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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HELO averaged −0.65% and QTR −1.79%, so HELO returned more in those weeks.

Which earned more than cash, HELO or QTR?

Over the same weeks, HELO finished 3.4 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, HELO or QTR?

HELO charges 0.50% 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

HELO 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 HELO: correlation +0.91 against +0.95.

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Net assets: $4.9bn on Nov 3, 2026 for JPMorgan Hedged Equity Laddered Overlay ETF, and $10m on Oct 12, 2026 for Global X NASDAQ 100 Tail Risk ETF.

HELO on its own →QTR on its own →

At a glance

+0.95

HELO correlation with the S&P 500

+0.91

QTR correlation with the S&P 500

60.7%

HELO down-week capture

167.0%

QTR down-week capture

HELO Fell 61% as much as the S&P 500

HELO in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HELO −0.65%.

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 0.25 points a year less; their one-year returns differ by 1.2 points; HELO is far larger, $4.9bn against $10m.

HELO vs QTR: Correlation to the S&P 500
Measure	HELO	QTR
Return
Measure	HELO	QTR
Total return, 1 year	+7.2%	+6.0%
Against its benchmark
Measure	HELO	QTR
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HELO	QTR
Expense ratio	0.50%	0.25%
Net assets, as of Oct 12, 2026	$4.9bn	$10m
Holdings
Measure	HELO	QTR
Holdings in common	not published
Risk
Measure	HELO	QTR
Beta to the S&P 500	+0.59: about 0.59% for each 1%	+1.34: about 1.34% for each 1%
Its average week when the S&P 500 fell	fell 0.65%	fell 1.79%

ETFIQ Stock Diversification Score · HELO scores higher How much does it diversify a stock portfolio?

IQ Alternatives Score38.7HELO26.1QTR

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

HELO 38.7

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: HELO vs QTR: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HELO	QTR	HELO	QTR
3 months	+0.2%	−4.6%	+0.3 pts vs VOO	−4.5 pts vs VOO
6 months	+3.1%	−2.4%	−1.9 pts vs VOO	−7.4 pts vs VOO
1 year	+7.2%	+6.0%	−7.6 pts vs VOO	−8.8 pts vs VOO
3 years	+40.1%	+66.0%	−43.2 pts vs VOO	−17.3 pts vs VOO
Since launchNot the same days: HELO Sep 2023 · QTR Aug 2021	+42.5%	+58.6%	−43.9 pts vs VOO	−26.3 pts vs VOO

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Side by side

HELO JPMorgan Hedged Equity Laddered Overlay 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 JPMorgan Global X

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.95 +0.91

Beta to the S&P 500 +0.59 +1.34

Down-week capture 60.7% 167.0%

Average week when the S&P 500 fell −0.65% −1.79%

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

Total return, same 52 weeks +7.0% +5.4%

Against T-bills, percentage points +3.4 pts +1.7 pts

Expense ratio 0.50% 0.25%

First traded Sep 29, 2023 Aug 26, 2021

Net assets, HELO as of Nov 3, 2026 and QTR as of Oct 12, 2026 $4.9bn $10m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HELO and QTR 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 QTR’s +0.91. In the 26 weeks the index fell, by 1.07% a week on average, HELO averaged −0.65% and QTR −1.79%. Over the same weeks, HELO finished 3.4 percentage points ahead of cash and QTR finished 1.7 points ahead of cash.

Alert

About each fund

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.

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, HELO or QTR?: Over the 52 weeks to Nov 4, 2026, HELO’s weekly returns had a correlation of +0.95 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, HELO or QTR?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HELO averaged −0.65% and QTR −1.79%, so HELO returned more in those weeks.
Which earned more than cash, HELO or QTR?: Over the same weeks, HELO finished 3.4 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, HELO or QTR?: HELO charges 0.50% a year and QTR charges 0.25%, so QTR is cheaper. Fees come from each fund's prospectus.

Other comparisons

HELO vs XTR HELO vs QBUL HELO vs ATTR HELO vs TOAK QTR vs THEQ QTR vs ZHDG QTR vs XTR QTR vs HEQT

Where to next

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

Sources and dates

HELO filings on SEC EDGAR ↗

HELO prospectus with the expense ratio (SEC) ↗

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

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