SPYA vs. THEQ

Last updated Jun 4, 2026

SPYA (Twin Oak Endure ETF) and THEQ (T. Rowe Price Hedged Equity ETF) are both Equity Hedged funds. Both are actively managed. Over the past year, SPYA returned 20.68% vs 17.85% for THEQ. Their correlation of 0.92 suggests significant overlap in exposure. SPYA charges 0.49%/yr vs 0.46%/yr for THEQ.

Performance

SPYA vs. THEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Twin Oak Endure ETF (SPYA) 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, SPYA achieves a 8.05% return, which is significantly higher than THEQ's 7.16% return.

SPYA

• 1D: -0.66%
• 1M: 5.09%
• YTD: 8.05%
• 6M: 7.32%
• 1Y: 20.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

THEQ

• 1D: -0.50%
• 1M: 3.35%
• YTD: 7.16%
• 6M: 7.07%
• 1Y: 17.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYA vs. THEQ - Yearly Performance Comparison

	2026 (YTD)	2025
SPYA Twin Oak Endure ETF	8.05%	11.69%
THEQ T. Rowe Price Hedged Equity ETF	7.16%	9.98%

Correlation

The correlation between SPYA and THEQ is 0.92, 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 Jun 4, 2025	0.92

Return for Risk

SPYA 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: 64
THEQ Sharpe Ratio Rank: 63
THEQ Sortino Ratio Rank: 64
THEQ Omega Ratio Rank: 63
THEQ Calmar Ratio Rank: 59
THEQ Martin Ratio Rank: 70

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.

SPYA vs. THEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Endure ETF (SPYA) 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

	SPYA	THEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.87	1.52	+0.35

Drawdowns

SPYA vs. THEQ - Drawdown Comparison

The maximum SPYA drawdown since its inception was -9.51%, which is greater than THEQ's maximum drawdown of -8.08%. Use the drawdown chart below to compare losses from any high point for SPYA and THEQ.

Drawdown Indicators

	SPYA	THEQ	Difference
Max Drawdown Largest peak-to-trough decline	-9.51%	-8.08%	-1.43%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-6.17%	-3.34%
Current Drawdown Current decline from peak	-0.66%	-0.50%	-0.16%
Average Drawdown Average peak-to-trough decline	-1.45%	-1.00%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.40%	—

Volatility

Volatility by Period

	SPYA	THEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.47%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.15%	8.65%	+2.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.15%	11.56%	-0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.15%	11.56%	-0.41%

SPYA vs. THEQ - Expense Ratio Comparison

SPYA has a 0.49% expense ratio, which is higher than THEQ's 0.46% expense ratio.

Dividends

SPYA vs. THEQ - Dividend Comparison

SPYA's dividend yield for the trailing twelve months is around 0.35%, less than THEQ's 0.74% yield.

Position	TTM	2025
SPYA Twin Oak Endure ETF	0.35%	0.37%
THEQ T. Rowe Price Hedged Equity ETF	0.74%	0.79%

Frequently Asked Questions

Can I hold both SPYA and THEQ in my portfolio?

With a correlation of 0.92, SPYA and THEQ 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 ETF is better, SPYA or THEQ?

On 1-year performance, SPYA leads with 20.68% vs 17.85% for 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 has performed better, SPYA or THEQ?

Over the 1-year period, SPYA has performed better with a 20.68% return vs 17.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYA or THEQ?

THEQ is cheaper with a 0.46% expense ratio, compared with 0.49% for SPYA.

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

THEQ has the higher dividend yield at 0.74%, compared with 0.35% for SPYA.

What is the main difference between SPYA and THEQ?

They also come from different issuers: Twin Oak and T. Rowe Price. Their fees differ too: 0.49% for SPYA and 0.46% for THEQ.