Data as of Nov 4, 2026.
HELO vs PHEQ: Correlation to the S&P 500
Over the year to Nov 4, 2026, PHEQ moved less with the S&P 500 than HELO: correlation +0.94 against +0.95.
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Net assets: $4.9bn on Nov 3, 2026 for JPMorgan Hedged Equity Laddered Overlay ETF, and $140m on Jun 30, 2026 for Parametric Hedged Equity ETF.
HELO in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HELO −0.65%.
PHEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, PHEQ −0.34%.
Pair scorecard
PHEQ costs 0.21 points a year less; their one-year returns differ by 4.0 points.
| Measure | HELO | PHEQ |
|---|---|---|
| Return | ||
| Total return, 1 year | +7.2% | +11.2% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.50% | 0.29% |
| Net assets, HELO as of Nov 3, 2026 and PHEQ as of Jun 30, 2026 | $4.9bn | $140m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.59: about 0.59% for each 1% | +0.40: about 0.40% for each 1% |
| Its average week when the S&P 500 fell | fell 0.65% | fell 0.34% |
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 →
Risk and return
Oct 27, 2023 to Oct 30, 2026 · 157 weekly returns · each against VOOFrom Oct 2023 to Oct 2026, PHEQ returned more: +53.6% to +44.0%. HELO and PHEQ swung about the same: 7.7% and 7.8%. HELO fell less at its worst: −9.6% to −11.4%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | HELO | PHEQ | VOO | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +44.0% | +53.6% | PHEQ | Price change plus distributions, reinvested. | |
| Annualized | +12.8% | +15.3% | PHEQ | Total return as a yearly rate. | |
| Price return | +41.3% | +46.5% | PHEQ | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 7.7% | 7.8% | Tie | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 4.9% | 4.9% | Tie | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −9.6% | −11.4% | HELO | Deepest fall from a high to the low after it. | |
| Upside capture | 44.5% | 41.8% | 100.0% | HELO (slight) | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 62.2% | 49.8% | 100.0% | PHEQ | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.53 | 0.52 | 1.00 | Tie | How far it moves for each 1% its benchmark moves. |
| R squared | 0.92 | 0.90 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 1.03 | 1.30 | PHEQ | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.63 | 2.04 | PHEQ | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.151 | 0.194 | 0.181 | PHEQ | Return above Treasury bills per unit of beta. |
| Calmar | 1.34 | 1.34 | Tie | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | VOO | VOO | VOO | The ETF each fund is measured against. | |
| Alpha | −1.6% a year | +0.7% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −1.21 | 0.46 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −4.1% to +1.0% | −2.2% to +3.6% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −1.44 | −1.11 | PHEQ | Return against its benchmark per unit of tracking error. | |
| Tracking error | 7.0% | 7.2% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 157 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | HELO | PHEQ | HELO | PHEQ |
| 3 months | +0.2% | +2.2% | +0.3 pts vs VOO | +2.3 pts vs VOO |
| 6 months | +3.1% | +5.1% | −1.9 pts vs VOO | +0.1 pts vs VOO |
| 1 year | +7.2% | +11.2% | −7.6 pts vs VOO | −3.6 pts vs VOO |
| 3 years | +40.1% | +49.5% | −43.2 pts vs VOO | −33.8 pts vs VOO |
| Since launchNot the same days: HELO Sep 2023 · PHEQ Oct 2023 | +42.5% | +51.1% | −43.9 pts vs VOO | −35.7 pts vs VOO |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HELO and PHEQ both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, HELO’s weekly returns had a correlation of +0.95 with the S&P 500 and PHEQ’s +0.94. In the 26 weeks the index fell, by 1.07% a week on average, HELO averaged −0.65% and PHEQ −0.34%. Over the same weeks, HELO finished 3.4 percentage points ahead of cash and PHEQ finished 7.2 points ahead of cash.
Client brief:
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HELO
HELO 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 +0.95 with the S&P 500’s and a beta of +0.59, so for each 1% the index moved it moved about 0.59% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks HELO fell 0.65% on average, a down-week capture of 60.7%. Over the same 52 weeks HELO returned +7.0% and a Treasury bill fund +3.7%, so it finished 3.4 percentage points ahead of cash.
PHEQ
PHEQ is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.94 with the S&P 500’s and a beta of +0.40, so for each 1% the index moved it moved about 0.40% the same way. In the same weeks PHEQ fell 0.34% on average, a down-week capture of 31.6%. Over the same 52 weeks PHEQ returned +10.9% and a Treasury bill fund +3.7%, so it finished 7.2 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HELO or PHEQ?
- Over the 52 weeks to Nov 4, 2026, HELO’s weekly returns had a correlation of +0.95 with the S&P 500 and PHEQ’s +0.94, so PHEQ moved less with the index.
- Which did better when the S&P 500 fell, HELO or PHEQ?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HELO averaged −0.65% and PHEQ −0.34%, so PHEQ 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, HELO against PHEQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/helo-vs-pheq
ETFIQ. (Nov 4, 2026). HELO against PHEQ. Retrieved from https://etfiq.com/compare/alternatives/helo-vs-pheq
[HELO against PHEQ (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/helo-vs-pheq)
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