Data as of Nov 4, 2026.
HOLA vs SHDG: Correlation to the S&P 500
Over the year to Nov 4, 2026, HOLA moved less with the S&P 500 than SHDG: correlation +0.69 against +0.90.
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Net assets: $282m on Nov 3, 2026 for JPMorgan International Hedged Equity Laddered Overlay ETF, and $161m on Jul 31, 2026 for Soundwatch Hedged Equity ETF.
HOLA in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HOLA −0.40%.
SHDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, SHDG −0.75%.
Pair scorecard
HOLA costs 0.41 points a year less; their one-year returns differ by 5.1 points.
| Measure | HOLA | SHDG |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.7% | +5.6% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.50% | 0.91% |
| Net assets, HOLA as of Nov 3, 2026 and SHDG as of Jul 31, 2026 | $282m | $161m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.46: about 0.46% for each 1% | +0.60: about 0.60% for each 1% |
| Its average week when the S&P 500 fell | fell 0.40% | fell 0.75% |
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; SHDG against VOO, Nov 4, 2022 to Oct 30, 2026.
From Jul 2025 to Oct 2026, HOLA returned more: +12.3% to +9.5%. SHDG swung less: 7.2% to 8.9%. SHDG fell slightly less at its worst: −6.1% to −6.6%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | HOLA | SHDG | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +12.3% | +9.5% | HOLA | Price change plus distributions, reinvested. |
| Annualized | +9.6% | +7.4% | HOLA | Total return as a yearly rate. |
| Price return | +9.0% | +9.0% | Tie | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 8.9% | 7.2% | SHDG | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 6.2% | 4.6% | SHDG | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −6.6% | −6.1% | SHDG (slight) | Deepest fall from a high to the low after it. |
| Upside capture | 55.0% | 59.0% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 71.0% | 76.3% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.60 | 0.69 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.90 | 0.92 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.64 | 0.50 | HOLA | Return above Treasury bills per unit of volatility. |
| Sortino | 0.91 | 0.76 | HOLA | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.095 | 0.125 | Return above Treasury bills per unit of beta. | |
| Calmar | 1.45 | 1.21 | HOLA | 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 | −1.9% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.14 | −1.33 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −5.3% to +4.6% | −4.7% to +0.9% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.70 | −1.28 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 6.3% | 5.2% | 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 | SHDG | HOLA | SHDG |
| 3 months | −1.3% | +0.6% | +0.3 pts vs EFA | +0.7 pts vs VOO |
| 6 months | +2.4% | +4.0% | −0.1 pts vs EFA | −1.0 pts vs VOO |
| 1 year | +10.7% | +5.6% | −6.2 pts vs EFA | −9.2 pts vs VOO |
| 3 years | – | +46.8% | – | −36.5 pts vs VOO |
| Since launchNot the same days: HOLA Jul 2025 · SHDG Oct 2022 | +15.0% | +67.7% | −7.9 pts vs EFA | −46.2 pts vs VOO |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HOLA and SHDG 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 SHDG’s +0.90. In the 26 weeks the index fell, by 1.07% a week on average, HOLA averaged −0.40% and SHDG −0.75%. Over the same weeks, HOLA finished 6.5 percentage points ahead of cash and SHDG finished 1.6 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.
SHDG
SHDG is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.90 with the S&P 500’s and a beta of +0.60, so for each 1% the index moved it moved about 0.60% the same way. In the same weeks SHDG fell 0.75% on average, a down-week capture of 70.4%. Over the same 52 weeks SHDG returned +5.2% and a Treasury bill fund +3.7%, so it finished 1.6 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HOLA or SHDG?
- Over the 52 weeks to Nov 4, 2026, HOLA’s weekly returns had a correlation of +0.69 with the S&P 500 and SHDG’s +0.90, so HOLA moved less with the index.
- Which did better when the S&P 500 fell, HOLA or SHDG?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HOLA averaged −0.40% and SHDG −0.75%, so HOLA 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 SHDG, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hola-vs-shdg
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