FHEQ vs. XTR

Last updated Jun 24, 2026

FHEQ (Fidelity Hedged Equity ETF) and XTR (Global X S&P 500 Tail Risk ETF) are both Equity Hedged funds. FHEQ is actively managed, while XTR is passively managed. Over the past year, FHEQ returned 17.16% vs 19.25% for XTR. With a 0.96 correlation, they move nearly in lockstep. FHEQ charges 0.48%/yr vs 0.25%/yr for XTR.

Performance

FHEQ vs. XTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Hedged Equity ETF (FHEQ) and Global X S&P 500 Tail Risk ETF (XTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FHEQ having a 6.23% return and XTR slightly higher at 6.30%.

FHEQ

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

XTR

• 1D: -1.06%
• 1M: -1.03%
• YTD: 6.30%
• 6M: 5.43%
• 1Y: 19.25%
• 3Y*: 17.03%
• 5Y*: —
• 10Y*: —

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

FHEQ vs. XTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FHEQ Fidelity Hedged Equity ETF	6.23%	13.34%	11.10%
XTR Global X S&P 500 Tail Risk ETF	6.30%	13.66%	12.67%

Correlation

The correlation between FHEQ and XTR is 0.95, 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	0.95
Correlation (All Time) Calculated using the full available price history since Apr 11, 2024	0.96

The correlation between FHEQ and XTR has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

FHEQ vs. XTR — 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

XTR

XTR Risk / Return Rank: 52
XTR Sharpe Ratio Rank: 53
XTR Sortino Ratio Rank: 51
XTR Omega Ratio Rank: 50
XTR Calmar Ratio Rank: 49
XTR 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. XTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Hedged Equity ETF (FHEQ) and Global X S&P 500 Tail Risk ETF (XTR). 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	XTR	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.70	+0.03
Sortino ratio: Return per unit of downside risk	2.41	2.36	+0.05
Omega ratio: Gain probability vs. loss probability	1.31	1.30	+0.01
Calmar ratio: Return relative to maximum drawdown	2.22	2.27	-0.06
Martin ratio: Return relative to average drawdown	8.65	9.38	-0.72

FHEQ vs. XTR - Sharpe Ratio Comparison

The current FHEQ Sharpe Ratio is 1.73, which is comparable to the XTR Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of FHEQ and XTR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FHEQ vs. XTR - Drawdown Comparison

The maximum FHEQ drawdown since its inception was -11.12%, smaller than the maximum XTR drawdown of -20.83%. Use the drawdown chart below to compare losses from any high point for FHEQ and XTR.

Drawdown Indicators

	FHEQ	XTR	Difference
Max Drawdown Largest peak-to-trough decline	-11.12%	-20.83%	+9.71%
Max Drawdown (1Y) Largest decline over 1 year	-7.77%	-8.51%	+0.74%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.35%	—
Current Drawdown Current decline from peak	-2.84%	-2.81%	-0.03%
Average Drawdown Average peak-to-trough decline	-1.83%	-5.90%	+4.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	2.06%	-0.07%

Volatility

FHEQ vs. XTR - Volatility Comparison

The current volatility for Fidelity Hedged Equity ETF (FHEQ) is 4.02%, while Global X S&P 500 Tail Risk ETF (XTR) has a volatility of 4.66%. This indicates that FHEQ experiences smaller price fluctuations and is considered to be less risky than XTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHEQ	XTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	4.66%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	7.46%	9.03%	-1.57%
Volatility (1Y) Calculated over the trailing 1-year period	9.98%	11.40%	-1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.57%	13.85%	-3.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.57%	13.85%	-3.28%

FHEQ vs. XTR - Expense Ratio Comparison

FHEQ has a 0.48% expense ratio, which is higher than XTR's 0.25% expense ratio.

Dividends

FHEQ vs. XTR - Dividend Comparison

FHEQ's dividend yield for the trailing twelve months is around 0.55%, less than XTR's 16.77% yield.

Position	TTM	2025	2024	2023	2022	2021
FHEQ Fidelity Hedged Equity ETF	0.55%	0.63%	0.50%	0.00%	0.00%	0.00%
XTR Global X S&P 500 Tail Risk ETF	16.77%	17.82%	20.89%	1.09%	1.08%	2.32%

Frequently Asked Questions

Can I hold both FHEQ and XTR in my portfolio?

With a correlation of 0.95, FHEQ and XTR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FHEQ or XTR?

XTR has higher volatility (4.66%) compared to FHEQ (4.02%). In terms of maximum drawdown, FHEQ dropped -11.12% vs XTR's -20.83%.

Which ETF is better, FHEQ or XTR?

On 1-year performance, XTR leads with 19.25% vs 17.16% for FHEQ. On fees, XTR is cheaper at 0.25% per year. On volatility, FHEQ has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FHEQ or XTR?

Over the 1-year period, XTR has performed better with a 19.25% return vs 17.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FHEQ or XTR?

XTR is cheaper with a 0.25% expense ratio, compared with 0.48% for FHEQ.

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

XTR has the higher dividend yield at 16.77%, compared with 0.55% for FHEQ.

What is the main difference between FHEQ and XTR?

They also come from different issuers: Fidelity and Global X. Their fees differ too: 0.48% for FHEQ and 0.25% for XTR.

Which has better risk-adjusted returns?

FHEQ currently has the higher Sharpe Ratio (1.73 vs 1.70), 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.