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Data as of Nov 4, 2026.

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Alternative ETFs

HEQT vs QTR: Correlation to the S&P 500

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Over the year to Nov 4, 2026, QTR moved less with the S&P 500 than HEQT: correlation +0.91 against +0.97.

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Net assets: $307m on Nov 3, 2026 for Simplify Hedged Equity ETF, and $10m on Oct 12, 2026 for Global X NASDAQ 100 Tail Risk ETF.

HEQT on its own →QTR on its own →
At a glance
+0.97
HEQT correlation with the S&P 500
+0.91
QTR correlation with the S&P 500
54.2%
HEQT down-week capture
167.0%
QTR down-week capture
HEQT Fell 54% as much as the S&P 500
Fell 54% as much as the S&P 500HEQT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEQT −0.58%.SPY−1.07%HEQT−0.58%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell 54% as much as the S&P 500HEQT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEQT −0.58%.SPY−1.07%HEQT−0.58%Average week when SPY fell

HEQT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEQT −0.58%.

QTR Fell more than the S&P 500
Fell more than the S&P 500QTR in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QTR −1.79%.SPY−1.07%QTR−1.79%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell more than the S&P 500QTR in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QTR −1.79%.SPY−1.07%QTR−1.79%Average week when SPY fell

QTR in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QTR −1.79%.

Pair scorecard

QTR costs 0.23 points a year less; their one-year returns differ by 4.3 points; HEQT is far larger, $325m against $10m.

HEQT vs QTR: Correlation to the S&P 500
MeasureHEQTQTR
Return
Total return, 1 year+10.3%+6.0%
Against its benchmark
Treasury bills, 52 weeks+3.7%
Cost and size
Expense ratio0.48%0.25%
Net assets, as of Oct 12, 2026$325m$10m
Holdings
Holdings in commonnot published
Risk
Beta to the S&P 500+0.56: about 0.56% for each 1%+1.34: about 1.34% for each 1%
Its average week when the S&P 500 fellfell 0.58%fell 1.79%
ETFIQ Stock Diversification Score · HEQT scores higher How much does it diversify a stock portfolio?
IQ Alternatives Score36.4HEQT26.1QTR

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

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: HEQT vs QTR: Correlation to the S&P 500
Total returnvs its benchmark
WindowHEQTQTRHEQTQTR
3 months+0.8%−4.6%+0.9 pts vs VOO−4.5 pts vs VOO
6 months+4.8%−2.4%−0.2 pts vs VOO−7.4 pts vs VOO
1 year+10.3%+6.0%−4.5 pts vs VOO−8.8 pts vs VOO
3 years+50.4%+66.0%−32.9 pts vs VOO−17.3 pts vs VOO
Since launchNot the same days: HEQT Nov 2021 · QTR Aug 2021+54.7%+58.6%−23.3 pts vs VOO−26.3 pts vs VOO

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Side by side

HEQT Simplify Hedged Equity ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options QTR Global X NASDAQ 100 Tail Risk ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options
Issuer Simplify Global X
Strategy Hedged equity Hedged equity
Correlation with the S&P 500 +0.97 +0.91
Beta to the S&P 500 +0.56 +1.34
Down-week capture 54.2% 167.0%
Average week when the S&P 500 fell −0.58% −1.79%
The S&P 500 in those weeks −1.07% −1.07%
Total return, same 52 weeks +10.2% +5.4%
Against T-bills, percentage points +6.5 pts +1.7 pts
Expense ratio 0.48% 0.25%
First traded Nov 2, 2021 Aug 26, 2021
Net assets, HEQT as of Nov 3, 2026 and QTR as of Oct 12, 2026 $307m $10m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HEQT and QTR 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 QTR’s +0.91. In the 26 weeks the index fell, by 1.07% a week on average, HEQT averaged −0.58% and QTR −1.79%. Over the same weeks, HEQT finished 6.5 percentage points ahead of cash and QTR finished 1.7 points ahead of cash.

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About each fund
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.

QTR

QTR is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.91 with the S&P 500’s and a beta of +1.34, so for each 1% the index moved it moved about 1.34% the same way. In the same weeks QTR fell 1.79% on average, a down-week capture of 167.0%. Over the same 52 weeks QTR returned +5.4% and a Treasury bill fund +3.7%, so it finished 1.7 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, HEQT or QTR?
Over the 52 weeks to Nov 4, 2026, HEQT’s weekly returns had a correlation of +0.97 with the S&P 500 and QTR’s +0.91, so QTR moved less with the index.
Which did better when the S&P 500 fell, HEQT or QTR?
In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEQT averaged −0.58% and QTR −1.79%, so HEQT returned more in those weeks.
Which earned more than cash, HEQT or QTR?
Over the same weeks, HEQT finished 6.5 percentage points ahead of cash and QTR finished 1.7 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HEQT or QTR?
HEQT charges 0.48% a year and QTR charges 0.25%, so QTR is cheaper. Fees come from each fund's prospectus.
Other comparisons
HEQT vs XTRHEQT vs QBULHEQT vs PHEQHEQT vs TAILQTR vs HOLAQTR vs SHDGQTR vs TAILQTR vs PHEQ
Where to next
BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →HEQT on its own →QTR on its own →HEQT dividend history →QTR dividend history →Method →Standards and sources →
Sources and dates
HEQT filings on SEC EDGAR ↗
HEQT prospectus with the expense ratio (SEC) ↗
Simplify website ↗
QTR filings on SEC EDGAR ↗
QTR prospectus with the expense ratio (SEC) ↗
Global X page for QTR ↗

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, HEQT against QTR, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/heqt-vs-qtr

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