HEGD vs. SPYI

Last updated Apr 2, 2026

Compare and contrast key facts about Swan Hedged Equity US Large Cap ETF (HEGD) and NEOS S&P 500 High Income ETF (SPYI).

HEGD and SPYI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HEGD is a passively managed fund by Swan that tracks the performance of the S&P 500. It was launched on Dec 22, 2020. SPYI is an actively managed fund by Neos. It was launched on Aug 29, 2022.

Performance

HEGD vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Swan Hedged Equity US Large Cap ETF (HEGD) and NEOS S&P 500 High Income ETF (SPYI). The values are adjusted to include any dividend payments, if applicable.

HEGD vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HEGD Swan Hedged Equity US Large Cap ETF	-1.73%	12.95%	15.24%	14.16%	-0.02%
SPYI NEOS S&P 500 High Income ETF	-2.59%	16.67%	19.03%	18.09%	-2.44%

Returns By Period

In the year-to-date period, HEGD achieves a -1.73% return, which is significantly higher than SPYI's -2.59% return.

HEGD

• 1D: 0.30%
• 1M: -2.38%
• YTD: -1.73%
• 6M: -0.47%
• 1Y: 13.14%
• 3Y*: 12.52%
• 5Y*: 7.98%
• 10Y*: —

SPYI

• 1D: 0.56%
• 1M: -3.70%
• YTD: -2.59%
• 6M: 0.63%
• 1Y: 16.76%
• 3Y*: 14.46%
• 5Y*: —
• 10Y*: —

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

HEGD vs. SPYI - Expense Ratio Comparison

HEGD has a 0.88% expense ratio, which is higher than SPYI's 0.68% expense ratio.

HEGD

Swan Hedged Equity US Large Cap ETF

SPYI

NEOS S&P 500 High Income ETF

Return for Risk

HEGD vs. SPYI — Risk / Return Rank

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

HEGD

HEGD Risk / Return Rank: 86
HEGD Sharpe Ratio Rank: 82
HEGD Sortino Ratio Rank: 87
HEGD Omega Ratio Rank: 79
HEGD Calmar Ratio Rank: 90
HEGD Martin Ratio Rank: 89

SPYI

SPYI Risk / Return Rank: 63
SPYI Sharpe Ratio Rank: 56
SPYI Sortino Ratio Rank: 59
SPYI Omega Ratio Rank: 69
SPYI Calmar Ratio Rank: 58
SPYI Martin Ratio Rank: 74

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. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Swan Hedged Equity US Large Cap ETF (HEGD) and NEOS S&P 500 High Income ETF (SPYI). 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.

	HEGD	SPYI	Difference
Sharpe ratio Return per unit of total volatility	1.65	1.04	+0.61
Sortino ratio Return per unit of downside risk	2.47	1.57	+0.90
Omega ratio Gain probability vs. loss probability	1.31	1.26	+0.05
Calmar ratio Return relative to maximum drawdown	3.08	1.54	+1.54
Martin ratio Return relative to average drawdown	11.89	8.06	+3.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEGD vs. SPYI - Sharpe Ratio Comparison

The current HEGD Sharpe Ratio is 1.65, which is higher than the SPYI Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of HEGD and SPYI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HEGD	SPYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	1.04	+0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	1.01	-0.10

Correlation

The correlation between HEGD and SPYI is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HEGD vs. SPYI - Dividend Comparison

HEGD's dividend yield for the trailing twelve months is around 0.36%, less than SPYI's 12.43% yield.

	TTM	2025	2024	2023	2022	2021
HEGD Swan Hedged Equity US Large Cap ETF	0.36%	0.36%	0.43%	0.39%	0.87%	0.31%
SPYI NEOS S&P 500 High Income ETF	12.43%	11.70%	12.04%	12.01%	4.10%	0.00%

Drawdowns

HEGD vs. SPYI - Drawdown Comparison

The maximum HEGD drawdown since its inception was -14.56%, smaller than the maximum SPYI drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for HEGD and SPYI.

Drawdown Indicators

	HEGD	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-14.56%	-16.47%	+1.91%
Max Drawdown (1Y) Largest decline over 1 year	-4.39%	-11.02%	+6.63%
Max Drawdown (5Y) Largest decline over 5 years	-14.56%	—	—
Current Drawdown Current decline from peak	-3.15%	-4.50%	+1.35%
Average Drawdown Average peak-to-trough decline	-3.76%	-1.86%	-1.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	2.11%	-0.97%

Volatility

HEGD vs. SPYI - Volatility Comparison

The current volatility for Swan Hedged Equity US Large Cap ETF (HEGD) is 2.21%, while NEOS S&P 500 High Income ETF (SPYI) has a volatility of 5.10%. This indicates that HEGD experiences smaller price fluctuations and is considered to be less risky than SPYI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEGD	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.21%	5.10%	-2.89%
Volatility (6M) Calculated over the trailing 6-month period	4.93%	8.29%	-3.36%
Volatility (1Y) Calculated over the trailing 1-year period	8.00%	16.22%	-8.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.41%	13.12%	-3.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.40%	13.12%	-3.72%