HEDG vs. XTR

Last updated Aug 2, 2026

HEDG (Equable Shares Hedged Equity ETF) and XTR (Global X S&P 500 Tail Risk ETF) are both Equity Hedged funds - HEDG tracks the Actively Managed while XTR tracks the Cboe S&P 500 Tail Risk Index. Both are passively managed. Their 0.79 correlation means they have sometimes moved together and sometimes differently. HEDG charges 0.96%/yr vs 0.25%/yr for XTR.

Performance

HEDG vs. XTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Equable Shares Hedged Equity ETF (HEDG) and Global X S&P 500 Tail Risk ETF (XTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEDG achieves a 4.12% return, which is significantly lower than XTR's 7.08% return.

HEDG

• 1D: 0.33%
• 1M: 0.80%
• 6M: 3.33%
• YTD: 4.12%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

XTR

• 1D: 0.46%
• 1M: -0.20%
• 6M: 5.87%
• YTD: 7.08%
• 1Y: 16.60%
• 3Y*: 15.53%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.19%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HEDG Equable Shares Hedged Equity ETF	$1.17M	$841.57K	$1.20M
XTR Global X S&P 500 Tail Risk ETF	$35.01K	$65.29K	$63.76K

HEDG vs. XTR - Yearly Performance Comparison

	2026 (YTD)	2025
HEDG Equable Shares Hedged Equity ETF	4.12%	3.20%
XTR Global X S&P 500 Tail Risk ETF	7.08%	3.48%

Correlation

The correlation between HEDG and XTR is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 13, 2025	0.79

Return for Risk

HEDG vs. XTR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HEDG

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

XTR

XTR Risk / Return Rank: 52
XTR Sharpe Ratio Rank: 53
XTR Sortino Ratio Rank: 51
XTR Omega Ratio Rank: 50
XTR Calmar Ratio Rank: 50
XTR Martin Ratio Rank: 58

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HEDG vs. XTR - Risk-Adjusted Trends Comparison

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

	HEDG	XTR	Difference
Sharpe ratio: Return per unit of total volatility	—	1.29	—
Sortino ratio: Return per unit of downside risk	—	1.83	—
Omega ratio: Gain probability vs. loss probability	—	1.23	—
Calmar ratio: Return relative to maximum drawdown	—	1.77	—
Martin ratio: Return relative to average drawdown	—	6.93	—

Drawdowns

HEDG vs. XTR - Drawdown Comparison

The maximum HEDG drawdown since its inception was -3.85%, smaller than the maximum XTR drawdown of -20.83%. Use the drawdown chart below to compare losses from any high point for HEDG and XTR.

Drawdown Indicators

	HEDG	XTR	Difference
Max Drawdown Largest peak-to-trough decline	-3.85%	-20.83%	+16.98%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.51%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-14.35%	—
Current Drawdown Current decline from peak	0.00%	-2.10%	+2.10%
Average Drawdown Average peak-to-trough decline	-0.38%	-5.82%	+5.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.17%	—

Volatility

Volatility by Period

	HEDG	XTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.10%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.79%	11.66%	-5.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.79%	13.78%	-7.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.79%	13.78%	-7.99%

HEDG vs. XTR - Expense Ratio Comparison

HEDG has a 0.96% expense ratio, which is higher than XTR's 0.25% expense ratio.

Dividends

HEDG vs. XTR - Dividend Comparison

HEDG's dividend yield for the trailing twelve months is around 2.31%, less than XTR's 16.61% yield.

Position	TTM	2025	2024	2023	2022	2021
HEDG Equable Shares Hedged Equity ETF	2.31%	1.38%	0.00%	0.00%	0.00%	0.00%
XTR Global X S&P 500 Tail Risk ETF	16.61%	17.82%	20.89%	1.09%	1.08%	2.32%

Frequently Asked Questions

Can I hold both HEDG and XTR in my portfolio?

HEDG and XTR have a correlation of 0.79, 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 XTR?

On fees, XTR is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEDG or XTR?

XTR is cheaper with a 0.25% expense ratio, compared with 0.96% for HEDG.

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

XTR has the higher dividend yield at 16.61%, compared with 2.31% for HEDG.

What is the main difference between HEDG and XTR?

HEDG tracks Actively Managed, while XTR tracks Cboe S&P 500 Tail Risk Index. They also come from different issuers: Equable Shares and Global X. Their fees differ too: 0.96% for HEDG and 0.25% for XTR.