MRSK vs. HEGD

Last updated Aug 4, 2026

MRSK (Agility Shares Managed Risk ETF) and HEGD (Swan Hedged Equity US Large Cap ETF) are both Equity Hedged funds. Both are actively managed. Over the past 5 years, MRSK returned 7.63%/yr vs 8.30%/yr for HEGD. Their 0.80 correlation means they have sometimes moved together and sometimes differently. MRSK charges 0.99%/yr vs 0.88%/yr for HEGD.

Performance

MRSK vs. HEGD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Agility Shares Managed Risk ETF (MRSK) and Swan Hedged Equity US Large Cap ETF (HEGD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MRSK having a 6.64% return and HEGD slightly higher at 6.74%.

MRSK

• 1D: 0.81%
• 1M: 1.48%
• 6M: 5.13%
• YTD: 6.64%
• 1Y: 17.03%
• 3Y*: 11.11%
• 5Y*: 7.63%
• 10Y*: —
• ALL TIME*: 11.15%

HEGD

• 1D: 1.13%
• 1M: 1.05%
• 6M: 5.24%
• YTD: 6.74%
• 1Y: 14.63%
• 3Y*: 13.49%
• 5Y*: 8.30%
• 10Y*: —
• ALL TIME*: 9.50%

*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)
HEGD Swan Hedged Equity US Large Cap ETF	$1.90M	$1.92M	$2.57M
MRSK Agility Shares Managed Risk ETF	$835.57K	$1.53M	$1.06M

MRSK vs. HEGD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MRSK Agility Shares Managed Risk ETF	6.64%	11.93%	14.62%	13.29%	-11.86%	20.74%	1.60%
HEGD Swan Hedged Equity US Large Cap ETF	6.74%	12.95%	15.24%	14.16%	-11.25%	17.30%	0.75%

Correlation

The correlation between MRSK and HEGD is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (All Time) Calculated using the full available price history since Dec 23, 2020	0.80

The correlation between MRSK and HEGD has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.

Return for Risk

MRSK vs. HEGD — Risk / Return Rank

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

MRSK

MRSK Risk / Return Rank: 64
MRSK Sharpe Ratio Rank: 65
MRSK Sortino Ratio Rank: 62
MRSK Omega Ratio Rank: 66
MRSK Calmar Ratio Rank: 59
MRSK Martin Ratio Rank: 67

HEGD

HEGD Risk / Return Rank: 81
HEGD Sharpe Ratio Rank: 80
HEGD Sortino Ratio Rank: 80
HEGD Omega Ratio Rank: 78
HEGD Calmar Ratio Rank: 85
HEGD Martin Ratio Rank: 81

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.

MRSK vs. HEGD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Agility Shares Managed Risk ETF (MRSK) 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.

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.

	MRSK	HEGD	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.89	-0.31
Sortino ratio: Return per unit of downside risk	2.19	2.66	-0.47
Omega ratio: Gain probability vs. loss probability	1.29	1.34	-0.04
Calmar ratio: Return relative to maximum drawdown	2.19	3.35	-1.16
Martin ratio: Return relative to average drawdown	8.57	10.86	-2.29

MRSK vs. HEGD - Sharpe Ratio Comparison

The current MRSK Sharpe Ratio is 1.57, which is comparable to the HEGD Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of MRSK and HEGD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MRSK vs. HEGD - Drawdown Comparison

The maximum MRSK drawdown since its inception was -14.70%, roughly equal to the maximum HEGD drawdown of -14.56%. Use the drawdown chart below to compare losses from any high point for MRSK and HEGD.

Drawdown Indicators

	MRSK	HEGD	Difference
Max Drawdown Largest peak-to-trough decline	-14.70%	-14.56%	-0.14%
Max Drawdown (1Y) Largest decline over 1 year	-7.82%	-4.39%	-3.43%
Max Drawdown (3Y) Largest decline over 3 years	-12.22%	-8.14%	-4.08%
Max Drawdown (5Y) Largest decline over 5 years	-14.70%	-14.56%	-0.14%
Current Drawdown Current decline from peak	0.00%	-0.72%	+0.72%
Average Drawdown Average peak-to-trough decline	-3.51%	-3.61%	+0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.35%	+0.64%

Volatility

MRSK vs. HEGD - Volatility Comparison

The current volatility for Agility Shares Managed Risk ETF (MRSK) is 1.93%, while Swan Hedged Equity US Large Cap ETF (HEGD) has a volatility of 2.74%. This indicates that MRSK experiences smaller price fluctuations and is considered to be less risky than HEGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MRSK	HEGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.93%	2.74%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	8.09%	6.02%	+2.07%
Volatility (1Y) Calculated over the trailing 1-year period	10.91%	7.81%	+3.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.78%	9.51%	+2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.80%	9.39%	+2.41%

MRSK vs. HEGD - Expense Ratio Comparison

MRSK has a 0.99% expense ratio, which is higher than HEGD's 0.88% expense ratio.

Dividends

MRSK vs. HEGD - Dividend Comparison

MRSK's dividend yield for the trailing twelve months is around 0.35%, more than HEGD's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HEGD Swan Hedged Equity US Large Cap ETF	0.34%	0.36%	0.43%	0.39%	0.87%	0.31%	0.00%
MRSK Agility Shares Managed Risk ETF	0.35%	0.37%	0.44%	0.60%	1.11%	14.20%	4.29%

Frequently Asked Questions

Can I hold both MRSK and HEGD in my portfolio?

MRSK and HEGD have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MRSK or HEGD?

HEGD has higher volatility (2.74%) compared to MRSK (1.93%). In terms of maximum drawdown, MRSK dropped -14.70% vs HEGD's -14.56%.

Which ETF is better, MRSK or HEGD?

On 5-year performance, HEGD leads with 8.30% vs 7.63% for MRSK. On fees, HEGD is cheaper at 0.88% per year. On volatility, MRSK has been the lower-risk option at 1.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MRSK or HEGD?

Over the 5-year period, HEGD has performed better with a 8.30% return vs 7.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRSK or HEGD?

HEGD is cheaper with a 0.88% expense ratio, compared with 0.99% for MRSK.

Which ETF pays a higher dividend yield, MRSK or HEGD?

MRSK has the higher dividend yield at 0.35%, compared with 0.34% for HEGD.

What is the main difference between MRSK and HEGD?

They also come from different issuers: Toews and Swan. Their fees differ too: 0.99% for MRSK and 0.88% for HEGD.

Which has better risk-adjusted returns?

HEGD currently has the higher Sharpe Ratio (1.89 vs 1.57), 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.