Data as of Nov 4, 2026.
HOLA vs PHEQ: Correlation to the S&P 500
Over the year to Nov 4, 2026, HOLA moved less with the S&P 500 than PHEQ: correlation +0.69 against +0.94.
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Net assets: $282m on Nov 3, 2026 for JPMorgan International Hedged Equity Laddered Overlay ETF, and $140m on Jun 30, 2026 for Parametric Hedged Equity ETF.
HOLA in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HOLA −0.40%.
PHEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, PHEQ −0.34%.
Pair scorecard
PHEQ costs 0.21 points a year less; their one-year returns differ by 0.5 points.
| Measure | HOLA | PHEQ |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.7% | +11.2% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.50% | 0.29% |
| Net assets, HOLA as of Nov 3, 2026 and PHEQ as of Jun 30, 2026 | $282m | $140m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.46: about 0.46% for each 1% | +0.40: about 0.40% for each 1% |
| Its average week when the S&P 500 fell | fell 0.40% | fell 0.34% |
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
Jul 25, 2025 to Oct 30, 2026 · 66 weekly returnsEach against its own benchmark: HOLA against EFA, Jul 25, 2025 to Oct 30, 2026; PHEQ against VOO, Oct 27, 2023 to Oct 30, 2026.
From Jul 2025 to Oct 2026, PHEQ returned more: +14.3% to +12.3%. PHEQ swung less: 5.5% to 8.9%. PHEQ fell less at its worst: −4.0% to −6.6%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | HOLA | PHEQ | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +12.3% | +14.3% | PHEQ | Price change plus distributions, reinvested. |
| Annualized | +9.6% | +11.1% | PHEQ | Total return as a yearly rate. |
| Price return | +9.0% | +13.0% | PHEQ | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 8.9% | 5.5% | PHEQ | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 6.2% | 3.1% | PHEQ | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −6.6% | −4.0% | PHEQ | Deepest fall from a high to the low after it. |
| Upside capture | 55.0% | 41.8% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 71.0% | 49.8% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.60 | 0.52 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.90 | 0.90 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.64 | 1.24 | PHEQ | Return above Treasury bills per unit of volatility. |
| Sortino | 0.91 | 2.17 | PHEQ | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.095 | 0.194 | Return above Treasury bills per unit of beta. | |
| Calmar | 1.45 | 2.79 | PHEQ | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | EFA | VOO | The ETF each fund is measured against. | |
| Alpha | −0.3% a year | +0.7% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.14 | 0.46 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −5.3% to +4.6% | −2.2% to +3.6% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.70 | −1.11 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 6.3% | 7.2% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 66 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | HOLA | PHEQ | HOLA | PHEQ |
| 3 months | −1.3% | +2.2% | +0.3 pts vs EFA | +2.3 pts vs VOO |
| 6 months | +2.4% | +5.1% | −0.1 pts vs EFA | +0.1 pts vs VOO |
| 1 year | +10.7% | +11.2% | −6.2 pts vs EFA | −3.6 pts vs VOO |
| 3 years | – | +49.5% | – | −33.8 pts vs VOO |
| Since launchNot the same days: HOLA Jul 2025 · PHEQ Oct 2023 | +15.0% | +51.1% | −7.9 pts vs EFA | −35.7 pts vs VOO |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HOLA and PHEQ both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, HOLA’s weekly returns had a correlation of +0.69 with the S&P 500 and PHEQ’s +0.94. In the 26 weeks the index fell, by 1.07% a week on average, HOLA averaged −0.40% and PHEQ −0.34%. Over the same weeks, HOLA finished 6.5 percentage points ahead of cash and PHEQ finished 7.2 points ahead of cash.
Client brief:
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HOLA
HOLA 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 +0.69 with the S&P 500’s and a beta of +0.46, so for each 1% the index moved it moved about 0.46% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks HOLA fell 0.40% on average, a down-week capture of 36.9%. Over the same 52 weeks HOLA returned +10.2% and a Treasury bill fund +3.7%, so it finished 6.5 percentage points ahead of cash.
PHEQ
PHEQ is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.94 with the S&P 500’s and a beta of +0.40, so for each 1% the index moved it moved about 0.40% the same way. In the same weeks PHEQ fell 0.34% on average, a down-week capture of 31.6%. Over the same 52 weeks PHEQ returned +10.9% and a Treasury bill fund +3.7%, so it finished 7.2 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HOLA or PHEQ?
- Over the 52 weeks to Nov 4, 2026, HOLA’s weekly returns had a correlation of +0.69 with the S&P 500 and PHEQ’s +0.94, so HOLA moved less with the index.
- Which did better when the S&P 500 fell, HOLA or PHEQ?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HOLA averaged −0.40% and PHEQ −0.34%, so PHEQ 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, HOLA against PHEQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hola-vs-pheq
ETFIQ. (Nov 4, 2026). HOLA against PHEQ. Retrieved from https://etfiq.com/compare/alternatives/hola-vs-pheq
[HOLA against PHEQ (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/hola-vs-pheq)
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