Which did better when the S&P 500 fell, QBER or QBUL?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, QBER averaged +0.17% and QBUL −0.26%, so QBER returned more in those weeks.

Which earned more than cash, QBER or QBUL?

Over the same weeks, QBER finished 3.8 percentage points behind cash and QBUL finished 3.3 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, QBER or QBUL?

QBER and QBUL both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

QBER vs QBUL: Correlation to the S&P 500

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Over the year to Nov 4, 2026, QBER moved less with the S&P 500 than QBUL: correlation −0.71 against +0.85.

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Net assets on Jul 31, 2026: $73m for TrueShares Quarterly Bear Hedge ETF and $28m for TrueShares Quarterly Bull Hedge ETF.

QBER on its own →QBUL on its own →

At a glance

−0.71

QBER correlation with the S&P 500

+0.85

QBUL correlation with the S&P 500

−15.4%

QBER down-week capture

23.9%

QBUL down-week capture

QBER Rose when the S&P 500 fell

QBER in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QBER +0.17%.

QBUL Fell 24% as much as the S&P 500

QBUL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QBUL −0.26%.

Pair scorecard

Both cost 0.79% a year; their one-year returns differ by 0.4 points; QBER is 2.6 times larger.

QBER vs QBUL: Correlation to the S&P 500
Measure	QBER	QBUL
Return
Measure	QBER	QBUL
Total return, 1 year	0.0%	+0.4%
Against its benchmark
Measure	QBER	QBUL
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	QBER	QBUL
Expense ratio	0.79%	0.79%
Net assets, as of Jul 31, 2026	$73m	$28m
Holdings
Measure	QBER	QBUL
Holdings in common	not published
Risk
Measure	QBER	QBUL
Beta to the S&P 500	−0.12: about 0.12% for each 1%	+0.20: about 0.20% for each 1%
Its average week when the S&P 500 fell	rose 0.17%	fell 0.26%

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

IQ Alternatives Score90.9QBER68.2QBUL

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

QBER 90.9

QBUL 68.2

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: QBER vs QBUL: Correlation to the S&P 500
	Total return		vs its benchmark
Window	QBER	QBUL	QBER	QBUL
3 months	0.0%	−0.9%	not measured	−0.8 pts vs VOO
6 months	+0.2%	−0.8%	not measured	−5.8 pts vs VOO
1 year	0.0%	+0.4%	not measured	−14.4 pts vs VOO
Since launchQBER Jul 2024 · QBUL Jul 2024	−0.2%	+6.5%	not measured	−38.0 pts vs VOO

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Side by side

QBER TrueShares Quarterly Bear Hedge ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options QBUL TrueShares Quarterly Bull Hedge ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer TrueShares TrueShares

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 −0.71 +0.85

Beta to the S&P 500 −0.12 +0.20

Down-week capture −15.4% 23.9%

Average week when the S&P 500 fell +0.17% −0.26%

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

Total return, same 52 weeks −0.1% +0.3%

Against T-bills, percentage points −3.8 pts −3.3 pts

Expense ratio 0.79% 0.79%

First traded Jul 1, 2024 Jul 1, 2024

Net assets, as of Jul 31, 2026 $73m $28m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

QBER and QBUL both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, QBER’s weekly returns had a correlation of −0.71 with the S&P 500 and QBUL’s +0.85. In the 26 weeks the index fell, by 1.07% a week on average, QBER averaged +0.17% and QBUL −0.26%. Over the same weeks, QBER finished 3.8 percentage points behind cash and QBUL finished 3.3 points behind cash.

Alert

About each fund

QBER

QBER 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 −0.71 with the S&P 500’s and a beta of −0.12, so for each 1% the index moved it moved about 0.12% the other way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks QBER rose 0.17% on average, a down-week capture of −15.4%. Over the same 52 weeks QBER returned −0.1% and a Treasury bill fund +3.7%, so it finished 3.8 percentage points behind cash.

QBUL

QBUL is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.85 with the S&P 500’s and a beta of +0.20, so for each 1% the index moved it moved about 0.20% the same way. In the same weeks QBUL fell 0.26% on average, a down-week capture of 23.9%. Over the same 52 weeks QBUL returned +0.3% and a Treasury bill fund +3.7%, so it finished 3.3 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, QBER or QBUL?: Over the 52 weeks to Nov 4, 2026, QBER’s weekly returns had a correlation of −0.71 with the S&P 500 and QBUL’s +0.85, so QBER moved less with the index.
Which did better when the S&P 500 fell, QBER or QBUL?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, QBER averaged +0.17% and QBUL −0.26%, so QBER returned more in those weeks.
Which earned more than cash, QBER or QBUL?: Over the same weeks, QBER finished 3.8 percentage points behind cash and QBUL finished 3.3 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, QBER or QBUL?: QBER and QBUL both charge 0.79% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

QBER vs CCOR QBER vs QTR QBER vs ATTR QBER vs HEDG QBUL vs ATTR QBUL vs CCOR QBUL vs HEDG QBUL vs QTR

Where to next

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

Sources and dates

QBER and QBUL filings on SEC EDGAR ↗

QBER and QBUL prospectus with the expense ratio (SEC) ↗

TrueShares 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.

Cite this pageCitation, APA and Markdown

ETFIQ, QBER against QBUL, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/qber-vs-qbul

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