HEGD vs. HEDG

Last updated Jun 4, 2026

HEGD (Swan Hedged Equity US Large Cap ETF) and HEDG (Equable Shares Hedged Equity ETF) are both Equity Hedged funds - HEGD tracks the S&P 500 while HEDG tracks the Actively Managed. Both are passively managed. A 0.71 correlation means they provide meaningful diversification when combined. HEGD charges 0.88%/yr vs 0.96%/yr for HEDG.

Performance

HEGD vs. HEDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Swan Hedged Equity US Large Cap ETF (HEGD) and Equable Shares Hedged Equity ETF (HEDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEGD achieves a 6.84% return, which is significantly higher than HEDG's 2.64% return.

HEGD

• 1D: -0.63%
• 1M: 3.52%
• YTD: 6.84%
• 6M: 6.23%
• 1Y: 17.89%
• 3Y*: 14.64%
• 5Y*: 9.03%
• 10Y*: —

HEDG

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

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

HEGD vs. HEDG - Yearly Performance Comparison

	2026 (YTD)	2025
HEGD Swan Hedged Equity US Large Cap ETF	6.84%	1.89%
HEDG Equable Shares Hedged Equity ETF	2.64%	3.16%

Correlation

The correlation between HEGD and HEDG is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025	0.71

HEGD vs. HEDG - Sectors Allocation Comparison

Sectors	HEGD	HEDG
Technology	36.1%	36.2%
Financial Services	11.8%	11.9%
Communication Services	11.0%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.2%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

HEGD vs. HEDG — 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: 81
HEGD Omega Ratio Rank: 78
HEGD Calmar Ratio Rank: 79
HEGD Martin Ratio Rank: 81

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. HEDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Swan Hedged Equity US Large Cap ETF (HEGD) and Equable Shares Hedged Equity ETF (HEDG). 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.

	HEGD	HEDG	Difference
Sharpe ratio Return per unit of total volatility	2.59	—	—
Sortino ratio Return per unit of downside risk	3.70	—	—
Omega ratio Gain probability vs. loss probability	1.47	—	—
Calmar ratio Return relative to maximum drawdown	4.10	—	—
Martin ratio Return relative to average drawdown	16.25	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HEGD	HEDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	1.60	-0.54

Drawdowns

HEGD vs. HEDG - Drawdown Comparison

The maximum HEGD drawdown since its inception was -14.56%, which is greater than HEDG's maximum drawdown of -3.85%. Use the drawdown chart below to compare losses from any high point for HEGD and HEDG.

Drawdown Indicators

	HEGD	HEDG	Difference
Max Drawdown Largest peak-to-trough decline	-14.56%	-3.85%	-10.71%
Max Drawdown (1Y) Largest decline over 1 year	-4.39%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-8.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.56%	—	—
Current Drawdown Current decline from peak	-0.63%	0.00%	-0.63%
Average Drawdown Average peak-to-trough decline	-3.66%	-0.39%	-3.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	—	—

Volatility

Volatility by Period

	HEGD	HEDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.34%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.95%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.96%	5.90%	+1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.40%	5.90%	+3.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.35%	5.90%	+3.45%

HEGD vs. HEDG - Expense Ratio Comparison

HEGD has a 0.88% expense ratio, which is lower than HEDG's 0.96% expense ratio.

Dividends

HEGD vs. HEDG - Dividend Comparison

HEGD's dividend yield for the trailing twelve months is around 0.34%, less than HEDG's 1.84% yield.

Position	TTM	2025	2024	2023	2022	2021
HEDG Equable Shares Hedged Equity ETF	1.84%	1.38%	0.00%	0.00%	0.00%	0.00%
HEGD Swan Hedged Equity US Large Cap ETF	0.34%	0.36%	0.43%	0.39%	0.87%	0.31%

Frequently Asked Questions

Can I hold both HEGD and HEDG in my portfolio?

HEGD and HEDG have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEGD or HEDG?

On fees, HEGD is cheaper at 0.88% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEGD or HEDG?

HEGD is cheaper with a 0.88% expense ratio, compared with 0.96% for HEDG.

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

HEDG has the higher dividend yield at 1.84%, compared with 0.34% for HEGD.

What is the main difference between HEGD and HEDG?

HEGD tracks S&P 500, while HEDG tracks Actively Managed. They also come from different issuers: Swan and Equable Shares. Their fees differ too: 0.88% for HEGD and 0.96% for HEDG.