THEQ vs. SPYH

Last updated Jun 24, 2026

THEQ (T. Rowe Price Hedged Equity ETF) and SPYH (NEOS S&P 500 Hedged Equity Income ETF) are both Equity Hedged funds. Both are actively managed. Over the past year, THEQ returned 15.42% vs 15.64% for SPYH. With a 0.97 correlation, they move nearly in lockstep. THEQ charges 0.46%/yr vs 0.68%/yr for SPYH.

Performance

THEQ vs. SPYH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Hedged Equity ETF (THEQ) and NEOS S&P 500 Hedged Equity Income ETF (SPYH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THEQ achieves a 5.28% return, which is significantly higher than SPYH's 3.89% return.

THEQ

• 1D: -0.81%
• 1M: -1.06%
• YTD: 5.28%
• 6M: 4.55%
• 1Y: 15.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYH

• 1D: -1.00%
• 1M: -1.05%
• YTD: 3.89%
• 6M: 3.22%
• 1Y: 15.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

THEQ vs. SPYH - Yearly Performance Comparison

	2026 (YTD)	2025
THEQ T. Rowe Price Hedged Equity ETF	5.28%	12.97%
SPYH NEOS S&P 500 Hedged Equity Income ETF	3.89%	20.01%

Correlation

The correlation between THEQ and SPYH is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.97

The correlation between THEQ and SPYH has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

THEQ vs. SPYH - Sectors Allocation Comparison

Sectors	THEQ	SPYH
Technology	35.6%	38.7%
Financial Services	12.2%	11.2%
Communication Services	10.8%	10.8%
Consumer Cyclical	9.5%	9.7%
Healthcare	9.2%	8.4%
Industrials	7.7%	7.4%
Consumer Defensive	5.1%	4.7%
Energy	3.6%	3.3%
Utilities	2.9%	2.3%
Basic Materials	1.7%	1.7%
Real Estate	1.6%	1.9%

Return for Risk

THEQ vs. SPYH — Risk / Return Rank

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

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

SPYH

SPYH Risk / Return Rank: 63
SPYH Sharpe Ratio Rank: 62
SPYH Sortino Ratio Rank: 60
SPYH Omega Ratio Rank: 64
SPYH Calmar Ratio Rank: 57
SPYH 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.

THEQ vs. SPYH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Hedged Equity ETF (THEQ) and NEOS S&P 500 Hedged Equity Income ETF (SPYH). 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.

	THEQ	SPYH	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.90	-0.19
Sortino ratio: Return per unit of downside risk	2.39	2.60	-0.22
Omega ratio: Gain probability vs. loss probability	1.31	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	2.51	2.61	-0.10
Martin ratio: Return relative to average drawdown	10.61	12.08	-1.47

THEQ vs. SPYH - Sharpe Ratio Comparison

The current THEQ Sharpe Ratio is 1.71, which is comparable to the SPYH Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of THEQ and SPYH, 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

THEQ vs. SPYH - Drawdown Comparison

The maximum THEQ drawdown since its inception was -8.20%, which is greater than SPYH's maximum drawdown of -7.22%. Use the drawdown chart below to compare losses from any high point for THEQ and SPYH.

Drawdown Indicators

	THEQ	SPYH	Difference
Max Drawdown Largest peak-to-trough decline	-8.20%	-7.22%	-0.98%
Max Drawdown (1Y) Largest decline over 1 year	-6.17%	-6.02%	-0.15%
Current Drawdown Current decline from peak	-2.24%	-2.13%	-0.11%
Average Drawdown Average peak-to-trough decline	-1.04%	-0.75%	-0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	1.30%	+0.16%

Volatility

THEQ vs. SPYH - Volatility Comparison

T. Rowe Price Hedged Equity ETF (THEQ) and NEOS S&P 500 Hedged Equity Income ETF (SPYH) have volatilities of 3.35% and 3.28%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THEQ	SPYH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	3.28%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	7.05%	6.43%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	9.08%	8.28%	+0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.66%	12.44%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.66%	12.44%	-0.78%

THEQ vs. SPYH - Expense Ratio Comparison

THEQ has a 0.46% expense ratio, which is lower than SPYH's 0.68% expense ratio.

Dividends

THEQ vs. SPYH - Dividend Comparison

THEQ's dividend yield for the trailing twelve months is around 0.75%, less than SPYH's 7.68% yield.

Position	TTM	2025
SPYH NEOS S&P 500 Hedged Equity Income ETF	7.68%	5.54%
THEQ T. Rowe Price Hedged Equity ETF	0.75%	0.79%

Frequently Asked Questions

Can I hold both THEQ and SPYH in my portfolio?

With a correlation of 0.96, THEQ and SPYH 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, THEQ or SPYH?

THEQ has higher volatility (3.35%) compared to SPYH (3.28%). In terms of maximum drawdown, THEQ dropped -8.20% vs SPYH's -7.22%.

Which ETF is better, THEQ or SPYH?

On 1-year performance, SPYH leads with 15.64% vs 15.42% for THEQ. On fees, THEQ is cheaper at 0.46% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THEQ or SPYH?

Over the 1-year period, SPYH has performed better with a 15.64% return vs 15.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THEQ or SPYH?

THEQ is cheaper with a 0.46% expense ratio, compared with 0.68% for SPYH.

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

SPYH has the higher dividend yield at 7.68%, compared with 0.75% for THEQ.

What is the main difference between THEQ and SPYH?

They also come from different issuers: T. Rowe Price and NEOS. Their fees differ too: 0.46% for THEQ and 0.68% for SPYH.

Which has better risk-adjusted returns?

SPYH currently has the higher Sharpe Ratio (1.90 vs 1.71), 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.