XTR vs. HEDG

Last updated Aug 5, 2026

XTR (Global X S&P 500 Tail Risk ETF) and HEDG (Equable Shares Hedged Equity ETF) are both Equity Hedged funds - XTR tracks the Cboe S&P 500 Tail Risk Index while HEDG tracks the Actively Managed. Both are passively managed. Their 0.79 correlation means they have sometimes moved together and sometimes differently. XTR charges 0.25%/yr vs 0.96%/yr for HEDG.

Performance

XTR vs. HEDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Tail Risk ETF (XTR) 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, XTR achieves a 10.63% return, which is significantly higher than HEDG's 4.98% return.

XTR

• 1D: 1.77%
• 1M: 3.11%
• 6M: 9.54%
• YTD: 10.63%
• 1Y: 18.95%
• 3Y*: 17.61%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.89%

HEDG

• 1D: 0.33%
• 1M: 1.63%
• 6M: 4.36%
• YTD: 4.98%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HEDG Equable Shares Hedged Equity ETF	$857.03K	$869.45K	$1.20M
XTR Global X S&P 500 Tail Risk ETF	$36.06K	$55.09K	$61.90K

XTR vs. HEDG - Yearly Performance Comparison

	2026 (YTD)	2025
XTR Global X S&P 500 Tail Risk ETF	10.63%	3.48%
HEDG Equable Shares Hedged Equity ETF	4.98%	3.20%

Correlation

The correlation between XTR and HEDG is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 13, 2025	0.79

Return for Risk

XTR vs. HEDG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XTR

XTR Risk / Return Rank: 60
XTR Sharpe Ratio Rank: 61
XTR Sortino Ratio Rank: 60
XTR Omega Ratio Rank: 58
XTR Calmar Ratio Rank: 56
XTR Martin Ratio Rank: 65

HEDG

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XTR vs. HEDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Tail Risk ETF (XTR) 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.

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.

	XTR	HEDG	Difference
Sharpe ratio: Return per unit of total volatility	1.62	—	—
Sortino ratio: Return per unit of downside risk	2.29	—	—
Omega ratio: Gain probability vs. loss probability	1.29	—	—
Calmar ratio: Return relative to maximum drawdown	2.24	—	—
Martin ratio: Return relative to average drawdown	8.75	—	—

Drawdowns

XTR vs. HEDG - Drawdown Comparison

The maximum XTR drawdown since its inception was -20.83%, which is greater than HEDG's maximum drawdown of -3.85%. Use the drawdown chart below to compare losses from any high point for XTR and HEDG.

Drawdown Indicators

	XTR	HEDG	Difference
Max Drawdown Largest peak-to-trough decline	-20.83%	-3.85%	-16.98%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-14.35%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.81%	-0.38%	-5.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	—	—

Volatility

Volatility by Period

	XTR	HEDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.39%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.78%	5.79%	+5.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.80%	5.79%	+8.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.80%	5.79%	+8.01%

XTR vs. HEDG - Expense Ratio Comparison

XTR has a 0.25% expense ratio, which is lower than HEDG's 0.96% expense ratio.

Dividends

XTR vs. HEDG - Dividend Comparison

XTR's dividend yield for the trailing twelve months is around 16.08%, more than HEDG's 2.30% yield.

Position	TTM	2025	2024	2023	2022	2021
HEDG Equable Shares Hedged Equity ETF	2.30%	1.38%	0.00%	0.00%	0.00%	0.00%
XTR Global X S&P 500 Tail Risk ETF	16.08%	17.82%	20.89%	1.09%	1.08%	2.32%

Frequently Asked Questions

Can I hold both XTR and HEDG in my portfolio?

XTR and HEDG have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XTR or HEDG?

On fees, XTR is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XTR or HEDG?

XTR is cheaper with a 0.25% expense ratio, compared with 0.96% for HEDG.

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

XTR has the higher dividend yield at 16.08%, compared with 2.30% for HEDG.

What is the main difference between XTR and HEDG?

XTR tracks Cboe S&P 500 Tail Risk Index, while HEDG tracks Actively Managed. They also come from different issuers: Global X and Equable Shares. Their fees differ too: 0.25% for XTR and 0.96% for HEDG.