HEGD vs. VNQ
HEGD (Swan Hedged Equity US Large Cap ETF) and VNQ (Vanguard Real Estate ETF) are both exchange-traded funds - HEGD is a Equity Hedged fund actively managed by Swan, while VNQ is a REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index. HEGD is actively managed, while VNQ is passively managed. Over the past 5 years, HEGD returned 8.38%/yr vs 2.74%/yr for VNQ. A 0.53 correlation means they provide meaningful diversification when combined. HEGD charges 0.88%/yr vs 0.13%/yr for VNQ.
Performance
HEGD vs. VNQ - Performance Comparison
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Returns By Period
In the year-to-date period, HEGD achieves a 4.48% return, which is significantly lower than VNQ's 11.98% return.
HEGD
- 1D
- -0.21%
- 1M
- -1.79%
- YTD
- 4.48%
- 6M
- 3.33%
- 1Y
- 13.94%
- 3Y*
- 13.52%
- 5Y*
- 8.38%
- 10Y*
- —
VNQ
- 1D
- 0.19%
- 1M
- 0.85%
- YTD
- 11.98%
- 6M
- 11.64%
- 1Y
- 14.26%
- 3Y*
- 10.52%
- 5Y*
- 2.74%
- 10Y*
- 5.46%
HEGD vs. VNQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HEGD Swan Hedged Equity US Large Cap ETF | 4.48% | 12.95% | 15.24% | 14.16% | -11.25% | 17.30% | 0.75% |
VNQ Vanguard Real Estate ETF | 11.98% | 3.24% | 4.81% | 11.85% | -26.25% | 40.54% | 1.48% |
Correlation
The correlation between HEGD and VNQ is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Dec 23, 2020 | 0.53 |
Over the past year, the correlation between HEGD and VNQ has dropped to 0.27 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.
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Return for Risk
HEGD vs. VNQ — Risk / Return Rank
HEGD
VNQ
HEGD vs. VNQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Swan Hedged Equity US Large Cap ETF (HEGD) and Vanguard Real Estate ETF (VNQ). 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 | VNQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.82 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.19 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | 1.72 | +1.47 |
| Martin ratioReturn relative to average drawdown | 11.46 | 5.42 | +6.04 |
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Drawdowns
HEGD vs. VNQ - Drawdown Comparison
The maximum HEGD drawdown since its inception was -14.56%, smaller than the maximum VNQ drawdown of -73.07%. Use the drawdown chart below to compare losses from any high point for HEGD and VNQ.
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Drawdown Indicators
| HEGD | VNQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.56% | -73.07% | +58.51% |
Max Drawdown (1Y)Largest decline over 1 year | -4.39% | -8.34% | +3.95% |
Max Drawdown (3Y)Largest decline over 3 years | -8.14% | -17.46% | +9.32% |
Max Drawdown (5Y)Largest decline over 5 years | -14.56% | -34.48% | +19.92% |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.40% | — |
Current DrawdownCurrent decline from peak | -2.82% | -0.47% | -2.35% |
Average DrawdownAverage peak-to-trough decline | -3.64% | -13.59% | +9.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.22% | 2.64% | -1.42% |
Volatility
HEGD vs. VNQ - Volatility Comparison
The current volatility for Swan Hedged Equity US Large Cap ETF (HEGD) is 3.30%, while Vanguard Real Estate ETF (VNQ) has a volatility of 5.18%. This indicates that HEGD experiences smaller price fluctuations and is considered to be less risky than VNQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEGD | VNQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.30% | 5.18% | -1.88% |
Volatility (6M)Calculated over the trailing 6-month period | 5.61% | 10.18% | -4.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.46% | 13.76% | -6.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.49% | 18.86% | -9.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.39% | 20.74% | -11.35% |
HEGD vs. VNQ - Expense Ratio Comparison
HEGD has a 0.88% expense ratio, which is higher than VNQ's 0.13% expense ratio.
Dividends
HEGD vs. VNQ - Dividend Comparison
HEGD's dividend yield for the trailing twelve months is around 0.34%, less than VNQ's 4.47% 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% |
VNQ Vanguard Real Estate ETF | 4.47% | 3.92% | 3.85% | 3.95% | 3.91% | 2.56% | 3.93% | 3.39% | 4.74% | 4.23% | 4.82% | 3.92% |
Frequently Asked Questions
HEGD and VNQ have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VNQ has higher volatility (5.18%) compared to HEGD (3.30%). In terms of maximum drawdown, HEGD dropped -14.56% vs VNQ's -73.07%.
On 5-year performance, HEGD leads with 8.38% vs 2.74% for VNQ. On fees, VNQ is cheaper at 0.13% per year. On volatility, HEGD has been the lower-risk option at 3.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HEGD has performed better with a 8.38% return vs 2.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VNQ is cheaper with a 0.13% expense ratio, compared with 0.88% for HEGD.
VNQ has the higher dividend yield at 4.47%, compared with 0.34% for HEGD.
HEGD is categorized as Equity Hedged, while VNQ is REIT. They also come from different issuers: Swan and Vanguard. Their fees differ too: 0.88% for HEGD and 0.13% for VNQ.
HEGD currently has the higher Sharpe Ratio (1.88 vs 1.06), 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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