Data as of .
HFEQ vs ORR: which moved less with stocks?
Over the year to Sep 18, 2026, ORR moved less with the S&P 500 than HFEQ: correlation +0.35 against +0.82.
ETFIQ Diversifier Score: ORR scores higher
How much does it diversify a stock portfolio?
A percentile among the 63 alternatives ETFs with a full year. It is a position in a set, not a rating, and neither end of it is a recommendation. All alternatives ETFs ranked by it · How it is computed
One strategy, two funds
HFEQ and ORR both run a long-short equity strategy. Over the same 52 weeks to Sep 18, 2026, HFEQ’s weekly returns had a correlation of +0.82 with the S&P 500 and ORR’s +0.35. In the 22 weeks the index fell, by 1.24% a week on average, HFEQ averaged −1.74% and ORR −0.18%. Over the same weeks, HFEQ finished 11.2 percentage points ahead of cash and ORR finished 17.7 points ahead of cash.
Performance, window by window
| Window | Total return | vs the S&P 500 | ||
|---|---|---|---|---|
| HFEQ | ORR | HFEQ | ORR | |
| 3 months | −4.9% | +3.5% | −7.2 pts | +1.3 pts |
| 6 months | +13.2% | +7.2% | −4.8 pts | −10.8 pts |
| 1 year | +14.8% | +20.4% | −1.8 pts | +3.8 pts |
| Since launch | +27.8% | +48.4% | +3.7 pts | +17.4 pts |
| HFEQ Unlimited HFEQ Equity Long/Short ETF Long-short equity fund: owns stocks and sells others short, so part of its exposure to the stock market cancels out | ORR Militia Long/Short Equity ETF Long-short equity fund: owns stocks and sells others short, so part of its exposure to the stock market cancels out | |
|---|---|---|
| Issuer | Unlimited | Militia |
| Strategy | Long-short equity | Long-short equity |
| Correlation with the S&P 500 | +0.82 | +0.35 |
| Beta to the S&P 500 | +1.32 | +0.42 |
| Down-week capture | 139.9% | 14.3% |
| Average week when the S&P 500 fell | −1.74% | −0.18% |
| The S&P 500 in those weeks | −1.24% | −1.24% |
| Total return, same 52 weeks | +14.8% | +21.4% |
| Against T-bills, percentage points | +11.2 pts | +17.7 pts |
| Expense ratio | 0.96% | not published |
| Listed | Jul 15, 2025 | Jan 15, 2025 |
| Net assets | $16m | $367m |
HFEQ in plain words
HFEQ is a long-short equity fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Sep 18, 2026, its weekly returns had a correlation of +0.82 with the S&P 500’s and a beta of +1.32, so for each 1% the index moved it moved about 1.32% the same way. The S&P 500 fell in 22 of those 52 weeks, by 1.24% on average. In the same weeks HFEQ fell 1.74% on average, a down-week capture of 139.9%. Over the same 52 weeks HFEQ returned +14.8% and a Treasury bill fund +3.6%, so it finished 11.2 percentage points ahead of cash.
ORR in plain words
ORR is a long-short equity fund. Over the year to Sep 18, 2026, its weekly returns had a correlation of +0.35 with the S&P 500’s and a beta of +0.42, so for each 1% the index moved it moved about 0.42% the same way. In the same weeks ORR fell 0.18% on average, a down-week capture of 14.3%. Over the same 52 weeks ORR returned +21.4% and a Treasury bill fund +3.6%, so it finished 17.7 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HFEQ or ORR?
- Over the 52 weeks to Sep 18, 2026, HFEQ’s weekly returns had a correlation of +0.82 with the S&P 500 and ORR’s +0.35, so ORR moved less with the index.
- Which did better when the S&P 500 fell, HFEQ or ORR?
- In the 22 weeks the S&P 500 fell, by 1.24% a week on average, HFEQ averaged −1.74% and ORR −0.18%, so ORR returned more in those weeks.
- Which earned more than cash, HFEQ or ORR?
- Over the same weeks, HFEQ finished 11.2 percentage points ahead of cash and ORR finished 17.7 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, HFEQ against ORR, data as of Sep 18, 2026. https://etfiq.com/compare/alternatives/hfeq-vs-orr Free to use with attribution; the underlying files are at Open data.