Data as of Nov 4, 2026.
HEQQ vs XTR: Correlation to the S&P 500
Over the year to Nov 4, 2026, HEQQ moved less with the S&P 500 than XTR: correlation +0.88 against +1.00.
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Net assets: $30m on Nov 3, 2026 for JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF, and $5.0m on Oct 12, 2026 for Global X S&P 500 Tail Risk ETF.
HEQQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEQQ −1.03%.
XTR in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, XTR −1.07%.
Pair scorecard
XTR costs 0.25 points a year less; their one-year returns differ by 6.3 points; HEQQ is 6.2 times larger.
| Measure | HEQQ | XTR |
|---|---|---|
| Return | ||
| Total return, 1 year | +3.9% | +10.2% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.50% | 0.25% |
| Net assets, as of Oct 12, 2026 | $31m | $5.0m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.81: about 0.81% for each 1% | +0.94: about 0.94% for each 1% |
| Its average week when the S&P 500 fell | fell 1.03% | fell 1.07% |
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
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 →
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | HEQQ | XTR | HEQQ | XTR |
| 3 months | −1.5% | −1.0% | −1.4 pts vs VOO | −0.9 pts vs VOO |
| 6 months | −1.8% | +3.4% | −6.8 pts vs VOO | −1.6 pts vs VOO |
| 1 year | +3.9% | +10.2% | −10.9 pts vs VOO | −4.6 pts vs VOO |
| 3 years | – | +65.7% | – | −17.6 pts vs VOO |
| Since launchNot the same days: HEQQ Mar 2025 · XTR Aug 2021 | +20.7% | +58.1% | −16.9 pts vs VOO | −26.8 pts vs VOO |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HEQQ and XTR 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 XTR’s +1.00. In the 26 weeks the index fell, by 1.07% a week on average, HEQQ averaged −1.03% and XTR −1.07%. Over the same weeks, HEQQ finished 0.1 percentage points behind cash and XTR finished 6.3 points ahead of cash.
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.
XTR
XTR is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +1.00 with the S&P 500’s and a beta of +0.94, so for each 1% the index moved it moved about 0.94% the same way. In the same weeks XTR fell 1.07% on average, a down-week capture of 100.0%. Over the same 52 weeks XTR returned +9.9% and a Treasury bill fund +3.7%, so it finished 6.3 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HEQQ or XTR?
- Over the 52 weeks to Nov 4, 2026, HEQQ’s weekly returns had a correlation of +0.88 with the S&P 500 and XTR’s +1.00, so HEQQ moved less with the index.
- Which did better when the S&P 500 fell, HEQQ or XTR?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEQQ averaged −1.03% and XTR −1.07%, so HEQQ returned more in those weeks.
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 XTR, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/heqq-vs-xtr
ETFIQ. (Nov 4, 2026). HEQQ against XTR. Retrieved from https://etfiq.com/compare/alternatives/heqq-vs-xtr
[HEQQ against XTR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/heqq-vs-xtr)
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