Data as of .
TAIL vs THEQ: which moved less with stocks?
Over the year to Sep 18, 2026, TAIL moved less with the S&P 500 than THEQ: correlation −0.75 against +0.98.
ETFIQ Diversifier Score: TAIL scores higher
How much does it diversify a stock portfolio?
A percentile among the 63 alternatives ETFs with a full year. It is a position in a set, not a rating, and neither end of it is a recommendation. All alternatives ETFs ranked by it · How it is computed
One strategy, two funds
TAIL and THEQ both run a hedged equity strategy. Over the same 52 weeks to Sep 18, 2026, TAIL’s weekly returns had a correlation of −0.75 with the S&P 500 and THEQ’s +0.98. In the 22 weeks the index fell, by 1.24% a week on average, TAIL averaged +0.40% and THEQ −0.89%. Over the same weeks, TAIL finished 16.8 percentage points behind cash and THEQ finished 5.5 points ahead of cash.
Performance, window by window
| Window | Total return | vs the S&P 500 | ||
|---|---|---|---|---|
| TAIL | THEQ | TAIL | THEQ | |
| 3 months | −5.8% | +1.0% | −8.0 pts | −1.2 pts |
| 6 months | −14.2% | +10.9% | −32.2 pts | −7.1 pts |
| 1 year | −13.3% | +9.6% | −29.9 pts | −7.0 pts |
| 3 years | −15.4% | not published | −93.8 pts | not published |
| Since launch | −51.8% | +21.4% | −313.1 pts | −15.2 pts |
| TAIL Cambria Tail Risk 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 | Cambria | T. Rowe Price |
| Strategy | Hedged equity | Hedged equity |
| Correlation with the S&P 500 | −0.75 | +0.98 |
| Beta to the S&P 500 | −0.44 | +0.68 |
| Down-week capture | −32.1% | 71.5% |
| Average week when the S&P 500 fell | +0.40% | −0.89% |
| The S&P 500 in those weeks | −1.24% | −1.24% |
| Total return, same 52 weeks | −13.1% | +9.1% |
| Against T-bills, percentage points | −16.8 pts | +5.5 pts |
| Expense ratio | 0.60% | 0.46% |
| Listed | Jun 13, 2017 | Mar 27, 2025 |
| Net assets | $157m | $37m |
TAIL in plain words
TAIL 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 Sep 18, 2026, its weekly returns had a correlation of −0.75 with the S&P 500’s and a beta of −0.44, so for each 1% the index moved it moved about 0.44% the other way. The S&P 500 fell in 22 of those 52 weeks, by 1.24% on average. In the same weeks TAIL rose 0.40% on average, a down-week capture of −32.1%. Over the same 52 weeks TAIL returned −13.1% and a Treasury bill fund +3.6%, so it finished 16.8 percentage points behind cash.
THEQ in plain words
THEQ is a hedged equity fund. Over the year to Sep 18, 2026, its weekly returns had a correlation of +0.98 with the S&P 500’s and a beta of +0.68, so for each 1% the index moved it moved about 0.68% the same way. In the same weeks THEQ fell 0.89% on average, a down-week capture of 71.5%. Over the same 52 weeks THEQ returned +9.1% and a Treasury bill fund +3.6%, so it finished 5.5 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, TAIL or THEQ?
- Over the 52 weeks to Sep 18, 2026, TAIL’s weekly returns had a correlation of −0.75 with the S&P 500 and THEQ’s +0.98, so TAIL moved less with the index.
- Which did better when the S&P 500 fell, TAIL or THEQ?
- In the 22 weeks the S&P 500 fell, by 1.24% a week on average, TAIL averaged +0.40% and THEQ −0.89%, so TAIL returned more in those weeks.
- Which earned more than cash, TAIL or THEQ?
- Over the same weeks, TAIL finished 16.8 percentage points behind cash and THEQ finished 5.5 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
- Which is cheaper, TAIL or THEQ?
- TAIL charges 0.60% a year and THEQ charges 0.46%, so THEQ is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, TAIL against THEQ, data as of Sep 18, 2026. https://etfiq.com/compare/alternatives/tail-vs-theq Free to use with attribution; the underlying files are at Open data.