HEGD vs. HOLA

Last updated Jun 3, 2026

HEGD (Swan Hedged Equity US Large Cap ETF) and HOLA (JPMorgan International Hedged Equity Laddered Overlay ETF) are both Equity Hedged funds. HEGD is passively managed, while HOLA is actively managed. A 0.67 correlation means they provide meaningful diversification when combined. 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 7.52% return, which is significantly higher than HOLA's 4.14% return.

HEGD

• 1D: 0.30%
• 1M: 3.81%
• YTD: 7.52%
• 6M: 7.26%
• 1Y: 19.36%
• 3Y*: 14.89%
• 5Y*: 9.28%
• 10Y*: —

HOLA

• 1D: 0.28%
• 1M: 1.14%
• YTD: 4.14%
• 6M: 6.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEGD vs. HOLA - Yearly Performance Comparison

	2026 (YTD)	2025
HEGD Swan Hedged Equity US Large Cap ETF	7.52%	7.11%
HOLA JPMorgan International Hedged Equity Laddered Overlay ETF	4.14%	7.55%

Correlation

The correlation between HEGD and HOLA is 0.67, 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 Jul 15, 2025	0.67

HEGD vs. HOLA - Sectors Allocation Comparison

Sectors	HEGD	HOLA
Technology	36.1%	11.9%
Financial Services	11.8%	23.9%
Communication Services	11.0%	3.1%
Consumer Cyclical	10.1%	6.2%
Healthcare	8.4%	9.5%
Industrials	8.2%	15.5%
Consumer Defensive	4.9%	6.5%
Energy	3.5%	2.6%
Utilities	2.3%	2.7%
Real Estate	1.9%	1.0%
Basic Materials	1.8%	5.2%

Return for Risk

HEGD vs. HOLA — Risk / Return Rank

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

HEGD

HEGD Risk / Return Rank: 85
HEGD Sharpe Ratio Rank: 85
HEGD Sortino Ratio Rank: 88
HEGD Omega Ratio Rank: 84
HEGD Calmar Ratio Rank: 83
HEGD Martin Ratio Rank: 85

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. 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.

	HEGD	HOLA	Difference
Sharpe ratio Return per unit of total volatility	2.81	—	—
Sortino ratio Return per unit of downside risk	4.02	—	—
Omega ratio Gain probability vs. loss probability	1.52	—	—
Calmar ratio Return relative to maximum drawdown	4.49	—	—
Martin ratio Return relative to average drawdown	17.84	—	—
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	HOLA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.81	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	1.44	-0.36

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%	—	—
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	0.00%	-1.69%	+1.69%
Average Drawdown Average peak-to-trough decline	-3.67%	-1.45%	-2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	—	—

Volatility

Volatility by Period

	HEGD	HOLA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.91%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.92%	9.52%	-2.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.40%	9.52%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.35%	9.52%	-0.17%

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 0.33%, less than HOLA's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021
HEGD Swan Hedged Equity US Large Cap ETF	0.33%	0.36%	0.43%	0.39%	0.87%	0.31%
HOLA JPMorgan International Hedged Equity Laddered Overlay ETF	2.90%	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 0.67, 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 HOLA?

On fees, HOLA is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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 2.90%, compared with 0.33% 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.