SPQH.DE vs. JHEQX

Last updated Jun 5, 2026

SPQH.DE (Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating) and JHEQX (JPMorgan Hedged Equity Fund Class I) are both funds - SPQH.DE is a Defined Outcome fund tracking the Cboe S&P 500 15% WHT Quarterly 9% (-3% to -12%) Buffer Protect Index, while JHEQX is a Hedge Fund fund managed by JPMorgan. Over the past 3 years, SPQH.DE returned 5.93%/yr vs 6.34%/yr for JHEQX. A 0.64 correlation means they provide meaningful diversification when combined. SPQH.DE charges 0.50%/yr vs 0.58%/yr for JHEQX.

Performance

SPQH.DE vs. JHEQX - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating (SPQH.DE) and JPMorgan Hedged Equity Fund Class I (JHEQX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPQH.DE is traded in EUR, while JHEQX is traded in USD. To make them comparable, the JHEQX values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPQH.DE achieves a 1.52% return, which is significantly higher than JHEQX's -0.62% return.

SPQH.DE

• 1D: -0.13%
• 1M: 1.59%
• YTD: 1.52%
• 6M: 2.08%
• 1Y: 6.72%
• 3Y*: 5.93%
• 5Y*: —
• 10Y*: —

JHEQX

• 1D: 0.25%
• 1M: 0.78%
• YTD: -0.62%
• 6M: -0.99%
• 1Y: 5.08%
• 3Y*: 6.34%
• 5Y*: 7.95%
• 10Y*: 8.63%

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

SPQH.DE vs. JHEQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPQH.DE Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating	1.52%	-4.41%	21.88%	6.82%
JHEQX JPMorgan Hedged Equity Fund Class I	-0.62%	-5.26%	26.04%	7.56%

Correlation

The correlation between SPQH.DE and JHEQX is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (All Time) Calculated using the full available price history since Feb 24, 2023	0.64

The correlation between SPQH.DE and JHEQX has been stable across timeframes, ranging from 0.64 to 0.65 - a consistent structural relationship.

Return for Risk

SPQH.DE vs. JHEQX — Risk / Return Rank

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

SPQH.DE

SPQH.DE Risk / Return Rank: 30
SPQH.DE Sharpe Ratio Rank: 26
SPQH.DE Sortino Ratio Rank: 25
SPQH.DE Omega Ratio Rank: 25
SPQH.DE Calmar Ratio Rank: 43
SPQH.DE Martin Ratio Rank: 33

JHEQX

JHEQX Risk / Return Rank: 14
JHEQX Sharpe Ratio Rank: 15
JHEQX Sortino Ratio Rank: 14
JHEQX Omega Ratio Rank: 17
JHEQX Calmar Ratio Rank: 11
JHEQX Martin Ratio Rank: 12

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.

SPQH.DE vs. JHEQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating (SPQH.DE) and JPMorgan Hedged Equity Fund Class I (JHEQX). 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.

	SPQH.DE	JHEQX	Difference
Sharpe ratio: Return per unit of total volatility	0.92	0.58	+0.34
Sortino ratio: Return per unit of downside risk	1.32	0.82	+0.50
Omega ratio: Gain probability vs. loss probability	1.16	1.11	+0.05
Calmar ratio: Return relative to maximum drawdown	2.12	0.95	+1.17
Martin ratio: Return relative to average drawdown	4.81	2.48	+2.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPQH.DE vs. JHEQX - Sharpe Ratio Comparison

The current SPQH.DE Sharpe Ratio is 0.92, which is higher than the JHEQX Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of SPQH.DE and JHEQX, 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

	SPQH.DE	JHEQX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.92	0.58	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.75	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.80	-0.11

Drawdowns

SPQH.DE vs. JHEQX - Drawdown Comparison

The maximum SPQH.DE drawdown since its inception was -17.68%, smaller than the maximum JHEQX drawdown of -20.17%. Use the drawdown chart below to compare losses from any high point for SPQH.DE and JHEQX.

Drawdown Indicators

	SPQH.DE	JHEQX	Difference
Max Drawdown Largest peak-to-trough decline	-17.68%	-20.17%	+2.49%
Max Drawdown (1Y) Largest decline over 1 year	-3.16%	-5.09%	+1.93%
Max Drawdown (3Y) Largest decline over 3 years	-17.68%	-20.17%	+2.49%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.17%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-20.17%	—
Current Drawdown Current decline from peak	-5.05%	-7.75%	+2.70%
Average Drawdown Average peak-to-trough decline	-4.12%	-3.81%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	1.94%	-0.55%

Volatility

SPQH.DE vs. JHEQX - Volatility Comparison

Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating (SPQH.DE) has a higher volatility of 1.63% compared to JPMorgan Hedged Equity Fund Class I (JHEQX) at 1.38%. This indicates that SPQH.DE's price experiences larger fluctuations and is considered to be riskier than JHEQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPQH.DE	JHEQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	1.38%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	4.52%	5.55%	-1.03%
Volatility (1Y) Calculated over the trailing 1-year period	7.30%	8.40%	-1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.79%	10.60%	+0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.79%	11.36%	-0.57%

SPQH.DE vs. JHEQX - Expense Ratio Comparison

SPQH.DE has a 0.50% expense ratio, which is lower than JHEQX's 0.58% expense ratio.

Dividends

SPQH.DE vs. JHEQX - Dividend Comparison

SPQH.DE has not paid dividends to shareholders, while JHEQX's dividend yield for the trailing twelve months is around 0.62%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JHEQX JPMorgan Hedged Equity Fund Class I	0.62%	0.65%	0.75%	0.98%	0.99%	0.71%	1.11%	1.11%	1.13%	0.99%	1.35%	1.21%
SPQH.DE Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPQH.DE and JHEQX in my portfolio?

SPQH.DE and JHEQX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.