HEGD vs. OPPE

Last updated Aug 4, 2026

HEGD (Swan Hedged Equity US Large Cap ETF) and OPPE (WisdomTree European Opportunities Fund) are both exchange-traded funds - HEGD is a Equity Hedged fund actively managed by Swan, while OPPE is a Europe Equities fund tracking the WisdomTree European Opportunities Index. HEGD is actively managed, while OPPE is passively managed. Over the past 5 years, HEGD returned 8.30%/yr vs 14.75%/yr for OPPE. Their 0.62 correlation means they have sometimes moved together and sometimes differently. HEGD charges 0.88%/yr vs 0.58%/yr for OPPE.

Performance

HEGD vs. OPPE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Swan Hedged Equity US Large Cap ETF (HEGD) and WisdomTree European Opportunities Fund (OPPE). 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 OPPE's 19.08% 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%

OPPE

• 1D: 0.79%
• 1M: 5.41%
• 6M: 11.83%
• YTD: 19.08%
• 1Y: 32.19%
• 3Y*: 25.20%
• 5Y*: 14.75%
• 10Y*: 13.15%
• ALL TIME*: 11.67%

*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
OPPE WisdomTree European Opportunities Fund	$1.70M	$1.15M	$1.04M

HEGD vs. OPPE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HEGD Swan Hedged Equity US Large Cap ETF	6.74%	12.95%	15.24%	14.16%	-11.25%	17.30%	0.75%
OPPE WisdomTree European Opportunities Fund	19.08%	38.80%	10.42%	19.80%	-11.14%	23.52%	1.04%

Correlation

The correlation between HEGD and OPPE is 0.62, 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.	0.62
Correlation (3Y) Balances recent behavior with more history.	0.56
Correlation (5Y) Shows whether the relationship held over a longer period.	0.61
Correlation (All Time) Calculated using the full available price history since Dec 23, 2020	0.62

The correlation between HEGD and OPPE has been stable across timeframes, ranging from 0.56 to 0.62 - a consistent structural relationship.

HEGD vs. OPPE - Sectors Allocation Comparison

Sectors	HEGD	OPPE
Technology	38.5%	8.7%
Financial Services	11.6%	25.5%
Communication Services	9.9%	1.3%
Consumer Cyclical	9.5%	6.3%
Healthcare	8.9%	4.3%
Industrials	8.4%	27.3%
Consumer Defensive	4.5%	3.4%
Energy	3.0%	6.0%
Utilities	2.2%	6.0%
Real Estate	1.8%	1.6%
Basic Materials	1.7%	9.6%

Return for Risk

HEGD vs. OPPE — 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

OPPE

OPPE Risk / Return Rank: 88
OPPE Sharpe Ratio Rank: 89
OPPE Sortino Ratio Rank: 88
OPPE Omega Ratio Rank: 87
OPPE Calmar Ratio Rank: 87
OPPE Martin Ratio Rank: 89

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. OPPE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Swan Hedged Equity US Large Cap ETF (HEGD) and WisdomTree European Opportunities Fund (OPPE). 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	OPPE	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.26	-0.37
Sortino ratio: Return per unit of downside risk	2.66	3.10	-0.44
Omega ratio: Gain probability vs. loss probability	1.34	1.40	-0.06
Calmar ratio: Return relative to maximum drawdown	3.35	3.66	-0.31
Martin ratio: Return relative to average drawdown	10.86	14.17	-3.32

HEGD vs. OPPE - Sharpe Ratio Comparison

The current HEGD Sharpe Ratio is 1.89, which is comparable to the OPPE Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of HEGD and OPPE, 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. OPPE - Drawdown Comparison

The maximum HEGD drawdown since its inception was -14.56%, smaller than the maximum OPPE drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for HEGD and OPPE.

Drawdown Indicators

	HEGD	OPPE	Difference
Max Drawdown Largest peak-to-trough decline	-14.56%	-39.28%	+24.72%
Max Drawdown (1Y) Largest decline over 1 year	-4.39%	-8.83%	+4.44%
Max Drawdown (3Y) Largest decline over 3 years	-8.14%	-15.04%	+6.90%
Max Drawdown (5Y) Largest decline over 5 years	-14.56%	-24.49%	+9.93%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.28%	—
Current Drawdown Current decline from peak	-0.72%	0.00%	-0.72%
Average Drawdown Average peak-to-trough decline	-3.61%	-5.40%	+1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	2.28%	-0.93%

Volatility

HEGD vs. OPPE - Volatility Comparison

The current volatility for Swan Hedged Equity US Large Cap ETF (HEGD) is 2.74%, while WisdomTree European Opportunities Fund (OPPE) has a volatility of 3.50%. This indicates that HEGD experiences smaller price fluctuations and is considered to be less risky than OPPE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEGD	OPPE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	3.50%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	6.02%	12.59%	-6.57%
Volatility (1Y) Calculated over the trailing 1-year period	7.81%	14.34%	-6.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.51%	15.67%	-6.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.39%	16.92%	-7.53%

HEGD vs. OPPE - Expense Ratio Comparison

HEGD has a 0.88% expense ratio, which is higher than OPPE's 0.58% expense ratio.

Dividends

HEGD vs. OPPE - Dividend Comparison

HEGD's dividend yield for the trailing twelve months is around 0.34%, less than OPPE's 2.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEGD Swan Hedged Equity US Large Cap ETF	0.34%	0.36%	0.43%	0.39%	0.87%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OPPE WisdomTree European Opportunities Fund	2.55%	2.95%	3.99%	3.53%	5.13%	2.39%	3.42%	3.08%	2.34%	1.46%	2.60%	4.39%

Frequently Asked Questions

Can I hold both HEGD and OPPE in my portfolio?

HEGD and OPPE have a correlation of 0.62, 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 OPPE?

OPPE has higher volatility (3.50%) compared to HEGD (2.74%). In terms of maximum drawdown, HEGD dropped -14.56% vs OPPE's -39.28%.

Which ETF is better, HEGD or OPPE?

On 5-year performance, OPPE leads with 14.75% vs 8.30% for HEGD. On fees, OPPE is cheaper at 0.58% 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 OPPE?

Over the 5-year period, OPPE has performed better with a 14.75% return vs 8.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEGD or OPPE?

OPPE is cheaper with a 0.58% expense ratio, compared with 0.88% for HEGD.

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

OPPE has the higher dividend yield at 2.55%, compared with 0.34% for HEGD.

What is the main difference between HEGD and OPPE?

HEGD is categorized as Equity Hedged, while OPPE is Europe Equities. They also come from different issuers: Swan and WisdomTree. Their fees differ too: 0.88% for HEGD and 0.58% for OPPE.

Which has better risk-adjusted returns?

OPPE currently has the higher Sharpe Ratio (2.26 vs 1.89), 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.