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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, SHDG averaged −0.75% and ZHDG −0.92%, so SHDG returned more in those weeks.

Which earned more than cash, SHDG or ZHDG?

Over the same weeks, SHDG finished 1.6 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, SHDG or ZHDG?

SHDG charges 0.91% a year and ZHDG charges 0.95%, so SHDG is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

SHDG vs ZHDG: 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 ZHDG: correlation +0.90 against +0.96.

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Net assets on Jul 31, 2026: $161m for Soundwatch Hedged Equity ETF and $35m for ZEGA Buy and Hedge ETF.

SHDG on its own →ZHDG on its own →

At a glance

+0.90

SHDG correlation with the S&P 500

+0.96

ZHDG correlation with the S&P 500

70.4%

SHDG down-week capture

85.6%

ZHDG down-week capture

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%.

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

SHDG costs 0.04 points a year less; their one-year returns differ by 1.0 point; SHDG is 4.6 times larger.

SHDG vs ZHDG: Correlation to the S&P 500
Measure	SHDG	ZHDG
Return
Measure	SHDG	ZHDG
Total return, 1 year	+5.6%	+6.6%
Against its benchmark
Measure	SHDG	ZHDG
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	SHDG	ZHDG
Expense ratio	0.91%	0.95%
Net assets, as of Jul 31, 2026	$161m	$35m
Holdings
Measure	SHDG	ZHDG
Holdings in common	not published
Risk
Measure	SHDG	ZHDG
Beta to the S&P 500	+0.60: about 0.60% for each 1%	+0.82: about 0.82% for each 1%
Its average week when the S&P 500 fell	fell 0.75%	fell 0.92%

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

IQ Alternatives Score47.7SHDG25ZHDG

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

SHDG 47.7

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: SHDG vs ZHDG: Correlation to the S&P 500
	Total return		vs its benchmark
Window	SHDG	ZHDG	SHDG	ZHDG
3 months	+0.6%	−1.4%	+0.7 pts vs VOO	not measured
6 months	+4.0%	+3.0%	−1.0 pts vs VOO	not measured
1 year	+5.6%	+6.6%	−9.2 pts vs VOO	not measured
3 years	+46.8%	+49.1%	−36.5 pts vs VOO	not measured
Since launchNot the same days: SHDG Oct 2022 · ZHDG Jul 2021	+67.7%	+33.8%	−46.2 pts vs VOO	not measured

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

Issuer Soundwatch Zega

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.90 +0.96

Beta to the S&P 500 +0.60 +0.82

Down-week capture 70.4% 85.6%

Average week when the S&P 500 fell −0.75% −0.92%

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

Total return, same 52 weeks +5.2% +6.3%

Against T-bills, percentage points +1.6 pts +2.6 pts

Expense ratio 0.91% 0.95%

First traded Oct 24, 2022 Jul 7, 2021

Net assets, as of Jul 31, 2026 $161m $35m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

SHDG and ZHDG 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 ZHDG’s +0.96. In the 26 weeks the index fell, by 1.07% a week on average, SHDG averaged −0.75% and ZHDG −0.92%. Over the same weeks, SHDG finished 1.6 percentage points ahead of cash and ZHDG finished 2.6 points ahead of cash.

Alert

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.

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, SHDG or ZHDG?: Over the 52 weeks to Nov 4, 2026, SHDG’s weekly returns had a correlation of +0.90 with the S&P 500 and ZHDG’s +0.96, so SHDG moved less with the index.
Which did better when the S&P 500 fell, SHDG or ZHDG?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, SHDG averaged −0.75% and ZHDG −0.92%, so SHDG returned more in those weeks.
Which earned more than cash, SHDG or ZHDG?: Over the same weeks, SHDG finished 1.6 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, SHDG or ZHDG?: SHDG charges 0.91% a year and ZHDG charges 0.95%, so SHDG is cheaper. Fees come from each fund's prospectus.

Other comparisons

SHDG vs XTR SHDG vs HOLA SHDG vs HEQT SHDG vs HEDG ZHDG vs TAIL ZHDG vs KSPY ZHDG vs ATTR ZHDG vs HOLA

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 →ZHDG on its own →SHDG dividend history →ZHDG dividend history →Method →Standards and sources →

Sources and dates

SHDG filings on SEC EDGAR ↗

SHDG prospectus with the expense ratio (SEC) ↗

Soundwatch website ↗

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

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