Data as of Nov 4, 2026.
QBUL vs SHDG: Correlation to the S&P 500
Over the year to Nov 4, 2026, QBUL moved less with the S&P 500 than SHDG: correlation +0.85 against +0.90.
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Net assets on Jul 31, 2026: $28m for TrueShares Quarterly Bull Hedge ETF and $161m for Soundwatch Hedged Equity ETF.
QBUL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QBUL −0.26%.
SHDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, SHDG −0.75%.
Pair scorecard
QBUL costs 0.12 points a year less; their one-year returns differ by 5.2 points; SHDG is 5.8 times larger.
| Measure | QBUL | SHDG |
|---|---|---|
| Return | ||
| Total return, 1 year | +0.4% | +5.6% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.79% | 0.91% |
| Net assets, as of Jul 31, 2026 | $28m | $161m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.20: about 0.20% for each 1% | +0.60: about 0.60% for each 1% |
| Its average week when the S&P 500 fell | fell 0.26% | fell 0.75% |
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
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 →
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | QBUL | SHDG | QBUL | SHDG |
| 3 months | −0.9% | +0.6% | −0.8 pts vs VOO | +0.7 pts vs VOO |
| 6 months | −0.8% | +4.0% | −5.8 pts vs VOO | −1.0 pts vs VOO |
| 1 year | +0.4% | +5.6% | −14.4 pts vs VOO | −9.2 pts vs VOO |
| 3 years | – | +46.8% | – | −36.5 pts vs VOO |
| Since launchNot the same days: QBUL Jul 2024 · SHDG Oct 2022 | +6.5% | +67.7% | −38.0 pts vs VOO | −46.2 pts vs VOO |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
QBUL and SHDG both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, QBUL’s weekly returns had a correlation of +0.85 with the S&P 500 and SHDG’s +0.90. In the 26 weeks the index fell, by 1.07% a week on average, QBUL averaged −0.26% and SHDG −0.75%. Over the same weeks, QBUL finished 3.3 percentage points behind cash and SHDG finished 1.6 points ahead of cash.
QBUL
QBUL 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 +0.85 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.
SHDG
SHDG is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.90 with the S&P 500’s and a beta of +0.60, so for each 1% the index moved it moved about 0.60% the same way. In the same weeks SHDG fell 0.75% on average, a down-week capture of 70.4%. Over the same 52 weeks SHDG returned +5.2% and a Treasury bill fund +3.7%, so it finished 1.6 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, QBUL or SHDG?
- Over the 52 weeks to Nov 4, 2026, QBUL’s weekly returns had a correlation of +0.85 with the S&P 500 and SHDG’s +0.90, so QBUL moved less with the index.
- Which did better when the S&P 500 fell, QBUL or SHDG?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, QBUL averaged −0.26% and SHDG −0.75%, so QBUL returned more in those weeks.
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, QBUL against SHDG, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/qbul-vs-shdg
ETFIQ. (Nov 4, 2026). QBUL against SHDG. Retrieved from https://etfiq.com/compare/alternatives/qbul-vs-shdg
[QBUL against SHDG (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/qbul-vs-shdg)
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