OVLH vs. HEGD

Last updated Jun 24, 2026

OVLH (Overlay Shares Hedged Large Cap Equity ETF) and HEGD (Swan Hedged Equity US Large Cap ETF) are both Equity Hedged funds. Both are actively managed. Over the past 5 years, OVLH returned 9.11%/yr vs 8.45%/yr for HEGD. Their correlation of 0.90 suggests significant overlap in exposure. OVLH charges 0.80%/yr vs 0.88%/yr for HEGD.

Performance

OVLH vs. HEGD - Performance Comparison

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

Returns By Period

In the year-to-date period, OVLH achieves a 4.90% return, which is significantly higher than HEGD's 4.64% return.

OVLH

• 1D: -0.97%
• 1M: -1.38%
• YTD: 4.90%
• 6M: 4.28%
• 1Y: 15.28%
• 3Y*: 15.44%
• 5Y*: 9.11%
• 10Y*: —

HEGD

• 1D: -0.90%
• 1M: -1.16%
• YTD: 4.64%
• 6M: 3.89%
• 1Y: 15.13%
• 3Y*: 13.52%
• 5Y*: 8.45%
• 10Y*: —

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

OVLH vs. HEGD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OVLH Overlay Shares Hedged Large Cap Equity ETF	4.90%	15.77%	18.44%	16.93%	-16.16%	19.70%
HEGD Swan Hedged Equity US Large Cap ETF	4.64%	12.95%	15.24%	14.16%	-11.25%	15.94%

Correlation

The correlation between OVLH and HEGD is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021	0.90

The correlation between OVLH and HEGD has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

OVLH vs. HEGD - Sectors Allocation Comparison

Sectors	OVLH	HEGD
Technology	35.7%	39.0%
Financial Services	11.6%	11.1%
Communication Services	11.2%	10.6%
Consumer Cyclical	10.2%	9.9%
Healthcare	8.5%	8.3%
Industrials	8.3%	7.8%
Consumer Defensive	4.9%	4.5%
Energy	3.5%	3.1%
Utilities	2.4%	2.1%
Real Estate	1.9%	1.8%
Basic Materials	1.8%	1.7%

Return for Risk

OVLH vs. HEGD — Risk / Return Rank

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

OVLH

OVLH Risk / Return Rank: 53
OVLH Sharpe Ratio Rank: 53
OVLH Sortino Ratio Rank: 54
OVLH Omega Ratio Rank: 51
OVLH Calmar Ratio Rank: 52
OVLH Martin Ratio Rank: 57

HEGD

HEGD Risk / Return Rank: 67
HEGD Sharpe Ratio Rank: 64
HEGD Sortino Ratio Rank: 64
HEGD Omega Ratio Rank: 63
HEGD Calmar Ratio Rank: 71
HEGD Martin Ratio Rank: 71

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.

OVLH vs. HEGD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Hedged Large Cap Equity ETF (OVLH) 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.

	OVLH	HEGD	Difference
Sharpe ratio: Return per unit of total volatility	1.72	2.03	-0.31
Sortino ratio: Return per unit of downside risk	2.44	2.82	-0.39
Omega ratio: Gain probability vs. loss probability	1.31	1.37	-0.06
Calmar ratio: Return relative to maximum drawdown	2.41	3.46	-1.05
Martin ratio: Return relative to average drawdown	9.50	12.69	-3.19

OVLH vs. HEGD - Sharpe Ratio Comparison

The current OVLH Sharpe Ratio is 1.72, which is comparable to the HEGD Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of OVLH 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

OVLH vs. HEGD - Drawdown Comparison

The maximum OVLH drawdown since its inception was -20.69%, which is greater than HEGD's maximum drawdown of -14.56%. Use the drawdown chart below to compare losses from any high point for OVLH and HEGD.

Drawdown Indicators

	OVLH	HEGD	Difference
Max Drawdown Largest peak-to-trough decline	-20.69%	-14.56%	-6.13%
Max Drawdown (1Y) Largest decline over 1 year	-6.36%	-4.39%	-1.97%
Max Drawdown (3Y) Largest decline over 3 years	-9.57%	-8.14%	-1.43%
Max Drawdown (5Y) Largest decline over 5 years	-20.69%	-14.56%	-6.13%
Current Drawdown Current decline from peak	-2.75%	-2.67%	-0.08%
Average Drawdown Average peak-to-trough decline	-4.99%	-3.65%	-1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	1.19%	+0.42%

Volatility

OVLH vs. HEGD - Volatility Comparison

Overlay Shares Hedged Large Cap Equity ETF (OVLH) has a higher volatility of 3.54% compared to Swan Hedged Equity US Large Cap ETF (HEGD) at 3.36%. This indicates that OVLH'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.

Volatility by Period

	OVLH	HEGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	3.36%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	6.89%	5.62%	+1.27%
Volatility (1Y) Calculated over the trailing 1-year period	8.96%	7.52%	+1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.78%	9.49%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.83%	9.40%	+2.43%

OVLH vs. HEGD - Expense Ratio Comparison

OVLH has a 0.80% expense ratio, which is lower than HEGD's 0.88% expense ratio.

Dividends

OVLH vs. HEGD - Dividend Comparison

OVLH's dividend yield for the trailing twelve months is around 0.29%, less 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%
OVLH Overlay Shares Hedged Large Cap Equity ETF	0.29%	0.30%	0.32%	0.83%	0.79%	0.40%

Frequently Asked Questions

Can I hold both OVLH and HEGD in my portfolio?

With a correlation of 0.93, OVLH 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.

Which is riskier, OVLH or HEGD?

OVLH has higher volatility (3.54%) compared to HEGD (3.36%). In terms of maximum drawdown, OVLH dropped -20.69% vs HEGD's -14.56%.

Which ETF is better, OVLH or HEGD?

On 5-year performance, OVLH leads with 9.11% vs 8.45% for HEGD. On fees, OVLH is cheaper at 0.80% per year. On volatility, HEGD has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVLH or HEGD?

Over the 5-year period, OVLH has performed better with a 9.11% return vs 8.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVLH or HEGD?

OVLH is cheaper with a 0.80% expense ratio, compared with 0.88% for HEGD.

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

HEGD has the higher dividend yield at 0.34%, compared with 0.29% for OVLH.

What is the main difference between OVLH and HEGD?

They also come from different issuers: Liquid Strategies and Swan. Their fees differ too: 0.80% for OVLH and 0.88% for HEGD.

Which has better risk-adjusted returns?

HEGD currently has the higher Sharpe Ratio (2.03 vs 1.72), 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.