DIA vs. HEGD

Last updated Jul 21, 2026

DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) and HEGD (Swan Hedged Equity US Large Cap ETF) are both exchange-traded funds - DIA is a Large Cap Blend Equities fund tracking the Dow Jones Industrial Average, while HEGD is a Equity Hedged fund actively managed by Swan. DIA is passively managed, while HEGD is actively managed. Over the past 5 years, DIA returned 10.19%/yr vs 8.19%/yr for HEGD. A 0.80 correlation means they provide meaningful diversification when combined. DIA charges 0.16%/yr vs 0.88%/yr for HEGD.

Performance

DIA vs. HEGD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) and Swan Hedged Equity US Large Cap ETF (HEGD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIA achieves a 8.61% return, which is significantly higher than HEGD's 5.20% return.

DIA

• 1D: -0.55%
• 1M: 0.50%
• 6M: 5.75%
• YTD: 8.61%
• 1Y: 18.61%
• 3Y*: 15.60%
• 5Y*: 10.19%
• 10Y*: 12.96%
• ALL TIME*: 9.13%

HEGD

• 1D: -0.38%
• 1M: -0.75%
• 6M: 4.21%
• YTD: 5.20%
• 1Y: 12.11%
• 3Y*: 12.69%
• 5Y*: 8.19%
• 10Y*: —
• ALL TIME*: 9.28%

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

DIA vs. HEGD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	8.61%	14.71%	14.82%	16.02%	-7.02%	20.83%	1.91%
HEGD Swan Hedged Equity US Large Cap ETF	5.20%	12.95%	15.24%	14.16%	-11.25%	17.30%	0.75%

Correlation

The correlation between DIA and HEGD is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Dec 23, 2020	0.80

The correlation between DIA and HEGD has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.

DIA vs. HEGD - Sectors Allocation Comparison

Sectors	DIA	HEGD
Financial Services	26.7%	11.6%
Industrials	18.9%	8.4%
Technology	16.1%	38.5%
Healthcare	13.2%	8.9%
Consumer Cyclical	10.3%	9.5%
Communication Services	5.2%	9.9%
Basic Materials	3.9%	1.7%
Consumer Defensive	3.9%	4.5%
Energy	1.9%	3.0%
Real Estate	-	1.8%
Utilities	-	2.2%

Return for Risk

DIA vs. HEGD — Risk / Return Rank

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

DIA

DIA Risk / Return Rank: 59
DIA Sharpe Ratio Rank: 62
DIA Sortino Ratio Rank: 65
DIA Omega Ratio Rank: 60
DIA Calmar Ratio Rank: 50
DIA Martin Ratio Rank: 58

HEGD

HEGD Risk / Return Rank: 68
HEGD Sharpe Ratio Rank: 66
HEGD Sortino Ratio Rank: 65
HEGD Omega Ratio Rank: 63
HEGD Calmar Ratio Rank: 74
HEGD Martin Ratio Rank: 71

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.

DIA vs. HEGD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) and Swan Hedged Equity US Large Cap ETF (HEGD). 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.

	DIA	HEGD	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.60	-0.08
Sortino ratio: Return per unit of downside risk	2.26	2.26	0.00
Omega ratio: Gain probability vs. loss probability	1.27	1.28	-0.01
Calmar ratio: Return relative to maximum drawdown	1.92	2.77	-0.86
Martin ratio: Return relative to average drawdown	7.39	9.43	-2.04

DIA vs. HEGD - Sharpe Ratio Comparison

The current DIA Sharpe Ratio is 1.53, which is comparable to the HEGD Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of DIA and HEGD, 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

DIA vs. HEGD - Drawdown Comparison

The maximum DIA drawdown since its inception was -51.87%, which is greater than HEGD's maximum drawdown of -14.56%. Use the drawdown chart below to compare losses from any high point for DIA and HEGD.

Drawdown Indicators

	DIA	HEGD	Difference
Max Drawdown Largest peak-to-trough decline	-51.87%	-14.56%	-37.31%
Max Drawdown (1Y) Largest decline over 1 year	-9.76%	-4.39%	-5.37%
Max Drawdown (3Y) Largest decline over 3 years	-15.95%	-8.14%	-7.81%
Max Drawdown (5Y) Largest decline over 5 years	-20.76%	-14.56%	-6.20%
Max Drawdown (10Y) Largest decline over 10 years	-36.70%	—	—
Current Drawdown Current decline from peak	-2.26%	-2.16%	-0.10%
Average Drawdown Average peak-to-trough decline	-7.11%	-3.62%	-3.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	1.29%	+1.24%

Volatility

DIA vs. HEGD - Volatility Comparison

State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) and Swan Hedged Equity US Large Cap ETF (HEGD) have volatilities of 2.21% and 2.22%, 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

	DIA	HEGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.21%	2.22%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	9.66%	5.78%	+3.88%
Volatility (1Y) Calculated over the trailing 1-year period	12.27%	7.59%	+4.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.78%	9.47%	+5.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.51%	9.37%	+8.14%

DIA vs. HEGD - Expense Ratio Comparison

DIA has a 0.16% expense ratio, which is lower than HEGD's 0.88% expense ratio.

Dividends

DIA vs. HEGD - Dividend Comparison

DIA's dividend yield for the trailing twelve months is around 1.39%, more than HEGD's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	1.39%	1.43%	1.61%	1.81%	1.91%	1.58%	1.87%	1.85%	2.24%	1.97%	2.26%	2.33%
HEGD Swan Hedged Equity US Large Cap ETF	0.34%	0.36%	0.43%	0.39%	0.87%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DIA and HEGD in my portfolio?

DIA and HEGD have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIA or HEGD?

HEGD has higher volatility (2.22%) compared to DIA (2.21%). In terms of maximum drawdown, DIA dropped -51.87% vs HEGD's -14.56%.

Which ETF is better, DIA or HEGD?

On 5-year performance, DIA leads with 10.19% vs 8.19% for HEGD. On fees, DIA is cheaper at 0.16% 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, DIA or HEGD?

Over the 5-year period, DIA has performed better with a 10.19% return vs 8.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIA or HEGD?

DIA is cheaper with a 0.16% expense ratio, compared with 0.88% for HEGD.

Which ETF pays a higher dividend yield, DIA or HEGD?

DIA has the higher dividend yield at 1.39%, compared with 0.34% for HEGD.

What is the main difference between DIA and HEGD?

DIA is categorized as Large Cap Blend Equities, while HEGD is Equity Hedged. They also come from different issuers: State Street and Swan. Their fees differ too: 0.16% for DIA and 0.88% for HEGD.

Which has better risk-adjusted returns?

HEGD currently has the higher Sharpe Ratio (1.60 vs 1.53), 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.