Data as of Nov 4, 2026.
HEQT vs SHDG: Correlation to the S&P 500
Over the year to Nov 4, 2026, SHDG moved less with the S&P 500 than HEQT: correlation +0.90 against +0.97.
askIQ about this page
askIQ about HEQT and SHDG
Net assets: $307m on Nov 3, 2026 for Simplify Hedged Equity ETF, and $161m on Jul 31, 2026 for Soundwatch Hedged Equity ETF.
HEQT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEQT −0.58%.
SHDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, SHDG −0.75%.
Pair scorecard
HEQT costs 0.43 points a year less; their one-year returns differ by 4.7 points.
| Measure | HEQT | SHDG |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.3% | +5.6% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.48% | 0.91% |
| Net assets, HEQT as of Nov 3, 2026 and SHDG as of Jul 31, 2026 | $307m | $161m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.56: about 0.56% for each 1% | +0.60: about 0.60% for each 1% |
| Its average week when the S&P 500 fell | fell 0.58% | fell 0.75% |
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
Nov 4, 2022 to Oct 30, 2026 · 208 weekly returns · each against VOOFrom Nov 2022 to Oct 2026, HEQT and SHDG returned about the same: +64.9% and +65.9%. HEQT swung less: 7.6% to 10.1%. HEQT fell less at its worst: −9.3% to −13.9%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | HEQT | SHDG | VOO | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +64.9% | +65.9% | Tie | Price change plus distributions, reinvested. | |
| Annualized | +13.3% | +13.5% | Tie | Total return as a yearly rate. | |
| Price return | +47.5% | +60.6% | SHDG | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 7.6% | 10.1% | HEQT | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 4.9% | 6.8% | HEQT | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −9.3% | −13.9% | HEQT | Deepest fall from a high to the low after it. | |
| Upside capture | 45.5% | 59.0% | 100.0% | SHDG | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 57.9% | 76.3% | 100.0% | HEQT | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.51 | 0.69 | 1.00 | HEQT lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.90 | 0.92 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 1.08 | 0.85 | HEQT | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.68 | 1.27 | HEQT | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.160 | 0.125 | 0.152 | HEQT | Return above Treasury bills per unit of beta. |
| Calmar | 1.44 | 0.97 | HEQT | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | VOO | VOO | VOO | The ETF each fund is measured against. | |
| Alpha | +0.4% a year | −1.9% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.34 | −1.33 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −1.9% to +2.7% | −4.7% to +0.9% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.97 | −1.28 | HEQT | Return against its benchmark per unit of tracking error. | |
| Tracking error | 7.2% | 5.2% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 208 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | HEQT | SHDG | HEQT | SHDG |
| 3 months | +0.8% | +0.6% | +0.9 pts vs VOO | +0.7 pts vs VOO |
| 6 months | +4.8% | +4.0% | −0.2 pts vs VOO | −1.0 pts vs VOO |
| 1 year | +10.3% | +5.6% | −4.5 pts vs VOO | −9.2 pts vs VOO |
| 3 years | +50.4% | +46.8% | −32.9 pts vs VOO | −36.5 pts vs VOO |
| Since launchNot the same days: HEQT Nov 2021 · SHDG Oct 2022 | +54.7% | +67.7% | −23.3 pts vs VOO | −46.2 pts vs VOO |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HEQT and SHDG 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 SHDG’s +0.90. In the 26 weeks the index fell, by 1.07% a week on average, HEQT averaged −0.58% and SHDG −0.75%. Over the same weeks, HEQT finished 6.5 percentage points ahead of cash and SHDG finished 1.6 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.
SHDG
SHDG is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.90 with the S&P 500’s and a beta of +0.60, so for each 1% the index moved it moved about 0.60% the same way. In the same weeks SHDG fell 0.75% on average, a down-week capture of 70.4%. Over the same 52 weeks SHDG returned +5.2% and a Treasury bill fund +3.7%, so it finished 1.6 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HEQT or SHDG?
- Over the 52 weeks to Nov 4, 2026, HEQT’s weekly returns had a correlation of +0.97 with the S&P 500 and SHDG’s +0.90, so SHDG moved less with the index.
- Which did better when the S&P 500 fell, HEQT or SHDG?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEQT averaged −0.58% and SHDG −0.75%, so HEQT 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 SHDG, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/heqt-vs-shdg
ETFIQ. (Nov 4, 2026). HEQT against SHDG. Retrieved from https://etfiq.com/compare/alternatives/heqt-vs-shdg
[HEQT against SHDG (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/heqt-vs-shdg)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.