HEGD vs. MAXJ

Last updated Jun 3, 2026

HEGD (Swan Hedged Equity US Large Cap ETF) and MAXJ (iShares Large Cap Max Buffer Jun ETF) are both Equity Hedged funds. HEGD is passively managed, while MAXJ is actively managed. Over the past year, HEGD returned 19.36% vs 9.63% for MAXJ. A 0.75 correlation means they provide meaningful diversification when combined. HEGD charges 0.88%/yr vs 0.50%/yr for MAXJ.

Performance

HEGD vs. MAXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Swan Hedged Equity US Large Cap ETF (HEGD) and iShares Large Cap Max Buffer Jun ETF (MAXJ). 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 MAXJ's 2.84% return.

HEGD

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

MAXJ

• 1D: -0.02%
• 1M: 0.69%
• YTD: 2.84%
• 6M: 3.56%
• 1Y: 9.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEGD vs. MAXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HEGD Swan Hedged Equity US Large Cap ETF	7.52%	12.95%	5.91%
MAXJ iShares Large Cap Max Buffer Jun ETF	2.84%	8.97%	4.55%

Correlation

The correlation between HEGD and MAXJ is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	0.75

The correlation between HEGD and MAXJ has been stable across timeframes, ranging from 0.72 to 0.75 - a consistent structural relationship.

Return for Risk

HEGD vs. MAXJ — 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

MAXJ

MAXJ Risk / Return Rank: 94
MAXJ Sharpe Ratio Rank: 92
MAXJ Sortino Ratio Rank: 96
MAXJ Omega Ratio Rank: 96
MAXJ Calmar Ratio Rank: 90
MAXJ Martin Ratio Rank: 95

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. MAXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Swan Hedged Equity US Large Cap ETF (HEGD) and iShares Large Cap Max Buffer Jun ETF (MAXJ). 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	MAXJ	Difference
Sharpe ratio Return per unit of total volatility	2.81	3.30	-0.49
Sortino ratio Return per unit of downside risk	4.02	5.45	-1.43
Omega ratio Gain probability vs. loss probability	1.52	1.79	-0.27
Calmar ratio Return relative to maximum drawdown	4.49	5.80	-1.31
Martin ratio Return relative to average drawdown	17.84	32.89	-15.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEGD vs. MAXJ - Sharpe Ratio Comparison

The current HEGD Sharpe Ratio is 2.81, which is comparable to the MAXJ Sharpe Ratio of 3.30. The chart below compares the historical Sharpe Ratios of HEGD and MAXJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HEGD	MAXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.81	3.30	-0.49
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	1.64	-0.56

Drawdowns

HEGD vs. MAXJ - Drawdown Comparison

The maximum HEGD drawdown since its inception was -14.56%, which is greater than MAXJ's maximum drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for HEGD and MAXJ.

Drawdown Indicators

	HEGD	MAXJ	Difference
Max Drawdown Largest peak-to-trough decline	-14.56%	-6.35%	-8.21%
Max Drawdown (1Y) Largest decline over 1 year	-4.39%	-1.70%	-2.69%
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%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-3.67%	-0.56%	-3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	0.30%	+0.80%

Volatility

HEGD vs. MAXJ - Volatility Comparison

Swan Hedged Equity US Large Cap ETF (HEGD) has a higher volatility of 2.26% compared to iShares Large Cap Max Buffer Jun ETF (MAXJ) at 0.33%. This indicates that HEGD's price experiences larger fluctuations and is considered to be riskier than MAXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEGD	MAXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	0.33%	+1.93%
Volatility (6M) Calculated over the trailing 6-month period	4.91%	1.93%	+2.98%
Volatility (1Y) Calculated over the trailing 1-year period	6.92%	2.93%	+3.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.40%	5.29%	+4.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.35%	5.29%	+4.06%

HEGD vs. MAXJ - Expense Ratio Comparison

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

Dividends

HEGD vs. MAXJ - Dividend Comparison

HEGD's dividend yield for the trailing twelve months is around 0.33%, less than MAXJ's 0.98% 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%
MAXJ iShares Large Cap Max Buffer Jun ETF	0.98%	1.01%	0.81%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HEGD and MAXJ in my portfolio?

HEGD and MAXJ have a correlation of 0.72, 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 MAXJ?

HEGD has higher volatility (2.26%) compared to MAXJ (0.33%). In terms of maximum drawdown, HEGD dropped -14.56% vs MAXJ's -6.35%.

Which ETF is better, HEGD or MAXJ?

On 1-year performance, HEGD leads with 19.36% vs 9.63% for MAXJ. On fees, MAXJ is cheaper at 0.50% per year. On volatility, MAXJ has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEGD or MAXJ?

Over the 1-year period, HEGD has performed better with a 19.36% return vs 9.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEGD or MAXJ?

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

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

MAXJ has the higher dividend yield at 0.98%, compared with 0.33% for HEGD.

What is the main difference between HEGD and MAXJ?

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

Which has better risk-adjusted returns?

MAXJ currently has the higher Sharpe Ratio (3.30 vs 2.81), 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.