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VPXvsFHEQETF Comparison

ETF 1

VPX

Variant Perception Cycle Aware US Equity ETF

This fund is part of

US Multi-Factor

-0.38%

Full VPX fund page

VS

ETF 2

FHEQ

Fidelity Hedged Equity ETF

This fund is part of

Options Strategies

-0.16%

Full FHEQ fund page

Variant Perception Cycle Aware US Equity ETF (VPX) belongs to the US Multi-Factor segment. Fidelity Hedged Equity ETF (FHEQ) is part of the Options Strategies segment. VPX's top 3 sector exposures are Information Technology, Financials and Health Care. In contrast, FHEQ's top sector exposures are Information Technology, Communication Services and Financials. VPX is more expensive with a Total Expense Ratio (TER) of 0.75%, versus 0.52% for FHEQ. Run a side-by-side ETF comparison of VPX and FHEQ below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.

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VPX vs FHEQ performance and flow charts

Performance

Cumulative Flows

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Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 04/28/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	VPX FHEQ	+13.07%+9.71%	n/a+1.95%	n/a+3.05%	n/a+21.64%	n/an/a	n/an/a
Flows	VPX FHEQ	+$2M-$60M	--$23M	-+$31M	-+$162M	--	--

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	VPX FHEQ	n/a+10.53%	n/a+9.59%	n/an/a	n/an/a
Max drawdown	VPX FHEQ	n/a-7.39%	n/a-7.39%	n/an/a	n/an/a
Max drawdown duration	VPX FHEQ	n/a71d	n/a71d	n/an/a	n/an/a

Trading data

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	VPX	FHEQ
Last sale 4/29/2026 at 3:31 PM		$31.72
Previous close 04/28/2026		$31.75
Consolidated volume 04/28/2026
Average volume 30 days
Average discount or premium 30 days
Average Bid/Ask spread 30 days

Main metrics

Last update 4/29/2026 at 3:31 PM

Live

Closed

	VPX	FHEQ
Last price	–	$31.72
1D performance	–	-0.09%
AuM	$37.89 M	$811.85 M
E/R	0.75%	0.52%

Characteristics

	VPX	FHEQ
Management strategy	Active	Active
Provider	Alpha Architect	Fidelity
Benchmark	-	-
N° of holdings	2770	146
Asset class	-	-
Trailing 12m distribution yield	Join	Join
Inception date	March 11, 2026	April 9, 2024
ESG	No	No

More VPX data on Trackinsight

More FHEQ data on Trackinsight

Exposure

Countries

VPX

USA

96.24%

Other

3.76%

FHEQ

USA

96.67%

Other

3.33%

Sectors

VPX

Information Techn.

37.93%

Financials

13.83%

Health Care

9.72%

Consumer Discreti.

7.38%

Other

31.14%

FHEQ

Information Techn.

36.08%

Communication Ser.

11.45%

Financials

10.8%

Consumer Discreti.

10.01%

Industrials

8.77%

Health Care

8.07%

Other

14.82%

Diversification

VPX

Total weight of top 15 holdings out of 15

46.49%

FHEQ

Total weight of top 15 holdings out of 15

46.29%

Top 15 holdings

Data as of March 31, 2026

VPX

NVIDIA

7.29%

APPLE

4.11%

MICROSOFT-T

4.09%

BERKSHIRE HATHWAY

3.74%

LILLY

3.65%

BROADCOM LIMITED

3.20%

AMAZON.COM INC

2.74%

TESLA

2.51%

ORACLE SYS

2.45%

ALPHABET INC-CL

2.29%

JOHNSON&JOHNSON

2.23%

VISA INCORPORATION

2.15%

CHEVRON TEXACO

2.10%

JPMORGAN CHASE

2.03%

MICRON TECHNOLOGY

1.91%

FHEQ

NVIDIA

7.80%

APPLE

7.42%

MICROSOFT-T

4.82%

AMAZON.COM INC

4.02%

BROADCOM LIMITED

3.17%

ALPHABET INC-CL

3.13%

META PLATFORMS

2.42%

ALPHABET INC-CL

2.36%

BERKSHIRE HATHWAY

2.15%

JPMORGAN CHASE

1.72%

LILLY

1.69%

EXXON

1.65%

TESLA

1.50%

MASTERCARD

1.22%

ABBVIE

1.21%

Frequently asked questions about VPX and FHEQ

Which ETF is bigger: VPX or FHEQ?

As of April 28, 2026, VPX holds $37.89 M in assets under management (AUM), while FHEQ manages $811.85 M.

What sectors do the VPX and FHEQ ETFs invest in?

VPX leans toward sectors like Information Technology, Financials and Health Care. Meanwhile, FHEQ focuses on Information Technology, Communication Services and Financials.

What are the top holdings of the VPX ETF and FHEQ ETF?

VPX top holdings include NVIDIA, APPLE and MICROSOFT-T. FHEQ holds in its top three: NVIDIA, APPLE and MICROSOFT-T.

Which ETF is more diversified: VPX or FHEQ?

VPX holds 3449 securities with 46.49% of its assets in the top 15. FHEQ has 157 securities and a top 15 weight of 46.29%.

Tony’s ETF Buyer’s Guide: Hedged Equity ETFs

February 10, 2026

FHEQ

VPXvsFHEQETF Comparison

Variant Perception Cycle Aware US Equity ETF

Fidelity Hedged Equity ETF

VPX vs FHEQ performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

Which ETF is bigger: VPX or FHEQ?

As of April 28, 2026, VPX holds $37.89 M in assets under management (AUM), while FHEQ manages $811.85 M.

What sectors do the VPX and FHEQ ETFs invest in?

VPX leans toward sectors like Information Technology, Financials and Health Care. Meanwhile, FHEQ focuses on Information Technology, Communication Services and Financials.

What are the top holdings of the VPX ETF and FHEQ ETF?

VPX top holdings include NVIDIA, APPLE and MICROSOFT-T. FHEQ holds in its top three: NVIDIA, APPLE and MICROSOFT-T.

Which ETF is more diversified: VPX or FHEQ?

VPX holds 3449 securities with 46.49% of its assets in the top 15. FHEQ has 157 securities and a top 15 weight of 46.29%.

Tony’s ETF Buyer’s Guide: Hedged Equity ETFs

Active Trader Report: Use of Leveraged & Inverse ETFs Way Up