FHEQ vs. VAMO

Last updated Jun 6, 2026

FHEQ (Fidelity Hedged Equity ETF) and VAMO (Cambria Value and Momentum ETF) are both exchange-traded funds - FHEQ is a Equity Hedged fund actively managed by Fidelity, while VAMO is a Momentum fund actively managed by Cambria. Both are actively managed. Over the past year, FHEQ returned 18.74% vs 18.36% for VAMO. At a 0.44 correlation, their price movements are largely independent. FHEQ charges 0.48%/yr vs 0.65%/yr for VAMO.

Performance

FHEQ vs. VAMO - Performance Comparison

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

Returns By Period

In the year-to-date period, FHEQ achieves a 6.49% return, which is significantly higher than VAMO's 3.40% return.

FHEQ

• 1D: -2.29%
• 1M: 0.44%
• YTD: 6.49%
• 6M: 5.84%
• 1Y: 18.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VAMO

• 1D: -0.54%
• 1M: -0.90%
• YTD: 3.40%
• 6M: 4.65%
• 1Y: 18.36%
• 3Y*: 13.52%
• 5Y*: 8.17%
• 10Y*: 5.57%

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

FHEQ vs. VAMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FHEQ Fidelity Hedged Equity ETF	6.49%	13.34%	10.57%
VAMO Cambria Value and Momentum ETF	3.40%	16.51%	3.36%

Correlation

The correlation between FHEQ and VAMO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Apr 12, 2024	0.44

Return for Risk

FHEQ vs. VAMO — Risk / Return Rank

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

FHEQ

FHEQ Risk / Return Rank: 58
FHEQ Sharpe Ratio Rank: 61
FHEQ Sortino Ratio Rank: 61
FHEQ Omega Ratio Rank: 60
FHEQ Calmar Ratio Rank: 52
FHEQ Martin Ratio Rank: 58

VAMO

VAMO Risk / Return Rank: 55
VAMO Sharpe Ratio Rank: 50
VAMO Sortino Ratio Rank: 53
VAMO Omega Ratio Rank: 47
VAMO Calmar Ratio Rank: 69
VAMO Martin Ratio Rank: 57

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. VAMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Hedged Equity ETF (FHEQ) and Cambria Value and Momentum ETF (VAMO). 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.

	FHEQ	VAMO	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.65	+0.30
Sortino ratio: Return per unit of downside risk	2.70	2.43	+0.27
Omega ratio: Gain probability vs. loss probability	1.35	1.28	+0.06
Calmar ratio: Return relative to maximum drawdown	2.42	3.32	-0.90
Martin ratio: Return relative to average drawdown	9.77	9.53	+0.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHEQ vs. VAMO - Sharpe Ratio Comparison

The current FHEQ Sharpe Ratio is 1.95, which is comparable to the VAMO Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of FHEQ and VAMO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FHEQ	VAMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	1.65	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.47	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.38	0.25	+1.13

Drawdowns

FHEQ vs. VAMO - Drawdown Comparison

The maximum FHEQ drawdown since its inception was -11.12%, smaller than the maximum VAMO drawdown of -41.84%. Use the drawdown chart below to compare losses from any high point for FHEQ and VAMO.

Drawdown Indicators

	FHEQ	VAMO	Difference
Max Drawdown Largest peak-to-trough decline	-11.12%	-41.84%	+30.72%
Max Drawdown (1Y) Largest decline over 1 year	-7.77%	-5.55%	-2.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.61%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.25%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.84%	—
Current Drawdown Current decline from peak	-2.61%	-2.52%	-0.09%
Average Drawdown Average peak-to-trough decline	-1.82%	-9.97%	+8.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.93%	-0.01%

Volatility

FHEQ vs. VAMO - Volatility Comparison

Fidelity Hedged Equity ETF (FHEQ) has a higher volatility of 3.26% compared to Cambria Value and Momentum ETF (VAMO) at 2.68%. This indicates that FHEQ's price experiences larger fluctuations and is considered to be riskier than VAMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHEQ	VAMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.26%	2.68%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	7.03%	7.68%	-0.65%
Volatility (1Y) Calculated over the trailing 1-year period	9.65%	11.21%	-1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.48%	17.34%	-6.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.48%	18.09%	-7.61%

FHEQ vs. VAMO - Expense Ratio Comparison

FHEQ has a 0.48% expense ratio, which is lower than VAMO's 0.65% expense ratio.

Dividends

FHEQ vs. VAMO - Dividend Comparison

FHEQ's dividend yield for the trailing twelve months is around 0.60%, less than VAMO's 0.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHEQ Fidelity Hedged Equity ETF	0.60%	0.63%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VAMO Cambria Value and Momentum ETF	0.63%	1.41%	0.84%	1.35%	1.10%	1.07%	1.03%	1.15%	1.03%	0.35%	0.56%	0.20%

Frequently Asked Questions

Can I hold both FHEQ and VAMO in my portfolio?

FHEQ and VAMO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHEQ or VAMO?

FHEQ has higher volatility (3.26%) compared to VAMO (2.68%). In terms of maximum drawdown, FHEQ dropped -11.12% vs VAMO's -41.84%.

Which ETF is better, FHEQ or VAMO?

On 1-year performance, FHEQ leads with 18.74% vs 18.36% for VAMO. On fees, FHEQ is cheaper at 0.48% per year. On volatility, VAMO has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FHEQ or VAMO?

Over the 1-year period, FHEQ has performed better with a 18.74% return vs 18.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FHEQ or VAMO?

FHEQ is cheaper with a 0.48% expense ratio, compared with 0.65% for VAMO.

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

VAMO has the higher dividend yield at 0.63%, compared with 0.60% for FHEQ.

What is the main difference between FHEQ and VAMO?

FHEQ is categorized as Equity Hedged, while VAMO is Momentum. They also come from different issuers: Fidelity and Cambria. Their fees differ too: 0.48% for FHEQ and 0.65% for VAMO.

Which has better risk-adjusted returns?

FHEQ currently has the higher Sharpe Ratio (1.95 vs 1.65), 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.