HEDG vs. SPYA

Last updated Jun 4, 2026

HEDG (Equable Shares Hedged Equity ETF) and SPYA (Twin Oak Endure ETF) are both Equity Hedged funds. HEDG is passively managed, while SPYA is actively managed. Their correlation of 0.80 suggests significant overlap in exposure. HEDG charges 0.96%/yr vs 0.49%/yr for SPYA.

Performance

HEDG vs. SPYA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Equable Shares Hedged Equity ETF (HEDG) and Twin Oak Endure ETF (SPYA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEDG achieves a 2.64% return, which is significantly lower than SPYA's 8.05% return.

HEDG

• 1D: 0.00%
• 1M: 0.64%
• YTD: 2.64%
• 6M: 3.75%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYA

• 1D: -0.66%
• 1M: 5.09%
• YTD: 8.05%
• 6M: 7.32%
• 1Y: 20.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEDG vs. SPYA - Yearly Performance Comparison

	2026 (YTD)	2025
HEDG Equable Shares Hedged Equity ETF	2.64%	3.16%
SPYA Twin Oak Endure ETF	8.05%	2.49%

Correlation

The correlation between HEDG and SPYA is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025	0.80

Return for Risk

HEDG vs. SPYA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Equable Shares Hedged Equity ETF (HEDG) and Twin Oak Endure ETF (SPYA). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	HEDG	SPYA	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	1.87	-0.27

Drawdowns

HEDG vs. SPYA - Drawdown Comparison

The maximum HEDG drawdown since its inception was -3.85%, smaller than the maximum SPYA drawdown of -9.51%. Use the drawdown chart below to compare losses from any high point for HEDG and SPYA.

Drawdown Indicators

	HEDG	SPYA	Difference
Max Drawdown Largest peak-to-trough decline	-3.85%	-9.51%	+5.66%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.51%	—
Current Drawdown Current decline from peak	0.00%	-0.66%	+0.66%
Average Drawdown Average peak-to-trough decline	-0.39%	-1.45%	+1.06%

Volatility

Volatility by Period

	HEDG	SPYA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	5.90%	11.15%	-5.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.90%	11.15%	-5.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.90%	11.15%	-5.25%

HEDG vs. SPYA - Expense Ratio Comparison

HEDG has a 0.96% expense ratio, which is higher than SPYA's 0.49% expense ratio.

Dividends

HEDG vs. SPYA - Dividend Comparison

HEDG's dividend yield for the trailing twelve months is around 1.84%, more than SPYA's 0.35% yield.

Position	TTM	2025
HEDG Equable Shares Hedged Equity ETF	1.84%	1.38%
SPYA Twin Oak Endure ETF	0.35%	0.37%

Frequently Asked Questions

Can I hold both HEDG and SPYA in my portfolio?

HEDG and SPYA have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEDG or SPYA?

On fees, SPYA is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEDG or SPYA?

SPYA is cheaper with a 0.49% expense ratio, compared with 0.96% for HEDG.

Which ETF pays a higher dividend yield, HEDG or SPYA?

HEDG has the higher dividend yield at 1.84%, compared with 0.35% for SPYA.

What is the main difference between HEDG and SPYA?

They also come from different issuers: Equable Shares and Twin Oak. Their fees differ too: 0.96% for HEDG and 0.49% for SPYA.