HEGD vs. DIA

Last updated Jun 13, 2026

HEGD (Swan Hedged Equity US Large Cap ETF) and DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) are both exchange-traded funds - HEGD is a Equity Hedged fund actively managed by Swan, while DIA is a Large Cap Blend Equities fund tracking the Dow Jones Industrial Average. HEGD is actively managed, while DIA is passively managed. Over the past 5 years, HEGD returned 8.77%/yr vs 10.14%/yr for DIA. A 0.80 correlation means they provide meaningful diversification when combined. HEGD charges 0.88%/yr vs 0.16%/yr for DIA.

Performance

HEGD vs. DIA - Performance Comparison

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

Returns By Period

In the year-to-date period, HEGD achieves a 5.47% return, which is significantly lower than DIA's 7.27% return.

HEGD

• 1D: 0.38%
• 1M: -0.37%
• YTD: 5.47%
• 6M: 5.22%
• 1Y: 15.82%
• 3Y*: 13.77%
• 5Y*: 8.77%
• 10Y*: —

DIA

• 1D: 0.73%
• 1M: 3.26%
• YTD: 7.27%
• 6M: 6.43%
• 1Y: 21.01%
• 3Y*: 16.29%
• 5Y*: 10.14%
• 10Y*: 13.40%

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

HEGD vs. DIA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HEGD Swan Hedged Equity US Large Cap ETF	5.47%	12.95%	15.24%	14.16%	-11.25%	17.30%	0.75%
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	7.27%	14.71%	14.82%	16.02%	-7.02%	20.83%	1.91%

Correlation

The correlation between HEGD and DIA is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.77
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 HEGD and DIA has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.

HEGD vs. DIA - Sectors Allocation Comparison

Sectors	HEGD	DIA
Technology	36.1%	17.1%
Financial Services	11.8%	27.2%
Communication Services	11.0%	1.9%
Consumer Cyclical	10.1%	11.6%
Healthcare	8.4%	13.1%
Industrials	8.2%	18.4%
Consumer Defensive	4.9%	4.4%
Energy	3.5%	2.4%
Utilities	2.3%	-
Real Estate	1.9%	-
Basic Materials	1.8%	4.0%

Return for Risk

HEGD vs. DIA — Risk / Return Rank

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

HEGD

HEGD Risk / Return Rank: 79
HEGD Sharpe Ratio Rank: 78
HEGD Sortino Ratio Rank: 79
HEGD Omega Ratio Rank: 78
HEGD Calmar Ratio Rank: 79
HEGD Martin Ratio Rank: 80

DIA

DIA Risk / Return Rank: 55
DIA Sharpe Ratio Rank: 57
DIA Sortino Ratio Rank: 60
DIA Omega Ratio Rank: 55
DIA Calmar Ratio Rank: 49
DIA Martin Ratio Rank: 55

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.

HEGD vs. DIA - Risk-Adjusted Trends Comparison

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

	HEGD	DIA	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.69	+0.49
Sortino ratio: Return per unit of downside risk	3.03	2.46	+0.57
Omega ratio: Gain probability vs. loss probability	1.40	1.30	+0.10
Calmar ratio: Return relative to maximum drawdown	3.62	2.16	+1.46
Martin ratio: Return relative to average drawdown	13.62	8.35	+5.27

HEGD vs. DIA - Sharpe Ratio Comparison

The current HEGD Sharpe Ratio is 2.17, which is comparable to the DIA Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of HEGD and DIA, 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

HEGD vs. DIA - Drawdown Comparison

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

Drawdown Indicators

	HEGD	DIA	Difference
Max Drawdown Largest peak-to-trough decline	-14.56%	-51.87%	+37.31%
Max Drawdown (1Y) Largest decline over 1 year	-4.39%	-9.76%	+5.37%
Max Drawdown (3Y) Largest decline over 3 years	-8.14%	-15.95%	+7.81%
Max Drawdown (5Y) Largest decline over 5 years	-14.56%	-20.76%	+6.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.70%	—
Current Drawdown Current decline from peak	-1.90%	-0.70%	-1.20%
Average Drawdown Average peak-to-trough decline	-3.65%	-7.14%	+3.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	2.53%	-1.36%

Volatility

HEGD vs. DIA - Volatility Comparison

The current volatility for Swan Hedged Equity US Large Cap ETF (HEGD) is 3.12%, while State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) has a volatility of 4.32%. This indicates that HEGD experiences smaller price fluctuations and is considered to be less risky than DIA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEGD	DIA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	4.32%	-1.20%
Volatility (6M) Calculated over the trailing 6-month period	5.51%	9.78%	-4.27%
Volatility (1Y) Calculated over the trailing 1-year period	7.31%	12.52%	-5.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.46%	14.85%	-5.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.38%	17.56%	-8.18%

HEGD vs. DIA - Expense Ratio Comparison

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

Dividends

HEGD vs. DIA - Dividend Comparison

HEGD's dividend yield for the trailing twelve months is around 0.34%, less than DIA's 1.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	1.37%	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 HEGD and DIA in my portfolio?

HEGD and DIA have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HEGD or DIA?

DIA has higher volatility (4.32%) compared to HEGD (3.12%). In terms of maximum drawdown, HEGD dropped -14.56% vs DIA's -51.87%.

Which ETF is better, HEGD or DIA?

On 5-year performance, DIA leads with 10.14% vs 8.77% for HEGD. On fees, DIA is cheaper at 0.16% per year. On volatility, HEGD has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEGD or DIA?

Over the 5-year period, DIA has performed better with a 10.14% return vs 8.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEGD or DIA?

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

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

DIA has the higher dividend yield at 1.37%, compared with 0.34% for HEGD.

What is the main difference between HEGD and DIA?

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

Which has better risk-adjusted returns?

HEGD currently has the higher Sharpe Ratio (2.17 vs 1.69), 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.