SPYH vs. HEDG

Last updated Jun 4, 2026

SPYH (NEOS S&P 500 Hedged Equity Income ETF) and HEDG (Equable Shares Hedged Equity ETF) are both Equity Hedged funds. SPYH is actively managed, while HEDG is passively managed. Their correlation of 0.85 suggests significant overlap in exposure. SPYH charges 0.68%/yr vs 0.96%/yr for HEDG.

Performance

SPYH vs. HEDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 Hedged Equity Income ETF (SPYH) 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, SPYH achieves a 5.74% return, which is significantly higher than HEDG's 2.64% return.

SPYH

• 1D: -0.39%
• 1M: 3.32%
• YTD: 5.74%
• 6M: 6.16%
• 1Y: 18.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEDG

• 1D: 0.00%
• 1M: 0.64%
• YTD: 2.64%
• 6M: 3.75%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYH vs. HEDG - Yearly Performance Comparison

	2026 (YTD)	2025
SPYH NEOS S&P 500 Hedged Equity Income ETF	5.74%	3.00%
HEDG Equable Shares Hedged Equity ETF	2.64%	3.16%

Correlation

The correlation between SPYH and HEDG is 0.85, 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	0.85

SPYH vs. HEDG - Sectors Allocation Comparison

Sectors	SPYH	HEDG
Technology	35.5%	36.2%
Financial Services	12.0%	11.9%
Communication Services	11.4%	10.9%
Consumer Cyclical	9.9%	10.1%
Healthcare	8.4%	8.4%
Industrials	7.8%	8.1%
Consumer Defensive	5.1%	4.9%
Energy	3.6%	3.5%
Utilities	2.5%	2.3%
Real Estate	2.0%	1.9%
Basic Materials	1.7%	1.8%

Return for Risk

SPYH vs. HEDG — Risk / Return Rank

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

SPYH

SPYH Risk / Return Rank: 73
SPYH Sharpe Ratio Rank: 74
SPYH Sortino Ratio Rank: 74
SPYH Omega Ratio Rank: 77
SPYH Calmar Ratio Rank: 64
SPYH Martin Ratio Rank: 78

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.

SPYH vs. HEDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 Hedged Equity Income ETF (SPYH) 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.

	SPYH	HEDG	Difference
Sharpe ratio Return per unit of total volatility	2.42	—	—
Sortino ratio Return per unit of downside risk	3.35	—	—
Omega ratio Gain probability vs. loss probability	1.46	—	—
Calmar ratio Return relative to maximum drawdown	3.13	—	—
Martin ratio Return relative to average drawdown	15.14	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPYH	HEDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.93	1.60	+0.33

Drawdowns

SPYH vs. HEDG - Drawdown Comparison

The maximum SPYH drawdown since its inception was -6.39%, which is greater than HEDG's maximum drawdown of -3.85%. Use the drawdown chart below to compare losses from any high point for SPYH and HEDG.

Drawdown Indicators

	SPYH	HEDG	Difference
Max Drawdown Largest peak-to-trough decline	-6.39%	-3.85%	-2.54%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	—	—
Current Drawdown Current decline from peak	-0.39%	0.00%	-0.39%
Average Drawdown Average peak-to-trough decline	-0.71%	-0.39%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	—	—

Volatility

Volatility by Period

	SPYH	HEDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.78%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.80%	5.90%	+1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.36%	5.90%	+6.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.36%	5.90%	+6.46%

SPYH vs. HEDG - Expense Ratio Comparison

SPYH has a 0.68% expense ratio, which is lower than HEDG's 0.96% expense ratio.

Dividends

SPYH vs. HEDG - Dividend Comparison

SPYH's dividend yield for the trailing twelve months is around 7.54%, more than HEDG's 1.84% yield.

Position	TTM	2025
HEDG Equable Shares Hedged Equity ETF	1.84%	1.38%
SPYH NEOS S&P 500 Hedged Equity Income ETF	7.54%	5.54%

Frequently Asked Questions

Can I hold both SPYH and HEDG in my portfolio?

SPYH and HEDG have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPYH or HEDG?

On fees, SPYH is cheaper at 0.68% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPYH or HEDG?

SPYH is cheaper with a 0.68% expense ratio, compared with 0.96% for HEDG.

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

SPYH has the higher dividend yield at 7.54%, compared with 1.84% for HEDG.

What is the main difference between SPYH and HEDG?

They also come from different issuers: NEOS and Equable Shares. Their fees differ too: 0.68% for SPYH and 0.96% for HEDG.