Which did better when the S&P 500 fell, XTR or ZHDG?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, XTR averaged −1.07% and ZHDG −0.92%, so ZHDG returned more in those weeks.

Which earned more than cash, XTR or ZHDG?

Over the same weeks, XTR finished 6.3 percentage points ahead of cash and ZHDG finished 2.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, XTR or ZHDG?

XTR charges 0.25% a year and ZHDG charges 0.95%, so XTR is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

XTR vs ZHDG: Correlation to the S&P 500

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Over the year to Nov 4, 2026, ZHDG moved less with the S&P 500 than XTR: correlation +0.96 against +1.00.

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Net assets: $5.0m on Oct 12, 2026 for Global X S&P 500 Tail Risk ETF, and $35m on Jul 31, 2026 for ZEGA Buy and Hedge ETF.

XTR on its own →ZHDG on its own →

At a glance

+1.00

XTR correlation with the S&P 500

+0.96

ZHDG correlation with the S&P 500

100.0%

XTR down-week capture

85.6%

ZHDG down-week capture

XTR Fell with the S&P 500

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

ZHDG Fell 86% as much as the S&P 500

ZHDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ZHDG −0.92%.

Pair scorecard

XTR costs 0.70 points a year less; their one-year returns differ by 3.6 points.

XTR vs ZHDG: Correlation to the S&P 500
Measure	XTR	ZHDG
Return
Measure	XTR	ZHDG
Total return, 1 year	+10.2%	+6.6%
Against its benchmark
Measure	XTR	ZHDG
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	XTR	ZHDG
Expense ratio	0.25%	0.95%
Net assets, XTR as of Oct 12, 2026 and ZHDG as of Jul 31, 2026	$5.0m	$35m
Holdings
Measure	XTR	ZHDG
Holdings in common	not published
Risk
Measure	XTR	ZHDG
Beta to the S&P 500	+0.94: about 0.94% for each 1%	+0.82: about 0.82% for each 1%
Its average week when the S&P 500 fell	fell 1.07%	fell 0.92%

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

IQ Alternatives Score4.5XTR25ZHDG

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

XTR 4.5

ZHDG 25

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: XTR vs ZHDG: Correlation to the S&P 500
	Total return		vs its benchmark
Window	XTR	ZHDG	XTR	ZHDG
3 months	−1.0%	−1.4%	−0.9 pts vs VOO	not measured
6 months	+3.4%	+3.0%	−1.6 pts vs VOO	not measured
1 year	+10.2%	+6.6%	−4.6 pts vs VOO	not measured
3 years	+65.7%	+49.1%	−17.6 pts vs VOO	not measured
Since launchNot the same days: XTR Aug 2021 · ZHDG Jul 2021	+58.1%	+33.8%	−26.8 pts vs VOO	not measured

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Side by side

XTR Global X S&P 500 Tail Risk ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options ZHDG ZEGA Buy and Hedge ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer Global X Zega

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +1.00 +0.96

Beta to the S&P 500 +0.94 +0.82

Down-week capture 100.0% 85.6%

Average week when the S&P 500 fell −1.07% −0.92%

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

Total return, same 52 weeks +9.9% +6.3%

Against T-bills, percentage points +6.3 pts +2.6 pts

Expense ratio 0.25% 0.95%

First traded Aug 26, 2021 Jul 7, 2021

Net assets, XTR as of Oct 12, 2026 and ZHDG as of Jul 31, 2026 $5.0m $35m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

XTR and ZHDG both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, XTR’s weekly returns had a correlation of +1.00 with the S&P 500 and ZHDG’s +0.96. In the 26 weeks the index fell, by 1.07% a week on average, XTR averaged −1.07% and ZHDG −0.92%. Over the same weeks, XTR finished 6.3 percentage points ahead of cash and ZHDG finished 2.6 points ahead of cash.

Alert

About each fund

XTR

XTR 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 +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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.

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, XTR or ZHDG?: Over the 52 weeks to Nov 4, 2026, XTR’s weekly returns had a correlation of +1.00 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, XTR or ZHDG?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, XTR averaged −1.07% and ZHDG −0.92%, so ZHDG returned more in those weeks.
Which earned more than cash, XTR or ZHDG?: Over the same weeks, XTR finished 6.3 percentage points ahead of cash and ZHDG finished 2.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, XTR or ZHDG?: XTR charges 0.25% a year and ZHDG charges 0.95%, so XTR is cheaper. Fees come from each fund's prospectus.

Other comparisons

XTR vs HEQQ XTR vs CCOR XTR vs QBUL XTR vs QBER ZHDG vs QTR ZHDG vs QBUL ZHDG vs CCOR ZHDG vs HEQQ

Where to next

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

Sources and dates

XTR filings on SEC EDGAR ↗

XTR prospectus with the expense ratio (SEC) ↗

Global X page for XTR ↗

ZHDG filings on SEC EDGAR ↗

ZHDG prospectus with the expense ratio (SEC) ↗

Zega 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, XTR against ZHDG, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/xtr-vs-zhdg

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