SPYA vs. THEQ

Last updated Jun 24, 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 16.21% vs 15.42% for THEQ. Their correlation of 0.93 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

The year-to-date returns for both stocks are quite close, with SPYA having a 5.36% return and THEQ slightly lower at 5.28%.

SPYA

• 1D: -1.22%
• 1M: -1.58%
• YTD: 5.36%
• 6M: 4.44%
• 1Y: 16.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

THEQ

• 1D: -0.81%
• 1M: -1.06%
• YTD: 5.28%
• 6M: 4.55%
• 1Y: 15.42%
• 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	5.36%	12.65%
THEQ T. Rowe Price Hedged Equity ETF	5.28%	10.44%

Correlation

The correlation between SPYA and THEQ is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since Jun 3, 2025	0.93

The correlation between SPYA and THEQ has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

SPYA vs. THEQ — Risk / Return Rank

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

SPYA

SPYA Risk / Return Rank: 41
SPYA Sharpe Ratio Rank: 43
SPYA Sortino Ratio Rank: 41
SPYA Omega Ratio Rank: 41
SPYA Calmar Ratio Rank: 37
SPYA Martin Ratio Rank: 44

THEQ

THEQ Risk / Return Rank: 57
THEQ Sharpe Ratio Rank: 55
THEQ Sortino Ratio Rank: 54
THEQ Omega Ratio Rank: 54
THEQ Calmar Ratio Rank: 56
THEQ Martin Ratio Rank: 64

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.

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.

	SPYA	THEQ	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.71	-0.33
Sortino ratio: Return per unit of downside risk	1.93	2.39	-0.45
Omega ratio: Gain probability vs. loss probability	1.24	1.31	-0.06
Calmar ratio: Return relative to maximum drawdown	1.71	2.51	-0.80
Martin ratio: Return relative to average drawdown	6.57	10.61	-4.04

SPYA vs. THEQ - Sharpe Ratio Comparison

The current SPYA Sharpe Ratio is 1.38, which is comparable to the THEQ Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of SPYA and THEQ, 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

SPYA vs. THEQ - Drawdown Comparison

The maximum SPYA drawdown since its inception was -9.51%, which is greater than THEQ's maximum drawdown of -8.20%. 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%	-8.20%	-1.31%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-6.17%	-3.34%
Current Drawdown Current decline from peak	-3.13%	-2.24%	-0.89%
Average Drawdown Average peak-to-trough decline	-1.48%	-1.04%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	1.46%	+1.01%

Volatility

SPYA vs. THEQ - Volatility Comparison

Twin Oak Endure ETF (SPYA) has a higher volatility of 4.49% compared to T. Rowe Price Hedged Equity ETF (THEQ) at 3.35%. This indicates that SPYA's price experiences larger fluctuations and is considered to be riskier than THEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYA	THEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	3.35%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	9.29%	7.05%	+2.24%
Volatility (1Y) Calculated over the trailing 1-year period	11.82%	9.08%	+2.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.64%	11.66%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.64%	11.66%	-0.02%

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 0.36%, less than THEQ's 0.75% yield.

Position	TTM	2025
SPYA Twin Oak Endure ETF	0.36%	0.37%
THEQ T. Rowe Price Hedged Equity ETF	0.75%	0.79%

Frequently Asked Questions

Can I hold both SPYA and THEQ in my portfolio?

With a correlation of 0.94, 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 is riskier, SPYA or THEQ?

SPYA has higher volatility (4.49%) compared to THEQ (3.35%). In terms of maximum drawdown, SPYA dropped -9.51% vs THEQ's -8.20%.

Which ETF is better, SPYA or THEQ?

On 1-year performance, SPYA leads with 16.21% vs 15.42% for THEQ. On fees, THEQ is cheaper at 0.46% per year. On volatility, THEQ has been the lower-risk option at 3.35%. 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 16.21% return vs 15.42%. 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 0.75%, compared with 0.36% 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.

Which has better risk-adjusted returns?

THEQ currently has the higher Sharpe Ratio (1.71 vs 1.38), 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.