Data as of Nov 4, 2026.

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THEQ vs VOO: Differences, Returns & Fees

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Over the year to Nov 4, 2026, THEQ returned +9.1% to VOO's +14.8%, and VOO charges 0.03% to THEQ's 0.46%.

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Net assets: $38m on Nov 3, 2026 for T. Rowe Price Hedged Equity ETF, and $1.0tn on Oct 31, 2026 for Vanguard S&P 500 ETF.

At a glance
+9.1%
THEQ total return, 1 year
+14.8%
VOO total return, 1 year
0.46%
THEQ expense ratio
0.03%
VOO expense ratio

Pair scorecard

VOO costs 0.43 points a year less; their one-year returns differ by 5.7 points.

THEQ vs VOO: Differences, Returns & Fees
MeasureTHEQVOO
Return
Total return, 1 year+9.1%+14.8%
Total return, 52 weeks+9.0%
Against its benchmark
What it tracksnot publishedS&P 500 Index
Treasury bills, 52 weeks+3.7%
Against cash5.3 points ahead
Cost and size
Expense ratio0.46%0.03%
Net assets, THEQ as of Nov 3, 2026 and VOO as of Oct 31, 2026$38m$1.0tn
Holdings
Holdings in commonnot published
In the S&P 500, by weight100%
Holdings datedSep 30, 2026
Top ten holdings, share of the fund39.1%
Risk
Correlation with the S&P 500’s weekly returns+0.99
Beta to the S&P 500+0.69: about 0.69% for each 1%
Its average week when the S&P 500 fellfell 0.77%
Down-week capture72.3%
Weeks the S&P 500 fell26 of 52, by 1.07% on average

Method

Risk and return

Apr 4, 2025 to Oct 30, 2026 · 82 weekly returns
THEQ VOO
Return
Total return edge VOO +29.8% +51.9%
Annualized edge VOO +18.0% +30.3%
Price return edge VOO +28.8% +49.3%
Risk
Volatility edge THEQ 8.9% 13.2%
Max drawdown edge THEQ −5.6% −8.4%
Downside capture 78.3% 99.9%
Beta 0.66 1.00
Risk-adjusted
Sharpe edge VOO 1.47 1.77
Sortino edge VOO 2.67 3.48
Treynor 0.196 0.133
Calmar edge VOO 3.23 3.62
Against the benchmark
Alpha −2.4% a year 0.0% a year
Alpha t-stat −1.60 0.50
Information ratio −2.15 0.02
Tracking error 4.8% 0.4%

Each against its own benchmark: THEQ against IWV, Apr 4, 2025 to Oct 30, 2026; VOO against IVV, Sep 17, 2010 to Oct 30, 2026.

Reading

From Apr 2025 to Oct 2026, VOO returned more: +51.9% to +29.8%. THEQ swung less: 8.9% to 13.2%. THEQ fell less at its worst: −5.6% to −8.4%.

Full scorecard

19 measures, with how each is measured
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Risk and return: THEQ vs VOO: Differences, Returns & Fees
MeasureTHEQVOOEdgeHow it is measured
Return
Total return+29.8%+51.9%VOOPrice change plus distributions, reinvested.
Annualized+18.0%+30.3%VOOTotal return as a yearly rate.
Price return+28.8%+49.3%VOOPrice change alone, distributions left out.
Risk
Volatility8.9%13.2%THEQSpread of weekly returns, annualized. Lower is steadier.
Downside deviation4.9%6.8%THEQLike volatility, counting only weeks below the Treasury bill rate.
Max drawdown−5.6%−8.4%THEQDeepest fall from a high to the low after it.
Upside capture57.7%99.8%Share of its benchmark's rise caught in the weeks it rose.
Downside capture78.3%99.9%Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta0.661.00Not an edgeHow far it moves for each 1% its benchmark moves.
R squared0.961.00Not an edgeShare of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe1.471.77VOOReturn above Treasury bills per unit of volatility.
Sortino2.673.48VOOReturn above Treasury bills per unit of downside deviation.
Treynor0.1960.133Return above Treasury bills per unit of beta.
Calmar3.233.62VOOAnnualized return divided by the max drawdown.
Against the benchmark
BenchmarkIWVIVVThe ETF each fund is measured against.
Alpha−2.4% a year0.0% a yearNot significantYearly return beyond what its beta to the benchmark predicts.
Alpha t-stat−1.600.50Not an edgeHow sure the alpha is. Below 2, it could be chance.
Alpha range−5.4% to +0.6%−0.1% to +0.2%Includes zeroThe 95% range for the yearly alpha.
Information ratio−2.150.02Return against its benchmark per unit of tracking error.
Tracking error4.8%0.4%Not an edgeHow far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 82 weekly returns. Cash rate: the 13-week Treasury bill.

Side by side

THEQ T. Rowe Price Hedged Equity ETF VOO Vanguard S&P 500 ETF
Where it sits Alternatives ETF Stock ETF
What it is Hedged equity Tracks the S&P 500
Total return, 1 year +9.1% +14.8%
Its benchmark over the same days +14.8% (IWV) +14.8% (IVV)
Gap to its benchmark −5.7 pts vs IWV 0.0 pts vs IVV
Expense ratio 0.46% 0.03%
Holdings not read by ETFIQ 505
Net assets, THEQ as of Nov 3, 2026 and VOO as of Oct 31, 2026 $38m $1.0tn

THEQ and VOO on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.

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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 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.

VOO

VOO tracks the S&P 500. Over the year to Nov 4, 2026 it returned +14.8% with distributions reinvested, against +14.8% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.03% a year. By its holdings published by its issuer as of Sep 30, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 505 positions, with the top ten at 39.1%.

Questions people ask

Are THEQ and VOO in the same category?
THEQ is an alternatives ETF and VOO 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, THEQ or VOO?
In the year to Nov 4, 2026, with distributions reinvested, THEQ returned +9.1% and VOO +14.8%.
Which is cheaper, THEQ or VOO?
VOO is cheaper, by 0.43 percentage points a year. That is about $43 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
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ETFIQ, THEQ against VOO, data as of Nov 4, 2026. https://etfiq.com/compare/any/theq-vs-voo

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