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Data as of Nov 4, 2026.

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Alternative ETFs

HEQQ vs KSPY: Correlation to the S&P 500

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Over the year to Nov 4, 2026, HEQQ moved less with the S&P 500 than KSPY: correlation +0.88 against +0.92.

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Net assets: $30m on Nov 3, 2026 for JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF, and $135m on Nov 4, 2026 for KraneShares Hedgeye Hedged Equity Index ETF.

HEQQ on its own →KSPY on its own →
At a glance
+0.88
HEQQ correlation with the S&P 500
+0.92
KSPY correlation with the S&P 500
96.6%
HEQQ down-week capture
41.0%
KSPY down-week capture
HEQQ Fell with the S&P 500
Fell with the S&P 500HEQQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEQQ −1.03%.SPY−1.07%HEQQ−1.03%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell with the S&P 500HEQQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEQQ −1.03%.SPY−1.07%HEQQ−1.03%Average week when SPY fell

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

KSPY Fell 41% as much as the S&P 500
Fell 41% as much as the S&P 500KSPY in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, KSPY −0.44%.SPY−1.07%KSPY−0.44%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell 41% as much as the S&P 500KSPY in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, KSPY −0.44%.SPY−1.07%KSPY−0.44%Average week when SPY fell

KSPY in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, KSPY −0.44%.

Pair scorecard

HEQQ costs 0.38 points a year less; their one-year returns differ by 7.9 points; KSPY is 4.4 times larger.

HEQQ vs KSPY: Correlation to the S&P 500
MeasureHEQQKSPY
Return
Total return, 1 year+3.9%+11.8%
Against its benchmark
Treasury bills, 52 weeks+3.7%
Cost and size
Expense ratio0.50%0.88%
Net assets, as of Nov 3, 2026$30m$133m
Holdings
Holdings in commonnot published
Risk
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 fellfell 1.03%fell 0.44%
ETFIQ Stock Diversification Score · KSPY scores higher How much does it diversify a stock portfolio?
IQ Alternatives Score36.4HEQQ47.8KSPY

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

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 KSPY: Correlation to the S&P 500
Total returnvs its benchmark
WindowHEQQKSPYHEQQKSPY
3 months−1.5%+1.4%−1.4 pts vs VOO+1.5 pts vs VOO
6 months−1.8%+6.0%−6.8 pts vs VOO+1.0 pts vs VOO
1 year+3.9%+11.8%−10.9 pts vs VOO−3.0 pts vs VOO
Since launchNot the same days: HEQQ Mar 2025 · KSPY Jul 2024+20.7%+30.0%−16.9 pts vs VOO−9.5 pts vs VOO

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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 KSPY KraneShares Hedgeye Hedged Equity Index ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options
Issuer JPMorgan KraneShares
Strategy Hedged equity Hedged equity
Correlation with the S&P 500 +0.88 +0.92
Beta to the S&P 500 +0.81 +0.46
Down-week capture 96.6% 41.0%
Average week when the S&P 500 fell −1.03% −0.44%
The S&P 500 in those weeks −1.07% −1.07%
Total return, same 52 weeks +3.6% +11.6%
Against T-bills, percentage points −0.1 pts +7.9 pts
Expense ratio 0.50% 0.88%
First traded Mar 27, 2025 Jul 16, 2024
Net assets, HEQQ as of Nov 3, 2026 and KSPY as of Nov 4, 2026 $30m $135m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HEQQ and KSPY 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 KSPY’s +0.92. In the 26 weeks the index fell, by 1.07% a week on average, HEQQ averaged −1.03% and KSPY −0.44%. Over the same weeks, HEQQ finished 0.1 percentage points behind cash and KSPY finished 7.9 points ahead of cash.

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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.

KSPY

KSPY is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.92 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 KSPY fell 0.44% on average, a down-week capture of 41.0%. Over the same 52 weeks KSPY returned +11.6% and a Treasury bill fund +3.7%, so it finished 7.9 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, HEQQ or KSPY?
Over the 52 weeks to Nov 4, 2026, HEQQ’s weekly returns had a correlation of +0.88 with the S&P 500 and KSPY’s +0.92, so HEQQ moved less with the index.
Which did better when the S&P 500 fell, HEQQ or KSPY?
In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEQQ averaged −1.03% and KSPY −0.44%, so KSPY returned more in those weeks.
Which earned more than cash, HEQQ or KSPY?
Over the same weeks, HEQQ finished 0.1 percentage points behind cash and KSPY finished 7.9 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HEQQ or KSPY?
HEQQ charges 0.50% a year and KSPY charges 0.88%, so HEQQ is cheaper. Fees come from each fund's prospectus.
Other comparisons
HEQQ vs ZHDGHEQQ vs QBULHEQQ vs QTRHEQQ vs ACIOKSPY vs QBULKSPY vs QTRKSPY vs ZHDGKSPY vs THEQ
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 →KSPY on its own →HEQQ dividend history →KSPY dividend history →Method →Standards and sources →
Sources and dates
HEQQ filings on SEC EDGAR ↗
HEQQ prospectus with the expense ratio (SEC) ↗
JPMorgan website ↗
KSPY filings on SEC EDGAR ↗
KSPY prospectus with the expense ratio (SEC) ↗
KraneShares page for KSPY ↗

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 KSPY, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/heqq-vs-kspy

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