OCTZ vs. HEGD
OCTZ (TrueShares Structured Outcome (October) ETF) and HEGD (Swan Hedged Equity US Large Cap ETF) are both exchange-traded funds - OCTZ is a Defined Outcome fund actively managed by TrueShares, while HEGD is a Equity Hedged fund actively managed by Swan. Both are actively managed. Over the past 5 years, OCTZ returned 10.79%/yr vs 8.76%/yr for HEGD. Their correlation of 0.90 suggests significant overlap in exposure. OCTZ charges 0.79%/yr vs 0.88%/yr for HEGD.
Performance
OCTZ vs. HEGD - Performance Comparison
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Returns By Period
In the year-to-date period, OCTZ achieves a 7.18% return, which is significantly higher than HEGD's 5.59% return.
OCTZ
- 1D
- -0.38%
- 1M
- -0.02%
- YTD
- 7.18%
- 6M
- 6.91%
- 1Y
- 19.51%
- 3Y*
- 15.55%
- 5Y*
- 10.79%
- 10Y*
- —
HEGD
- 1D
- -0.37%
- 1M
- -0.26%
- YTD
- 5.59%
- 6M
- 5.05%
- 1Y
- 16.85%
- 3Y*
- 13.86%
- 5Y*
- 8.76%
- 10Y*
- —
OCTZ vs. HEGD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
OCTZ TrueShares Structured Outcome (October) ETF | 7.18% | 12.89% | 18.89% | 18.18% | -10.23% | 20.49% | 1.39% |
HEGD Swan Hedged Equity US Large Cap ETF | 5.59% | 12.95% | 15.24% | 14.16% | -11.25% | 17.30% | 0.75% |
Correlation
The correlation between OCTZ and HEGD is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Dec 23, 2020 | 0.90 |
The correlation between OCTZ and HEGD has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.
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Return for Risk
OCTZ vs. HEGD — Risk / Return Rank
OCTZ
HEGD
OCTZ vs. HEGD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (October) ETF (OCTZ) 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.
| OCTZ | HEGD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.41 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.68 | 3.86 | -1.18 |
| Martin ratioReturn relative to average drawdown | 11.03 | 14.28 | -3.25 |
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Drawdowns
OCTZ vs. HEGD - Drawdown Comparison
The maximum OCTZ drawdown since its inception was -15.82%, which is greater than HEGD's maximum drawdown of -14.56%. Use the drawdown chart below to compare losses from any high point for OCTZ and HEGD.
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Drawdown Indicators
| OCTZ | HEGD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.82% | -14.56% | -1.26% |
Max Drawdown (1Y)Largest decline over 1 year | -7.31% | -4.39% | -2.92% |
Max Drawdown (3Y)Largest decline over 3 years | -14.07% | -8.14% | -5.93% |
Max Drawdown (5Y)Largest decline over 5 years | -15.82% | -14.56% | -1.26% |
Current DrawdownCurrent decline from peak | -1.45% | -1.79% | +0.34% |
Average DrawdownAverage peak-to-trough decline | -3.15% | -3.65% | +0.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.77% | 1.18% | +0.59% |
Volatility
OCTZ vs. HEGD - Volatility Comparison
TrueShares Structured Outcome (October) ETF (OCTZ) has a higher volatility of 3.82% compared to Swan Hedged Equity US Large Cap ETF (HEGD) at 3.24%. This indicates that OCTZ'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
| OCTZ | HEGD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.82% | 3.24% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 7.98% | 5.58% | +2.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.94% | 7.47% | +2.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.48% | 9.48% | +3.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.41% | 9.39% | +3.02% |
OCTZ vs. HEGD - Expense Ratio Comparison
OCTZ has a 0.79% expense ratio, which is lower than HEGD's 0.88% expense ratio.
Dividends
OCTZ vs. HEGD - Dividend Comparison
OCTZ's dividend yield for the trailing twelve months is around 3.72%, more than HEGD's 0.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
HEGD Swan Hedged Equity US Large Cap ETF | 0.34% | 0.36% | 0.43% | 0.39% | 0.87% | 0.31% |
OCTZ TrueShares Structured Outcome (October) ETF | 3.72% | 3.99% | 1.26% | 3.28% | 0.67% | 0.00% |
Frequently Asked Questions
With a correlation of 0.91, OCTZ and HEGD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
OCTZ has higher volatility (3.82%) compared to HEGD (3.24%). In terms of maximum drawdown, OCTZ dropped -15.82% vs HEGD's -14.56%.
On 5-year performance, OCTZ leads with 10.79% vs 8.76% for HEGD. On fees, OCTZ is cheaper at 0.79% per year. On volatility, HEGD has been the lower-risk option at 3.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OCTZ has performed better with a 10.79% return vs 8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OCTZ is cheaper with a 0.79% expense ratio, compared with 0.88% for HEGD.
OCTZ has the higher dividend yield at 3.72%, compared with 0.34% for HEGD.
OCTZ is categorized as Defined Outcome, while HEGD is Equity Hedged. They also come from different issuers: TrueShares and Swan. Their fees differ too: 0.79% for OCTZ and 0.88% for HEGD.
HEGD currently has the higher Sharpe Ratio (2.27 vs 1.97), 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.
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