SPYA vs. HEDG

Last updated Jun 3, 2026

SPYA (Twin Oak Endure ETF) and HEDG (Equable Shares Hedged Equity ETF) are both Equity Hedged funds. SPYA is actively managed, while HEDG is passively managed. Their correlation of 0.80 suggests significant overlap in exposure. SPYA charges 0.49%/yr vs 0.96%/yr for HEDG.

Performance

SPYA vs. HEDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Twin Oak Endure ETF (SPYA) and Equable Shares Hedged Equity ETF (HEDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYA achieves a 8.76% return, which is significantly higher than HEDG's 2.64% return.

SPYA

• 1D: 0.16%
• 1M: 4.92%
• YTD: 8.76%
• 6M: 8.54%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEDG

• 1D: 0.03%
• 1M: 0.69%
• YTD: 2.64%
• 6M: 3.86%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYA vs. HEDG - Yearly Performance Comparison

	2026 (YTD)	2025
SPYA Twin Oak Endure ETF	8.76%	2.49%
HEDG Equable Shares Hedged Equity ETF	2.64%	3.16%

Correlation

The correlation between SPYA and HEDG is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025	0.80

Return for Risk

SPYA vs. HEDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Endure ETF (SPYA) and Equable Shares Hedged Equity ETF (HEDG). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPYA	HEDG	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.95	1.61	+0.34

Drawdowns

SPYA vs. HEDG - Drawdown Comparison

The maximum SPYA drawdown since its inception was -9.51%, which is greater than HEDG's maximum drawdown of -3.85%. Use the drawdown chart below to compare losses from any high point for SPYA and HEDG.

Drawdown Indicators

	SPYA	HEDG	Difference
Max Drawdown Largest peak-to-trough decline	-9.51%	-3.85%	-5.66%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.45%	-0.39%	-1.06%

Volatility

Volatility by Period

	SPYA	HEDG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	11.14%	5.92%	+5.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.14%	5.92%	+5.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.14%	5.92%	+5.22%

SPYA vs. HEDG - Expense Ratio Comparison

SPYA has a 0.49% expense ratio, which is lower than HEDG's 0.96% expense ratio.

Dividends

SPYA vs. HEDG - Dividend Comparison

SPYA's dividend yield for the trailing twelve months is around 0.34%, less than HEDG's 1.84% yield.

Position	TTM	2025
HEDG Equable Shares Hedged Equity ETF	1.84%	1.38%
SPYA Twin Oak Endure ETF	0.34%	0.37%

Frequently Asked Questions

Can I hold both SPYA and HEDG in my portfolio?

SPYA and HEDG have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPYA or HEDG?

On fees, SPYA is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPYA or HEDG?

SPYA is cheaper with a 0.49% expense ratio, compared with 0.96% for HEDG.

Which ETF pays a higher dividend yield, SPYA or HEDG?

HEDG has the higher dividend yield at 1.84%, compared with 0.34% for SPYA.

What is the main difference between SPYA and HEDG?

They also come from different issuers: Twin Oak and Equable Shares. Their fees differ too: 0.49% for SPYA and 0.96% for HEDG.