HEGD vs. OVLH

Last updated Jun 23, 2026

HEGD (Swan Hedged Equity US Large Cap ETF) and OVLH (Overlay Shares Hedged Large Cap Equity ETF) are both Equity Hedged funds. Both are actively managed. Over the past 5 years, HEGD returned 8.76%/yr vs 9.41%/yr for OVLH. Their correlation of 0.90 suggests significant overlap in exposure. HEGD charges 0.88%/yr vs 0.80%/yr for OVLH.

Performance

HEGD vs. OVLH - Performance Comparison

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

Returns By Period

In the year-to-date period, HEGD achieves a 5.59% return, which is significantly lower than OVLH's 5.93% return.

HEGD

• 1D: -0.37%
• 1M: -0.26%
• YTD: 5.59%
• 6M: 5.05%
• 1Y: 16.85%
• 3Y*: 13.86%
• 5Y*: 8.76%
• 10Y*: —

OVLH

• 1D: -0.39%
• 1M: -0.41%
• YTD: 5.93%
• 6M: 5.68%
• 1Y: 17.12%
• 3Y*: 15.81%
• 5Y*: 9.41%
• 10Y*: —

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

HEGD vs. OVLH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HEGD Swan Hedged Equity US Large Cap ETF	5.59%	12.95%	15.24%	14.16%	-11.25%	15.94%
OVLH Overlay Shares Hedged Large Cap Equity ETF	5.93%	15.77%	18.44%	16.93%	-16.16%	19.70%

Correlation

The correlation between HEGD and OVLH is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021	0.90

The correlation between HEGD and OVLH has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

HEGD vs. OVLH - Sectors Allocation Comparison

Sectors	HEGD	OVLH
Technology	39.0%	35.7%
Financial Services	11.1%	11.6%
Communication Services	10.6%	11.2%
Consumer Cyclical	9.9%	10.2%
Healthcare	8.3%	8.5%
Industrials	7.8%	8.3%
Consumer Defensive	4.5%	4.9%
Energy	3.1%	3.5%
Utilities	2.1%	2.4%
Real Estate	1.8%	1.9%
Basic Materials	1.7%	1.8%

Return for Risk

HEGD vs. OVLH — Risk / Return Rank

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

HEGD

HEGD Risk / Return Rank: 75
HEGD Sharpe Ratio Rank: 73
HEGD Sortino Ratio Rank: 73
HEGD Omega Ratio Rank: 73
HEGD Calmar Ratio Rank: 78
HEGD Martin Ratio Rank: 77

OVLH

OVLH Risk / Return Rank: 59
OVLH Sharpe Ratio Rank: 60
OVLH Sortino Ratio Rank: 60
OVLH Omega Ratio Rank: 58
OVLH Calmar Ratio Rank: 56
OVLH Martin Ratio Rank: 62

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. OVLH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Swan Hedged Equity US Large Cap ETF (HEGD) and Overlay Shares Hedged Large Cap Equity ETF (OVLH). 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	OVLH	Difference
Sharpe ratio: Return per unit of total volatility	2.27	1.93	+0.34
Sortino ratio: Return per unit of downside risk	3.17	2.74	+0.43
Omega ratio: Gain probability vs. loss probability	1.41	1.35	+0.07
Calmar ratio: Return relative to maximum drawdown	3.86	2.70	+1.15
Martin ratio: Return relative to average drawdown	14.28	10.71	+3.57

HEGD vs. OVLH - Sharpe Ratio Comparison

The current HEGD Sharpe Ratio is 2.27, which is comparable to the OVLH Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of HEGD and OVLH, 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. OVLH - Drawdown Comparison

The maximum HEGD drawdown since its inception was -14.56%, smaller than the maximum OVLH drawdown of -20.69%. Use the drawdown chart below to compare losses from any high point for HEGD and OVLH.

Drawdown Indicators

	HEGD	OVLH	Difference
Max Drawdown Largest peak-to-trough decline	-14.56%	-20.69%	+6.13%
Max Drawdown (1Y) Largest decline over 1 year	-4.39%	-6.36%	+1.97%
Max Drawdown (3Y) Largest decline over 3 years	-8.14%	-9.57%	+1.43%
Max Drawdown (5Y) Largest decline over 5 years	-14.56%	-20.69%	+6.13%
Current Drawdown Current decline from peak	-1.79%	-1.80%	+0.01%
Average Drawdown Average peak-to-trough decline	-3.65%	-4.99%	+1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.18%	1.60%	-0.42%

Volatility

HEGD vs. OVLH - Volatility Comparison

Swan Hedged Equity US Large Cap ETF (HEGD) and Overlay Shares Hedged Large Cap Equity ETF (OVLH) have volatilities of 3.24% and 3.41%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEGD	OVLH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.24%	3.41%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	5.58%	6.83%	-1.25%
Volatility (1Y) Calculated over the trailing 1-year period	7.47%	8.92%	-1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.48%	11.77%	-2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.39%	11.82%	-2.43%

HEGD vs. OVLH - Expense Ratio Comparison

HEGD has a 0.88% expense ratio, which is higher than OVLH's 0.80% expense ratio.

Dividends

HEGD vs. OVLH - Dividend Comparison

HEGD's dividend yield for the trailing twelve months is around 0.34%, more than OVLH's 0.28% 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%
OVLH Overlay Shares Hedged Large Cap Equity ETF	0.28%	0.30%	0.32%	0.83%	0.79%	0.40%

Frequently Asked Questions

Can I hold both HEGD and OVLH in my portfolio?

With a correlation of 0.93, HEGD and OVLH 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.

Which is riskier, HEGD or OVLH?

OVLH has higher volatility (3.41%) compared to HEGD (3.24%). In terms of maximum drawdown, HEGD dropped -14.56% vs OVLH's -20.69%.

Which ETF is better, HEGD or OVLH?

On 5-year performance, OVLH leads with 9.41% vs 8.76% for HEGD. On fees, OVLH is cheaper at 0.80% 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.

Which ETF has performed better, HEGD or OVLH?

Over the 5-year period, OVLH has performed better with a 9.41% return vs 8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEGD or OVLH?

OVLH is cheaper with a 0.80% expense ratio, compared with 0.88% for HEGD.

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

HEGD has the higher dividend yield at 0.34%, compared with 0.28% for OVLH.

What is the main difference between HEGD and OVLH?

They also come from different issuers: Swan and Liquid Strategies. Their fees differ too: 0.88% for HEGD and 0.80% for OVLH.

Which has better risk-adjusted returns?

HEGD currently has the higher Sharpe Ratio (2.27 vs 1.93), 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.