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

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

Which earned more than cash, PHEQ or XTR?

Over the same weeks, PHEQ finished 7.2 percentage points ahead of cash and XTR finished 6.3 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, PHEQ or XTR?

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

Data as of Nov 4, 2026.

Alternative ETFs

PHEQ vs XTR: Correlation to the S&P 500

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Over the year to Nov 4, 2026, PHEQ moved less with the S&P 500 than XTR: correlation +0.94 against +1.00.

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Net assets: $140m on Jun 30, 2026 for Parametric Hedged Equity ETF, and $5.0m on Oct 12, 2026 for Global X S&P 500 Tail Risk ETF.

PHEQ on its own →XTR on its own →

At a glance

+0.94

PHEQ correlation with the S&P 500

+1.00

XTR correlation with the S&P 500

31.6%

PHEQ down-week capture

100.0%

XTR 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%.

XTR Fell with the S&P 500

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

Pair scorecard

XTR costs 0.04 points a year less; their one-year returns differ by 1.0 point.

PHEQ vs XTR: Correlation to the S&P 500
Measure	PHEQ	XTR
Return
Measure	PHEQ	XTR
Total return, 1 year	+11.2%	+10.2%
Against its benchmark
Measure	PHEQ	XTR
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	PHEQ	XTR
Expense ratio	0.29%	0.25%
Net assets, PHEQ as of Jun 30, 2026 and XTR as of Oct 12, 2026	$140m	$5.0m
Holdings
Measure	PHEQ	XTR
Holdings in common	not published
Risk
Measure	PHEQ	XTR
Beta to the S&P 500	+0.40: about 0.40% for each 1%	+0.94: about 0.94% for each 1%
Its average week when the S&P 500 fell	fell 0.34%	fell 1.07%

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

IQ Alternatives Score50PHEQ4.5XTR

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

XTR 4.5

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 XTR: Correlation to the S&P 500
	Total return		vs its benchmark
Window	PHEQ	XTR	PHEQ	XTR
3 months	+2.2%	−1.0%	+2.3 pts vs VOO	−0.9 pts vs VOO
6 months	+5.1%	+3.4%	+0.1 pts vs VOO	−1.6 pts vs VOO
1 year	+11.2%	+10.2%	−3.6 pts vs VOO	−4.6 pts vs VOO
3 years	+49.5%	+65.7%	−33.8 pts vs VOO	−17.6 pts vs VOO
Since launchNot the same days: PHEQ Oct 2023 · XTR Aug 2021	+51.1%	+58.1%	−35.7 pts vs VOO	−26.8 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 XTR Global X S&P 500 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 +1.00

Beta to the S&P 500 +0.40 +0.94

Down-week capture 31.6% 100.0%

Average week when the S&P 500 fell −0.34% −1.07%

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

Total return, same 52 weeks +10.9% +9.9%

Against T-bills, percentage points +7.2 pts +6.3 pts

Expense ratio 0.29% 0.25%

First traded Oct 19, 2023 Aug 26, 2021

Net assets, PHEQ as of Jun 30, 2026 and XTR as of Oct 12, 2026 $140m $5.0m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

PHEQ and XTR 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 XTR’s +1.00. In the 26 weeks the index fell, by 1.07% a week on average, PHEQ averaged −0.34% and XTR −1.07%. Over the same weeks, PHEQ finished 7.2 percentage points ahead of cash and XTR finished 6.3 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.

XTR

XTR is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +1.00 with the S&P 500’s and a beta of +0.94, so for each 1% the index moved it moved about 0.94% the same way. In the same weeks XTR fell 1.07% on average, a down-week capture of 100.0%. Over the same 52 weeks XTR returned +9.9% and a Treasury bill fund +3.7%, so it finished 6.3 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, PHEQ or XTR?: Over the 52 weeks to Nov 4, 2026, PHEQ’s weekly returns had a correlation of +0.94 with the S&P 500 and XTR’s +1.00, so PHEQ moved less with the index.
Which did better when the S&P 500 fell, PHEQ or XTR?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, PHEQ averaged −0.34% and XTR −1.07%, so PHEQ returned more in those weeks.
Which earned more than cash, PHEQ or XTR?: Over the same weeks, PHEQ finished 7.2 percentage points ahead of cash and XTR finished 6.3 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, PHEQ or XTR?: PHEQ charges 0.29% a year and XTR charges 0.25%, so XTR is cheaper. Fees come from each fund's prospectus.

Other comparisons

PHEQ vs QTR PHEQ vs QBUL PHEQ vs CCOR PHEQ vs HEQQ XTR vs FHEQ XTR vs ACIO XTR vs TAIL XTR vs SHDG

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 →XTR on its own →PHEQ dividend history →XTR 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 ↗

XTR filings on SEC EDGAR ↗

XTR prospectus with the expense ratio (SEC) ↗

Global X page for XTR ↗

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 XTR, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/pheq-vs-xtr

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