Data as of .
HELO vs SHDG: which moved less with stocks?
Over the year to Sep 18, 2026, SHDG moved less with the S&P 500 than HELO: correlation +0.86 against +0.95.
ETFIQ Diversifier Score: SHDG scores higher
How much does it diversify a stock portfolio?
A percentile among the 63 alternatives ETFs with a full year. It is a position in a set, not a rating, and neither end of it is a recommendation. All alternatives ETFs ranked by it · How it is computed
One strategy, two funds
HELO and SHDG both run a hedged equity strategy. Over the same 52 weeks to Sep 18, 2026, HELO’s weekly returns had a correlation of +0.95 with the S&P 500 and SHDG’s +0.86. In the 22 weeks the index fell, by 1.24% a week on average, HELO averaged −0.70% and SHDG −0.75%. Over the same weeks, HELO finished 3.3 percentage points ahead of cash and SHDG finished 2.6 points ahead of cash.
Performance, window by window
| Window | Total return | vs the S&P 500 | ||
|---|---|---|---|---|
| HELO | SHDG | HELO | SHDG | |
| 3 months | +1.9% | +2.1% | −0.4 pts | −0.1 pts |
| 6 months | +7.8% | +7.3% | −10.3 pts | −10.7 pts |
| 1 year | +7.1% | +6.4% | −9.5 pts | −10.2 pts |
| 3 years | not published | +42.4% | not published | −36.0 pts |
| Since launch | +41.1% | +66.5% | −43.7 pts | −45.3 pts |
| HELO JPMorgan Hedged Equity Laddered Overlay ETF Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options | SHDG Soundwatch Hedged Equity ETF Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options | |
|---|---|---|
| Issuer | JPMorgan | Soundwatch |
| Strategy | Hedged equity | Hedged equity |
| Correlation with the S&P 500 | +0.95 | +0.86 |
| Beta to the S&P 500 | +0.53 | +0.51 |
| Down-week capture | 56.2% | 60.2% |
| Average week when the S&P 500 fell | −0.70% | −0.75% |
| The S&P 500 in those weeks | −1.24% | −1.24% |
| Total return, same 52 weeks | +7.0% | +6.2% |
| Against T-bills, percentage points | +3.3 pts | +2.6 pts |
| Expense ratio | 0.50% | 0.91% |
| Listed | Sep 29, 2023 | Oct 24, 2022 |
| Net assets | $4.8bn | $164m |
HELO in plain words
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 Sep 18, 2026, its weekly returns had a correlation of +0.95 with the S&P 500’s and a beta of +0.53, so for each 1% the index moved it moved about 0.53% the same way. The S&P 500 fell in 22 of those 52 weeks, by 1.24% on average. In the same weeks HELO fell 0.70% on average, a down-week capture of 56.2%. Over the same 52 weeks HELO returned +7.0% and a Treasury bill fund +3.6%, so it finished 3.3 percentage points ahead of cash.
SHDG in plain words
SHDG is a hedged equity fund. Over the year to Sep 18, 2026, its weekly returns had a correlation of +0.86 with the S&P 500’s and a beta of +0.51, so for each 1% the index moved it moved about 0.51% the same way. In the same weeks SHDG fell 0.75% on average, a down-week capture of 60.2%. Over the same 52 weeks SHDG returned +6.2% and a Treasury bill fund +3.6%, so it finished 2.6 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HELO or SHDG?
- Over the 52 weeks to Sep 18, 2026, HELO’s weekly returns had a correlation of +0.95 with the S&P 500 and SHDG’s +0.86, so SHDG moved less with the index.
- Which did better when the S&P 500 fell, HELO or SHDG?
- In the 22 weeks the S&P 500 fell, by 1.24% a week on average, HELO averaged −0.70% and SHDG −0.75%, so HELO returned more in those weeks.
- Which earned more than cash, HELO or SHDG?
- Over the same weeks, HELO finished 3.3 percentage points ahead of cash and SHDG finished 2.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
- Which is cheaper, HELO or SHDG?
- HELO charges 0.50% a year and SHDG charges 0.91%, so HELO is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, HELO against SHDG, data as of Sep 18, 2026. https://etfiq.com/compare/alternatives/helo-vs-shdg Free to use with attribution; the underlying files are at Open data.