Which did better when the S&P 500 fell, HEQQ or HOLA?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEQQ averaged −1.03% and HOLA −0.40%, so HOLA returned more in those weeks.

Which earned more than cash, HEQQ or HOLA?

Over the same weeks, HEQQ finished 0.1 percentage points behind cash and HOLA finished 6.5 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HEQQ or HOLA?

HEQQ and HOLA both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

HEQQ vs HOLA: Correlation to the S&P 500

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Over the year to Nov 4, 2026, HOLA moved less with the S&P 500 than HEQQ: correlation +0.69 against +0.88.

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Net assets on Nov 3, 2026: $30m for JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF and $282m for JPMorgan International Hedged Equity Laddered Overlay ETF.

HEQQ on its own →HOLA on its own →

At a glance

+0.88

HEQQ correlation with the S&P 500

+0.69

HOLA correlation with the S&P 500

96.6%

HEQQ down-week capture

36.9%

HOLA down-week capture

HEQQ Fell with the S&P 500

HEQQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEQQ −1.03%.

HOLA Fell 37% as much as the S&P 500

HOLA in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HOLA −0.40%.

Pair scorecard

Both cost 0.50% a year; their one-year returns differ by 6.8 points; HOLA is 9.4 times larger.

HEQQ vs HOLA: Correlation to the S&P 500
Measure	HEQQ	HOLA
Return
Measure	HEQQ	HOLA
Total return, 1 year	+3.9%	+10.7%
Against its benchmark
Measure	HEQQ	HOLA
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HEQQ	HOLA
Expense ratio	0.50%	0.50%
Net assets, as of Nov 3, 2026	$30m	$282m
Holdings
Measure	HEQQ	HOLA
Holdings in common	not published
Risk
Measure	HEQQ	HOLA
Beta to the S&P 500	+0.81: about 0.81% for each 1%	+0.46: about 0.46% for each 1%
Its average week when the S&P 500 fell	fell 1.03%	fell 0.40%

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

IQ Alternatives Score36.4HEQQ65.9HOLA

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

HEQQ 36.4

HOLA 65.9

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: HEQQ vs HOLA: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HEQQ	HOLA	HEQQ	HOLA
3 months	−1.5%	−1.3%	−1.4 pts vs VOO	+0.3 pts vs EFA
6 months	−1.8%	+2.4%	−6.8 pts vs VOO	−0.1 pts vs EFA
1 year	+3.9%	+10.7%	−10.9 pts vs VOO	−6.2 pts vs EFA
Since launchNot the same days: HEQQ Mar 2025 · HOLA Jul 2025	+20.7%	+15.0%	−16.9 pts vs VOO	−7.9 pts vs EFA

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Side by side

HEQQ JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options HOLA JPMorgan International Hedged Equity Laddered Overlay ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer JPMorgan JPMorgan

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.88 +0.69

Beta to the S&P 500 +0.81 +0.46

Down-week capture 96.6% 36.9%

Average week when the S&P 500 fell −1.03% −0.40%

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

Total return, same 52 weeks +3.6% +10.2%

Against T-bills, percentage points −0.1 pts +6.5 pts

Expense ratio 0.50% 0.50%

First traded Mar 27, 2025 Jul 14, 2025

Net assets, as of Nov 3, 2026 $30m $282m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HEQQ and HOLA both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, HEQQ’s weekly returns had a correlation of +0.88 with the S&P 500 and HOLA’s +0.69. In the 26 weeks the index fell, by 1.07% a week on average, HEQQ averaged −1.03% and HOLA −0.40%. Over the same weeks, HEQQ finished 0.1 percentage points behind cash and HOLA finished 6.5 points ahead of cash.

Alert

About each fund

HEQQ

HEQQ 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 +0.88 with the S&P 500’s and a beta of +0.81, so for each 1% the index moved it moved about 0.81% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks HEQQ fell 1.03% on average, a down-week capture of 96.6%. Over the same 52 weeks HEQQ returned +3.6% and a Treasury bill fund +3.7%, so it finished 0.1 percentage points behind cash.

HOLA

HOLA is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.69 with the S&P 500’s and a beta of +0.46, so for each 1% the index moved it moved about 0.46% the same way. In the same weeks HOLA fell 0.40% on average, a down-week capture of 36.9%. Over the same 52 weeks HOLA returned +10.2% and a Treasury bill fund +3.7%, so it finished 6.5 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, HEQQ or HOLA?: Over the 52 weeks to Nov 4, 2026, HEQQ’s weekly returns had a correlation of +0.88 with the S&P 500 and HOLA’s +0.69, so HOLA moved less with the index.
Which did better when the S&P 500 fell, HEQQ or HOLA?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEQQ averaged −1.03% and HOLA −0.40%, so HOLA returned more in those weeks.
Which earned more than cash, HEQQ or HOLA?: Over the same weeks, HEQQ finished 0.1 percentage points behind cash and HOLA finished 6.5 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HEQQ or HOLA?: HEQQ and HOLA both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

HEQQ vs HEQT HEQQ vs TAIL HEQQ vs PHEQ HEQQ vs KSPY HOLA vs QBUL HOLA vs ZHDG HOLA vs THEQ HOLA vs QBER

Where to next

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

Sources and dates

HEQQ and HOLA filings on SEC EDGAR ↗

HEQQ prospectus with the expense ratio (SEC) ↗

JPMorgan website ↗

HOLA prospectus with the expense ratio (SEC) ↗

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.

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ETFIQ, HEQQ against HOLA, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/heqq-vs-hola

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