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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, QTR averaged −1.79% and ZHDG −0.92%, so ZHDG returned more in those weeks.

Which earned more than cash, QTR or ZHDG?

Over the same weeks, QTR finished 1.7 percentage points ahead of cash and ZHDG finished 2.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, QTR or ZHDG?

QTR charges 0.25% a year and ZHDG charges 0.95%, so QTR is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

QTR vs ZHDG: Correlation to the S&P 500

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Over the year to Nov 4, 2026, QTR moved less with the S&P 500 than ZHDG: correlation +0.91 against +0.96.

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Net assets: $10m on Oct 12, 2026 for Global X NASDAQ 100 Tail Risk ETF, and $35m on Jul 31, 2026 for ZEGA Buy and Hedge ETF.

QTR on its own →ZHDG on its own →

At a glance

+0.91

QTR correlation with the S&P 500

+0.96

ZHDG correlation with the S&P 500

167.0%

QTR down-week capture

85.6%

ZHDG 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%.

ZHDG Fell 86% as much as the S&P 500

ZHDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ZHDG −0.92%.

Pair scorecard

QTR costs 0.70 points a year less; their one-year returns differ by 0.6 points.

QTR vs ZHDG: Correlation to the S&P 500
Measure	QTR	ZHDG
Return
Measure	QTR	ZHDG
Total return, 1 year	+6.0%	+6.6%
Against its benchmark
Measure	QTR	ZHDG
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	QTR	ZHDG
Expense ratio	0.25%	0.95%
Net assets, QTR as of Oct 12, 2026 and ZHDG as of Jul 31, 2026	$10m	$35m
Holdings
Measure	QTR	ZHDG
Holdings in common	not published
Risk
Measure	QTR	ZHDG
Beta to the S&P 500	+1.34: about 1.34% for each 1%	+0.82: about 0.82% for each 1%
Its average week when the S&P 500 fell	fell 1.79%	fell 0.92%

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

IQ Alternatives Score26.1QTR25ZHDG

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

ZHDG 25

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 ZHDG: Correlation to the S&P 500
	Total return		vs its benchmark
Window	QTR	ZHDG	QTR	ZHDG
3 months	−4.6%	−1.4%	−4.5 pts vs VOO	not measured
6 months	−2.4%	+3.0%	−7.4 pts vs VOO	not measured
1 year	+6.0%	+6.6%	−8.8 pts vs VOO	not measured
3 years	+66.0%	+49.1%	−17.3 pts vs VOO	not measured
Since launchNot the same days: QTR Aug 2021 · ZHDG Jul 2021	+58.6%	+33.8%	−26.3 pts vs VOO	not measured

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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 ZHDG ZEGA Buy and Hedge ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer Global X Zega

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.91 +0.96

Beta to the S&P 500 +1.34 +0.82

Down-week capture 167.0% 85.6%

Average week when the S&P 500 fell −1.79% −0.92%

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

Total return, same 52 weeks +5.4% +6.3%

Against T-bills, percentage points +1.7 pts +2.6 pts

Expense ratio 0.25% 0.95%

First traded Aug 26, 2021 Jul 7, 2021

Net assets, QTR as of Oct 12, 2026 and ZHDG as of Jul 31, 2026 $10m $35m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

QTR and ZHDG 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 ZHDG’s +0.96. In the 26 weeks the index fell, by 1.07% a week on average, QTR averaged −1.79% and ZHDG −0.92%. Over the same weeks, QTR finished 1.7 percentage points ahead of cash and ZHDG finished 2.6 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.

ZHDG

ZHDG is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.96 with the S&P 500’s and a beta of +0.82, so for each 1% the index moved it moved about 0.82% the same way. In the same weeks ZHDG fell 0.92% on average, a down-week capture of 85.6%. Over the same 52 weeks ZHDG returned +6.3% and a Treasury bill fund +3.7%, so it finished 2.6 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, QTR or ZHDG?: Over the 52 weeks to Nov 4, 2026, QTR’s weekly returns had a correlation of +0.91 with the S&P 500 and ZHDG’s +0.96, so QTR moved less with the index.
Which did better when the S&P 500 fell, QTR or ZHDG?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, QTR averaged −1.79% and ZHDG −0.92%, so ZHDG returned more in those weeks.
Which earned more than cash, QTR or ZHDG?: Over the same weeks, QTR finished 1.7 percentage points ahead of cash and ZHDG finished 2.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, QTR or ZHDG?: QTR charges 0.25% a year and ZHDG charges 0.95%, so QTR is cheaper. Fees come from each fund's prospectus.

Other comparisons

QTR vs XTR QTR vs TOAK QTR vs KSPY QTR vs PHEQ ZHDG vs HEQT ZHDG vs HEDG ZHDG vs CAOS ZHDG vs HEGD

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 →ZHDG on its own →QTR dividend history →ZHDG 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 ↗

ZHDG filings on SEC EDGAR ↗

ZHDG prospectus with the expense ratio (SEC) ↗

Zega 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, QTR against ZHDG, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/qtr-vs-zhdg

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