HEGD vs. HOLA

Last updated Aug 4, 2026

HEGD (Swan Hedged Equity US Large Cap ETF) and HOLA (JPMorgan International Hedged Equity Laddered Overlay ETF) are both Equity Hedged funds. Both are actively managed. Over the past year, HEGD returned 14.63% vs 17.87% for HOLA. Their 0.69 correlation means they have sometimes moved together and sometimes differently. HEGD charges 0.88%/yr vs 0.50%/yr for HOLA.

Performance

HEGD vs. HOLA - Performance Comparison

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

Returns By Period

In the year-to-date period, HEGD achieves a 6.74% return, which is significantly lower than HOLA's 7.47% return.

HEGD

• 1D: 1.13%
• 1M: 1.05%
• 6M: 5.24%
• YTD: 6.74%
• 1Y: 14.63%
• 3Y*: 13.49%
• 5Y*: 8.30%
• 10Y*: —
• ALL TIME*: 9.50%

HOLA

• 1D: 0.17%
• 1M: 1.36%
• 6M: 3.49%
• YTD: 7.47%
• 1Y: 17.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.78%

*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)
HEGD Swan Hedged Equity US Large Cap ETF	$1.90M	$1.92M	$2.57M
HOLA JPMorgan International Hedged Equity Laddered Overlay ETF	$823.42K	$655.91K	$1.16M

HEGD vs. HOLA - Yearly Performance Comparison

	2026 (YTD)	2025
HEGD Swan Hedged Equity US Large Cap ETF	6.74%	7.29%
HOLA JPMorgan International Hedged Equity Laddered Overlay ETF	7.47%	7.60%

Correlation

The correlation between HEGD and HOLA is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (All Time) Calculated using the full available price history since Jul 14, 2025	0.69

The correlation between HEGD and HOLA has been stable across timeframes, ranging from 0.69 to 0.70 - a consistent structural relationship.

HEGD vs. HOLA - Sectors Allocation Comparison

Sectors	HEGD	HOLA
Technology	38.5%	14.4%
Financial Services	11.6%	25.7%
Communication Services	9.9%	4.0%
Consumer Cyclical	9.5%	8.1%
Healthcare	8.9%	9.8%
Industrials	8.4%	18.2%
Consumer Defensive	4.5%	6.6%
Energy	3.0%	3.0%
Utilities	2.2%	4.3%
Real Estate	1.8%	0.9%
Basic Materials	1.7%	5.1%

Return for Risk

HEGD vs. HOLA — Risk / Return Rank

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

HEGD

HEGD Risk / Return Rank: 81
HEGD Sharpe Ratio Rank: 80
HEGD Sortino Ratio Rank: 80
HEGD Omega Ratio Rank: 78
HEGD Calmar Ratio Rank: 85
HEGD Martin Ratio Rank: 81

HOLA

HOLA Risk / Return Rank: 71
HOLA Sharpe Ratio Rank: 72
HOLA Sortino Ratio Rank: 75
HOLA Omega Ratio Rank: 71
HOLA Calmar Ratio Rank: 68
HOLA Martin Ratio Rank: 67

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.

HEGD vs. HOLA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Swan Hedged Equity US Large Cap ETF (HEGD) and JPMorgan International Hedged Equity Laddered Overlay ETF (HOLA). 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	HOLA	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.78	+0.11
Sortino ratio: Return per unit of downside risk	2.66	2.59	+0.07
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.02
Calmar ratio: Return relative to maximum drawdown	3.35	2.57	+0.78
Martin ratio: Return relative to average drawdown	10.86	8.70	+2.16

HEGD vs. HOLA - Sharpe Ratio Comparison

The current HEGD Sharpe Ratio is 1.89, which is comparable to the HOLA Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of HEGD and HOLA, 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. HOLA - Drawdown Comparison

The maximum HEGD drawdown since its inception was -14.56%, which is greater than HOLA's maximum drawdown of -6.99%. Use the drawdown chart below to compare losses from any high point for HEGD and HOLA.

Drawdown Indicators

	HEGD	HOLA	Difference
Max Drawdown Largest peak-to-trough decline	-14.56%	-6.99%	-7.57%
Max Drawdown (1Y) Largest decline over 1 year	-4.39%	-6.99%	+2.60%
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	-0.72%	-0.19%	-0.53%
Average Drawdown Average peak-to-trough decline	-3.61%	-1.39%	-2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	2.06%	-0.71%

Volatility

HEGD vs. HOLA - Volatility Comparison

The current volatility for Swan Hedged Equity US Large Cap ETF (HEGD) is 2.74%, while JPMorgan International Hedged Equity Laddered Overlay ETF (HOLA) has a volatility of 3.54%. This indicates that HEGD experiences smaller price fluctuations and is considered to be less risky than HOLA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEGD	HOLA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	3.54%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	6.02%	8.37%	-2.35%
Volatility (1Y) Calculated over the trailing 1-year period	7.81%	10.11%	-2.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.51%	10.13%	-0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.39%	10.13%	-0.74%

HEGD vs. HOLA - Expense Ratio Comparison

HEGD has a 0.88% expense ratio, which is higher than HOLA's 0.50% expense ratio.

Dividends

HEGD vs. HOLA - Dividend Comparison

HEGD's dividend yield for the trailing twelve months is around 0.34%, less than HOLA's 2.81% yield.

Position	TTM	2025	2024	2023	2022	2021
HEGD Swan Hedged Equity US Large Cap ETF	0.34%	0.36%	0.43%	0.39%	0.87%	0.31%
HOLA JPMorgan International Hedged Equity Laddered Overlay ETF	2.81%	3.02%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HEGD and HOLA in my portfolio?

HEGD and HOLA have a correlation of 0.70, 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 HOLA?

HOLA has higher volatility (3.54%) compared to HEGD (2.74%). In terms of maximum drawdown, HEGD dropped -14.56% vs HOLA's -6.99%.

Which ETF is better, HEGD or HOLA?

On 1-year performance, HOLA leads with 17.87% vs 14.63% for HEGD. On fees, HOLA is cheaper at 0.50% per year. On volatility, HEGD has been the lower-risk option at 2.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEGD or HOLA?

Over the 1-year period, HOLA has performed better with a 17.87% return vs 14.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEGD or HOLA?

HOLA is cheaper with a 0.50% expense ratio, compared with 0.88% for HEGD.

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

HOLA has the higher dividend yield at 2.81%, compared with 0.34% for HEGD.

What is the main difference between HEGD and HOLA?

They also come from different issuers: Swan and JPMorgan. Their fees differ too: 0.88% for HEGD and 0.50% for HOLA.

Which has better risk-adjusted returns?

HEGD currently has the higher Sharpe Ratio (1.89 vs 1.78), 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.