XTR vs. THEQ

Last updated Jun 5, 2026

XTR (Global X S&P 500 Tail Risk ETF) and THEQ (T. Rowe Price Hedged Equity ETF) are both Equity Hedged funds. XTR is passively managed, while THEQ is actively managed. Over the past year, XTR returned 23.35% vs 17.85% for THEQ. With a 0.96 correlation, they move nearly in lockstep. XTR charges 0.25%/yr vs 0.46%/yr for THEQ.

Performance

XTR vs. THEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Tail Risk ETF (XTR) 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, XTR achieves a 9.12% return, which is significantly higher than THEQ's 7.16% return.

XTR

• 1D: 0.41%
• 1M: 4.62%
• YTD: 9.12%
• 6M: 8.93%
• 1Y: 23.35%
• 3Y*: 18.80%
• 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)

XTR vs. THEQ - Yearly Performance Comparison

	2026 (YTD)	2025
XTR Global X S&P 500 Tail Risk ETF	9.12%	17.94%
THEQ T. Rowe Price Hedged Equity ETF	7.16%	12.87%

Correlation

The correlation between XTR and THEQ 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 Mar 28, 2025	0.96

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

XTR vs. THEQ - Sectors Allocation Comparison

Sectors	XTR	THEQ
Technology	35.6%	3.5%
Financial Services	11.8%	84.3%
Communication Services	11.2%	0.7%
Consumer Cyclical	10.1%	0.6%
Healthcare	8.5%	1.5%
Industrials	8.3%	0.6%
Consumer Defensive	4.9%	0.9%
Energy	3.5%	0.4%
Utilities	2.4%	0.7%
Real Estate	1.9%	0.1%
Basic Materials	1.8%	0.1%

Return for Risk

XTR vs. THEQ — Risk / Return Rank

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

XTR

XTR Risk / Return Rank: 64
XTR Sharpe Ratio Rank: 67
XTR Sortino Ratio Rank: 67
XTR Omega Ratio Rank: 64
XTR Calmar Ratio Rank: 57
XTR Martin Ratio Rank: 66

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.

XTR vs. THEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Tail Risk ETF (XTR) 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.

	XTR	THEQ	Difference
Sharpe ratio: Return per unit of total volatility	2.18	2.07	+0.11
Sortino ratio: Return per unit of downside risk	3.03	2.92	+0.12
Omega ratio: Gain probability vs. loss probability	1.38	1.37	+0.01
Calmar ratio: Return relative to maximum drawdown	2.76	2.90	-0.15
Martin ratio: Return relative to average drawdown	11.76	12.82	-1.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XTR vs. THEQ - Sharpe Ratio Comparison

The current XTR Sharpe Ratio is 2.18, which is comparable to the THEQ Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of XTR 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.

Sharpe Ratios by Period

	XTR	THEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.18	2.07	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	1.52	-0.79

Drawdowns

XTR vs. THEQ - Drawdown Comparison

The maximum XTR drawdown since its inception was -20.83%, which is greater than THEQ's maximum drawdown of -8.08%. Use the drawdown chart below to compare losses from any high point for XTR and THEQ.

Drawdown Indicators

	XTR	THEQ	Difference
Max Drawdown Largest peak-to-trough decline	-20.83%	-8.08%	-12.75%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-6.17%	-2.34%
Max Drawdown (3Y) Largest decline over 3 years	-14.35%	—	—
Current Drawdown Current decline from peak	-0.23%	-0.50%	+0.27%
Average Drawdown Average peak-to-trough decline	-5.94%	-1.00%	-4.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.40%	+0.59%

Volatility

XTR vs. THEQ - Volatility Comparison

Global X S&P 500 Tail Risk ETF (XTR) has a higher volatility of 2.94% compared to T. Rowe Price Hedged Equity ETF (THEQ) at 2.22%. This indicates that XTR'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

	XTR	THEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.94%	2.22%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	8.16%	6.47%	+1.69%
Volatility (1Y) Calculated over the trailing 1-year period	10.75%	8.65%	+2.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.78%	11.56%	+2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.78%	11.56%	+2.22%

XTR vs. THEQ - Expense Ratio Comparison

XTR has a 0.25% expense ratio, which is lower than THEQ's 0.46% expense ratio.

Dividends

XTR vs. THEQ - Dividend Comparison

XTR's dividend yield for the trailing twelve months is around 16.33%, more than THEQ's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021
THEQ T. Rowe Price Hedged Equity ETF	0.74%	0.79%	0.00%	0.00%	0.00%	0.00%
XTR Global X S&P 500 Tail Risk ETF	16.33%	17.82%	20.89%	1.09%	1.08%	2.32%

Frequently Asked Questions

Can I hold both XTR and THEQ in my portfolio?

With a correlation of 0.96, XTR 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, XTR or THEQ?

XTR has higher volatility (2.94%) compared to THEQ (2.22%). In terms of maximum drawdown, XTR dropped -20.83% vs THEQ's -8.08%.

Which ETF is better, XTR or THEQ?

On 1-year performance, XTR leads with 23.35% vs 17.85% for THEQ. On fees, XTR is cheaper at 0.25% per year. On volatility, THEQ has been the lower-risk option at 2.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XTR or THEQ?

Over the 1-year period, XTR has performed better with a 23.35% return vs 17.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XTR or THEQ?

XTR is cheaper with a 0.25% expense ratio, compared with 0.46% for THEQ.

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

XTR has the higher dividend yield at 16.33%, compared with 0.74% for THEQ.

What is the main difference between XTR and THEQ?

They also come from different issuers: Global X and T. Rowe Price. Their fees differ too: 0.25% for XTR and 0.46% for THEQ.

Which has better risk-adjusted returns?

XTR currently has the higher Sharpe Ratio (2.18 vs 2.07), 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.