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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEQQ averaged −1.03% and PHEQ −0.34%, so PHEQ returned more in those weeks.

Which earned more than cash, HEQQ or PHEQ?

Over the same weeks, HEQQ finished 0.1 percentage points behind cash and PHEQ finished 7.2 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HEQQ or PHEQ?

HEQQ charges 0.50% a year and PHEQ charges 0.29%, so PHEQ is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

HEQQ vs PHEQ: 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 PHEQ: correlation +0.88 against +0.94.

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Net assets: $30m on Nov 3, 2026 for JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF, and $140m on Jun 30, 2026 for Parametric Hedged Equity ETF.

HEQQ on its own →PHEQ on its own →

At a glance

+0.88

HEQQ correlation with the S&P 500

+0.94

PHEQ correlation with the S&P 500

96.6%

HEQQ down-week capture

31.6%

PHEQ 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%.

PHEQ Fell 32% as much as the S&P 500

PHEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, PHEQ −0.34%.

Pair scorecard

PHEQ costs 0.21 points a year less; their one-year returns differ by 7.3 points.

HEQQ vs PHEQ: Correlation to the S&P 500
Measure	HEQQ	PHEQ
Return
Measure	HEQQ	PHEQ
Total return, 1 year	+3.9%	+11.2%
Against its benchmark
Measure	HEQQ	PHEQ
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HEQQ	PHEQ
Expense ratio	0.50%	0.29%
Net assets, HEQQ as of Nov 3, 2026 and PHEQ as of Jun 30, 2026	$30m	$140m
Holdings
Measure	HEQQ	PHEQ
Holdings in common	not published
Risk
Measure	HEQQ	PHEQ
Beta to the S&P 500	+0.81: about 0.81% for each 1%	+0.40: about 0.40% for each 1%
Its average week when the S&P 500 fell	fell 1.03%	fell 0.34%

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

IQ Alternatives Score36.4HEQQ50PHEQ

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

PHEQ 50

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 PHEQ: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HEQQ	PHEQ	HEQQ	PHEQ
3 months	−1.5%	+2.2%	−1.4 pts vs VOO	+2.3 pts vs VOO
6 months	−1.8%	+5.1%	−6.8 pts vs VOO	+0.1 pts vs VOO
1 year	+3.9%	+11.2%	−10.9 pts vs VOO	−3.6 pts vs VOO
3 years	–	+49.5%	–	−33.8 pts vs VOO
Since launchNot the same days: HEQQ Mar 2025 · PHEQ Oct 2023	+20.7%	+51.1%	−16.9 pts vs VOO	−35.7 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 PHEQ Parametric Hedged Equity ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer JPMorgan Parametric

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.88 +0.94

Beta to the S&P 500 +0.81 +0.40

Down-week capture 96.6% 31.6%

Average week when the S&P 500 fell −1.03% −0.34%

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

Total return, same 52 weeks +3.6% +10.9%

Against T-bills, percentage points −0.1 pts +7.2 pts

Expense ratio 0.50% 0.29%

First traded Mar 27, 2025 Oct 19, 2023

Net assets, HEQQ as of Nov 3, 2026 and PHEQ as of Jun 30, 2026 $30m $140m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HEQQ and PHEQ 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 PHEQ’s +0.94. In the 26 weeks the index fell, by 1.07% a week on average, HEQQ averaged −1.03% and PHEQ −0.34%. Over the same weeks, HEQQ finished 0.1 percentage points behind cash and PHEQ finished 7.2 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.

PHEQ

PHEQ is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.94 with the S&P 500’s and a beta of +0.40, so for each 1% the index moved it moved about 0.40% the same way. In the same weeks PHEQ fell 0.34% on average, a down-week capture of 31.6%. Over the same 52 weeks PHEQ returned +10.9% and a Treasury bill fund +3.7%, so it finished 7.2 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, HEQQ or PHEQ?: Over the 52 weeks to Nov 4, 2026, HEQQ’s weekly returns had a correlation of +0.88 with the S&P 500 and PHEQ’s +0.94, so HEQQ moved less with the index.
Which did better when the S&P 500 fell, HEQQ or PHEQ?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEQQ averaged −1.03% and PHEQ −0.34%, so PHEQ returned more in those weeks.
Which earned more than cash, HEQQ or PHEQ?: Over the same weeks, HEQQ finished 0.1 percentage points behind cash and PHEQ finished 7.2 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HEQQ or PHEQ?: HEQQ charges 0.50% a year and PHEQ charges 0.29%, so PHEQ is cheaper. Fees come from each fund's prospectus.

Other comparisons

HEQQ vs KSPY HEQQ vs TOAK HEQQ vs ATTR HEQQ vs QBER PHEQ vs QBUL PHEQ vs ZHDG PHEQ vs THEQ PHEQ 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 →PHEQ on its own →HEQQ dividend history →PHEQ dividend history →Method →Standards and sources →

Sources and dates

HEQQ filings on SEC EDGAR ↗

HEQQ prospectus with the expense ratio (SEC) ↗

JPMorgan website ↗

PHEQ filings on SEC EDGAR ↗

PHEQ prospectus with the expense ratio (SEC) ↗

Parametric page for PHEQ ↗

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

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