Which did better when the S&P 500 fell, PHEQ or QTR?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, PHEQ averaged −0.34% and QTR −1.79%, so PHEQ returned more in those weeks.

Which earned more than cash, PHEQ or QTR?

Over the same weeks, PHEQ finished 7.2 percentage points ahead of cash and QTR finished 1.7 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, PHEQ or QTR?

PHEQ charges 0.29% a year and QTR charges 0.25%, so QTR is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

PHEQ vs QTR: Correlation to the S&P 500

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Over the year to Nov 4, 2026, QTR moved less with the S&P 500 than PHEQ: correlation +0.91 against +0.94.

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Net assets: $140m on Jun 30, 2026 for Parametric Hedged Equity ETF, and $10m on Oct 12, 2026 for Global X NASDAQ 100 Tail Risk ETF.

PHEQ on its own →QTR on its own →

At a glance

+0.94

PHEQ correlation with the S&P 500

+0.91

QTR correlation with the S&P 500

31.6%

PHEQ down-week capture

167.0%

QTR down-week capture

PHEQ Fell 32% as much as the S&P 500

PHEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, PHEQ −0.34%.

QTR Fell more than the S&P 500

QTR in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QTR −1.79%.

Pair scorecard

QTR costs 0.04 points a year less; their one-year returns differ by 5.2 points.

PHEQ vs QTR: Correlation to the S&P 500
Measure	PHEQ	QTR
Return
Measure	PHEQ	QTR
Total return, 1 year	+11.2%	+6.0%
Against its benchmark
Measure	PHEQ	QTR
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	PHEQ	QTR
Expense ratio	0.29%	0.25%
Net assets, PHEQ as of Jun 30, 2026 and QTR as of Oct 12, 2026	$140m	$10m
Holdings
Measure	PHEQ	QTR
Holdings in common	not published
Risk
Measure	PHEQ	QTR
Beta to the S&P 500	+0.40: about 0.40% for each 1%	+1.34: about 1.34% for each 1%
Its average week when the S&P 500 fell	fell 0.34%	fell 1.79%

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

IQ Alternatives Score50PHEQ26.1QTR

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

PHEQ 50

QTR 26.1

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: PHEQ vs QTR: Correlation to the S&P 500
	Total return		vs its benchmark
Window	PHEQ	QTR	PHEQ	QTR
3 months	+2.2%	−4.6%	+2.3 pts vs VOO	−4.5 pts vs VOO
6 months	+5.1%	−2.4%	+0.1 pts vs VOO	−7.4 pts vs VOO
1 year	+11.2%	+6.0%	−3.6 pts vs VOO	−8.8 pts vs VOO
3 years	+49.5%	+66.0%	−33.8 pts vs VOO	−17.3 pts vs VOO
Since launchNot the same days: PHEQ Oct 2023 · QTR Aug 2021	+51.1%	+58.6%	−35.7 pts vs VOO	−26.3 pts vs VOO

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Side by side

PHEQ Parametric Hedged Equity ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options QTR Global X NASDAQ 100 Tail Risk ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer Parametric Global X

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.94 +0.91

Beta to the S&P 500 +0.40 +1.34

Down-week capture 31.6% 167.0%

Average week when the S&P 500 fell −0.34% −1.79%

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

Total return, same 52 weeks +10.9% +5.4%

Against T-bills, percentage points +7.2 pts +1.7 pts

Expense ratio 0.29% 0.25%

First traded Oct 19, 2023 Aug 26, 2021

Net assets, PHEQ as of Jun 30, 2026 and QTR as of Oct 12, 2026 $140m $10m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

PHEQ and QTR both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, PHEQ’s weekly returns had a correlation of +0.94 with the S&P 500 and QTR’s +0.91. In the 26 weeks the index fell, by 1.07% a week on average, PHEQ averaged −0.34% and QTR −1.79%. Over the same weeks, PHEQ finished 7.2 percentage points ahead of cash and QTR finished 1.7 points ahead of cash.

Alert

About each fund

PHEQ

PHEQ 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 +0.94 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.

QTR

QTR is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.91 with the S&P 500’s and a beta of +1.34, so for each 1% the index moved it moved about 1.34% the same way. In the same weeks QTR fell 1.79% on average, a down-week capture of 167.0%. Over the same 52 weeks QTR returned +5.4% and a Treasury bill fund +3.7%, so it finished 1.7 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, PHEQ or QTR?: Over the 52 weeks to Nov 4, 2026, PHEQ’s weekly returns had a correlation of +0.94 with the S&P 500 and QTR’s +0.91, so QTR moved less with the index.
Which did better when the S&P 500 fell, PHEQ or QTR?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, PHEQ averaged −0.34% and QTR −1.79%, so PHEQ returned more in those weeks.
Which earned more than cash, PHEQ or QTR?: Over the same weeks, PHEQ finished 7.2 percentage points ahead of cash and QTR finished 1.7 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, PHEQ or QTR?: PHEQ charges 0.29% a year and QTR charges 0.25%, so QTR is cheaper. Fees come from each fund's prospectus.

Other comparisons

PHEQ vs XTR PHEQ vs QBUL PHEQ vs QBER PHEQ vs ATTR QTR vs CCOR QTR vs CAOS QTR vs FHEQ QTR vs ACIO

Where to next

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

Sources and dates

PHEQ filings on SEC EDGAR ↗

PHEQ prospectus with the expense ratio (SEC) ↗

Parametric page for PHEQ ↗

QTR filings on SEC EDGAR ↗

QTR prospectus with the expense ratio (SEC) ↗

Global X page for QTR ↗

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, PHEQ against QTR, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/pheq-vs-qtr

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