Data as of Nov 4, 2026.
HEQT vs HOLA: Correlation to the S&P 500
Over the year to Nov 4, 2026, HOLA moved less with the S&P 500 than HEQT: correlation +0.69 against +0.97.
askIQ about this page
askIQ about HEQT and HOLA
Net assets on Nov 3, 2026: $307m for Simplify Hedged Equity ETF and $282m for JPMorgan International Hedged Equity Laddered Overlay ETF.
HEQT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEQT −0.58%.
HOLA in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HOLA −0.40%.
Pair scorecard
HEQT costs 0.02 points a year less; their one-year returns differ by 0.4 points; HEQT is 1.1 times larger.
| Measure | HEQT | HOLA |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.3% | +10.7% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.48% | 0.50% |
| Net assets, as of Nov 3, 2026 | $307m | $282m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.56: about 0.56% for each 1% | +0.46: about 0.46% for each 1% |
| Its average week when the S&P 500 fell | fell 0.58% | fell 0.40% |
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 →
Risk and return
Jul 25, 2025 to Oct 30, 2026 · 66 weekly returnsEach against its own benchmark: HEQT against VOO, Nov 12, 2021 to Oct 30, 2026; HOLA against EFA, Jul 25, 2025 to Oct 30, 2026.
From Jul 2025 to Oct 2026, HEQT returned more: +14.0% to +12.3%. HEQT swung less: 6.2% to 8.9%. HEQT fell less at its worst: −4.7% to −6.6%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | HEQT | HOLA | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +14.0% | +12.3% | HEQT | Price change plus distributions, reinvested. |
| Annualized | +10.8% | +9.6% | HEQT | Total return as a yearly rate. |
| Price return | +12.2% | +9.0% | HEQT | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 6.2% | 8.9% | HEQT | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 3.6% | 6.2% | HEQT | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −4.7% | −6.6% | HEQT | Deepest fall from a high to the low after it. |
| Upside capture | 40.5% | 55.0% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 55.7% | 71.0% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.46 | 0.60 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.88 | 0.90 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 1.07 | 0.64 | HEQT | Return above Treasury bills per unit of volatility. |
| Sortino | 1.86 | 0.91 | HEQT | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.104 | 0.095 | Return above Treasury bills per unit of beta. | |
| Calmar | 2.31 | 1.45 | HEQT | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | VOO | EFA | The ETF each fund is measured against. | |
| Alpha | +0.9% a year | −0.3% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.75 | −0.14 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −1.5% to +3.3% | −5.3% to +4.6% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.39 | −0.70 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 9.2% | 6.3% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 66 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | HEQT | HOLA | HEQT | HOLA |
| 3 months | +0.8% | −1.3% | +0.9 pts vs VOO | +0.3 pts vs EFA |
| 6 months | +4.8% | +2.4% | −0.2 pts vs VOO | −0.1 pts vs EFA |
| 1 year | +10.3% | +10.7% | −4.5 pts vs VOO | −6.2 pts vs EFA |
| 3 years | +50.4% | – | −32.9 pts vs VOO | – |
| Since launchNot the same days: HEQT Nov 2021 · HOLA Jul 2025 | +54.7% | +15.0% | −23.3 pts vs VOO | −7.9 pts vs EFA |
– means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HEQT and HOLA both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, HEQT’s weekly returns had a correlation of +0.97 with the S&P 500 and HOLA’s +0.69. In the 26 weeks the index fell, by 1.07% a week on average, HEQT averaged −0.58% and HOLA −0.40%. Over the same weeks, HEQT finished 6.5 percentage points ahead of cash and HOLA finished 6.5 points ahead of cash.
Client brief:
The two-page PDF for this pair is coming. Save the comparison to follow its changes. Free. It needs an email sign-in, once.
HEQT
HEQT 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 +0.97 with the S&P 500’s and a beta of +0.56, so for each 1% the index moved it moved about 0.56% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks HEQT fell 0.58% on average, a down-week capture of 54.2%. Over the same 52 weeks HEQT returned +10.2% and a Treasury bill fund +3.7%, so it finished 6.5 percentage points ahead of cash.
HOLA
HOLA is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.69 with the S&P 500’s and a beta of +0.46, so for each 1% the index moved it moved about 0.46% the same way. In the same weeks HOLA fell 0.40% on average, a down-week capture of 36.9%. Over the same 52 weeks HOLA returned +10.2% and a Treasury bill fund +3.7%, so it finished 6.5 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HEQT or HOLA?
- Over the 52 weeks to Nov 4, 2026, HEQT’s weekly returns had a correlation of +0.97 with the S&P 500 and HOLA’s +0.69, so HOLA moved less with the index.
- Which did better when the S&P 500 fell, HEQT or HOLA?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEQT averaged −0.58% and HOLA −0.40%, so HOLA 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.
Cite this pageCitation, APA and Markdown
ETFIQ, HEQT against HOLA, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/heqt-vs-hola
ETFIQ. (Nov 4, 2026). HEQT against HOLA. Retrieved from https://etfiq.com/compare/alternatives/heqt-vs-hola
[HEQT against HOLA (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/heqt-vs-hola)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.