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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEQQ averaged −1.03% and THEQ −0.77%, so THEQ returned more in those weeks.

Which earned more than cash, HEQQ or THEQ?

Over the same weeks, HEQQ finished 0.1 percentage points behind cash and THEQ finished 5.3 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HEQQ or THEQ?

HEQQ charges 0.50% a year and THEQ charges 0.46%, so THEQ is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

HEQQ vs THEQ: 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 THEQ: correlation +0.88 against +0.99.

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Net assets on Nov 3, 2026: $30m for JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF and $38m for T. Rowe Price Hedged Equity ETF.

HEQQ on its own →THEQ on its own →

At a glance

+0.88

HEQQ correlation with the S&P 500

+0.99

THEQ correlation with the S&P 500

96.6%

HEQQ down-week capture

72.3%

THEQ 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%.

THEQ Fell 72% as much as the S&P 500

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 5.2 points; THEQ is 1.3 times larger.

HEQQ vs THEQ: Correlation to the S&P 500
Measure	HEQQ	THEQ
Return
Measure	HEQQ	THEQ
Total return, 1 year	+3.9%	+9.1%
Against its benchmark
Measure	HEQQ	THEQ
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HEQQ	THEQ
Expense ratio	0.50%	0.46%
Net assets, as of Nov 3, 2026	$30m	$38m
Holdings
Measure	HEQQ	THEQ
Holdings in common	not published
Risk
Measure	HEQQ	THEQ
Beta to the S&P 500	+0.81: about 0.81% for each 1%	+0.69: about 0.69% for each 1%
Its average week when the S&P 500 fell	fell 1.03%	fell 0.77%

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

IQ Alternatives Score36.4HEQQ19.3THEQ

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

THEQ 19.3

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 THEQ: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HEQQ	THEQ	HEQQ	THEQ
3 months	−1.5%	−0.3%	−1.4 pts vs VOO	0.0 pts vs IWV
6 months	−1.8%	+3.0%	−6.8 pts vs VOO	−1.9 pts vs IWV
1 year	+3.9%	+9.1%	−10.9 pts vs VOO	−5.7 pts vs IWV
Since launchHEQQ Mar 2025 · THEQ Mar 2025	+20.7%	+22.4%	−16.9 pts vs VOO	−14.5 pts vs IWV

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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 THEQ T. Rowe Price Hedged Equity ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer JPMorgan T. Rowe Price

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.88 +0.99

Beta to the S&P 500 +0.81 +0.69

Down-week capture 96.6% 72.3%

Average week when the S&P 500 fell −1.03% −0.77%

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

Total return, same 52 weeks +3.6% +9.0%

Against T-bills, percentage points −0.1 pts +5.3 pts

Expense ratio 0.50% 0.46%

First traded Mar 27, 2025 Mar 27, 2025

Net assets, as of Nov 3, 2026 $30m $38m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HEQQ and THEQ 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 THEQ’s +0.99. In the 26 weeks the index fell, by 1.07% a week on average, HEQQ averaged −1.03% and THEQ −0.77%. Over the same weeks, HEQQ finished 0.1 percentage points behind cash and THEQ finished 5.3 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.

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, HEQQ or THEQ?: Over the 52 weeks to Nov 4, 2026, HEQQ’s weekly returns had a correlation of +0.88 with the S&P 500 and THEQ’s +0.99, so HEQQ moved less with the index.
Which did better when the S&P 500 fell, HEQQ or THEQ?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEQQ averaged −1.03% and THEQ −0.77%, so THEQ returned more in those weeks.
Which earned more than cash, HEQQ or THEQ?: Over the same weeks, HEQQ finished 0.1 percentage points behind cash and THEQ finished 5.3 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HEQQ or THEQ?: HEQQ charges 0.50% a year and THEQ charges 0.46%, so THEQ is cheaper. Fees come from each fund's prospectus.

Other comparisons

HEQQ vs ZHDG HEQQ vs CCOR HEQQ vs QBUL HEQQ vs QBER THEQ vs ZHDG THEQ vs TOAK THEQ vs XTR THEQ vs QBUL

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

Sources and dates

HEQQ filings on SEC EDGAR ↗

HEQQ prospectus with the expense ratio (SEC) ↗

JPMorgan website ↗

THEQ filings on SEC EDGAR ↗

THEQ prospectus with the expense ratio (SEC) ↗

T. Rowe Price 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 THEQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/heqq-vs-theq

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