Data as of Nov 4, 2026.
THEQ vs XTR: Correlation to the S&P 500
Over the year to Nov 4, 2026, THEQ moved less with the S&P 500 than XTR: correlation +0.99 against +1.00.
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Net assets: $38m on Nov 3, 2026 for T. Rowe Price Hedged Equity ETF, and $5.0m on Oct 12, 2026 for Global X S&P 500 Tail Risk ETF.
THEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, THEQ −0.77%.
XTR in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, XTR −1.07%.
Pair scorecard
XTR costs 0.21 points a year less; their one-year returns differ by 1.1 points; THEQ is 7.6 times larger.
| Measure | THEQ | XTR |
|---|---|---|
| Return | ||
| Total return, 1 year | +9.1% | +10.2% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.46% | 0.25% |
| Net assets, as of Oct 12, 2026 | $38m | $5.0m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.69: about 0.69% for each 1% | +0.94: about 0.94% for each 1% |
| Its average week when the S&P 500 fell | fell 0.77% | fell 1.07% |
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
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 →
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | THEQ | XTR | THEQ | XTR |
| 3 months | −0.3% | −1.0% | 0.0 pts vs IWV | −0.9 pts vs VOO |
| 6 months | +3.0% | +3.4% | −1.9 pts vs IWV | −1.6 pts vs VOO |
| 1 year | +9.1% | +10.2% | −5.7 pts vs IWV | −4.6 pts vs VOO |
| 3 years | – | +65.7% | – | −17.6 pts vs VOO |
| Since launchNot the same days: THEQ Mar 2025 · XTR Aug 2021 | +22.4% | +58.1% | −14.5 pts vs IWV | −26.8 pts vs VOO |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
THEQ and XTR both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, THEQ’s weekly returns had a correlation of +0.99 with the S&P 500 and XTR’s +1.00. In the 26 weeks the index fell, by 1.07% a week on average, THEQ averaged −0.77% and XTR −1.07%. Over the same weeks, THEQ finished 5.3 percentage points ahead of cash and XTR finished 6.3 points ahead of cash.
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 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.
XTR
XTR is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +1.00 with the S&P 500’s and a beta of +0.94, so for each 1% the index moved it moved about 0.94% the same way. In the same weeks XTR fell 1.07% on average, a down-week capture of 100.0%. Over the same 52 weeks XTR returned +9.9% and a Treasury bill fund +3.7%, so it finished 6.3 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, THEQ or XTR?
- Over the 52 weeks to Nov 4, 2026, THEQ’s weekly returns had a correlation of +0.99 with the S&P 500 and XTR’s +1.00, so THEQ moved less with the index.
- Which did better when the S&P 500 fell, THEQ or XTR?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, THEQ averaged −0.77% and XTR −1.07%, so THEQ returned more in those weeks.
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.
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ETFIQ, THEQ against XTR, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/theq-vs-xtr
ETFIQ. (Nov 4, 2026). THEQ against XTR. Retrieved from https://etfiq.com/compare/alternatives/theq-vs-xtr
[THEQ against XTR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/theq-vs-xtr)
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