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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEQQ averaged −1.03% and TAIL +0.17%, so TAIL returned more in those weeks.

Which earned more than cash, HEQQ or TAIL?

Over the same weeks, HEQQ finished 0.1 percentage points behind cash and TAIL finished 16.0 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HEQQ or TAIL?

HEQQ charges 0.50% a year and TAIL charges 0.60%, so HEQQ is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

HEQQ vs TAIL: Correlation to the S&P 500

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Over the year to Nov 4, 2026, TAIL moved less with the S&P 500 than HEQQ: correlation −0.74 against +0.88.

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Net assets: $30m on Nov 3, 2026 for JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF, and $147m on Jul 31, 2026 for Cambria Tail Risk ETF.

HEQQ on its own →TAIL on its own →

At a glance

+0.88

HEQQ correlation with the S&P 500

−0.74

TAIL correlation with the S&P 500

96.6%

HEQQ down-week capture

−15.9%

TAIL 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%.

TAIL Rose when the S&P 500 fell

TAIL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, TAIL +0.17%.

Pair scorecard

HEQQ costs 0.10 points a year less; their one-year returns differ by 17.0 points.

HEQQ vs TAIL: Correlation to the S&P 500
Measure	HEQQ	TAIL
Return
Measure	HEQQ	TAIL
Total return, 1 year	+3.9%	−13.1%
Against its benchmark
Measure	HEQQ	TAIL
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HEQQ	TAIL
Expense ratio	0.50%	0.60%
Net assets, HEQQ as of Nov 3, 2026 and TAIL as of Jul 31, 2026	$30m	$147m
Holdings
Measure	HEQQ	TAIL
Holdings in common	not published
Risk
Measure	HEQQ	TAIL
Beta to the S&P 500	+0.81: about 0.81% for each 1%	−0.36: about 0.36% for each 1%
Its average week when the S&P 500 fell	fell 1.03%	rose 0.17%

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

IQ Alternatives Score36.4HEQQ95.5TAIL

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

TAIL 95.5

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 TAIL: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HEQQ	TAIL	HEQQ	TAIL
3 months	−1.5%	−2.7%	−1.4 pts vs VOO	−2.6 pts vs VOO
6 months	−1.8%	−7.1%	−6.8 pts vs VOO	−12.1 pts vs VOO
1 year	+3.9%	−13.1%	−10.9 pts vs VOO	−27.9 pts vs VOO
3 years	–	−14.2%	–	−97.5 pts vs VOO
Since launchNot the same days: HEQQ Mar 2025 · TAIL Jun 2017	+20.7%	−51.5%	−16.9 pts vs VOO	−316.9 pts vs VOO

– means no data for this window. Open this comparison in the app →

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 TAIL Cambria Tail Risk ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer JPMorgan Cambria

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.88 −0.74

Beta to the S&P 500 +0.81 −0.36

Down-week capture 96.6% −15.9%

Average week when the S&P 500 fell −1.03% +0.17%

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

Total return, same 52 weeks +3.6% −12.4%

Against T-bills, percentage points −0.1 pts −16.0 pts

Expense ratio 0.50% 0.60%

First traded Mar 27, 2025 Jun 13, 2017

Net assets, HEQQ as of Nov 3, 2026 and TAIL as of Jul 31, 2026 $30m $147m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HEQQ and TAIL 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 TAIL’s −0.74. In the 26 weeks the index fell, by 1.07% a week on average, HEQQ averaged −1.03% and TAIL +0.17%. Over the same weeks, HEQQ finished 0.1 percentage points behind cash and TAIL finished 16.0 points behind 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.

TAIL

TAIL is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of −0.74 with the S&P 500’s and a beta of −0.36, so for each 1% the index moved it moved about 0.36% the other way. In the same weeks TAIL rose 0.17% on average, a down-week capture of −15.9%. Over the same 52 weeks TAIL returned −12.4% and a Treasury bill fund +3.7%, so it finished 16.0 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, HEQQ or TAIL?: Over the 52 weeks to Nov 4, 2026, HEQQ’s weekly returns had a correlation of +0.88 with the S&P 500 and TAIL’s −0.74, so TAIL moved less with the index.
Which did better when the S&P 500 fell, HEQQ or TAIL?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEQQ averaged −1.03% and TAIL +0.17%, so TAIL returned more in those weeks.
Which earned more than cash, HEQQ or TAIL?: Over the same weeks, HEQQ finished 0.1 percentage points behind cash and TAIL finished 16.0 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HEQQ or TAIL?: HEQQ charges 0.50% a year and TAIL charges 0.60%, so HEQQ is cheaper. Fees come from each fund's prospectus.

Other comparisons

HEQQ vs SHDG HEQQ vs THEQ HEQQ vs ZHDG HEQQ vs CAOS TAIL vs ZHDG TAIL vs THEQ TAIL vs TOAK TAIL vs KSPY

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 →TAIL on its own →HEQQ dividend history →TAIL dividend history →Method →Standards and sources →

Sources and dates

HEQQ filings on SEC EDGAR ↗

HEQQ prospectus with the expense ratio (SEC) ↗

JPMorgan website ↗

TAIL filings on SEC EDGAR ↗

TAIL prospectus with the expense ratio (SEC) ↗

Cambria website ↗

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

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