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Data as of Oct 27, 2026.

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Alternative ETFs

THEQ vs TOAK: Correlation to the S&P 500

Over the year to Oct 27, 2026, TOAK moved less with the S&P 500 than THEQ: correlation +0.17 against +0.99.

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Net assets: $38m on Oct 26, 2026 for T. Rowe Price Hedged Equity ETF, and $90m on May 31, 2026 for Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF.

THEQ on its own →TOAK on its own →
At a glance
+0.99
THEQ correlation with the S&P 500
+0.17
TOAK correlation with the S&P 500
75.9%
THEQ down-week capture
1.9%
TOAK down-week capture
THEQ Fell 76% as much as the S&P 500
Fell 76% as much as the S&P 500THEQ in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, THEQ −0.83%.SPY−1.10%THEQ−0.83%Average week when SPY fell: 25 of 52, year to Oct 27, 2026Fell 76% as much as the S&P 500THEQ in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, THEQ −0.83%.SPY−1.10%THEQ−0.83%Average week when SPY fell

THEQ in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, THEQ −0.83%.

TOAK Fell 2% as much as the S&P 500
Fell 2% as much as the S&P 500TOAK in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, TOAK −0.02%.SPY−1.10%TOAK−0.02%Average week when SPY fell: 25 of 52, year to Oct 27, 2026Fell 2% as much as the S&P 500TOAK in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, TOAK −0.02%.SPY−1.10%TOAK−0.02%Average week when SPY fell

TOAK in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, TOAK −0.02%.

Pair scorecard

TOAK costs 0.20 points a year less; their one-year returns differ by 4.3 points.

THEQ vs TOAK: Correlation to the S&P 500
MeasureTHEQTOAK
Return
Total return, 1 year+7.9%+3.6%
Against its benchmark
Treasury bills, 52 weeks+3.7%
Cost and size
Expense ratio0.46%0.26%
Net assets, THEQ as of Oct 26, 2026 and TOAK as of May 31, 2026$38m$90m
Holdings
Holdings in commonnot published
Risk
Beta to the S&P 500+0.72: about 0.72% for each 1%+0.04: about 0.04% for each 1%
Its average week when the S&P 500 fellfell 0.83%fell 0.02%
ETFIQ Stock Diversification Score · TOAK scores higher How much does it diversify a stock portfolio?
IQ Alternatives Score17THEQ79.5TOAK

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

8.0, the lowest in this set 97.7, the highest

A percentile among the 22 equity hedged alternatives ETFs with a full year. 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: THEQ vs TOAK: Correlation to the S&P 500
Total returnvs its benchmark
WindowTHEQTOAKTHEQTOAK
3 months+2.6%+0.9%−1.0 pts vs IWVnot measured
6 months+5.5%+1.8%−2.9 pts vs IWVnot measured
1 year+7.9%+3.6%−5.2 pts vs IWVnot measured
Since launchNot the same days: THEQ Mar 2025 · TOAK Aug 2024+22.7%+8.9%−14.4 pts vs IWVnot measured

Source: ETFIQ. Open this comparison in the app →

Side by side

THEQ T. Rowe Price Hedged Equity ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options TOAK Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options
Issuer T. Rowe Price Manager Directed Portfolios
Strategy Hedged equity Hedged equity
Correlation with the S&P 500 +0.99 +0.17
Beta to the S&P 500 +0.72 +0.04
Down-week capture 75.9% 1.9%
Average week when the S&P 500 fell −0.83% −0.02%
The S&P 500 in those weeks −1.10% −1.10%
Total return, same 52 weeks +7.8% +3.6%
Against T-bills, percentage points +4.1 pts −0.1 pts
Expense ratio 0.46% 0.26%
First traded Mar 27, 2025 Aug 20, 2024
Net assets, THEQ as of Oct 26, 2026 and TOAK as of May 31, 2026 $38m $90m

As of Oct 27, 2026. Source: ETFIQ.

One strategy, two funds

THEQ and TOAK both run a hedged equity strategy. Over the same 52 weeks to Oct 27, 2026, THEQ’s weekly returns had a correlation of +0.99 with the S&P 500 and TOAK’s +0.17. In the 25 weeks the index fell, by 1.10% a week on average, THEQ averaged −0.83% and TOAK −0.02%. Over the same weeks, THEQ finished 4.1 percentage points ahead of cash and TOAK finished 0.1 points behind cash.

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About each fund
THEQ

THEQ 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 Oct 27, 2026, its weekly returns had a correlation of +0.99 with the S&P 500’s and a beta of +0.72, so for each 1% the index moved it moved about 0.72% the same way. The S&P 500 fell in 25 of those 52 weeks, by 1.10% on average. In the same weeks THEQ fell 0.83% on average, a down-week capture of 75.9%. Over the same 52 weeks THEQ returned +7.8% and a Treasury bill fund +3.7%, so it finished 4.1 percentage points ahead of cash.

TOAK

TOAK is a hedged equity fund. Over the year to Oct 27, 2026, its weekly returns had a correlation of +0.17 with the S&P 500’s and a beta of +0.04, so for each 1% the index moved it moved about 0.04% the same way. In the same weeks TOAK fell 0.02% on average, a down-week capture of 1.9%. Over the same 52 weeks TOAK returned +3.6% and a Treasury bill fund +3.7%, so it finished 0.1 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, THEQ or TOAK?
Over the 52 weeks to Oct 27, 2026, THEQ’s weekly returns had a correlation of +0.99 with the S&P 500 and TOAK’s +0.17, so TOAK moved less with the index.
Which did better when the S&P 500 fell, THEQ or TOAK?
In the 25 weeks the S&P 500 fell, by 1.10% a week on average, THEQ averaged −0.83% and TOAK −0.02%, so TOAK returned more in those weeks.
Which earned more than cash, THEQ or TOAK?
Over the same weeks, THEQ finished 4.1 percentage points ahead of cash and TOAK finished 0.1 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, THEQ or TOAK?
THEQ charges 0.46% a year and TOAK charges 0.26%, so TOAK is cheaper. Fees come from each fund's prospectus.
Other comparisons
THEQ vs ZHDGTHEQ vs HEQQTHEQ vs HOLATHEQ vs CCORTOAK vs ZHDGTOAK vs HEQQTOAK vs CCORTOAK vs XTR
Where to next
BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →THEQ on its own →TOAK on its own →THEQ dividend history →Method →Standards and sources →
Sources and dates
THEQ filings on SEC EDGAR ↗
THEQ prospectus with the expense ratio (SEC) ↗
T. Rowe Price website ↗
TOAK filings on SEC EDGAR ↗
TOAK prospectus with the expense ratio (SEC) ↗

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, THEQ against TOAK, data as of Oct 27, 2026. https://etfiq.com/compare/alternatives/theq-vs-toak

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