Data as of Nov 4, 2026.
HELO vs THEQ: Correlation to the S&P 500
Over the year to Nov 4, 2026, HELO moved less with the S&P 500 than THEQ: correlation +0.95 against +0.99.
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Net assets on Nov 3, 2026: $4.9bn for JPMorgan Hedged Equity Laddered Overlay ETF and $38m for T. Rowe Price Hedged Equity ETF.
HELO in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HELO −0.65%.
THEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, THEQ −0.77%.
Pair scorecard
THEQ costs 0.04 points a year less; their one-year returns differ by 1.9 points; HELO is far larger, $4.9bn against $38m.
| Measure | HELO | THEQ |
|---|---|---|
| Return | ||
| Total return, 1 year | +7.2% | +9.1% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.50% | 0.46% |
| Net assets, as of Nov 3, 2026 | $4.9bn | $38m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.59: about 0.59% for each 1% | +0.69: about 0.69% for each 1% |
| Its average week when the S&P 500 fell | fell 0.65% | fell 0.77% |
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 →
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | HELO | THEQ | HELO | THEQ |
| 3 months | +0.2% | −0.3% | +0.3 pts vs VOO | 0.0 pts vs IWV |
| 6 months | +3.1% | +3.0% | −1.9 pts vs VOO | −1.9 pts vs IWV |
| 1 year | +7.2% | +9.1% | −7.6 pts vs VOO | −5.7 pts vs IWV |
| 3 years | +40.1% | – | −43.2 pts vs VOO | – |
| Since launchNot the same days: HELO Sep 2023 · THEQ Mar 2025 | +42.5% | +22.4% | −43.9 pts vs VOO | −14.5 pts vs IWV |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HELO and THEQ 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 THEQ’s +0.99. In the 26 weeks the index fell, by 1.07% a week on average, HELO averaged −0.65% and THEQ −0.77%. Over the same weeks, HELO finished 3.4 percentage points ahead of cash and THEQ finished 5.3 points ahead of cash.
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.
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, HELO or THEQ?
- Over the 52 weeks to Nov 4, 2026, HELO’s weekly returns had a correlation of +0.95 with the S&P 500 and THEQ’s +0.99, so HELO moved less with the index.
- Which did better when the S&P 500 fell, HELO or THEQ?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HELO averaged −0.65% and THEQ −0.77%, so HELO 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 THEQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/helo-vs-theq
ETFIQ. (Nov 4, 2026). HELO against THEQ. Retrieved from https://etfiq.com/compare/alternatives/helo-vs-theq
[HELO against THEQ (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/helo-vs-theq)
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