FHEQ vs. HEDG
FHEQ (Fidelity Hedged Equity ETF) and HEDG (Equable Shares Hedged Equity ETF) are both Equity Hedged funds. FHEQ is actively managed, while HEDG is passively managed. A 0.73 correlation means they provide meaningful diversification when combined. FHEQ charges 0.48%/yr vs 0.96%/yr for HEDG.
Performance
FHEQ vs. HEDG - Performance Comparison
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Returns By Period
In the year-to-date period, FHEQ achieves a 6.23% return, which is significantly higher than HEDG's 2.51% return.
FHEQ
- 1D
- -1.15%
- 1M
- -1.23%
- YTD
- 6.23%
- 6M
- 5.31%
- 1Y
- 17.16%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HEDG
- 1D
- -0.47%
- 1M
- -0.07%
- YTD
- 2.51%
- 6M
- 2.38%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FHEQ vs. HEDG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FHEQ Fidelity Hedged Equity ETF | 6.23% | 3.03% |
HEDG Equable Shares Hedged Equity ETF | 2.51% | 3.20% |
Correlation
The correlation between FHEQ and HEDG is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 13, 2025 | 0.73 |
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Return for Risk
FHEQ vs. HEDG — Risk / Return Rank
FHEQ
HEDG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FHEQ vs. HEDG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Hedged Equity ETF (FHEQ) and Equable Shares Hedged Equity ETF (HEDG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FHEQ | HEDG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.31 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | — | — |
| Martin ratioReturn relative to average drawdown | 8.65 | — | — |
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Drawdowns
FHEQ vs. HEDG - Drawdown Comparison
The maximum FHEQ drawdown since its inception was -11.12%, which is greater than HEDG's maximum drawdown of -3.85%. Use the drawdown chart below to compare losses from any high point for FHEQ and HEDG.
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Drawdown Indicators
| FHEQ | HEDG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.12% | -3.85% | -7.27% |
Max Drawdown (1Y)Largest decline over 1 year | -7.77% | — | — |
Current DrawdownCurrent decline from peak | -2.84% | -0.76% | -2.08% |
Average DrawdownAverage peak-to-trough decline | -1.83% | -0.39% | -1.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.99% | — | — |
Volatility
FHEQ vs. HEDG - Volatility Comparison
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Volatility by Period
| FHEQ | HEDG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.02% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 7.46% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 9.98% | 5.89% | +4.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.57% | 5.89% | +4.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.57% | 5.89% | +4.68% |
FHEQ vs. HEDG - Expense Ratio Comparison
FHEQ has a 0.48% expense ratio, which is lower than HEDG's 0.96% expense ratio.
Dividends
FHEQ vs. HEDG - Dividend Comparison
FHEQ's dividend yield for the trailing twelve months is around 0.55%, less than HEDG's 1.84% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
FHEQ Fidelity Hedged Equity ETF | 0.55% | 0.63% | 0.50% |
HEDG Equable Shares Hedged Equity ETF | 1.84% | 1.38% | 0.00% |
Frequently Asked Questions
FHEQ and HEDG have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FHEQ is cheaper at 0.48% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FHEQ is cheaper with a 0.48% expense ratio, compared with 0.96% for HEDG.
HEDG has the higher dividend yield at 1.84%, compared with 0.55% for FHEQ.
They also come from different issuers: Fidelity and Equable Shares. Their fees differ too: 0.48% for FHEQ and 0.96% for HEDG.
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