IQ

Data as of Nov 4, 2026.

vsOpen in the appCompare their flowsaskIQ about these two fundsAsk the committee about these two funds
Alternative ETFs

SHDG vs THEQ: Correlation to the S&P 500

Share
Share on XDownload as PDF

Over the year to Nov 4, 2026, SHDG moved less with the S&P 500 than THEQ: correlation +0.90 against +0.99.

askIQ about this page

askIQ about SHDG and THEQ

Net assets: $161m on Jul 31, 2026 for Soundwatch Hedged Equity ETF, and $38m on Nov 3, 2026 for T. Rowe Price Hedged Equity ETF.

SHDG on its own →THEQ on its own →
At a glance
+0.90
SHDG correlation with the S&P 500
+0.99
THEQ correlation with the S&P 500
70.4%
SHDG down-week capture
72.3%
THEQ down-week capture
SHDG Fell 70% as much as the S&P 500
Fell 70% as much as the S&P 500SHDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, SHDG −0.75%.SPY−1.07%SHDG−0.75%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell 70% as much as the S&P 500SHDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, SHDG −0.75%.SPY−1.07%SHDG−0.75%Average week when SPY fell

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

THEQ Fell 72% as much as the S&P 500
Fell 72% as much as the S&P 500THEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, THEQ −0.77%.SPY−1.07%THEQ−0.77%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell 72% as much as the S&P 500THEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, THEQ −0.77%.SPY−1.07%THEQ−0.77%Average week when SPY fell

THEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, THEQ −0.77%.

Pair scorecard

THEQ costs 0.45 points a year less; their one-year returns differ by 3.5 points.

SHDG vs THEQ: Correlation to the S&P 500
MeasureSHDGTHEQ
Return
Total return, 1 year+5.6%+9.1%
Against its benchmark
Treasury bills, 52 weeks+3.7%
Cost and size
Expense ratio0.91%0.46%
Net assets, SHDG as of Jul 31, 2026 and THEQ as of Nov 3, 2026$161m$38m
Holdings
Holdings in commonnot published
Risk
Beta to the S&P 500+0.60: about 0.60% for each 1%+0.69: about 0.69% for each 1%
Its average week when the S&P 500 fellfell 0.75%fell 0.77%
ETFIQ Stock Diversification Score · SHDG scores higher How much does it diversify a stock portfolio?
IQ Alternatives Score47.7SHDG19.3THEQ

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

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: SHDG vs THEQ: Correlation to the S&P 500
Total returnvs its benchmark
WindowSHDGTHEQSHDGTHEQ
3 months+0.6%−0.3%+0.7 pts vs VOO0.0 pts vs IWV
6 months+4.0%+3.0%−1.0 pts vs VOO−1.9 pts vs IWV
1 year+5.6%+9.1%−9.2 pts vs VOO−5.7 pts vs IWV
3 years+46.8%–−36.5 pts vs VOO–
Since launchNot the same days: SHDG Oct 2022 · THEQ Mar 2025+67.7%+22.4%−46.2 pts vs VOO−14.5 pts vs IWV

– means no data for this window. Open this comparison in the app →

Side by side

SHDG Soundwatch Hedged Equity ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options THEQ T. Rowe Price Hedged Equity ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options
Issuer Soundwatch T. Rowe Price
Strategy Hedged equity Hedged equity
Correlation with the S&P 500 +0.90 +0.99
Beta to the S&P 500 +0.60 +0.69
Down-week capture 70.4% 72.3%
Average week when the S&P 500 fell −0.75% −0.77%
The S&P 500 in those weeks −1.07% −1.07%
Total return, same 52 weeks +5.2% +9.0%
Against T-bills, percentage points +1.6 pts +5.3 pts
Expense ratio 0.91% 0.46%
First traded Oct 24, 2022 Mar 27, 2025
Net assets, SHDG as of Jul 31, 2026 and THEQ as of Nov 3, 2026 $161m $38m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

SHDG and THEQ both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, SHDG’s weekly returns had a correlation of +0.90 with the S&P 500 and THEQ’s +0.99. In the 26 weeks the index fell, by 1.07% a week on average, SHDG averaged −0.75% and THEQ −0.77%. Over the same weeks, SHDG finished 1.6 percentage points ahead of cash and THEQ finished 5.3 points ahead of cash.

Alert

THEQ flows, by email on Sundays.

One-click unsubscribe. See Privacy.

About each fund
SHDG

SHDG 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 +0.90 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.

THEQ

THEQ is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.99 with the S&P 500’s and a beta of +0.69, so for each 1% the index moved it moved about 0.69% the same way. In the same weeks THEQ fell 0.77% on average, a down-week capture of 72.3%. Over the same 52 weeks THEQ returned +9.0% and a Treasury bill fund +3.7%, so it finished 5.3 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, SHDG or THEQ?
Over the 52 weeks to Nov 4, 2026, SHDG’s weekly returns had a correlation of +0.90 with the S&P 500 and THEQ’s +0.99, so SHDG moved less with the index.
Which did better when the S&P 500 fell, SHDG or THEQ?
In the 26 weeks the S&P 500 fell, by 1.07% a week on average, SHDG averaged −0.75% and THEQ −0.77%, so SHDG returned more in those weeks.
Which earned more than cash, SHDG or THEQ?
Over the same weeks, SHDG finished 1.6 percentage points ahead of cash and THEQ finished 5.3 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, SHDG or THEQ?
SHDG charges 0.91% a year and THEQ charges 0.46%, so THEQ is cheaper. Fees come from each fund's prospectus.
Other comparisons
SHDG vs ZHDGSHDG vs HEQQSHDG vs CCORSHDG vs TAILTHEQ vs TAILTHEQ vs TOAKTHEQ vs ATTRTHEQ vs HEQT
Where to next
BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →SHDG on its own →THEQ on its own →SHDG dividend history →THEQ dividend history →Method →Standards and sources →
Sources and dates
SHDG filings on SEC EDGAR ↗
SHDG prospectus with the expense ratio (SEC) ↗
Soundwatch website ↗
THEQ filings on SEC EDGAR ↗
THEQ prospectus with the expense ratio (SEC) ↗
T. Rowe Price 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, SHDG against THEQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/shdg-vs-theq

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.