HEGD vs. SIXH
HEGD (Swan Hedged Equity US Large Cap ETF) and SIXH (6 Meridian Hedged Equity-Index Option Strategy ETF) are both Equity Hedged funds. Both are actively managed. Over the past 5 years, HEGD returned 8.30%/yr vs 9.52%/yr for SIXH. Their 0.36 correlation means their historical movements had little consistent relationship. HEGD charges 0.88%/yr vs 0.87%/yr for SIXH.
Performance
HEGD vs. SIXH - Performance Comparison
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Returns By Period
In the year-to-date period, HEGD achieves a 6.74% return, which is significantly lower than SIXH's 11.60% 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%
SIXH
- 1D
- -0.19%
- 1M
- 1.06%
- 6M
- 6.10%
- YTD
- 11.60%
- 1Y
- 15.22%
- 3Y*
- 13.11%
- 5Y*
- 9.52%
- 10Y*
- —
- ALL TIME*
- 11.19%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.90M | $1.92M | $2.57M | |
| $1.56M | $1.08M | $613.75K |
HEGD vs. SIXH - 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% |
SIXH 6 Meridian Hedged Equity-Index Option Strategy ETF | 11.60% | 9.47% | 12.06% | 4.93% | 6.90% | 18.37% | 0.55% |
Correlation
The correlation between HEGD and SIXH is 0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.00 |
Correlation (3Y) Balances recent behavior with more history. | 0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.34 |
Correlation (All Time) Calculated using the full available price history since Dec 23, 2020 | 0.36 |
Over the past year, the correlation between HEGD and SIXH has dropped to 0.00 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.
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Return for Risk
HEGD vs. SIXH — Risk / Return Rank
HEGD
SIXH
HEGD vs. SIXH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Swan Hedged Equity US Large Cap ETF (HEGD) and 6 Meridian Hedged Equity-Index Option Strategy ETF (SIXH). 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 | SIXH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.34 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.35 | 3.50 | -0.15 |
| Martin ratioReturn relative to average drawdown | 10.86 | 8.88 | +1.98 |
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Drawdowns
HEGD vs. SIXH - Drawdown Comparison
The maximum HEGD drawdown since its inception was -14.56%, which is greater than SIXH's maximum drawdown of -11.68%. Use the drawdown chart below to compare losses from any high point for HEGD and SIXH.
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Drawdown Indicators
| HEGD | SIXH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.56% | -11.68% | -2.88% |
Max Drawdown (1Y)Largest decline over 1 year | -4.39% | -4.36% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -8.14% | -9.10% | +0.96% |
Max Drawdown (5Y)Largest decline over 5 years | -14.56% | -11.68% | -2.88% |
Current DrawdownCurrent decline from peak | -0.72% | -1.82% | +1.10% |
Average DrawdownAverage peak-to-trough decline | -3.61% | -1.82% | -1.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.35% | 1.72% | -0.37% |
Volatility
HEGD vs. SIXH - Volatility Comparison
Swan Hedged Equity US Large Cap ETF (HEGD) has a higher volatility of 2.74% compared to 6 Meridian Hedged Equity-Index Option Strategy ETF (SIXH) at 2.40%. This indicates that HEGD's price experiences larger fluctuations and is considered to be riskier than SIXH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEGD | SIXH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.74% | 2.40% | +0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 6.02% | 6.23% | -0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.81% | 7.89% | -0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.51% | 10.39% | -0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.39% | 10.09% | -0.70% |
HEGD vs. SIXH - Expense Ratio Comparison
HEGD has a 0.88% expense ratio, which is higher than SIXH's 0.87% expense ratio.
Dividends
HEGD vs. SIXH - Dividend Comparison
HEGD's dividend yield for the trailing twelve months is around 0.34%, less than SIXH's 1.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
HEGD Swan Hedged Equity US Large Cap ETF | 0.34% | 0.36% | 0.43% | 0.39% | 0.87% | 0.31% | 0.00% |
SIXH 6 Meridian Hedged Equity-Index Option Strategy ETF | 1.83% | 2.23% | 1.55% | 2.04% | 2.06% | 1.65% | 1.10% |
Frequently Asked Questions
HEGD and SIXH have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HEGD has higher volatility (2.74%) compared to SIXH (2.40%). In terms of maximum drawdown, HEGD dropped -14.56% vs SIXH's -11.68%.
On 5-year performance, SIXH leads with 9.52% vs 8.30% for HEGD. On fees, SIXH is cheaper at 0.87% per year. On volatility, SIXH has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SIXH has performed better with a 9.52% return vs 8.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SIXH is cheaper with a 0.87% expense ratio, compared with 0.88% for HEGD.
SIXH has the higher dividend yield at 1.83%, compared with 0.34% for HEGD.
They also come from different issuers: Swan and Exchange Traded Concepts. Their fees differ too: 0.88% for HEGD and 0.87% for SIXH.
SIXH currently has the higher Sharpe Ratio (1.94 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.
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