Data as of .
PHEQ vs TAIL: which moved less with stocks?
Over the year to Sep 18, 2026, TAIL moved less with the S&P 500 than PHEQ: correlation −0.75 against +0.91.
ETFIQ Diversifier Score: TAIL scores higher
How much does it diversify a stock portfolio?
A percentile among the 63 alternatives ETFs with a full year. It is a position in a set, not a rating, and neither end of it is a recommendation. All alternatives ETFs ranked by it · How it is computed
One strategy, two funds
PHEQ and TAIL both run a hedged equity strategy. Over the same 52 weeks to Sep 18, 2026, PHEQ’s weekly returns had a correlation of +0.91 with the S&P 500 and TAIL’s −0.75. In the 22 weeks the index fell, by 1.24% a week on average, PHEQ averaged −0.39% and TAIL +0.40%. Over the same weeks, PHEQ finished 7.8 percentage points ahead of cash and TAIL finished 16.8 points behind cash.
Performance, window by window
| Window | Total return | vs the S&P 500 | ||
|---|---|---|---|---|
| PHEQ | TAIL | PHEQ | TAIL | |
| 3 months | +2.9% | −5.8% | +0.7 pts | −8.0 pts |
| 6 months | +11.8% | −14.2% | −6.2 pts | −32.2 pts |
| 1 year | +11.6% | −13.3% | −5.0 pts | −29.9 pts |
| 3 years | not published | −15.4% | not published | −93.8 pts |
| Since launch | +50.0% | −51.8% | −35.3 pts | −313.1 pts |
| PHEQ Parametric Hedged Equity ETF Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options | TAIL Cambria Tail Risk ETF Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options | |
|---|---|---|
| Issuer | Parametric | Cambria |
| Strategy | Hedged equity | Hedged equity |
| Correlation with the S&P 500 | +0.91 | −0.75 |
| Beta to the S&P 500 | +0.42 | −0.44 |
| Down-week capture | 31.7% | −32.1% |
| Average week when the S&P 500 fell | −0.39% | +0.40% |
| The S&P 500 in those weeks | −1.24% | −1.24% |
| Total return, same 52 weeks | +11.4% | −13.1% |
| Against T-bills, percentage points | +7.8 pts | −16.8 pts |
| Expense ratio | 0.29% | 0.60% |
| Listed | Oct 19, 2023 | Jun 13, 2017 |
| Net assets | $140m | $157m |
PHEQ in plain words
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 Sep 18, 2026, its weekly returns had a correlation of +0.91 with the S&P 500’s and a beta of +0.42, so for each 1% the index moved it moved about 0.42% the same way. The S&P 500 fell in 22 of those 52 weeks, by 1.24% on average. In the same weeks PHEQ fell 0.39% on average, a down-week capture of 31.7%. Over the same 52 weeks PHEQ returned +11.4% and a Treasury bill fund +3.6%, so it finished 7.8 percentage points ahead of cash.
TAIL in plain words
TAIL is a hedged equity fund. Over the year to Sep 18, 2026, its weekly returns had a correlation of −0.75 with the S&P 500’s and a beta of −0.44, so for each 1% the index moved it moved about 0.44% the other way. In the same weeks TAIL rose 0.40% on average, a down-week capture of −32.1%. Over the same 52 weeks TAIL returned −13.1% and a Treasury bill fund +3.6%, so it finished 16.8 percentage points behind cash.
Questions people ask
- Which moved less with the S&P 500, PHEQ or TAIL?
- Over the 52 weeks to Sep 18, 2026, PHEQ’s weekly returns had a correlation of +0.91 with the S&P 500 and TAIL’s −0.75, so TAIL moved less with the index.
- Which did better when the S&P 500 fell, PHEQ or TAIL?
- In the 22 weeks the S&P 500 fell, by 1.24% a week on average, PHEQ averaged −0.39% and TAIL +0.40%, so TAIL returned more in those weeks.
- Which earned more than cash, PHEQ or TAIL?
- Over the same weeks, PHEQ finished 7.8 percentage points ahead of cash and TAIL finished 16.8 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
- Which is cheaper, PHEQ or TAIL?
- PHEQ charges 0.29% a year and TAIL charges 0.60%, so PHEQ is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, PHEQ against TAIL, data as of Sep 18, 2026. https://etfiq.com/compare/alternatives/pheq-vs-tail Free to use with attribution; the underlying files are at Open data.