FHEQ vs. HEDG

Last updated Jul 14, 2026

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 0.74 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

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Hedged Equity ETF (FHEQ) and Equable Shares Hedged Equity ETF (HEDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHEQ achieves a 8.02% return, which is significantly higher than HEDG's 3.64% return.

FHEQ

• 1D: -0.63%
• 1M: 1.31%
• 6M: 6.84%
• YTD: 8.02%
• 1Y: 15.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEDG

• 1D: -0.27%
• 1M: 0.77%
• 6M: 2.88%
• YTD: 3.64%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FHEQ vs. HEDG - Yearly Performance Comparison

	2026 (YTD)	2025
FHEQ Fidelity Hedged Equity ETF	8.02%	3.03%
HEDG Equable Shares Hedged Equity ETF	3.64%	3.20%

Correlation

The correlation between FHEQ and HEDG is 0.74, 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	0.74

Return for Risk

FHEQ vs. HEDG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FHEQ

FHEQ Risk / Return Rank: 57
FHEQ Sharpe Ratio Rank: 61
FHEQ Sortino Ratio Rank: 60
FHEQ Omega Ratio Rank: 57
FHEQ Calmar Ratio Rank: 51
FHEQ Martin Ratio Rank: 57

HEDG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 ratio: Return per unit of total volatility	1.60	—	—
Sortino ratio: Return per unit of downside risk	2.24	—	—
Omega ratio: Gain probability vs. loss probability	1.28	—	—
Calmar ratio: Return relative to maximum drawdown	2.05	—	—
Martin ratio: Return relative to average drawdown	7.76	—	—

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.

Drawdown Indicators

	FHEQ	HEDG	Difference
Max Drawdown Largest peak-to-trough decline	-11.12%	-3.85%	-7.27%
Max Drawdown (1Y) Largest decline over 1 year	-7.77%	—	—
Current Drawdown Current decline from peak	-1.21%	-0.27%	-0.94%
Average Drawdown Average peak-to-trough decline	-1.83%	-0.38%	-1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	—	—

Volatility

Volatility by Period

	FHEQ	HEDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.57%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.01%	5.77%	+4.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.52%	5.77%	+4.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.52%	5.77%	+4.75%

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 0.54%, less than HEDG's 2.33% yield.

Position	TTM	2025	2024
FHEQ Fidelity Hedged Equity ETF	0.54%	0.63%	0.50%
HEDG Equable Shares Hedged Equity ETF	2.33%	1.38%	0.00%

Frequently Asked Questions

Can I hold both FHEQ and HEDG in my portfolio?

FHEQ and HEDG have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FHEQ or HEDG?

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.

Which ETF is cheaper, FHEQ or HEDG?

FHEQ is cheaper with a 0.48% expense ratio, compared with 0.96% for HEDG.

Which ETF pays a higher dividend yield, FHEQ or HEDG?

HEDG has the higher dividend yield at 2.33%, compared with 0.54% for FHEQ.

What is the main difference between FHEQ and HEDG?

They also come from different issuers: Fidelity and Equable Shares. Their fees differ too: 0.48% for FHEQ and 0.96% for HEDG.