Data as of Nov 4, 2026.
THEQ vs VOO: Differences, Returns & Fees
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.
Pair scorecard
VOO costs 0.43 points a year less; their one-year returns differ by 5.7 points.
| Measure | THEQ | VOO |
|---|---|---|
| Return | ||
| Total return, 1 year | +9.1% | +14.8% |
| Total return, 52 weeks | +9.0% | |
| Against its benchmark | ||
| What it tracks | not published | S&P 500 Index |
| Treasury bills, 52 weeks | +3.7% | |
| Against cash | 5.3 points ahead | |
| Cost and size | ||
| Expense ratio | 0.46% | 0.03% |
| Net assets, THEQ as of Nov 3, 2026 and VOO as of Oct 31, 2026 | $38m | $1.0tn |
| Holdings | ||
| Holdings in common | not published | |
| In the S&P 500, by weight | 100% | |
| Holdings dated | Sep 30, 2026 | |
| Top ten holdings, share of the fund | 39.1% | |
| 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 fell | fell 0.77% | |
| Down-week capture | 72.3% | |
| Weeks the S&P 500 fell | 26 of 52, by 1.07% on average | |
Risk and return
Apr 4, 2025 to Oct 30, 2026 · 82 weekly returnsEach against its own benchmark: THEQ against IWV, Apr 4, 2025 to Oct 30, 2026; VOO against IVV, Sep 17, 2010 to Oct 30, 2026.
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 Open ↓
| Measure | THEQ | VOO | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +29.8% | +51.9% | VOO | Price change plus distributions, reinvested. |
| Annualized | +18.0% | +30.3% | VOO | Total return as a yearly rate. |
| Price return | +28.8% | +49.3% | VOO | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 8.9% | 13.2% | THEQ | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 4.9% | 6.8% | THEQ | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −5.6% | −8.4% | THEQ | Deepest fall from a high to the low after it. |
| Upside capture | 57.7% | 99.8% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 78.3% | 99.9% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.66 | 1.00 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.96 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 1.47 | 1.77 | VOO | Return above Treasury bills per unit of volatility. |
| Sortino | 2.67 | 3.48 | VOO | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.196 | 0.133 | Return above Treasury bills per unit of beta. | |
| Calmar | 3.23 | 3.62 | VOO | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | IWV | IVV | The ETF each fund is measured against. | |
| Alpha | −2.4% a year | 0.0% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −1.60 | 0.50 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −5.4% to +0.6% | −0.1% to +0.2% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −2.15 | 0.02 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 4.8% | 0.4% | Not an edge | How 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 and VOO on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.
Client brief:
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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.
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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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