Data as of Nov 4, 2026.
HEQQ vs ZHDG: Correlation to the S&P 500
Over the year to Nov 4, 2026, HEQQ moved less with the S&P 500 than ZHDG: correlation +0.88 against +0.96.
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Net assets: $30m on Nov 3, 2026 for JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF, and $35m on Jul 31, 2026 for ZEGA Buy and Hedge ETF.
HEQQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEQQ −1.03%.
ZHDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ZHDG −0.92%.
Pair scorecard
HEQQ costs 0.45 points a year less; their one-year returns differ by 2.7 points.
| Measure | HEQQ | ZHDG |
|---|---|---|
| Return | ||
| Total return, 1 year | +3.9% | +6.6% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.50% | 0.95% |
| Net assets, HEQQ as of Nov 3, 2026 and ZHDG as of Jul 31, 2026 | $30m | $35m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.81: about 0.81% for each 1% | +0.82: about 0.82% for each 1% |
| Its average week when the S&P 500 fell | fell 1.03% | fell 0.92% |
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 | ZHDG | HEQQ | ZHDG |
| 3 months | −1.5% | −1.4% | −1.4 pts vs VOO | not measured |
| 6 months | −1.8% | +3.0% | −6.8 pts vs VOO | not measured |
| 1 year | +3.9% | +6.6% | −10.9 pts vs VOO | not measured |
| 3 years | – | +49.1% | – | not measured |
| Since launchNot the same days: HEQQ Mar 2025 · ZHDG Jul 2021 | +20.7% | +33.8% | −16.9 pts vs VOO | not measured |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HEQQ and ZHDG 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 ZHDG’s +0.96. In the 26 weeks the index fell, by 1.07% a week on average, HEQQ averaged −1.03% and ZHDG −0.92%. Over the same weeks, HEQQ finished 0.1 percentage points behind cash and ZHDG finished 2.6 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.
ZHDG
ZHDG is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.96 with the S&P 500’s and a beta of +0.82, so for each 1% the index moved it moved about 0.82% the same way. In the same weeks ZHDG fell 0.92% on average, a down-week capture of 85.6%. Over the same 52 weeks ZHDG returned +6.3% and a Treasury bill fund +3.7%, so it finished 2.6 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HEQQ or ZHDG?
- Over the 52 weeks to Nov 4, 2026, HEQQ’s weekly returns had a correlation of +0.88 with the S&P 500 and ZHDG’s +0.96, so HEQQ moved less with the index.
- Which did better when the S&P 500 fell, HEQQ or ZHDG?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEQQ averaged −1.03% and ZHDG −0.92%, so ZHDG returned more in those weeks.
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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 ZHDG, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/heqq-vs-zhdg
ETFIQ. (Nov 4, 2026). HEQQ against ZHDG. Retrieved from https://etfiq.com/compare/alternatives/heqq-vs-zhdg
[HEQQ against ZHDG (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/heqq-vs-zhdg)
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