Data as of Nov 4, 2026.
HEQT vs TAIL: Correlation to the S&P 500
Over the year to Nov 4, 2026, TAIL moved less with the S&P 500 than HEQT: correlation −0.74 against +0.97.
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Net assets: $307m on Nov 3, 2026 for Simplify Hedged Equity ETF, and $147m on Jul 31, 2026 for Cambria Tail Risk ETF.
HEQT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEQT −0.58%.
TAIL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, TAIL +0.17%.
Pair scorecard
HEQT costs 0.12 points a year less; their one-year returns differ by 23.4 points.
| Measure | HEQT | TAIL |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.3% | −13.1% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.48% | 0.60% |
| Net assets, HEQT as of Nov 3, 2026 and TAIL as of Jul 31, 2026 | $307m | $147m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.56: about 0.56% for each 1% | −0.36: about 0.36% for each 1% |
| Its average week when the S&P 500 fell | fell 0.58% | rose 0.17% |
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 12, 2021 to Oct 30, 2026 · 259 weekly returns · each against VOOFrom Nov 2021 to Oct 2026, HEQT returned more: +52.4% to −35.8%. HEQT swung less: 8.0% to 13.4%. HEQT fell less at its worst: −11.1% to −40.2%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | HEQT | TAIL | VOO | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +52.4% | −35.8% | HEQT | Price change plus distributions, reinvested. | |
| Annualized | +8.8% | −8.5% | HEQT | Total return as a yearly rate. | |
| Price return | +35.5% | −43.7% | HEQT | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 8.0% | 13.4% | HEQT | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 5.4% | 8.9% | HEQT | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −11.1% | −40.2% | HEQT | Deepest fall from a high to the low after it. | |
| Upside capture | 40.5% | −25.6% | 100.0% | HEQT | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 55.7% | −83.0% | 100.0% | TAIL | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.46 | −0.62 | 1.00 | TAIL lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.88 | 0.56 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.60 | −0.90 | HEQT | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.89 | −1.34 | HEQT | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.104 | 0.195 | 0.084 | TAIL | Return above Treasury bills per unit of beta. |
| Calmar | 0.79 | −0.21 | HEQT | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | VOO | VOO | VOO | The ETF each fund is measured against. | |
| Alpha | +0.9% a year | −6.8% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.75 | −1.71 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −1.5% to +3.3% | −14.7% to +1.0% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.39 | −0.74 | HEQT | Return against its benchmark per unit of tracking error. | |
| Tracking error | 9.2% | 27.7% | 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, 259 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | HEQT | TAIL | HEQT | TAIL |
| 3 months | +0.8% | −2.7% | +0.9 pts vs VOO | −2.6 pts vs VOO |
| 6 months | +4.8% | −7.1% | −0.2 pts vs VOO | −12.1 pts vs VOO |
| 1 year | +10.3% | −13.1% | −4.5 pts vs VOO | −27.9 pts vs VOO |
| 3 years | +50.4% | −14.2% | −32.9 pts vs VOO | −97.5 pts vs VOO |
| Since launchNot the same days: HEQT Nov 2021 · TAIL Jun 2017 | +54.7% | −51.5% | −23.3 pts vs VOO | −316.9 pts vs VOO |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HEQT and TAIL 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 TAIL’s −0.74. In the 26 weeks the index fell, by 1.07% a week on average, HEQT averaged −0.58% and TAIL +0.17%. Over the same weeks, HEQT finished 6.5 percentage points ahead of cash and TAIL finished 16.0 points behind cash.
Client brief:
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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.
TAIL
TAIL is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of −0.74 with the S&P 500’s and a beta of −0.36, so for each 1% the index moved it moved about 0.36% the other way. In the same weeks TAIL rose 0.17% on average, a down-week capture of −15.9%. Over the same 52 weeks TAIL returned −12.4% and a Treasury bill fund +3.7%, so it finished 16.0 percentage points behind cash.
Questions people ask
- Which moved less with the S&P 500, HEQT or TAIL?
- Over the 52 weeks to Nov 4, 2026, HEQT’s weekly returns had a correlation of +0.97 with the S&P 500 and TAIL’s −0.74, so TAIL moved less with the index.
- Which did better when the S&P 500 fell, HEQT or TAIL?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEQT averaged −0.58% and TAIL +0.17%, so TAIL 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, HEQT against TAIL, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/heqt-vs-tail
ETFIQ. (Nov 4, 2026). HEQT against TAIL. Retrieved from https://etfiq.com/compare/alternatives/heqt-vs-tail
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