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Data as of Nov 4, 2026.

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Alternative ETFs

HOLA vs THEQ: 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 THEQ: correlation +0.69 against +0.99.

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Net assets on Nov 3, 2026: $282m for JPMorgan International Hedged Equity Laddered Overlay ETF and $38m for T. Rowe Price Hedged Equity ETF.

HOLA on its own →THEQ on its own →
At a glance
+0.69
HOLA correlation with the S&P 500
+0.99
THEQ correlation with the S&P 500
36.9%
HOLA down-week capture
72.3%
THEQ down-week capture
HOLA Fell 37% as much as the S&P 500
Fell 37% as much as the S&P 500HOLA in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HOLA −0.40%.SPY−1.07%HOLA−0.40%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell 37% as much as the S&P 500HOLA in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HOLA −0.40%.SPY−1.07%HOLA−0.40%Average week when SPY fell

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

THEQ Fell 72% as much as the S&P 500
Fell 72% as much as the S&P 500THEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, THEQ −0.77%.SPY−1.07%THEQ−0.77%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell 72% as much as the S&P 500THEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, THEQ −0.77%.SPY−1.07%THEQ−0.77%Average week when SPY fell

THEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, THEQ −0.77%.

Pair scorecard

THEQ costs 0.04 points a year less; their one-year returns differ by 1.6 points; HOLA is 7.4 times larger.

HOLA vs THEQ: Correlation to the S&P 500
MeasureHOLATHEQ
Return
Total return, 1 year+10.7%+9.1%
Against its benchmark
Treasury bills, 52 weeks+3.7%
Cost and size
Expense ratio0.50%0.46%
Net assets, as of Nov 3, 2026$282m$38m
Holdings
Holdings in commonnot published
Risk
Beta to the S&P 500+0.46: about 0.46% for each 1%+0.69: about 0.69% for each 1%
Its average week when the S&P 500 fellfell 0.40%fell 0.77%
ETFIQ Stock Diversification Score · HOLA scores higher How much does it diversify a stock portfolio?
IQ Alternatives Score65.9HOLA19.3THEQ

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

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 THEQ: Correlation to the S&P 500
Total returnvs its benchmark
WindowHOLATHEQHOLATHEQ
3 months−1.3%−0.3%+0.3 pts vs EFA0.0 pts vs IWV
6 months+2.4%+3.0%−0.1 pts vs EFA−1.9 pts vs IWV
1 year+10.7%+9.1%−6.2 pts vs EFA−5.7 pts vs IWV
Since launchNot the same days: HOLA Jul 2025 · THEQ Mar 2025+15.0%+22.4%−7.9 pts vs EFA−14.5 pts vs IWV

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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 THEQ T. Rowe Price Hedged Equity ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options
Issuer JPMorgan T. Rowe Price
Strategy Hedged equity Hedged equity
Correlation with the S&P 500 +0.69 +0.99
Beta to the S&P 500 +0.46 +0.69
Down-week capture 36.9% 72.3%
Average week when the S&P 500 fell −0.40% −0.77%
The S&P 500 in those weeks −1.07% −1.07%
Total return, same 52 weeks +10.2% +9.0%
Against T-bills, percentage points +6.5 pts +5.3 pts
Expense ratio 0.50% 0.46%
First traded Jul 14, 2025 Mar 27, 2025
Net assets, as of Nov 3, 2026 $282m $38m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HOLA and THEQ 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 THEQ’s +0.99. In the 26 weeks the index fell, by 1.07% a week on average, HOLA averaged −0.40% and THEQ −0.77%. Over the same weeks, HOLA finished 6.5 percentage points ahead of cash and THEQ finished 5.3 points ahead of cash.

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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.

THEQ

THEQ is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.99 with the S&P 500’s and a beta of +0.69, so for each 1% the index moved it moved about 0.69% the same way. In the same weeks THEQ fell 0.77% on average, a down-week capture of 72.3%. Over the same 52 weeks THEQ returned +9.0% and a Treasury bill fund +3.7%, so it finished 5.3 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, HOLA or THEQ?
Over the 52 weeks to Nov 4, 2026, HOLA’s weekly returns had a correlation of +0.69 with the S&P 500 and THEQ’s +0.99, so HOLA moved less with the index.
Which did better when the S&P 500 fell, HOLA or THEQ?
In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HOLA averaged −0.40% and THEQ −0.77%, so HOLA returned more in those weeks.
Which earned more than cash, HOLA or THEQ?
Over the same weeks, HOLA finished 6.5 percentage points ahead of cash and THEQ finished 5.3 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HOLA or THEQ?
HOLA charges 0.50% a year and THEQ charges 0.46%, so THEQ is cheaper. Fees come from each fund's prospectus.
Other comparisons
HOLA vs CCORHOLA vs QBULHOLA vs QTRHOLA vs XTRTHEQ vs CAOSTHEQ vs TOAKTHEQ vs ATTRTHEQ vs ZHDG
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 →THEQ on its own →HOLA dividend history →THEQ dividend history →Method →Standards and sources →
Sources and dates
HOLA filings on SEC EDGAR ↗
HOLA prospectus with the expense ratio (SEC) ↗
JPMorgan website ↗
THEQ filings on SEC EDGAR ↗
THEQ prospectus with the expense ratio (SEC) ↗
T. Rowe Price 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.

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

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