Data as of Nov 4, 2026.
HEQT vs ZHDG: Correlation to the S&P 500
Over the year to Nov 4, 2026, ZHDG moved less with the S&P 500 than HEQT: correlation +0.96 against +0.97.
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Net assets: $307m on Nov 3, 2026 for Simplify Hedged Equity ETF, and $35m on Jul 31, 2026 for ZEGA Buy and Hedge ETF.
HEQT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEQT −0.58%.
ZHDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ZHDG −0.92%.
Pair scorecard
HEQT costs 0.47 points a year less; their one-year returns differ by 3.7 points.
| Measure | HEQT | ZHDG |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.3% | +6.6% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.48% | 0.95% |
| Net assets, HEQT as of Nov 3, 2026 and ZHDG as of Jul 31, 2026 | $307m | $35m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.56: about 0.56% for each 1% | +0.82: about 0.82% for each 1% |
| Its average week when the S&P 500 fell | fell 0.58% | fell 0.92% |
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 →
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | HEQT | ZHDG | HEQT | ZHDG |
| 3 months | +0.8% | −1.4% | +0.9 pts vs VOO | not measured |
| 6 months | +4.8% | +3.0% | −0.2 pts vs VOO | not measured |
| 1 year | +10.3% | +6.6% | −4.5 pts vs VOO | not measured |
| 3 years | +50.4% | +49.1% | −32.9 pts vs VOO | not measured |
| Since launchNot the same days: HEQT Nov 2021 · ZHDG Jul 2021 | +54.7% | +33.8% | −23.3 pts vs VOO | not measured |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HEQT and ZHDG 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 ZHDG’s +0.96. In the 26 weeks the index fell, by 1.07% a week on average, HEQT averaged −0.58% and ZHDG −0.92%. Over the same weeks, HEQT finished 6.5 percentage points ahead of cash and ZHDG finished 2.6 points ahead of cash.
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.
ZHDG
ZHDG is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.96 with the S&P 500’s and a beta of +0.82, so for each 1% the index moved it moved about 0.82% the same way. In the same weeks ZHDG fell 0.92% on average, a down-week capture of 85.6%. Over the same 52 weeks ZHDG returned +6.3% and a Treasury bill fund +3.7%, so it finished 2.6 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HEQT or ZHDG?
- Over the 52 weeks to Nov 4, 2026, HEQT’s weekly returns had a correlation of +0.97 with the S&P 500 and ZHDG’s +0.96, so ZHDG moved less with the index.
- Which did better when the S&P 500 fell, HEQT or ZHDG?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEQT averaged −0.58% and ZHDG −0.92%, so HEQT 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 ZHDG, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/heqt-vs-zhdg
ETFIQ. (Nov 4, 2026). HEQT against ZHDG. Retrieved from https://etfiq.com/compare/alternatives/heqt-vs-zhdg
[HEQT against ZHDG (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/heqt-vs-zhdg)
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