SNTH vs. HEGD

Last updated Jun 4, 2026

SNTH (MRP SynthEquity ETF) and HEGD (Swan Hedged Equity US Large Cap ETF) are both Equity Hedged funds. SNTH is actively managed, while HEGD is passively managed. Over the past year, SNTH returned 28.52% vs 17.89% for HEGD. Their correlation of 0.91 suggests significant overlap in exposure. SNTH charges 0.95%/yr vs 0.88%/yr for HEGD.

Performance

SNTH vs. HEGD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MRP SynthEquity ETF (SNTH) 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, SNTH achieves a 10.28% return, which is significantly higher than HEGD's 6.84% return.

SNTH

• 1D: -0.70%
• 1M: 5.21%
• YTD: 10.28%
• 6M: 9.02%
• 1Y: 28.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEGD

• 1D: -0.63%
• 1M: 3.52%
• YTD: 6.84%
• 6M: 6.23%
• 1Y: 17.89%
• 3Y*: 14.64%
• 5Y*: 9.03%
• 10Y*: —

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

SNTH vs. HEGD - Yearly Performance Comparison

	2026 (YTD)	2025
SNTH MRP SynthEquity ETF	10.28%	23.89%
HEGD Swan Hedged Equity US Large Cap ETF	6.84%	15.31%

Correlation

The correlation between SNTH 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 (All Time) Calculated using the full available price history since Mar 12, 2025	0.91

The correlation between SNTH and HEGD has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

Return for Risk

SNTH vs. HEGD — Risk / Return Rank

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

SNTH

SNTH Risk / Return Rank: 67
SNTH Sharpe Ratio Rank: 71
SNTH Sortino Ratio Rank: 71
SNTH Omega Ratio Rank: 66
SNTH Calmar Ratio Rank: 65
SNTH Martin Ratio Rank: 62

HEGD

HEGD Risk / Return Rank: 79
HEGD Sharpe Ratio Rank: 78
HEGD Sortino Ratio Rank: 81
HEGD Omega Ratio Rank: 78
HEGD Calmar Ratio Rank: 79
HEGD Martin Ratio Rank: 81

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.

SNTH vs. HEGD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MRP SynthEquity ETF (SNTH) 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.

	SNTH	HEGD	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.59	-0.29
Sortino ratio: Return per unit of downside risk	3.18	3.70	-0.52
Omega ratio: Gain probability vs. loss probability	1.39	1.47	-0.08
Calmar ratio: Return relative to maximum drawdown	3.18	4.10	-0.91
Martin ratio: Return relative to average drawdown	11.05	16.25	-5.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SNTH vs. HEGD - Sharpe Ratio Comparison

The current SNTH Sharpe Ratio is 2.30, which is comparable to the HEGD Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of SNTH 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.

Sharpe Ratios by Period

	SNTH	HEGD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.59	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.87	1.06	+0.81

Drawdowns

SNTH vs. HEGD - Drawdown Comparison

The maximum SNTH drawdown since its inception was -9.79%, smaller than the maximum HEGD drawdown of -14.56%. Use the drawdown chart below to compare losses from any high point for SNTH and HEGD.

Drawdown Indicators

	SNTH	HEGD	Difference
Max Drawdown Largest peak-to-trough decline	-9.79%	-14.56%	+4.77%
Max Drawdown (1Y) Largest decline over 1 year	-8.99%	-4.39%	-4.60%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.56%	—
Current Drawdown Current decline from peak	-0.70%	-0.63%	-0.07%
Average Drawdown Average peak-to-trough decline	-1.96%	-3.66%	+1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	1.10%	+1.49%

Volatility

SNTH vs. HEGD - Volatility Comparison

MRP SynthEquity ETF (SNTH) has a higher volatility of 3.19% compared to Swan Hedged Equity US Large Cap ETF (HEGD) at 2.34%. This indicates that SNTH'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

	SNTH	HEGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	2.34%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	8.41%	4.95%	+3.46%
Volatility (1Y) Calculated over the trailing 1-year period	12.47%	6.96%	+5.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.54%	9.40%	+6.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.54%	9.35%	+6.19%

SNTH vs. HEGD - Expense Ratio Comparison

SNTH has a 0.95% expense ratio, which is higher than HEGD's 0.88% expense ratio.

Dividends

SNTH vs. HEGD - Dividend Comparison

SNTH's dividend yield for the trailing twelve months is around 10.91%, 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%
SNTH MRP SynthEquity ETF	10.91%	11.55%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SNTH and HEGD in my portfolio?

With a correlation of 0.91, SNTH 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, SNTH or HEGD?

SNTH has higher volatility (3.19%) compared to HEGD (2.34%). In terms of maximum drawdown, SNTH dropped -9.79% vs HEGD's -14.56%.

Which ETF is better, SNTH or HEGD?

On 1-year performance, SNTH leads with 28.52% vs 17.89% for HEGD. On fees, HEGD is cheaper at 0.88% per year. On volatility, HEGD has been the lower-risk option at 2.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SNTH or HEGD?

Over the 1-year period, SNTH has performed better with a 28.52% return vs 17.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SNTH or HEGD?

HEGD is cheaper with a 0.88% expense ratio, compared with 0.95% for SNTH.

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

SNTH has the higher dividend yield at 10.91%, compared with 0.34% for HEGD.

What is the main difference between SNTH and HEGD?

They also come from different issuers: MRP and Swan. Their fees differ too: 0.95% for SNTH and 0.88% for HEGD.

Which has better risk-adjusted returns?

HEGD currently has the higher Sharpe Ratio (2.59 vs 2.30), 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.