
Swan website ↗
THEQ filings on SEC EDGAR ↗
THEQ prospectus with the expense ratio (SEC) ↗
T. Rowe Price 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.

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

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