QGRD vs. THEQ

Last updated Jun 6, 2026

QGRD (Horizon NASDAQ-100 Defined Risk ETF) and THEQ (T. Rowe Price Hedged Equity ETF) are both Equity Hedged funds. Both are actively managed. Their correlation of 0.87 suggests significant overlap in exposure. QGRD charges 0.85%/yr vs 0.46%/yr for THEQ.

Performance

QGRD vs. THEQ - Performance Comparison

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

Returns By Period

In the year-to-date period, QGRD achieves a 10.11% return, which is significantly higher than THEQ's 5.42% return.

QGRD

• 1D: -3.94%
• 1M: 1.47%
• YTD: 10.11%
• 6M: 7.90%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

THEQ

• 1D: -1.91%
• 1M: 0.12%
• YTD: 5.42%
• 6M: 5.20%
• 1Y: 16.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QGRD vs. THEQ - Yearly Performance Comparison

	2026 (YTD)	2025
QGRD Horizon NASDAQ-100 Defined Risk ETF	10.11%	8.34%
THEQ T. Rowe Price Hedged Equity ETF	5.42%	6.56%

Correlation

The correlation between QGRD and THEQ is 0.87, 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 11, 2025	0.87

Return for Risk

QGRD vs. THEQ — Risk / Return Rank

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

THEQ

THEQ Risk / Return Rank: 60
THEQ Sharpe Ratio Rank: 59
THEQ Sortino Ratio Rank: 59
THEQ Omega Ratio Rank: 59
THEQ Calmar Ratio Rank: 57
THEQ Martin Ratio Rank: 68

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.

QGRD vs. THEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon NASDAQ-100 Defined Risk ETF (QGRD) and T. Rowe Price Hedged Equity ETF (THEQ). 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.

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

Sharpe Ratios by Period

	QGRD	THEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	1.35	+0.24

Drawdowns

QGRD vs. THEQ - Drawdown Comparison

The maximum QGRD drawdown since its inception was -9.41%, which is greater than THEQ's maximum drawdown of -8.08%. Use the drawdown chart below to compare losses from any high point for QGRD and THEQ.

Drawdown Indicators

	QGRD	THEQ	Difference
Max Drawdown Largest peak-to-trough decline	-9.41%	-8.08%	-1.33%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.17%	—
Current Drawdown Current decline from peak	-4.45%	-2.12%	-2.33%
Average Drawdown Average peak-to-trough decline	-2.19%	-1.00%	-1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.40%	—

Volatility

Volatility by Period

	QGRD	THEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.84%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.77%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.56%	8.87%	+4.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.56%	11.67%	+1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.56%	11.67%	+1.89%

QGRD vs. THEQ - Expense Ratio Comparison

QGRD has a 0.85% expense ratio, which is higher than THEQ's 0.46% expense ratio.

Dividends

QGRD vs. THEQ - Dividend Comparison

QGRD's dividend yield for the trailing twelve months is around 1.42%, more than THEQ's 0.75% yield.

Position	TTM	2025
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.42%	1.57%
THEQ T. Rowe Price Hedged Equity ETF	0.75%	0.79%

Frequently Asked Questions

Can I hold both QGRD and THEQ in my portfolio?

QGRD and THEQ have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QGRD or THEQ?

On fees, THEQ is cheaper at 0.46% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QGRD or THEQ?

THEQ is cheaper with a 0.46% expense ratio, compared with 0.85% for QGRD.

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

QGRD has the higher dividend yield at 1.42%, compared with 0.75% for THEQ.

What is the main difference between QGRD and THEQ?

They also come from different issuers: Horizon and T. Rowe Price. Their fees differ too: 0.85% for QGRD and 0.46% for THEQ.