JHQDX vs. SDAIX

Last updated Jun 4, 2026

JHQDX (JPMorgan Hedged Equity 2 Fund Class I) and SDAIX (Swan Defined Risk Growth Fund) are both Options Trading funds. Over the past 5 years, JHQDX returned 8.03%/yr vs 8.31%/yr for SDAIX. Their correlation of 0.90 suggests significant overlap in exposure. JHQDX charges 0.60%/yr vs 1.40%/yr for SDAIX.

Performance

JHQDX vs. SDAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Hedged Equity 2 Fund Class I (JHQDX) and Swan Defined Risk Growth Fund (SDAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JHQDX achieves a 6.05% return, which is significantly lower than SDAIX's 6.92% return.

JHQDX

• 1D: -0.09%
• 1M: 1.64%
• YTD: 6.05%
• 6M: 6.32%
• 1Y: 14.00%
• 3Y*: 11.60%
• 5Y*: 8.03%
• 10Y*: —

SDAIX

• 1D: 0.18%
• 1M: 4.55%
• YTD: 6.92%
• 6M: 6.58%
• 1Y: 20.23%
• 3Y*: 14.17%
• 5Y*: 8.31%
• 10Y*: —

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

JHQDX vs. SDAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JHQDX JPMorgan Hedged Equity 2 Fund Class I	6.05%	7.56%	18.03%	15.26%	-13.30%	14.40%
SDAIX Swan Defined Risk Growth Fund	6.92%	14.14%	13.81%	16.25%	-17.87%	20.69%

Correlation

The correlation between JHQDX and SDAIX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Mar 1, 2021	0.90

The correlation between JHQDX and SDAIX has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

Return for Risk

JHQDX vs. SDAIX — Risk / Return Rank

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

JHQDX

JHQDX Risk / Return Rank: 53
JHQDX Sharpe Ratio Rank: 50
JHQDX Sortino Ratio Rank: 50
JHQDX Omega Ratio Rank: 58
JHQDX Calmar Ratio Rank: 49
JHQDX Martin Ratio Rank: 60

SDAIX

SDAIX Risk / Return Rank: 51
SDAIX Sharpe Ratio Rank: 54
SDAIX Sortino Ratio Rank: 49
SDAIX Omega Ratio Rank: 54
SDAIX Calmar Ratio Rank: 42
SDAIX Martin Ratio Rank: 57

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.

JHQDX vs. SDAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Hedged Equity 2 Fund Class I (JHQDX) and Swan Defined Risk Growth Fund (SDAIX). 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.

	JHQDX	SDAIX	Difference
Sharpe ratio Return per unit of total volatility	2.10	2.16	-0.06
Sortino ratio Return per unit of downside risk	2.97	2.96	+0.01
Omega ratio Gain probability vs. loss probability	1.43	1.41	+0.02
Calmar ratio Return relative to maximum drawdown	2.64	2.47	+0.17
Martin ratio Return relative to average drawdown	11.85	11.49	+0.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JHQDX vs. SDAIX - Sharpe Ratio Comparison

The current JHQDX Sharpe Ratio is 2.10, which is comparable to the SDAIX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of JHQDX and SDAIX, 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

	JHQDX	SDAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	2.16	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	0.67	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.86	+0.13

Drawdowns

JHQDX vs. SDAIX - Drawdown Comparison

The maximum JHQDX drawdown since its inception was -15.25%, smaller than the maximum SDAIX drawdown of -24.26%. Use the drawdown chart below to compare losses from any high point for JHQDX and SDAIX.

Drawdown Indicators

	JHQDX	SDAIX	Difference
Max Drawdown Largest peak-to-trough decline	-15.25%	-24.26%	+9.01%
Max Drawdown (1Y) Largest decline over 1 year	-5.41%	-8.37%	+2.96%
Max Drawdown (3Y) Largest decline over 3 years	-9.27%	-14.25%	+4.98%
Max Drawdown (5Y) Largest decline over 5 years	-15.25%	-22.89%	+7.64%
Current Drawdown Current decline from peak	-0.09%	0.00%	-0.09%
Average Drawdown Average peak-to-trough decline	-3.23%	-4.99%	+1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	1.80%	-0.60%

Volatility

JHQDX vs. SDAIX - Volatility Comparison

The current volatility for JPMorgan Hedged Equity 2 Fund Class I (JHQDX) is 1.06%, while Swan Defined Risk Growth Fund (SDAIX) has a volatility of 2.26%. This indicates that JHQDX experiences smaller price fluctuations and is considered to be less risky than SDAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JHQDX	SDAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	2.26%	-1.20%
Volatility (6M) Calculated over the trailing 6-month period	5.53%	7.57%	-2.04%
Volatility (1Y) Calculated over the trailing 1-year period	6.82%	9.56%	-2.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.78%	12.46%	-3.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.66%	13.40%	-4.74%

JHQDX vs. SDAIX - Expense Ratio Comparison

JHQDX has a 0.60% expense ratio, which is lower than SDAIX's 1.40% expense ratio.

Dividends

JHQDX vs. SDAIX - Dividend Comparison

JHQDX's dividend yield for the trailing twelve months is around 0.47%, while SDAIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
JHQDX JPMorgan Hedged Equity 2 Fund Class I	0.47%	0.50%	0.75%	0.96%	6.91%	0.40%	0.00%	0.00%
SDAIX Swan Defined Risk Growth Fund	0.00%	0.00%	0.00%	28.80%	0.00%	0.00%	0.62%	1.62%

Frequently Asked Questions

Can I hold both JHQDX and SDAIX in my portfolio?

JHQDX and SDAIX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JHQDX or SDAIX?

SDAIX has higher volatility (2.26%) compared to JHQDX (1.06%). In terms of maximum drawdown, JHQDX dropped -15.25% vs SDAIX's -24.26%.

Which has better risk-adjusted returns?

SDAIX currently has the higher Sharpe Ratio (2.16 vs 2.10), 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.