KONG vs. HEDG

Last updated Aug 4, 2026

KONG (Formidable Fortress ETF) and HEDG (Equable Shares Hedged Equity ETF) are both Equity Hedged funds. KONG is actively managed, while HEDG is passively managed. Their 0.61 correlation means they have sometimes moved together and sometimes differently. KONG charges 0.89%/yr vs 0.96%/yr for HEDG.

Performance

KONG vs. HEDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Formidable Fortress ETF (KONG) and Equable Shares Hedged Equity ETF (HEDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KONG achieves a 5.64% return, which is significantly higher than HEDG's 4.64% return.

KONG

• 1D: 1.18%
• 1M: 2.29%
• 6M: 4.16%
• YTD: 5.64%
• 1Y: 7.92%
• 3Y*: 8.47%
• 5Y*: 5.52%
• 10Y*: —
• ALL TIME*: 5.71%

HEDG

• 1D: 0.50%
• 1M: 1.30%
• 6M: 3.46%
• YTD: 4.64%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HEDG Equable Shares Hedged Equity ETF	$885.06K	$870.54K	$1.20M
KONG Formidable Fortress ETF	$14.69K	$9.34K	$25.25K

KONG vs. HEDG - Yearly Performance Comparison

	2026 (YTD)	2025
KONG Formidable Fortress ETF	5.64%	2.32%
HEDG Equable Shares Hedged Equity ETF	4.64%	3.20%

Correlation

The correlation between KONG and HEDG is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 13, 2025	0.61

KONG vs. HEDG - Sectors Allocation Comparison

Sectors	KONG	HEDG
Technology	31.3%	38.5%
Industrials	14.4%	8.4%
Healthcare	13.1%	8.9%
Financial Services	7.7%	11.6%
Communication Services	7.3%	9.9%
Real Estate	5.7%	1.8%
Energy	5.5%	3.0%
Basic Materials	4.7%	1.7%
Consumer Cyclical	2.8%	9.5%
Utilities	2.4%	2.2%
Consumer Defensive	2.1%	4.5%

Return for Risk

KONG vs. HEDG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KONG

KONG Risk / Return Rank: 29
KONG Sharpe Ratio Rank: 28
KONG Sortino Ratio Rank: 27
KONG Omega Ratio Rank: 26
KONG Calmar Ratio Rank: 28
KONG Martin Ratio Rank: 34

HEDG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

KONG vs. HEDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Formidable Fortress ETF (KONG) and Equable Shares Hedged Equity ETF (HEDG). 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.

	KONG	HEDG	Difference
Sharpe ratio: Return per unit of total volatility	0.71	—	—
Sortino ratio: Return per unit of downside risk	1.06	—	—
Omega ratio: Gain probability vs. loss probability	1.13	—	—
Calmar ratio: Return relative to maximum drawdown	0.93	—	—
Martin ratio: Return relative to average drawdown	3.48	—	—

Drawdowns

KONG vs. HEDG - Drawdown Comparison

The maximum KONG drawdown since its inception was -19.98%, which is greater than HEDG's maximum drawdown of -3.85%. Use the drawdown chart below to compare losses from any high point for KONG and HEDG.

Drawdown Indicators

	KONG	HEDG	Difference
Max Drawdown Largest peak-to-trough decline	-19.98%	-3.85%	-16.13%
Max Drawdown (1Y) Largest decline over 1 year	-8.54%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.48%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.34%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.68%	-0.38%	-5.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	—	—

Volatility

Volatility by Period

	KONG	HEDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.20%	5.80%	+5.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.92%	5.80%	+8.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.50%	5.80%	+8.70%

KONG vs. HEDG - Expense Ratio Comparison

KONG has a 0.89% expense ratio, which is lower than HEDG's 0.96% expense ratio.

Dividends

KONG vs. HEDG - Dividend Comparison

KONG's dividend yield for the trailing twelve months is around 0.35%, less than HEDG's 2.30% yield.

Position	TTM	2025	2024	2023	2022	2021
HEDG Equable Shares Hedged Equity ETF	2.30%	1.38%	0.00%	0.00%	0.00%	0.00%
KONG Formidable Fortress ETF	0.35%	0.37%	0.78%	0.69%	0.49%	0.12%

Frequently Asked Questions

Can I hold both KONG and HEDG in my portfolio?

KONG and HEDG have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, KONG or HEDG?

On fees, KONG is cheaper at 0.89% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, KONG or HEDG?

KONG is cheaper with a 0.89% expense ratio, compared with 0.96% for HEDG.

Which ETF pays a higher dividend yield, KONG or HEDG?

HEDG has the higher dividend yield at 2.30%, compared with 0.35% for KONG.

What is the main difference between KONG and HEDG?

They also come from different issuers: Formidable and Equable Shares. Their fees differ too: 0.89% for KONG and 0.96% for HEDG.