Data as of Nov 4, 2026.
HFEQ vs ORR: Correlation to the S&P 500
Over the year to Nov 4, 2026, ORR moved less with the S&P 500 than HFEQ: correlation +0.41 against +0.86.
askIQ about this page
askIQ about HFEQ and ORR
Net assets on Aug 31, 2026: $19m for Unlimited HFEQ Equity Long/Short ETF and $355m for Militia Long/Short Equity ETF.
HFEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFEQ −1.70%.
ORR in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ORR −0.27%.
Pair scorecard
Their one-year returns differ by 10.2 points; ORR is 18.7 times larger.
| Measure | HFEQ | ORR |
|---|---|---|
| Return | ||
| Total return, 1 year | +11.4% | +21.6% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.96% | not published |
| Net assets, as of Aug 31, 2026 | $19m | $355m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +1.31: about 1.31% for each 1% | +0.47: about 0.47% for each 1% |
| Its average week when the S&P 500 fell | fell 1.70% | fell 0.27% |
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | HFEQ | ORR | HFEQ | ORR |
| 3 months | −7.1% | −1.6% | −7.0 pts vs VOO | not measured |
| 6 months | −2.7% | +5.2% | −7.7 pts vs VOO | not measured |
| 1 year | +11.4% | +21.6% | −3.4 pts vs VOO | not measured |
| Since launchNot the same days: HFEQ Jul 2025 · ORR Jan 2025 | +26.4% | +49.6% | +1.4 pts vs VOO | not measured |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HFEQ and ORR both run a long-short equity strategy. Over the same 52 weeks to Nov 4, 2026, HFEQ’s weekly returns had a correlation of +0.86 with the S&P 500 and ORR’s +0.41. In the 26 weeks the index fell, by 1.07% a week on average, HFEQ averaged −1.70% and ORR −0.27%. Over the same weeks, HFEQ finished 5.8 percentage points ahead of cash and ORR finished 16.7 points ahead of cash.
HFEQ
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 Nov 4, 2026, its weekly returns had a correlation of +0.86 with the S&P 500’s and a beta of +1.31, so for each 1% the index moved it moved about 1.31% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks HFEQ fell 1.70% on average, a down-week capture of 158.3%. Over the same 52 weeks HFEQ returned +9.5% and a Treasury bill fund +3.7%, so it finished 5.8 percentage points ahead of cash.
ORR
ORR is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.41 with the S&P 500’s and a beta of +0.47, so for each 1% the index moved it moved about 0.47% the same way. In the same weeks ORR fell 0.27% on average, a down-week capture of 25.0%. Over the same 52 weeks ORR returned +20.3% and a Treasury bill fund +3.7%, so it finished 16.7 percentage points ahead of cash.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, HFEQ against ORR, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hfeq-vs-orr
ETFIQ. (Nov 4, 2026). HFEQ against ORR. Retrieved from https://etfiq.com/compare/alternatives/hfeq-vs-orr
[HFEQ against ORR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/hfeq-vs-orr)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.