FHEQ vs. PHEQ
FHEQ (Fidelity Hedged Equity ETF) and PHEQ (Parametric Hedged Equity ETF) are both exchange-traded funds - FHEQ is a Equity Hedged fund actively managed by Fidelity, while PHEQ is a Options Trading fund actively managed by Parametric. Both are actively managed. Over the past year, FHEQ returned 15.13% vs 14.07% for PHEQ. Their correlation of 0.81 suggests significant overlap in exposure. FHEQ charges 0.48%/yr vs 0.29%/yr for PHEQ.
Performance
FHEQ vs. PHEQ - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with FHEQ having a 5.39% return and PHEQ slightly lower at 5.37%.
FHEQ
- 1D
- -0.52%
- 1M
- -2.43%
- YTD
- 5.39%
- 6M
- 4.11%
- 1Y
- 15.13%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PHEQ
- 1D
- 0.25%
- 1M
- -0.26%
- YTD
- 5.37%
- 6M
- 4.79%
- 1Y
- 14.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FHEQ vs. PHEQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FHEQ Fidelity Hedged Equity ETF | 5.39% | 13.34% | 11.10% |
PHEQ Parametric Hedged Equity ETF | 5.37% | 11.76% | 10.66% |
Correlation
The correlation between FHEQ and PHEQ is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2024 | 0.81 |
The correlation between FHEQ and PHEQ has been stable across timeframes, ranging from 0.81 to 0.82 - a consistent structural relationship.
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Return for Risk
FHEQ vs. PHEQ — Risk / Return Rank
FHEQ
PHEQ
FHEQ vs. PHEQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Hedged Equity ETF (FHEQ) and Parametric Hedged Equity ETF (PHEQ). 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 | PHEQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.45 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | 3.32 | -1.36 |
| Martin ratioReturn relative to average drawdown | 7.54 | 14.99 | -7.45 |
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Drawdowns
FHEQ vs. PHEQ - Drawdown Comparison
The maximum FHEQ drawdown since its inception was -11.12%, smaller than the maximum PHEQ drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for FHEQ and PHEQ.
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Drawdown Indicators
| FHEQ | PHEQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.12% | -12.55% | +1.43% |
Max Drawdown (1Y)Largest decline over 1 year | -7.77% | -4.26% | -3.51% |
Current DrawdownCurrent decline from peak | -3.61% | -0.53% | -3.08% |
Average DrawdownAverage peak-to-trough decline | -1.83% | -0.97% | -0.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.01% | 0.94% | +1.07% |
Volatility
FHEQ vs. PHEQ - Volatility Comparison
Fidelity Hedged Equity ETF (FHEQ) has a higher volatility of 3.99% compared to Parametric Hedged Equity ETF (PHEQ) at 1.72%. This indicates that FHEQ's price experiences larger fluctuations and is considered to be riskier than PHEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FHEQ | PHEQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.99% | 1.72% | +2.27% |
Volatility (6M)Calculated over the trailing 6-month period | 7.46% | 4.78% | +2.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.95% | 6.11% | +3.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.56% | 8.59% | +1.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.56% | 8.59% | +1.97% |
FHEQ vs. PHEQ - Expense Ratio Comparison
FHEQ has a 0.48% expense ratio, which is higher than PHEQ's 0.29% expense ratio.
Dividends
FHEQ vs. PHEQ - Dividend Comparison
FHEQ's dividend yield for the trailing twelve months is around 0.56%, less than PHEQ's 0.95% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
FHEQ Fidelity Hedged Equity ETF | 0.56% | 0.63% | 0.50% | 0.00% |
PHEQ Parametric Hedged Equity ETF | 0.95% | 1.19% | 1.39% | 1.73% |
Frequently Asked Questions
FHEQ and PHEQ have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FHEQ has higher volatility (3.99%) compared to PHEQ (1.72%). In terms of maximum drawdown, FHEQ dropped -11.12% vs PHEQ's -12.55%.
On 1-year performance, FHEQ leads with 15.13% vs 14.07% for PHEQ. On fees, PHEQ is cheaper at 0.29% per year. On volatility, PHEQ has been the lower-risk option at 1.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FHEQ has performed better with a 15.13% return vs 14.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PHEQ is cheaper with a 0.29% expense ratio, compared with 0.48% for FHEQ.
PHEQ has the higher dividend yield at 0.95%, compared with 0.56% for FHEQ.
FHEQ is categorized as Equity Hedged, while PHEQ is Options Trading. They also come from different issuers: Fidelity and Parametric. Their fees differ too: 0.48% for FHEQ and 0.29% for PHEQ.
PHEQ currently has the higher Sharpe Ratio (2.31 vs 1.53), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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