SGOL vs. HEGD
SGOL (abrdn Physical Gold Shares ETF) and HEGD (Swan Hedged Equity US Large Cap ETF) are both exchange-traded funds - SGOL is a Gold fund tracking the LBMA Gold Price PM ($/ozt), while HEGD is a Equity Hedged fund tracking the S&P 500. Both are passively managed. Over the past 5 years, SGOL returned 18.60%/yr vs 9.09%/yr for HEGD. At a 0.14 correlation, their price movements are largely independent. SGOL charges 0.17%/yr vs 0.88%/yr for HEGD.
Performance
SGOL vs. HEGD - Performance Comparison
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Returns By Period
In the year-to-date period, SGOL achieves a 3.85% return, which is significantly lower than HEGD's 7.10% return.
SGOL
- 1D
- 0.85%
- 1M
- -1.66%
- YTD
- 3.85%
- 6M
- 6.30%
- 1Y
- 32.57%
- 3Y*
- 31.48%
- 5Y*
- 18.60%
- 10Y*
- 13.40%
HEGD
- 1D
- 0.24%
- 1M
- 3.09%
- YTD
- 7.10%
- 6M
- 6.51%
- 1Y
- 18.32%
- 3Y*
- 14.78%
- 5Y*
- 9.09%
- 10Y*
- —
SGOL vs. HEGD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SGOL abrdn Physical Gold Shares ETF | 3.85% | 63.99% | 26.90% | 12.99% | -0.51% | -3.94% | 1.50% |
HEGD Swan Hedged Equity US Large Cap ETF | 7.10% | 12.95% | 15.24% | 14.16% | -11.25% | 17.30% | 0.99% |
Correlation
The correlation between SGOL and HEGD is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Dec 24, 2020 | 0.14 |
The correlation between SGOL and HEGD shifts across timeframes, from 0.13 (5 years) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SGOL vs. HEGD — Risk / Return Rank
SGOL
HEGD
SGOL vs. HEGD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Gold Shares ETF (SGOL) 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.
| SGOL | HEGD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.41 | ||
| Sortino ratioReturn per unit of downside risk | -2.15 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.49 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | 4.20 | -2.49 |
| Martin ratioReturn relative to average drawdown | 4.20 | 16.65 | -12.46 |
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
| SGOL | HEGD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 2.65 | -1.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.05 | 0.97 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.84 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 1.07 | -0.51 |
Drawdowns
SGOL vs. HEGD - Drawdown Comparison
The maximum SGOL drawdown since its inception was -45.51%, which is greater than HEGD's maximum drawdown of -14.56%. Use the drawdown chart below to compare losses from any high point for SGOL and HEGD.
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Drawdown Indicators
| SGOL | HEGD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.51% | -14.56% | -30.95% |
Max Drawdown (1Y)Largest decline over 1 year | -19.14% | -4.39% | -14.75% |
Max Drawdown (3Y)Largest decline over 3 years | -19.14% | -8.14% | -11.00% |
Max Drawdown (5Y)Largest decline over 5 years | -20.92% | -14.56% | -6.36% |
Max Drawdown (10Y)Largest decline over 10 years | -21.56% | — | — |
Current DrawdownCurrent decline from peak | -17.02% | -0.39% | -16.63% |
Average DrawdownAverage peak-to-trough decline | -18.41% | -3.66% | -14.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.78% | 1.10% | +6.68% |
Volatility
SGOL vs. HEGD - Volatility Comparison
abrdn Physical Gold Shares ETF (SGOL) has a higher volatility of 5.47% compared to Swan Hedged Equity US Large Cap ETF (HEGD) at 2.29%. This indicates that SGOL'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
| SGOL | HEGD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.47% | 2.29% | +3.18% |
Volatility (6M)Calculated over the trailing 6-month period | 22.94% | 4.95% | +17.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.32% | 6.94% | +19.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.88% | 9.40% | +8.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.91% | 9.35% | +6.56% |
SGOL vs. HEGD - Expense Ratio Comparison
SGOL has a 0.17% expense ratio, which is lower than HEGD's 0.88% expense ratio.
Dividends
SGOL vs. HEGD - Dividend Comparison
SGOL has not paid dividends to shareholders, while HEGD's dividend yield for the trailing twelve months is around 0.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
HEGD Swan Hedged Equity US Large Cap ETF | 0.33% | 0.36% | 0.43% | 0.39% | 0.87% | 0.31% |
SGOL abrdn Physical Gold Shares ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SGOL and HEGD have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SGOL has higher volatility (5.47%) compared to HEGD (2.29%). In terms of maximum drawdown, SGOL dropped -45.51% vs HEGD's -14.56%.
On 5-year performance, SGOL leads with 18.60% vs 9.09% for HEGD. On fees, SGOL is cheaper at 0.17% per year. On volatility, HEGD has been the lower-risk option at 2.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SGOL has performed better with a 18.60% return vs 9.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOL is cheaper with a 0.17% expense ratio, compared with 0.88% for HEGD.
HEGD has the higher dividend yield at 0.33%, compared with 0.00% for SGOL.
SGOL is categorized as Gold, while HEGD is Equity Hedged. SGOL tracks LBMA Gold Price PM ($/ozt), while HEGD tracks S&P 500. They also come from different issuers: abrdn and Swan. Their fees differ too: 0.17% for SGOL and 0.88% for HEGD.
HEGD currently has the higher Sharpe Ratio (2.65 vs 1.24), 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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