Which did better when the S&P 500 fell, HEQT or XTR?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEQT averaged −0.58% and XTR −1.07%, so HEQT returned more in those weeks.

Which earned more than cash, HEQT or XTR?

Over the same weeks, HEQT finished 6.5 percentage points ahead of cash and XTR finished 6.3 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HEQT or XTR?

HEQT charges 0.48% a year and XTR charges 0.25%, so XTR is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

HEQT vs XTR: Correlation to the S&P 500

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Over the year to Nov 4, 2026, HEQT moved less with the S&P 500 than XTR: correlation +0.97 against +1.00.

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Net assets: $307m on Nov 3, 2026 for Simplify Hedged Equity ETF, and $5.0m on Oct 12, 2026 for Global X S&P 500 Tail Risk ETF.

HEQT on its own →XTR on its own →

At a glance

+0.97

HEQT correlation with the S&P 500

+1.00

XTR correlation with the S&P 500

54.2%

HEQT down-week capture

100.0%

XTR down-week capture

HEQT Fell 54% as much as the S&P 500

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

XTR Fell with the S&P 500

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

Pair scorecard

XTR costs 0.23 points a year less; their one-year returns differ by 0.1 points; HEQT is far larger, $325m against $5.0m.

HEQT vs XTR: Correlation to the S&P 500
Measure	HEQT	XTR
Return
Measure	HEQT	XTR
Total return, 1 year	+10.3%	+10.2%
Against its benchmark
Measure	HEQT	XTR
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HEQT	XTR
Expense ratio	0.48%	0.25%
Net assets, as of Oct 12, 2026	$325m	$5.0m
Holdings
Measure	HEQT	XTR
Holdings in common	not published
Risk
Measure	HEQT	XTR
Beta to the S&P 500	+0.56: about 0.56% for each 1%	+0.94: about 0.94% for each 1%
Its average week when the S&P 500 fell	fell 0.58%	fell 1.07%

ETFIQ Stock Diversification Score · HEQT scores higher How much does it diversify a stock portfolio?

IQ Alternatives Score36.4HEQT4.5XTR

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

HEQT 36.4

XTR 4.5

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 XTR: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HEQT	XTR	HEQT	XTR
3 months	+0.8%	−1.0%	+0.9 pts vs VOO	−0.9 pts vs VOO
6 months	+4.8%	+3.4%	−0.2 pts vs VOO	−1.6 pts vs VOO
1 year	+10.3%	+10.2%	−4.5 pts vs VOO	−4.6 pts vs VOO
3 years	+50.4%	+65.7%	−32.9 pts vs VOO	−17.6 pts vs VOO
Since launchNot the same days: HEQT Nov 2021 · XTR Aug 2021	+54.7%	+58.1%	−23.3 pts vs VOO	−26.8 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 XTR Global X S&P 500 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 +1.00

Beta to the S&P 500 +0.56 +0.94

Down-week capture 54.2% 100.0%

Average week when the S&P 500 fell −0.58% −1.07%

The S&P 500 in those weeks −1.07% −1.07%

Total return, same 52 weeks +10.2% +9.9%

Against T-bills, percentage points +6.5 pts +6.3 pts

Expense ratio 0.48% 0.25%

First traded Nov 2, 2021 Aug 26, 2021

Net assets, HEQT as of Nov 3, 2026 and XTR as of Oct 12, 2026 $307m $5.0m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HEQT and XTR 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 XTR’s +1.00. In the 26 weeks the index fell, by 1.07% a week on average, HEQT averaged −0.58% and XTR −1.07%. Over the same weeks, HEQT finished 6.5 percentage points ahead of cash and XTR finished 6.3 points ahead of cash.

Alert

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.

XTR

XTR is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +1.00 with the S&P 500’s and a beta of +0.94, so for each 1% the index moved it moved about 0.94% the same way. In the same weeks XTR fell 1.07% on average, a down-week capture of 100.0%. Over the same 52 weeks XTR returned +9.9% and a Treasury bill fund +3.7%, so it finished 6.3 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, HEQT or XTR?: Over the 52 weeks to Nov 4, 2026, HEQT’s weekly returns had a correlation of +0.97 with the S&P 500 and XTR’s +1.00, so HEQT moved less with the index.
Which did better when the S&P 500 fell, HEQT or XTR?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEQT averaged −0.58% and XTR −1.07%, so HEQT returned more in those weeks.
Which earned more than cash, HEQT or XTR?: Over the same weeks, HEQT finished 6.5 percentage points ahead of cash and XTR finished 6.3 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HEQT or XTR?: HEQT charges 0.48% a year and XTR charges 0.25%, so XTR is cheaper. Fees come from each fund's prospectus.

Other comparisons

HEQT vs QTR HEQT vs TOAK HEQT vs HEDG HEQT vs CAOS XTR vs HOLA XTR vs PHEQ XTR vs KSPY XTR vs CAOS

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 →XTR on its own →HEQT dividend history →XTR dividend history →Method →Standards and sources →

Sources and dates

HEQT filings on SEC EDGAR ↗

HEQT prospectus with the expense ratio (SEC) ↗

Simplify website ↗

XTR filings on SEC EDGAR ↗

XTR prospectus with the expense ratio (SEC) ↗

Global X page for XTR ↗

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 XTR, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/heqt-vs-xtr

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