Which did better when the S&P 500 fell, HOLA or QBUL?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HOLA averaged −0.40% and QBUL −0.26%, so QBUL returned more in those weeks.

Which earned more than cash, HOLA or QBUL?

Over the same weeks, HOLA finished 6.5 percentage points ahead of cash and QBUL finished 3.3 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HOLA or QBUL?

HOLA charges 0.50% a year and QBUL charges 0.79%, so HOLA is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

HOLA vs QBUL: Correlation to the S&P 500

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Over the year to Nov 4, 2026, HOLA moved less with the S&P 500 than QBUL: correlation +0.69 against +0.85.

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Net assets: $282m on Nov 3, 2026 for JPMorgan International Hedged Equity Laddered Overlay ETF, and $28m on Jul 31, 2026 for TrueShares Quarterly Bull Hedge ETF.

HOLA on its own →QBUL on its own →

At a glance

+0.69

HOLA correlation with the S&P 500

+0.85

QBUL correlation with the S&P 500

36.9%

HOLA down-week capture

23.9%

QBUL down-week capture

HOLA Fell 37% as much as the S&P 500

HOLA in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HOLA −0.40%.

QBUL Fell 24% as much as the S&P 500

QBUL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QBUL −0.26%.

Pair scorecard

HOLA costs 0.29 points a year less; their one-year returns differ by 10.3 points.

HOLA vs QBUL: Correlation to the S&P 500
Measure	HOLA	QBUL
Return
Measure	HOLA	QBUL
Total return, 1 year	+10.7%	+0.4%
Against its benchmark
Measure	HOLA	QBUL
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HOLA	QBUL
Expense ratio	0.50%	0.79%
Net assets, HOLA as of Nov 3, 2026 and QBUL as of Jul 31, 2026	$282m	$28m
Holdings
Measure	HOLA	QBUL
Holdings in common	not published
Risk
Measure	HOLA	QBUL
Beta to the S&P 500	+0.46: about 0.46% for each 1%	+0.20: about 0.20% for each 1%
Its average week when the S&P 500 fell	fell 0.40%	fell 0.26%

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

IQ Alternatives Score65.9HOLA68.2QBUL

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

HOLA 65.9

QBUL 68.2

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: HOLA vs QBUL: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HOLA	QBUL	HOLA	QBUL
3 months	−1.3%	−0.9%	+0.3 pts vs EFA	−0.8 pts vs VOO
6 months	+2.4%	−0.8%	−0.1 pts vs EFA	−5.8 pts vs VOO
1 year	+10.7%	+0.4%	−6.2 pts vs EFA	−14.4 pts vs VOO
Since launchNot the same days: HOLA Jul 2025 · QBUL Jul 2024	+15.0%	+6.5%	−7.9 pts vs EFA	−38.0 pts vs VOO

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Side by side

HOLA JPMorgan International Hedged Equity Laddered Overlay ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options QBUL TrueShares Quarterly Bull Hedge ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer JPMorgan TrueShares

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.69 +0.85

Beta to the S&P 500 +0.46 +0.20

Down-week capture 36.9% 23.9%

Average week when the S&P 500 fell −0.40% −0.26%

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

Total return, same 52 weeks +10.2% +0.3%

Against T-bills, percentage points +6.5 pts −3.3 pts

Expense ratio 0.50% 0.79%

First traded Jul 14, 2025 Jul 1, 2024

Net assets, HOLA as of Nov 3, 2026 and QBUL as of Jul 31, 2026 $282m $28m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HOLA and QBUL 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 QBUL’s +0.85. In the 26 weeks the index fell, by 1.07% a week on average, HOLA averaged −0.40% and QBUL −0.26%. Over the same weeks, HOLA finished 6.5 percentage points ahead of cash and QBUL finished 3.3 points behind cash.

Alert

About each fund

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.

QBUL

QBUL is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.85 with the S&P 500’s and a beta of +0.20, so for each 1% the index moved it moved about 0.20% the same way. In the same weeks QBUL fell 0.26% on average, a down-week capture of 23.9%. Over the same 52 weeks QBUL returned +0.3% and a Treasury bill fund +3.7%, so it finished 3.3 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, HOLA or QBUL?: Over the 52 weeks to Nov 4, 2026, HOLA’s weekly returns had a correlation of +0.69 with the S&P 500 and QBUL’s +0.85, so HOLA moved less with the index.
Which did better when the S&P 500 fell, HOLA or QBUL?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HOLA averaged −0.40% and QBUL −0.26%, so QBUL returned more in those weeks.
Which earned more than cash, HOLA or QBUL?: Over the same weeks, HOLA finished 6.5 percentage points ahead of cash and QBUL finished 3.3 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HOLA or QBUL?: HOLA charges 0.50% a year and QBUL charges 0.79%, so HOLA is cheaper. Fees come from each fund's prospectus.

Other comparisons

HOLA vs QBER HOLA vs XTR HOLA vs FHEQ HOLA vs ACIO QBUL vs SHDG QBUL vs TAIL QBUL vs KSPY QBUL vs CAOS

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →HOLA on its own →QBUL on its own →HOLA dividend history →QBUL dividend history →Method →Standards and sources →

Sources and dates

HOLA filings on SEC EDGAR ↗

HOLA prospectus with the expense ratio (SEC) ↗

JPMorgan website ↗

QBUL filings on SEC EDGAR ↗

QBUL prospectus with the expense ratio (SEC) ↗

TrueShares website ↗

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, HOLA against QBUL, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hola-vs-qbul

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