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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, QTR averaged −1.79% and SHDG −0.75%, so SHDG returned more in those weeks.

Which earned more than cash, QTR or SHDG?

Over the same weeks, QTR finished 1.7 percentage points ahead of cash and SHDG finished 1.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, QTR or SHDG?

QTR charges 0.25% a year and SHDG charges 0.91%, so QTR is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

QTR vs SHDG: Correlation to the S&P 500

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Over the year to Nov 4, 2026, SHDG moved less with the S&P 500 than QTR: correlation +0.90 against +0.91.

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Net assets: $10m on Oct 12, 2026 for Global X NASDAQ 100 Tail Risk ETF, and $161m on Jul 31, 2026 for Soundwatch Hedged Equity ETF.

QTR on its own →SHDG on its own →

At a glance

+0.91

QTR correlation with the S&P 500

+0.90

SHDG correlation with the S&P 500

167.0%

QTR down-week capture

70.4%

SHDG down-week capture

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%.

SHDG Fell 70% as much as the S&P 500

SHDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, SHDG −0.75%.

Pair scorecard

QTR costs 0.66 points a year less; their one-year returns differ by 0.4 points.

QTR vs SHDG: Correlation to the S&P 500
Measure	QTR	SHDG
Return
Measure	QTR	SHDG
Total return, 1 year	+6.0%	+5.6%
Against its benchmark
Measure	QTR	SHDG
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	QTR	SHDG
Expense ratio	0.25%	0.91%
Net assets, QTR as of Oct 12, 2026 and SHDG as of Jul 31, 2026	$10m	$161m
Holdings
Measure	QTR	SHDG
Holdings in common	not published
Risk
Measure	QTR	SHDG
Beta to the S&P 500	+1.34: about 1.34% for each 1%	+0.60: about 0.60% for each 1%
Its average week when the S&P 500 fell	fell 1.79%	fell 0.75%

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

IQ Alternatives Score26.1QTR47.7SHDG

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

QTR 26.1

SHDG 47.7

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: QTR vs SHDG: Correlation to the S&P 500
	Total return		vs its benchmark
Window	QTR	SHDG	QTR	SHDG
3 months	−4.6%	+0.6%	−4.5 pts vs VOO	+0.7 pts vs VOO
6 months	−2.4%	+4.0%	−7.4 pts vs VOO	−1.0 pts vs VOO
1 year	+6.0%	+5.6%	−8.8 pts vs VOO	−9.2 pts vs VOO
3 years	+66.0%	+46.8%	−17.3 pts vs VOO	−36.5 pts vs VOO
Since launchNot the same days: QTR Aug 2021 · SHDG Oct 2022	+58.6%	+67.7%	−26.3 pts vs VOO	−46.2 pts vs VOO

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Side by side

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 SHDG Soundwatch Hedged Equity ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer Global X Soundwatch

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.91 +0.90

Beta to the S&P 500 +1.34 +0.60

Down-week capture 167.0% 70.4%

Average week when the S&P 500 fell −1.79% −0.75%

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

Total return, same 52 weeks +5.4% +5.2%

Against T-bills, percentage points +1.7 pts +1.6 pts

Expense ratio 0.25% 0.91%

First traded Aug 26, 2021 Oct 24, 2022

Net assets, QTR as of Oct 12, 2026 and SHDG as of Jul 31, 2026 $10m $161m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

QTR and SHDG both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, QTR’s weekly returns had a correlation of +0.91 with the S&P 500 and SHDG’s +0.90. In the 26 weeks the index fell, by 1.07% a week on average, QTR averaged −1.79% and SHDG −0.75%. Over the same weeks, QTR finished 1.7 percentage points ahead of cash and SHDG finished 1.6 points ahead of cash.

Alert

About each fund

QTR

QTR 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 +0.91 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.

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, QTR or SHDG?: Over the 52 weeks to Nov 4, 2026, QTR’s weekly returns had a correlation of +0.91 with the S&P 500 and SHDG’s +0.90, so SHDG moved less with the index.
Which did better when the S&P 500 fell, QTR or SHDG?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, QTR averaged −1.79% and SHDG −0.75%, so SHDG returned more in those weeks.
Which earned more than cash, QTR or SHDG?: Over the same weeks, QTR finished 1.7 percentage points ahead of cash and SHDG finished 1.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, QTR or SHDG?: QTR charges 0.25% a year and SHDG charges 0.91%, so QTR is cheaper. Fees come from each fund's prospectus.

Other comparisons

QTR vs HEGD QTR vs FHEQ QTR vs ACIO QTR vs HELO SHDG vs XTR SHDG vs HEQQ SHDG vs ZHDG SHDG vs THEQ

Where to next

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

Sources and dates

QTR filings on SEC EDGAR ↗

QTR prospectus with the expense ratio (SEC) ↗

Global X page for QTR ↗

SHDG filings on SEC EDGAR ↗

SHDG prospectus with the expense ratio (SEC) ↗

Soundwatch 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.

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

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