Are HEDG and SPY in the same category?

HEDG is an alternatives ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.

Which returned more over the last year, HEDG or SPY?

In the year to Oct 27, 2026, with distributions reinvested, HEDG returned +9.4% and SPY +13.5%.

Which is cheaper, HEDG or SPY?

SPY is cheaper, by 0.87 percentage points a year. That is about $87 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 27, 2026.

Across categories

HEDG vs SPY: Differences, Returns & Fees

Over the year to Oct 27, 2026, HEDG returned +9.4% to SPY's +13.5%, and SPY charges 0.09% to HEDG's 0.96%.

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Net assets: $427m on Jul 31, 2026 for Equable Shares Hedged Equity ETF, and $810.0bn on Oct 26, 2026 for SPDR S&P 500 ETF Trust.

HEDG on its own →SPY on its own →

At a glance

+9.4%

HEDG total return, 1 year

+13.5%

SPY total return, 1 year

0.96%

HEDG expense ratio

0.09%

SPY expense ratio

Pair scorecard

SPY costs 0.87 points a year less; their one-year returns differ by 4.1 points.

HEDG vs SPY: Differences, Returns & Fees
Measure	HEDG	SPY
Return
Measure	HEDG	SPY
Total return, 1 year	+9.4%	+13.5%
Total return, 52 weeks	+9.4%
Against its benchmark
Measure	HEDG	SPY
What it tracks	not published	S&P 500 Index
Treasury bills, 52 weeks	+3.7%
Against cash	5.8 points ahead
Cost and size
Measure	HEDG	SPY
Expense ratio	0.96%	0.09%
Net assets, HEDG as of Jul 31, 2026 and SPY as of Oct 26, 2026	$427m	$810.0bn
Holdings
Measure	HEDG	SPY
Holdings in common	not published
In the S&P 500, by weight		100%
Top ten holdings, share of the fund		37.9%
Risk
Measure	HEDG	SPY
Correlation with the S&P 500’s weekly returns	+0.85
Beta to the S&P 500	+0.28: about 0.28% for each 1%
Its average week when the S&P 500 fell	fell 0.21%
Down-week capture	19.4%
Weeks the S&P 500 fell	25 of 52, by 1.10% on average

Method

Side by side

HEDG Equable Shares Hedged Equity ETF SPY SPDR S&P 500 ETF Trust

Where it sits Alternatives ETF Stock ETF

Issuer Equable Shares State Street

What it is Hedged equity Tracks the S&P 500

Total return, 1 year +9.4% +13.5%

Its benchmark over the same days +13.6% (VOO) +13.6% (VOO)

Gap to its benchmark −4.2 pts vs VOO −0.1 pts vs VOO

Expense ratio 0.96% 0.09%

Holdings not read by ETFIQ 504

Net assets, HEDG as of Jul 31, 2026 and SPY as of Oct 26, 2026 $427m $810.0bn

HEDG and SPY on the fields both publish, as of Oct 27, 2026. Source: ETFIQ.

Alert

About each fund

HEDG

HEDG 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 +0.85 with the S&P 500’s and a beta of +0.28, so for each 1% the index moved it moved about 0.28% the same way. The S&P 500 fell in 25 of those 52 weeks, by 1.10% on average. In the same weeks HEDG fell 0.21% on average, a down-week capture of 19.4%. Over the same 52 weeks HEDG returned +9.4% and a Treasury bill fund +3.7%, so it finished 5.8 percentage points ahead of cash.

SPY

SPY tracks the S&P 500. Over the year to Oct 27, 2026 it returned +13.5% with distributions reinvested, against +13.6% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 26, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 37.9%.

Questions people ask

Are HEDG and SPY in the same category?: HEDG is an alternatives ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
Which returned more over the last year, HEDG or SPY?: In the year to Oct 27, 2026, with distributions reinvested, HEDG returned +9.4% and SPY +13.5%.
Which is cheaper, HEDG or SPY?: SPY is cheaper, by 0.87 percentage points a year. That is about $87 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

HEDG vs IVV HEDG vs VOO HEDG vs QQQ AGG vs HEDG SHDG vs SPY SPY vs TAIL PHEQ vs SPY KSPY vs SPY

Where to next

BIL, the T-bill fund these are measured against →HEDG on its own →SPY on its own →Hold both: look the portfolio through →Rankings →HEDG dividend history →SPY dividend history →SPY holdings →Standards and sources →

Sources and dates

HEDG filings on SEC EDGAR ↗

HEDG prospectus with the expense ratio (SEC) ↗

Equable Shares website ↗

SPY filings on SEC EDGAR ↗

State Street website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

Cite this pageCitation, APA and Markdown

ETFIQ, HEDG against SPY, data as of Oct 27, 2026. https://etfiq.com/compare/any/hedg-vs-spy

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