IQ

HEDG Equable Shares Hedged Equity ETF

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$31.04
+0.8% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

Over the year to Nov 4, 2026, HEDG returned 10.0%, against 14.8% for VOO.

Why did HEDG return +9.1% from Oct 2025 to Oct 2026, against VOO’s +12.9%?Is a 0.96% fee low for a fund like HEDG?What do HEDG’s net flows of +$139m over the since Aug 2025 mean?
Hedged equity fund: owns stocks and pays for protection against a fall, most often with put optionsEquable Shares ↗Expense ratio 0.96%Fund assets $427m net assets, latest filing (Jul 31, 2026)First traded Oct 13, 2025Benchmark S&P 500 Index, measured by VOO, which tracks the same indexSEC filings ↗Dividend history

Promise check: DeliveredIn the 52 weeks to Nov 4, 2026, HEDG moved 15.8% as much as the S&P 500 in the 26 weeks it fell.

Compare with…Trading costsPut to the committeeaskIQ about HEDGAdd to portfolioFlowsAlerts

HEDG risk and return scorecard

vs VOO · Oct 2025 to Oct 2026 · 53 weekly returns · dividend-adjusted

Short history · 12 months
HEDG +9.1%, VOO +12.9%, Oct 2025 to Oct 2026, distributions reinvested.
Return
MeasureHEDGVOOEdge
Total return+9.1%+12.9%VOO
Annualized+8.9%+12.6%VOO
Price return+6.0%+11.6%VOO
Risk
MeasureHEDGVOOEdge
Volatility4.2%11.9%HEDG
Max drawdown−3.5%−8.4%HEDG
Upside capture28.1%100.0%VOO
Downside capture25.9%100.0%HEDG
Risk-adjusted
MeasureHEDGVOOEdge
Sharpe ratio1.150.74HEDG
Sortino ratio1.951.26HEDG
Alpha vs VOO
MeasureHEDGVOOEdge
Alpha, a year+2.1%Not significant
Alpha t-stat1.02
Beta to VOO0.301.00Lower beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Money in and out

Net fund flows · Jul 31, 2026
12 months to Jul 31, 2026
+$139m
Since Aug 2025
+$139m
askIQ: what do these flows mean? ↗

What you earned

HEDG +0.2%, VOO −1.1%: total return over one month to Nov 4, 2026.
HEDG+0.2%
VOO−1.1%
HEDG +2.3%, VOO −0.1%: total return over three months to Nov 4, 2026.
HEDG+2.3%
VOO−0.1%
HEDG +5.2%, VOO +5.0%: total return over six months to Nov 4, 2026.
HEDG+5.2%
VOO+5.0%
HEDG +7.4%, VOO +13.4%: total return over the year to Nov 4, 2026.
HEDG+7.4%
VOO+13.4%
HEDG +10.0%, VOO +14.8%: total return over one year to Nov 4, 2026.
HEDG+10.0%
VOO+14.8%
HEDG +10.8%, VOO +17.0%: total return since launch to Nov 4, 2026.
HEDG+10.8%
VOO+17.0%
askIQ: why did HEDG return +10.0% over one year, against VOO’s +14.8%? ↗

How concentrated, and what does it cost?

+0.87
Correlation with the S&P 500
Report
+0.26
Beta to the S&P 500
Report
15.8%
Down-week capture
Report
+5.9 pts
Against T-bills, 52 weeks
Report
2.9%
12-month yield, capital gains included, on its starting price
Report
$0.1541
Last payment (paid quarterly), ex-date Sep 24, 2026
Report
Sector mix
Cost against like funds
askIQ: is a 0.96% fee low for a fund like HEDG? ↗

More on HEDG

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Price and total return, 1 year

$31.04+0.8%1 day, priceClose, Nov 4, 2026

Total return adds every distribution, reinvested. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Nov 4, 2026. Updated every trading night. Report a data error

HEDG returns by window: total return, cash paid and price change
WindowTotal returnBenchmark (VOO)Gap to VOO
1M Oct 5 – Nov 4, 2026+0.2%−1.1%+1.3 pts
3M Aug 5 – Nov 4, 2026+2.3%−0.1%+2.4 pts
6M May 6 – Nov 4, 2026+5.2%+5.0%+0.2 pts
YTD Dec 31, 2025 – Nov 4, 2026+7.4%+13.4%−6.0 pts
1Y Nov 4, 2025 – Nov 4, 2026+10.0%+14.8%−4.8 pts
Since launch Oct 13, 2025 – Nov 4, 2026+10.8%+17.0%−6.2 pts
Since launch, annualised Oct 13, 2025 – Nov 4, 2026+10.2%––

Total returns, distributions reinvested. Listed Oct 2025: no 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested.

Fell 16% as much as the S&P 500
Fell 16% as much as the S&P 500HEDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEDG −0.17%.SPY−1.07%HEDG−0.17%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell 16% as much as the S&P 500HEDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEDG −0.17%.SPY−1.07%HEDG−0.17%Average week when SPY fell

HEDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEDG −0.17%.

68.2
IQ Alternatives ScoreETFIQ Stock Diversification Scorejoint 6th of 22 · Nov 4, 2026
4.5 · lowest of 22 equity hedged alternatives ETFs with a full year95.5 · highest

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

HEDG’s weekly returns had a correlation of +0.87 with the S&P 500, and in the weeks the index fell its down-week capture was 15.8%. Over the same 52 weeks it finished 5.9 points ahead of T-bills.

correlation with the S&P 500+0.87 · 66th pct
down-week capture against the S&P 50015.8% · 70th pct
All 22 ranked by this score →

Money in and out

Monthly data · as of Jul 31, 2026

HEDG: in the month to Jul 31, 2026, net $8.3m came in, by its SEC filing.

12 months
+$139m
Aug 1, 2025 to Jul 31, 2026
monthly, from SEC filings
Since Aug 2025
+$139m
Aug 1, 2025 to Jul 31, 2026
monthly, from SEC filings

Computed by ETFIQ from the monthly sales and redemptions HEDG files with the SEC on Form N-PORT.

How this is computed

ETFIQ reads no daily data for this fund, so its flows are monthly, and the latest month filed is Jul 2026. Every day and month ETFIQ holds for HEDG, back to Aug 2025, is in its flows file. Flows across every fund · How these flows are computed · Compare HEDG with other funds in the flows tool

Month by month, money in and money outAug 2025 to Jul 2026

HEDG, money in and money out each month from Aug 2025 to Jul 2026: two bars a month, money in above the line and money out below. Every bar is from HEDG’s SEC filings (N-PORT item B.6). Of the 12 months listed, money came in on net in 10 and went out in 2.

Every bar is from HEDG’s SEC filings (N-PORT item B.6). Of the 12 months listed, money came in on net in 10 and went out in 2.

MonthInOutNet
Jul 2026 SEC Form N-PORT+$35.4m−$27.1m+$8.3m
Jun 2026 SEC Form N-PORT+$53.2m−$39.6m+$13.6m
May 2026 SEC Form N-PORT+$1.5m−$1.5m−$5k
Apr 2026 SEC Form N-PORT+$9.6m$0+$9.6m
Mar 2026 SEC Form N-PORT+$11.6m$0+$11.6m
Feb 2026 SEC Form N-PORT+$3.7m−$5.9m−$2.2m
Jan 2026 SEC Form N-PORT+$31.7m$0+$31.7m
Dec 2025 SEC Form N-PORT+$14.7m$0+$14.7m
Nov 2025 SEC Form N-PORT+$22.5m−$2.9m+$19.6m
Oct 2025 SEC Form N-PORT+$31.2m−$2.5m+$28.6m
Sep 2025 SEC Form N-PORT+$5.8m−$2.4m+$3.4m
Aug 2025 SEC Form N-PORT+$3.5m−$3.0m+$570k

Most recent first.

How this is computed

N-PORT months: money in is sales plus reinvestments; money out is redemptions.

N-PORT months are the filed sales plus reinvestments less redemptions. Later months add up the daily data; the Source column names any missing day.

Source: ETFIQ, from the fund’s SEC N-PORT filings. Data as of Jul 31, 2026. Updated when the fund files its next report.

HEDG key stats

52-week high, daily closes to Nov 4, 2026 (ETFIQ)$31.04 on Nov 4, 2026
52-week low, daily closes to Nov 4, 2026 (ETFIQ)$28.51 on Mar 30, 2026
Close on Nov 4, 2026, within that range (ETFIQ)$31.04, 100% of the way from the low to the high
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Jan 14, 2026
Trading · HEDGas of Jan 14, 2026
·
Not scored1 of 6 measured · Jan 14, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

HEDG for holders outside the US

US tax withheld on dividends, no treaty30%
Treaty rates on dividends (IRS table, read Oct 30, 2026)65 countries, 10% to 30%
HEDG interest-related and short-term gain dividendsnot read by ETFIQ
US estate tax filing threshold, non-resident holders$60,000
Share classDistributing

HEDG is a US fund. Stock of US corporations counts as US property for a non-resident's estate. Facts from the IRS, not tax advice. How withholding and treaties work

How much does it diversify a stock portfolio?

Correlation with the S&P 500
TAIL −0.74QBER −0.71CAOS −0.15CCOR −0.14TOAK +0.12HOLA +0.69QBUL +0.85HEQQ +0.88SHDG +0.90ATTR +0.91QTR +0.91KSPY +0.92PHEQ +0.94HELO +0.95ZHDG +0.96HEQT +0.97FHEQ +0.98HEGD +0.98ACIO +0.99THEQ +0.99XTR +1.00HEDG +0.87HEDG +0.87−0.74+1.00
−0.74 to +1.00 across 22 · Its percentile 65.9 · Weight 50%

65.9% of the 22 sit at or above HEDG on this measure.

Down-week capture against the S&P 500
CCOR −20.7%TAIL −15.9%QBER −15.4%TOAK −6.1%CAOS −3.3%ATTR 15.6%QBUL 23.9%PHEQ 31.6%HOLA 36.9%KSPY 41.0%HEQT 54.2%HELO 60.7%SHDG 70.4%HEGD 71.4%THEQ 72.3%ACIO 84.3%ZHDG 85.6%FHEQ 86.0%HEQQ 96.6%XTR 100.0%QTR 167.0%HEDG 15.8%HEDG 15.8%−20.7%167.0%
−20.7% to 167.0% across 22 · Its percentile 70.5 · Weight 50%

70.5% of the 22 sit at or above HEDG on this measure.

Weighted evenly, those two positions are what the score combines, across the 22 equity hedged alternatives ETFs with a full year. Neither spread above is the score: a fund can sit further right on one and score lower.

One year of weekly moves against the S&P 500, within one strategy; it ignores what the fund returned. Where the fund sits in this set, not a rating. Do not average it with another category's score.

What the score is computed from
HEDG: What the score is computed from
What it measuresThis fundIts percentileWeight
correlation with the S&P 500+0.8765.950%
down-week capture against the S&P 50015.8%70.550%

About HEDG

IssuerEquable Shares
Strategy (ETFIQ, from its prospectus)Hedged equity
Expense ratio (485BPOS XBRL, Feb 27, 2026)0.96%Report
Net assets (SEC N-PORT, whole fund, as filed for Jul 31, 2026)$427mReport
Benchmark (ETFIQ, from its filings)S&P 500 Index, measured by VOO, which tracks the same index
Benchmark named inits prospectus, 485BPOS, Feb 27, 2026
HEDG, 1 year to Nov 4, 2026+10.0%
VOO, the same days+14.8%
Against its benchmark, 1 year (ETFIQ)−4.8 pts
Weeks measured52, from Nov 5, 2025 to Nov 4, 2026
Weeks the S&P 500 fell26
The S&P 500 in those weeks, on average−1.07%
HEDG in those weeks, on average−0.17%
HEDG total return over those weeks+9.6%
T-bills (BIL) over the same weeks+3.7%
When stocks fellS&P 500 −4.9% in March 2026; HEDG −2.0%
Weekly correlation with the S&P 500+0.87, 52 weeks to Nov 4, 2026
First tradedOct 13, 2025
History (N-CSR, Jan 8, 2026; N-CSR, Dec 30, 2020)Converted from a mutual fund on Oct 13, 2025; the fund started on Jun 1, 2019
Days traded268
Quotedon an exchange, every trading day
How we measure
Weekly closes from Tiingo with distributions reinvested, 52 weeks to the same date for the fund, SPY and BIL. ETFIQ calculation. Method
IQ Investment Committee on HEDG

12 seats on HEDG, as of Nov 4, 2026: 2 Supports, 2 Challenges, 7 Not enough data, 1 Does not apply.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianNot enough data
In the tradition ofRay DalioDalio-style All-WeatherNot enough data
In the tradition ofHoward MarksMarks-style Cycles & RiskNot enough data
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityDoes not apply
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data
In the tradition ofJesse LivermoreLivermore-style Trend FollowingSupports
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatSupports
Put HEDG to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about HEDG

Does HEDG move with the S&P 500?
Over the year to Nov 4, 2026, HEDG’s weekly returns had a correlation of +0.87 with the S&P 500’s, on a scale where 1 moves in step, 0 shows no pattern and −1 moves opposite. Its beta was +0.26, so for each 1% the index moved it moved about 0.26% the same way.
What did HEDG do when stocks fell?
The S&P 500 fell in 26 of the 52 weeks to Nov 4, 2026, by 1.07% on average. In those weeks HEDG fell 0.17% on average, a down-week capture of 15.8%.
Did HEDG earn more than cash?
Over the same 52 weeks HEDG returned +9.6% with distributions reinvested, and BIL, a fund of Treasury bills, returned +3.7%. HEDG finished 5.9 percentage points ahead of it.
What does HEDG cost?
The prospectus expense ratio is 0.96% a year.
Why is HEDG listed as hedged equity?
ETFIQ files each fund by what its own prospectus says it does, and HEDG’s, filed Feb 27, 2026, describes a hedged equity fund.
Sources and dates
Prices, HEDG and Benchmark (VOO)Prices, Tiingo end of day ↗
Fee, 0.96%Prospectus filing with the expense ratio (SEC) ↗
Net assets, $427mSEC N-PORT, whole fund · Jul 31, 2026
SourceProspectus the strategy was read from (SEC) ↗
IssuerEquable Shares website ↗
All fund filingsFund filings on SEC EDGAR ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, HEDG, alternatives ETFs, data as of Nov 4, 2026. https://etfiq.com/funds/hedg

The down-week bars for HEDG, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Correlation
How closely the fund’s weekly returns moved with the S&P 500’s over the last year, from −1 to 1. At 1 the two rise and fall together, at 0 there is no pattern, and below 0 the fund tended to move the other way.
Beta
How far the fund moved, on average, for each 1% move in the S&P 500 over the same weeks. At 0.3 it moved about 0.3% the same way; below 0 it moved the other way.
Down week
A week in which the S&P 500 fell, measured through SPY with dividends reinvested. A week that ended exactly level is not a down week.
Down-week capture
The fund’s average return in the S&P 500’s down weeks as a share of the index’s own average in those weeks. At 100% it fell as much, at 50% half as much, and below zero it rose. It is weekly and covers one year, so it is not the same number as Morningstar’s downside capture.
Against T-bills
The fund’s total return minus a short Treasury bill fund’s (BIL) over the same year, in percentage points. A fund can steady a portfolio and still earn less than cash.
Full definitions: alternatives ETFs vocabulary page. →
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HEDG: HEDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEDG −0.17%.
<figure style="margin:0;max-width:640px">
<iframe src="https://etfiq.com/embed/alternatives/hedg/" title="HEDG: HEDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEDG −0.17%." width="640" height="334" loading="lazy" style="border:0;max-width:100%;width:100%"></iframe>
<figcaption style="font:13px/1.5 sans-serif">HEDG: HEDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEDG −0.17%. Data: <a href="https://etfiq.com/funds/hedg">ETFIQ</a></figcaption>
</figure>

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Snapshot, Nov 4, 2026. More on the tabs above.