Which did better when the S&P 500 fell, TAIL or THEQ?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, TAIL averaged +0.17% and THEQ −0.77%, so TAIL returned more in those weeks.

Which earned more than cash, TAIL or THEQ?

Over the same weeks, TAIL finished 16.0 percentage points behind cash and THEQ finished 5.3 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.

Data as of Nov 4, 2026.

Alternative ETFs

TAIL vs THEQ: Correlation to the S&P 500

Share on X Download as PDF

Over the year to Nov 4, 2026, TAIL moved less with the S&P 500 than THEQ: correlation −0.74 against +0.99.

askIQ about this page

askIQ about TAIL and THEQ

Net assets: $147m on Jul 31, 2026 for Cambria Tail Risk ETF, and $38m on Nov 3, 2026 for T. Rowe Price Hedged Equity ETF.

TAIL on its own →THEQ on its own →

At a glance

−0.74

TAIL correlation with the S&P 500

+0.99

THEQ correlation with the S&P 500

−15.9%

TAIL down-week capture

72.3%

THEQ down-week capture

TAIL Rose when the S&P 500 fell

TAIL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, TAIL +0.17%.

THEQ Fell 72% as much as the S&P 500

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

Pair scorecard

THEQ costs 0.14 points a year less; their one-year returns differ by 22.2 points.

TAIL vs THEQ: Correlation to the S&P 500
Measure	TAIL	THEQ
Return
Measure	TAIL	THEQ
Total return, 1 year	−13.1%	+9.1%
Against its benchmark
Measure	TAIL	THEQ
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	TAIL	THEQ
Expense ratio	0.60%	0.46%
Net assets, TAIL as of Jul 31, 2026 and THEQ as of Nov 3, 2026	$147m	$38m
Holdings
Measure	TAIL	THEQ
Holdings in common	not published
Risk
Measure	TAIL	THEQ
Beta to the S&P 500	−0.36: about 0.36% for each 1%	+0.69: about 0.69% for each 1%
Its average week when the S&P 500 fell	rose 0.17%	fell 0.77%

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

IQ Alternatives Score95.5TAIL19.3THEQ

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

TAIL 95.5

THEQ 19.3

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: TAIL vs THEQ: Correlation to the S&P 500
	Total return		vs its benchmark
Window	TAIL	THEQ	TAIL	THEQ
3 months	−2.7%	−0.3%	−2.6 pts vs VOO	0.0 pts vs IWV
6 months	−7.1%	+3.0%	−12.1 pts vs VOO	−1.9 pts vs IWV
1 year	−13.1%	+9.1%	−27.9 pts vs VOO	−5.7 pts vs IWV
3 years	−14.2%	–	−97.5 pts vs VOO	–
Since launchNot the same days: TAIL Jun 2017 · THEQ Mar 2025	−51.5%	+22.4%	−316.9 pts vs VOO	−14.5 pts vs IWV

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

Side by side

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 −0.74 +0.99

Beta to the S&P 500 −0.36 +0.69

Down-week capture −15.9% 72.3%

Average week when the S&P 500 fell +0.17% −0.77%

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

Total return, same 52 weeks −12.4% +9.0%

Against T-bills, percentage points −16.0 pts +5.3 pts

Expense ratio 0.60% 0.46%

First traded Jun 13, 2017 Mar 27, 2025

Net assets, TAIL as of Jul 31, 2026 and THEQ as of Nov 3, 2026 $147m $38m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

TAIL and THEQ both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, TAIL’s weekly returns had a correlation of −0.74 with the S&P 500 and THEQ’s +0.99. In the 26 weeks the index fell, by 1.07% a week on average, TAIL averaged +0.17% and THEQ −0.77%. Over the same weeks, TAIL finished 16.0 percentage points behind cash and THEQ finished 5.3 points ahead of cash.

Alert

About each fund

TAIL

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 Nov 4, 2026, its weekly returns had a correlation of −0.74 with the S&P 500’s and a beta of −0.36, so for each 1% the index moved it moved about 0.36% the other way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks TAIL rose 0.17% on average, a down-week capture of −15.9%. Over the same 52 weeks TAIL returned −12.4% and a Treasury bill fund +3.7%, so it finished 16.0 percentage points behind 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, TAIL or THEQ?: Over the 52 weeks to Nov 4, 2026, TAIL’s weekly returns had a correlation of −0.74 with the S&P 500 and THEQ’s +0.99, so TAIL moved less with the index.
Which did better when the S&P 500 fell, TAIL or THEQ?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, TAIL averaged +0.17% and THEQ −0.77%, so TAIL returned more in those weeks.
Which earned more than cash, TAIL or THEQ?: Over the same weeks, TAIL finished 16.0 percentage points behind cash and THEQ finished 5.3 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

TAIL vs HEQQ TAIL vs CCOR TAIL vs CAOS TAIL vs HEGD THEQ vs HEQQ THEQ vs CCOR THEQ vs FHEQ THEQ vs ACIO

Where to next

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

Sources and dates

TAIL filings on SEC EDGAR ↗

TAIL prospectus with the expense ratio (SEC) ↗

Cambria 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, TAIL against THEQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/tail-vs-theq

Open data →

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