{"url":"https://etfiq.com/compare/alternatives/hegd-vs-theq","section":"compare","title":"HEGD vs THEQ: Correlation to the S&P 500 | ETFIQ","description":"HEGD and THEQ both run hedged equity strategies. Over the year to Nov 4, 2026, HEGD had a correlation of +0.98 with the S&P 500 and THEQ +0.99.","as_of":"Nov 4, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which moved less with the S&P 500, HEGD or THEQ?","acceptedAnswer":{"@type":"Answer","text":"Over the 52 weeks to Nov 4, 2026, HEGD\u2019s weekly returns had a correlation of +0.98 with the S&P 500 and THEQ\u2019s +0.99, so HEGD moved less with the index."}},{"@type":"Question","name":"Which did better when the S&P 500 fell, HEGD or THEQ?","acceptedAnswer":{"@type":"Answer","text":"In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEGD averaged \u22120.76% and THEQ \u22120.77%, so HEGD returned more in those weeks."}},{"@type":"Question","name":"Which earned more than cash, HEGD or THEQ?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"Which is cheaper, HEGD or THEQ?","acceptedAnswer":{"@type":"Answer","text":"HEGD charges 0.87% a year and THEQ charges 0.46%, so THEQ is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Alternatives ETFs","item":"https://etfiq.com/alternatives/"},{"@type":"ListItem","position":3,"name":"Compare ETFs","item":"https://etfiq.com/compare/"},{"@type":"ListItem","position":4,"name":"HEGD vs THEQ","item":"https://etfiq.com/compare/alternatives/hegd-vs-theq"}]},{"@type":"WebPage","name":"HEGD vs THEQ: Correlation to the S&P 500","description":"HEGD and THEQ both run hedged equity strategies. Over the year to Nov 4, 2026, HEGD had a correlation of +0.98 with the S&P 500 and THEQ +0.99.","url":"https://etfiq.com/compare/alternatives/hegd-vs-theq","dateModified":"2026-11-04","abstract":"Over the year to Nov 4, 2026, HEGD moved less with the S&P 500 than THEQ: correlation +0.98 against +0.99.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of HEGD and THEQ","description":"HEGD and THEQ both run hedged equity strategies. Over the year to Nov 4, 2026, HEGD had a correlation of +0.98 with the S&P 500 and THEQ +0.99.","dateModified":"2026-11-04","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/alternatives/hegd-vs-theq","license":"https://etfiq.com/license/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/alternatives.json"}],"variableMeasured":["Correlation with the S&P 500","Beta to the S&P 500","Down-week capture","Average week when the S&P 500 fell","Return against T-bills","Total return","Strategy","Expense ratio"],"keywords":["exchange-traded funds","ETF","Alternatives ETFs","fund data","SEC filings"]}],"characters":6963,"truncated":true,"content":"ETFIQ / Alternatives ETFs / Compare ETFs / HEGD vs THEQ \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Nov 4, 2026 .\n\n HEGD vs THEQ: Correlation to the S&P 500\n\n Over the year to Nov 4, 2026, HEGD moved less with the S&P 500 than THEQ: correlation +0.98 against +0.99.\n Copy this for sharing \n \n THEQ costs 0.41 points a year less; their one-year returns differ by 2.3 points.\n HEGD and THEQ at a glance. As of Nov 4, 2026. Source: ETFIQ. HEGD THEQ \n Expense ratio 0.87% 0.46% \n Net assets, HEGD as of Aug 31, 2026 and THEQ as of Nov 3, 2026 $735m $38m \n Total return, 1 year +6.8% +9.1% \n Ho","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, HEGD against THEQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hegd-vs-theq","a":{"ticker":"HEGD","name":"Swan Hedged Equity US Large Cap ETF","issuer":"Swan","desk":"alternatives","as_of":"2026-11-04","verdict":"Over the year to Nov 4, 2026, HEGD returned 6.8%, against 14.8% for VOO.","url":"https://etfiq.com/funds/hegd","key_facts":[{"label":"Correlation with the S&P 500","value":"+0.98","as_of":"2026-11-04","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"Beta to the S&P 500","value":"+0.66","as_of":"2026-11-04","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"Down-week capture","value":"71.4%","as_of":"2026-11-04","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"Against T-bills, 52 weeks","value":"+3.2 pts","as_of":"2026-11-04","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"12-month yield, capital gains included, on its starting price","value":"0.4%","as_of":"2026-11-04","source":"computed by ETFIQ from Tiingo daily prices and distributions"},{"label":"Last payment (paid annually), ex-date Dec 23, 2025","value":"$0.0903","as_of":"2025-12-23","source":"Tiingo end-of-day distributions"},{"label":"Net assets","value":"$735m","as_of":"2026-08-31","source":"SEC N-PORT, whole fund, as filed for Aug 31, 2026"},{"label":"Expense ratio","value":"0.87%","as_of":"2026-03-27","source":"485BPOS XBRL, Mar 27, 2026"}]},"b":{"ticker":"THEQ","name":"T. Rowe Price Hedged Equity ETF","issuer":"T. Rowe Price","desk":"alternatives","as_of":"2026-11-04","verdict":"Over the year to Nov 4, 2026, THEQ returned 9.1%, against 14.8% for IWV.","url":"https://etfiq.com/funds/theq","key_facts":[{"label":"Correlation with the S&P 500","value":"+0.99","as_of":"2026-11-04","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"Beta to the S&P 500","value":"+0.69","as_of":"2026-11-04","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"Down-week capture","value":"72.3%","as_of":"2026-11-04","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"Against T-bills, 52 weeks","value":"+5.3 pts","as_of":"2026-11-04","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"12-month yield, capital gains included, on its starting price","value":"0.8%","as_of":"2026-11-04","source":"computed by ETFIQ from Tiingo daily prices and distributions"},{"label":"Last payment, ex-date Dec 23, 2025","value":"$0.2222","as_of":"2025-12-23","source":"Tiingo end-of-day distributions"},{"label":"Net assets","value":"$38m","as_of":"2026-11-03","source":"issuer page, as of Nov 3, 2026"},{"label":"Expense ratio","value":"0.46%","as_of":"2026-02-25","source":"485BPOS XBRL, Feb 25, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/alternatives/hegd-vs-theq"}