Data as of Nov 4, 2026.
THEQ vs ZHDG: Correlation to the S&P 500
Over the year to Nov 4, 2026, ZHDG moved less with the S&P 500 than THEQ: correlation +0.96 against +0.99.
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Net assets: $38m on Nov 3, 2026 for T. Rowe Price Hedged Equity ETF, and $35m on Jul 31, 2026 for ZEGA Buy and Hedge ETF.
THEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, THEQ −0.77%.
ZHDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ZHDG −0.92%.
Pair scorecard
THEQ costs 0.49 points a year less; their one-year returns differ by 2.5 points.
| Measure | THEQ | ZHDG |
|---|---|---|
| Return | ||
| Total return, 1 year | +9.1% | +6.6% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.46% | 0.95% |
| Net assets, THEQ as of Nov 3, 2026 and ZHDG as of Jul 31, 2026 | $38m | $35m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.69: about 0.69% for each 1% | +0.82: about 0.82% for each 1% |
| Its average week when the S&P 500 fell | fell 0.77% | fell 0.92% |
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 | ZHDG | THEQ | ZHDG |
| 3 months | −0.3% | −1.4% | 0.0 pts vs IWV | not measured |
| 6 months | +3.0% | +3.0% | −1.9 pts vs IWV | not measured |
| 1 year | +9.1% | +6.6% | −5.7 pts vs IWV | not measured |
| 3 years | – | +49.1% | – | not measured |
| Since launchNot the same days: THEQ Mar 2025 · ZHDG Jul 2021 | +22.4% | +33.8% | −14.5 pts vs IWV | not measured |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
THEQ and ZHDG 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 ZHDG’s +0.96. In the 26 weeks the index fell, by 1.07% a week on average, THEQ averaged −0.77% and ZHDG −0.92%. Over the same weeks, THEQ finished 5.3 percentage points ahead of cash and ZHDG finished 2.6 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.
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, THEQ or ZHDG?
- Over the 52 weeks to Nov 4, 2026, THEQ’s weekly returns had a correlation of +0.99 with the S&P 500 and ZHDG’s +0.96, so ZHDG moved less with the index.
- Which did better when the S&P 500 fell, THEQ or ZHDG?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, THEQ averaged −0.77% and ZHDG −0.92%, so THEQ returned more in those weeks.
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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 ZHDG, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/theq-vs-zhdg
ETFIQ. (Nov 4, 2026). THEQ against ZHDG. Retrieved from https://etfiq.com/compare/alternatives/theq-vs-zhdg
[THEQ against ZHDG (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/theq-vs-zhdg)
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