FHEQ vs. QGRD

Last updated Jun 24, 2026

FHEQ (Fidelity Hedged Equity ETF) and QGRD (Horizon NASDAQ-100 Defined Risk ETF) are both Equity Hedged funds. Both are actively managed. Their correlation of 0.89 suggests significant overlap in exposure. FHEQ charges 0.48%/yr vs 0.85%/yr for QGRD.

Performance

FHEQ vs. QGRD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Hedged Equity ETF (FHEQ) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHEQ achieves a 6.23% return, which is significantly lower than QGRD's 11.58% return.

FHEQ

• 1D: -1.15%
• 1M: -1.23%
• YTD: 6.23%
• 6M: 5.31%
• 1Y: 17.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QGRD

• 1D: -2.62%
• 1M: 0.24%
• YTD: 11.58%
• 6M: 10.16%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FHEQ vs. QGRD - Yearly Performance Comparison

	2026 (YTD)	2025
FHEQ Fidelity Hedged Equity ETF	6.23%	6.98%
QGRD Horizon NASDAQ-100 Defined Risk ETF	11.58%	8.15%

Correlation

The correlation between FHEQ and QGRD is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.89

Return for Risk

FHEQ vs. QGRD — Risk / Return Rank

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

FHEQ

FHEQ Risk / Return Rank: 52
FHEQ Sharpe Ratio Rank: 54
FHEQ Sortino Ratio Rank: 53
FHEQ Omega Ratio Rank: 52
FHEQ Calmar Ratio Rank: 47
FHEQ Martin Ratio Rank: 53

QGRD

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. QGRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Hedged Equity ETF (FHEQ) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). 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	QGRD	Difference
Sharpe ratio: Return per unit of total volatility	1.73	—	—
Sortino ratio: Return per unit of downside risk	2.41	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	2.22	—	—
Martin ratio: Return relative to average drawdown	8.65	—	—

Drawdowns

FHEQ vs. QGRD - Drawdown Comparison

The maximum FHEQ drawdown since its inception was -11.12%, which is greater than QGRD's maximum drawdown of -9.41%. Use the drawdown chart below to compare losses from any high point for FHEQ and QGRD.

Drawdown Indicators

	FHEQ	QGRD	Difference
Max Drawdown Largest peak-to-trough decline	-11.12%	-9.41%	-1.71%
Max Drawdown (1Y) Largest decline over 1 year	-7.77%	—	—
Current Drawdown Current decline from peak	-2.84%	-3.17%	+0.33%
Average Drawdown Average peak-to-trough decline	-1.83%	-2.20%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	—	—

Volatility

Volatility by Period

	FHEQ	QGRD	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%	14.39%	-4.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.57%	14.39%	-3.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.57%	14.39%	-3.82%

FHEQ vs. QGRD - Expense Ratio Comparison

FHEQ has a 0.48% expense ratio, which is lower than QGRD's 0.85% expense ratio.

Dividends

FHEQ vs. QGRD - Dividend Comparison

FHEQ's dividend yield for the trailing twelve months is around 0.55%, less than QGRD's 1.40% yield.

Position	TTM	2025	2024
FHEQ Fidelity Hedged Equity ETF	0.55%	0.63%	0.50%
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.40%	1.57%	0.00%

Frequently Asked Questions

Can I hold both FHEQ and QGRD in my portfolio?

FHEQ and QGRD have a correlation of 0.89, 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 QGRD?

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 QGRD?

FHEQ is cheaper with a 0.48% expense ratio, compared with 0.85% for QGRD.

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

QGRD has the higher dividend yield at 1.40%, compared with 0.55% for FHEQ.

What is the main difference between FHEQ and QGRD?

They also come from different issuers: Fidelity and Horizon. Their fees differ too: 0.48% for FHEQ and 0.85% for QGRD.