HEGD vs. OCTZ
HEGD (Swan Hedged Equity US Large Cap ETF) and OCTZ (TrueShares Structured Outcome (October) ETF) are both exchange-traded funds - HEGD is a Equity Hedged fund actively managed by Swan, while OCTZ is a Defined Outcome fund actively managed by TrueShares. Both are actively managed. Over the past 5 years, HEGD returned 8.76%/yr vs 10.79%/yr for OCTZ. Their correlation of 0.90 suggests significant overlap in exposure. HEGD charges 0.88%/yr vs 0.79%/yr for OCTZ.
Performance
HEGD vs. OCTZ - Performance Comparison
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Returns By Period
In the year-to-date period, HEGD achieves a 5.59% return, which is significantly lower than OCTZ's 7.18% return.
HEGD
- 1D
- -0.37%
- 1M
- -0.26%
- YTD
- 5.59%
- 6M
- 5.05%
- 1Y
- 16.85%
- 3Y*
- 13.86%
- 5Y*
- 8.76%
- 10Y*
- —
OCTZ
- 1D
- -0.38%
- 1M
- -0.02%
- YTD
- 7.18%
- 6M
- 6.91%
- 1Y
- 19.51%
- 3Y*
- 15.55%
- 5Y*
- 10.79%
- 10Y*
- —
HEGD vs. OCTZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HEGD Swan Hedged Equity US Large Cap ETF | 5.59% | 12.95% | 15.24% | 14.16% | -11.25% | 17.30% | 0.75% |
OCTZ TrueShares Structured Outcome (October) ETF | 7.18% | 12.89% | 18.89% | 18.18% | -10.23% | 20.49% | 1.39% |
Correlation
The correlation between HEGD and OCTZ is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Dec 23, 2020 | 0.90 |
The correlation between HEGD and OCTZ has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.
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Return for Risk
HEGD vs. OCTZ — Risk / Return Rank
HEGD
OCTZ
HEGD vs. OCTZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Swan Hedged Equity US Large Cap ETF (HEGD) and TrueShares Structured Outcome (October) ETF (OCTZ). 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 | OCTZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.35 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.86 | 2.68 | +1.18 |
| Martin ratioReturn relative to average drawdown | 14.28 | 11.03 | +3.25 |
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Drawdowns
HEGD vs. OCTZ - Drawdown Comparison
The maximum HEGD drawdown since its inception was -14.56%, smaller than the maximum OCTZ drawdown of -15.82%. Use the drawdown chart below to compare losses from any high point for HEGD and OCTZ.
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Drawdown Indicators
| HEGD | OCTZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.56% | -15.82% | +1.26% |
Max Drawdown (1Y)Largest decline over 1 year | -4.39% | -7.31% | +2.92% |
Max Drawdown (3Y)Largest decline over 3 years | -8.14% | -14.07% | +5.93% |
Max Drawdown (5Y)Largest decline over 5 years | -14.56% | -15.82% | +1.26% |
Current DrawdownCurrent decline from peak | -1.79% | -1.45% | -0.34% |
Average DrawdownAverage peak-to-trough decline | -3.65% | -3.15% | -0.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.18% | 1.77% | -0.59% |
Volatility
HEGD vs. OCTZ - Volatility Comparison
The current volatility for Swan Hedged Equity US Large Cap ETF (HEGD) is 3.24%, while TrueShares Structured Outcome (October) ETF (OCTZ) has a volatility of 3.82%. This indicates that HEGD experiences smaller price fluctuations and is considered to be less risky than OCTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEGD | OCTZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.24% | 3.82% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 5.58% | 7.98% | -2.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.47% | 9.94% | -2.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 12.48% | -3.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.39% | 12.41% | -3.02% |
HEGD vs. OCTZ - Expense Ratio Comparison
HEGD has a 0.88% expense ratio, which is higher than OCTZ's 0.79% expense ratio.
Dividends
HEGD vs. OCTZ - Dividend Comparison
HEGD's dividend yield for the trailing twelve months is around 0.34%, less than OCTZ's 3.72% 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% |
OCTZ TrueShares Structured Outcome (October) ETF | 3.72% | 3.99% | 1.26% | 3.28% | 0.67% | 0.00% |
Frequently Asked Questions
With a correlation of 0.91, HEGD and OCTZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
OCTZ has higher volatility (3.82%) compared to HEGD (3.24%). In terms of maximum drawdown, HEGD dropped -14.56% vs OCTZ's -15.82%.
On 5-year performance, OCTZ leads with 10.79% vs 8.76% for HEGD. On fees, OCTZ is cheaper at 0.79% per year. On volatility, HEGD has been the lower-risk option at 3.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OCTZ has performed better with a 10.79% return vs 8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OCTZ is cheaper with a 0.79% expense ratio, compared with 0.88% for HEGD.
OCTZ has the higher dividend yield at 3.72%, compared with 0.34% for HEGD.
HEGD is categorized as Equity Hedged, while OCTZ is Defined Outcome. They also come from different issuers: Swan and TrueShares. Their fees differ too: 0.88% for HEGD and 0.79% for OCTZ.
HEGD currently has the higher Sharpe Ratio (2.27 vs 1.97), 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.
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