Data as of Nov 4, 2026.
HEGD vs HEQT: Correlation to the S&P 500
Over the year to Nov 4, 2026, HEQT moved less with the S&P 500 than HEGD: correlation +0.97 against +0.98.
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Net assets: $735m on Aug 31, 2026 for Swan Hedged Equity US Large Cap ETF, and $307m on Nov 3, 2026 for Simplify Hedged Equity ETF.
HEGD in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEGD −0.76%.
HEQT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEQT −0.58%.
Pair scorecard
HEQT costs 0.39 points a year less; their one-year returns differ by 3.5 points.
| Measure | HEGD | HEQT |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.8% | +10.3% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.87% | 0.48% |
| Net assets, HEGD as of Aug 31, 2026 and HEQT as of Nov 3, 2026 | $735m | $307m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.66: about 0.66% for each 1% | +0.56: about 0.56% for each 1% |
| Its average week when the S&P 500 fell | fell 0.76% | fell 0.58% |
How much it diversifies a stock portfolio, ranked against 22 equity hedged alternatives ETFs with a full year. 100 is best. How it is computed
One year of weekly moves against the S&P 500, within one strategy; it ignores what the fund returned. All alternatives ETFs ranked by it →
Risk and return
Nov 12, 2021 to Oct 30, 2026 · 259 weekly returns · each against VOOFrom Nov 2021 to Oct 2026, HEQT returned more: +52.4% to +41.1%. HEQT swung slightly less: 8.0% to 8.8%. HEQT fell less at its worst: −11.1% to −13.8%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | HEGD | HEQT | VOO | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +41.1% | +52.4% | HEQT | Price change plus distributions, reinvested. | |
| Annualized | +7.2% | +8.8% | HEQT | Total return as a yearly rate. | |
| Price return | +37.9% | +35.5% | HEGD (slight) | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 8.8% | 8.0% | HEQT (slight) | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 5.9% | 5.4% | HEQT (slight) | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −13.8% | −11.1% | HEQT | Deepest fall from a high to the low after it. | |
| Upside capture | 45.5% | 40.5% | 100.0% | HEGD | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 65.7% | 55.7% | 100.0% | HEQT | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.51 | 0.46 | 1.00 | HEQT lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.89 | 0.88 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.38 | 0.60 | HEQT | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.57 | 0.89 | HEQT | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.066 | 0.104 | 0.084 | HEQT | Return above Treasury bills per unit of beta. |
| Calmar | 0.52 | 0.79 | HEQT | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | VOO | VOO | VOO | The ETF each fund is measured against. | |
| Alpha | −0.9% a year | +0.9% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.71 | 0.75 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −3.6% to +1.7% | −1.5% to +3.3% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.60 | −0.39 | HEQT | Return against its benchmark per unit of tracking error. | |
| Tracking error | 8.5% | 9.2% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 259 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | HEGD | HEQT | HEGD | HEQT |
| 3 months | −1.2% | +0.8% | −1.1 pts vs VOO | +0.9 pts vs VOO |
| 6 months | +1.6% | +4.8% | −3.4 pts vs VOO | −0.2 pts vs VOO |
| 1 year | +6.8% | +10.3% | −8.0 pts vs VOO | −4.5 pts vs VOO |
| 3 years | +49.5% | +50.4% | −33.8 pts vs VOO | −32.9 pts vs VOO |
| Since launchNot the same days: HEGD Dec 2020 · HEQT Nov 2021 | +66.7% | +54.7% | −59.3 pts vs VOO | −23.3 pts vs VOO |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HEGD and HEQT both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, HEGD’s weekly returns had a correlation of +0.98 with the S&P 500 and HEQT’s +0.97. In the 26 weeks the index fell, by 1.07% a week on average, HEGD averaged −0.76% and HEQT −0.58%. Over the same weeks, HEGD finished 3.2 percentage points ahead of cash and HEQT finished 6.5 points ahead of cash.
Client brief:
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HEGD
HEGD is a hedged equity fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.98 with the S&P 500’s and a beta of +0.66, so for each 1% the index moved it moved about 0.66% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks HEGD fell 0.76% on average, a down-week capture of 71.4%. Over the same 52 weeks HEGD returned +6.8% and a Treasury bill fund +3.7%, so it finished 3.2 percentage points ahead of cash.
HEQT
HEQT is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.97 with the S&P 500’s and a beta of +0.56, so for each 1% the index moved it moved about 0.56% the same way. In the same weeks HEQT fell 0.58% on average, a down-week capture of 54.2%. Over the same 52 weeks HEQT returned +10.2% and a Treasury bill fund +3.7%, so it finished 6.5 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HEGD or HEQT?
- Over the 52 weeks to Nov 4, 2026, HEGD’s weekly returns had a correlation of +0.98 with the S&P 500 and HEQT’s +0.97, so HEQT moved less with the index.
- Which did better when the S&P 500 fell, HEGD or HEQT?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEGD averaged −0.76% and HEQT −0.58%, so HEQT returned more in those weeks.
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How this is computed
It is a place in a set, not a rating or a recommendation.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, HEGD against HEQT, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hegd-vs-heqt
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