HEGD vs. SLV
HEGD (Swan Hedged Equity US Large Cap ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - HEGD is a Equity Hedged fund actively managed by Swan, while SLV is a Silver fund tracking the LBMA Silver Price. HEGD is actively managed, while SLV is passively managed. Over the past 5 years, HEGD returned 8.19%/yr vs 16.83%/yr for SLV. At a 0.25 correlation, their price movements are largely independent. HEGD charges 0.88%/yr vs 0.50%/yr for SLV.
Performance
HEGD vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, HEGD achieves a 5.20% return, which is significantly higher than SLV's -20.86% return.
HEGD
- 1D
- -0.38%
- 1M
- -0.75%
- 6M
- 4.21%
- YTD
- 5.20%
- 1Y
- 12.11%
- 3Y*
- 12.69%
- 5Y*
- 8.19%
- 10Y*
- —
- ALL TIME*
- 9.28%
SLV
- 1D
- 0.39%
- 1M
- -14.33%
- 6M
- -37.08%
- YTD
- -20.86%
- 1Y
- 47.30%
- 3Y*
- 31.21%
- 5Y*
- 16.83%
- 10Y*
- 10.57%
- ALL TIME*
- 7.03%
HEGD vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HEGD Swan Hedged Equity US Large Cap ETF | 5.20% | 12.95% | 15.24% | 14.16% | -11.25% | 17.30% | 0.75% |
SLV iShares Silver Trust | -20.86% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 4.87% |
Correlation
The correlation between HEGD and SLV is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Dec 23, 2020 | 0.25 |
The correlation between HEGD and SLV shifts across timeframes, from 0.24 (5 years) to 0.35 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HEGD vs. SLV — Risk / Return Rank
HEGD
SLV
HEGD vs. SLV - 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 Silver Trust (SLV). 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 | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.19 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 0.91 | +1.86 |
| Martin ratioReturn relative to average drawdown | 9.43 | 1.85 | +7.58 |
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Drawdowns
HEGD vs. SLV - Drawdown Comparison
The maximum HEGD drawdown since its inception was -14.56%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for HEGD and SLV.
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Drawdown Indicators
| HEGD | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.56% | -76.28% | +61.72% |
Max Drawdown (1Y)Largest decline over 1 year | -4.39% | -52.28% | +47.89% |
Max Drawdown (3Y)Largest decline over 3 years | -8.14% | -52.28% | +44.14% |
Max Drawdown (5Y)Largest decline over 5 years | -14.56% | -52.28% | +37.72% |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.28% | — |
Current DrawdownCurrent decline from peak | -2.16% | -51.72% | +49.56% |
Average DrawdownAverage peak-to-trough decline | -3.62% | -44.67% | +41.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 25.64% | -24.35% |
Volatility
HEGD vs. SLV - Volatility Comparison
The current volatility for Swan Hedged Equity US Large Cap ETF (HEGD) is 2.22%, while iShares Silver Trust (SLV) has a volatility of 12.54%. This indicates that HEGD experiences smaller price fluctuations and is considered to be less risky than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEGD | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.22% | 12.54% | -10.32% |
Volatility (6M)Calculated over the trailing 6-month period | 5.78% | 56.50% | -50.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.59% | 61.24% | -53.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.47% | 36.87% | -27.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.37% | 32.18% | -22.81% |
HEGD vs. SLV - Expense Ratio Comparison
HEGD has a 0.88% expense ratio, which is higher than SLV's 0.50% expense ratio.
Dividends
HEGD vs. SLV - Dividend Comparison
HEGD's dividend yield for the trailing twelve months is around 0.34%, while SLV has not paid dividends to shareholders.
| 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% |
SLV iShares Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HEGD and SLV have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLV has higher volatility (12.54%) compared to HEGD (2.22%). In terms of maximum drawdown, HEGD dropped -14.56% vs SLV's -76.28%.
On 5-year performance, SLV leads with 16.83% vs 8.19% for HEGD. On fees, SLV is cheaper at 0.50% per year. On volatility, HEGD has been the lower-risk option at 2.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SLV has performed better with a 16.83% return vs 8.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLV is cheaper with a 0.50% expense ratio, compared with 0.88% for HEGD.
HEGD has the higher dividend yield at 0.34%, compared with 0.00% for SLV.
HEGD is categorized as Equity Hedged, while SLV is Silver. They also come from different issuers: Swan and iShares. Their fees differ too: 0.88% for HEGD and 0.50% for SLV.
HEGD currently has the higher Sharpe Ratio (1.60 vs 0.78), 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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