HEGD vs. VSIAX

Last updated Jun 4, 2026

HEGD (Swan Hedged Equity US Large Cap ETF) and VSIAX (Vanguard Small-Cap Value Index Fund Admiral Shares) are both funds - HEGD is a Equity Hedged fund tracking the S&P 500, while VSIAX is a Small Cap Value Equities fund managed by Vanguard. Over the past 5 years, HEGD returned 9.03%/yr vs 8.06%/yr for VSIAX. A 0.71 correlation means they provide meaningful diversification when combined. HEGD charges 0.88%/yr vs 0.07%/yr for VSIAX.

Performance

HEGD vs. VSIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Swan Hedged Equity US Large Cap ETF (HEGD) and Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEGD achieves a 6.84% return, which is significantly lower than VSIAX's 12.06% return.

HEGD

• 1D: -0.63%
• 1M: 3.52%
• YTD: 6.84%
• 6M: 6.23%
• 1Y: 17.89%
• 3Y*: 14.64%
• 5Y*: 9.03%
• 10Y*: —

VSIAX

• 1D: 0.86%
• 1M: 2.83%
• YTD: 12.06%
• 6M: 12.39%
• 1Y: 26.25%
• 3Y*: 16.60%
• 5Y*: 8.06%
• 10Y*: 10.56%

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

HEGD vs. VSIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HEGD Swan Hedged Equity US Large Cap ETF	6.84%	12.95%	15.24%	14.16%	-11.25%	17.30%	0.99%
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	12.06%	9.09%	11.34%	17.06%	-9.31%	28.10%	0.18%

Correlation

The correlation between HEGD and VSIAX is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Dec 24, 2020	0.71

The correlation between HEGD and VSIAX has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.

HEGD vs. VSIAX - Sectors Allocation Comparison

Sectors	HEGD	VSIAX
Technology	36.1%	10.6%
Financial Services	11.8%	17.6%
Communication Services	11.0%	2.5%
Consumer Cyclical	10.1%	12.4%
Healthcare	8.4%	7.9%
Industrials	8.2%	18.1%
Consumer Defensive	4.9%	4.0%
Energy	3.5%	5.2%
Utilities	2.3%	4.8%
Real Estate	1.9%	10.1%
Basic Materials	1.8%	6.3%

Return for Risk

HEGD vs. VSIAX — Risk / Return Rank

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

HEGD

HEGD Risk / Return Rank: 79
HEGD Sharpe Ratio Rank: 78
HEGD Sortino Ratio Rank: 81
HEGD Omega Ratio Rank: 78
HEGD Calmar Ratio Rank: 79
HEGD Martin Ratio Rank: 81

VSIAX

VSIAX Risk / Return Rank: 48
VSIAX Sharpe Ratio Rank: 40
VSIAX Sortino Ratio Rank: 41
VSIAX Omega Ratio Rank: 36
VSIAX Calmar Ratio Rank: 67
VSIAX Martin Ratio Rank: 56

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. VSIAX - 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 Small-Cap Value Index Fund Admiral Shares (VSIAX). 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	VSIAX	Difference
Sharpe ratio Return per unit of total volatility	2.59	1.84	+0.75
Sortino ratio Return per unit of downside risk	3.70	2.70	+1.00
Omega ratio Gain probability vs. loss probability	1.47	1.32	+0.15
Calmar ratio Return relative to maximum drawdown	4.10	3.16	+0.94
Martin ratio Return relative to average drawdown	16.25	11.18	+5.07
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. VSIAX - Sharpe Ratio Comparison

The current HEGD Sharpe Ratio is 2.59, which is higher than the VSIAX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of HEGD and VSIAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HEGD	VSIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	1.84	+0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.41	+0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	0.59	+0.47

Drawdowns

HEGD vs. VSIAX - Drawdown Comparison

The maximum HEGD drawdown since its inception was -14.56%, smaller than the maximum VSIAX drawdown of -45.39%. Use the drawdown chart below to compare losses from any high point for HEGD and VSIAX.

Drawdown Indicators

	HEGD	VSIAX	Difference
Max Drawdown Largest peak-to-trough decline	-14.56%	-45.39%	+30.83%
Max Drawdown (1Y) Largest decline over 1 year	-4.39%	-8.87%	+4.48%
Max Drawdown (3Y) Largest decline over 3 years	-8.14%	-24.09%	+15.95%
Max Drawdown (5Y) Largest decline over 5 years	-14.56%	-24.09%	+9.53%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.39%	—
Current Drawdown Current decline from peak	-0.63%	0.00%	-0.63%
Average Drawdown Average peak-to-trough decline	-3.66%	-5.50%	+1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	2.50%	-1.40%

Volatility

HEGD vs. VSIAX - Volatility Comparison

The current volatility for Swan Hedged Equity US Large Cap ETF (HEGD) is 2.34%, while Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) has a volatility of 4.09%. This indicates that HEGD experiences smaller price fluctuations and is considered to be less risky than VSIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEGD	VSIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.34%	4.09%	-1.75%
Volatility (6M) Calculated over the trailing 6-month period	4.95%	10.43%	-5.48%
Volatility (1Y) Calculated over the trailing 1-year period	6.96%	15.19%	-8.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.40%	19.77%	-10.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.35%	22.46%	-13.11%

HEGD vs. VSIAX - Expense Ratio Comparison

HEGD has a 0.88% expense ratio, which is higher than VSIAX's 0.07% expense ratio.

Dividends

HEGD vs. VSIAX - Dividend Comparison

HEGD's dividend yield for the trailing twelve months is around 0.34%, less than VSIAX's 1.75% 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%
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	1.75%	1.95%	1.98%	2.10%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both HEGD and VSIAX in my portfolio?

HEGD and VSIAX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HEGD or VSIAX?

VSIAX has higher volatility (4.09%) compared to HEGD (2.34%). In terms of maximum drawdown, HEGD dropped -14.56% vs VSIAX's -45.39%.

Which has better risk-adjusted returns?

HEGD currently has the higher Sharpe Ratio (2.59 vs 1.84), 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.