KSPY vs. HEGD
Compare and contrast key facts about Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) and Swan Hedged Equity US Large Cap ETF (HEGD).
KSPY and HEGD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. KSPY is a passively managed fund by KraneShares that tracks the performance of the Hedgeye Hedged Equity Index. It was launched on Jul 15, 2024. HEGD is a passively managed fund by Swan that tracks the performance of the S&P 500. It was launched on Dec 22, 2020. Both KSPY and HEGD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
KSPY vs. HEGD - Performance Comparison
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KSPY vs. HEGD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
KSPY Kraneshares Hedgeye Hedged Equity Index ETF | 0.47% | 13.89% | 3.43% |
HEGD Swan Hedged Equity US Large Cap ETF | -1.73% | 12.95% | 3.14% |
Returns By Period
In the year-to-date period, KSPY achieves a 0.47% return, which is significantly higher than HEGD's -1.73% return.
KSPY
- 1D
- 0.58%
- 1M
- -1.92%
- YTD
- 0.47%
- 6M
- 3.20%
- 1Y
- 15.39%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HEGD
- 1D
- 0.30%
- 1M
- -2.38%
- YTD
- -1.73%
- 6M
- -0.47%
- 1Y
- 13.14%
- 3Y*
- 12.52%
- 5Y*
- 7.98%
- 10Y*
- —
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KSPY vs. HEGD - Expense Ratio Comparison
KSPY has a 0.78% expense ratio, which is lower than HEGD's 0.88% expense ratio.
Return for Risk
KSPY vs. HEGD — Risk / Return Rank
KSPY
HEGD
KSPY vs. HEGD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) and Swan Hedged Equity US Large Cap ETF (HEGD). 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.
| KSPY | HEGD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.30 | 1.65 | -0.36 |
Sortino ratioReturn per unit of downside risk | 1.95 | 2.47 | -0.51 |
Omega ratioGain probability vs. loss probability | 1.35 | 1.31 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 1.94 | 3.08 | -1.15 |
Martin ratioReturn relative to average drawdown | 11.50 | 11.89 | -0.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| KSPY | HEGD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 1.65 | -0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.85 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.95 | 0.91 | +0.04 |
Correlation
The correlation between KSPY and HEGD is 0.82, 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
KSPY vs. HEGD - Dividend Comparison
KSPY's dividend yield for the trailing twelve months is around 6.14%, more than HEGD's 0.36% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
KSPY Kraneshares Hedgeye Hedged Equity Index ETF | 6.14% | 6.16% | 1.31% | 0.00% | 0.00% | 0.00% |
HEGD Swan Hedged Equity US Large Cap ETF | 0.36% | 0.36% | 0.43% | 0.39% | 0.87% | 0.31% |
Drawdowns
KSPY vs. HEGD - Drawdown Comparison
The maximum KSPY drawdown since its inception was -11.67%, smaller than the maximum HEGD drawdown of -14.56%. Use the drawdown chart below to compare losses from any high point for KSPY and HEGD.
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Drawdown Indicators
| KSPY | HEGD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.67% | -14.56% | +2.89% |
Max Drawdown (1Y)Largest decline over 1 year | -8.00% | -4.39% | -3.61% |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.56% | — |
Current DrawdownCurrent decline from peak | -1.94% | -3.15% | +1.21% |
Average DrawdownAverage peak-to-trough decline | -1.29% | -3.76% | +2.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.35% | 1.14% | +0.21% |
Volatility
KSPY vs. HEGD - Volatility Comparison
Kraneshares Hedgeye Hedged Equity Index ETF (KSPY) has a higher volatility of 4.02% compared to Swan Hedged Equity US Large Cap ETF (HEGD) at 2.21%. This indicates that KSPY's price experiences larger fluctuations and is considered to be riskier than HEGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KSPY | HEGD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.02% | 2.21% | +1.81% |
Volatility (6M)Calculated over the trailing 6-month period | 6.26% | 4.93% | +1.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.93% | 8.00% | +3.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.98% | 9.41% | +1.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.98% | 9.40% | +1.58% |