Data as of Nov 4, 2026.
HEGD vs HOLA: Correlation to the S&P 500
Over the year to Nov 4, 2026, HOLA moved less with the S&P 500 than HEGD: correlation +0.69 against +0.98.
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Net assets: $735m on Aug 31, 2026 for Swan Hedged Equity US Large Cap ETF, and $282m on Nov 3, 2026 for JPMorgan International Hedged Equity Laddered Overlay ETF.
HEGD in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEGD −0.76%.
HOLA in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HOLA −0.40%.
Pair scorecard
HOLA costs 0.37 points a year less; their one-year returns differ by 3.9 points.
| Measure | HEGD | HOLA |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.8% | +10.7% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.87% | 0.50% |
| Net assets, HEGD as of Aug 31, 2026 and HOLA as of Nov 3, 2026 | $735m | $282m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.66: about 0.66% for each 1% | +0.46: about 0.46% for each 1% |
| Its average week when the S&P 500 fell | fell 0.76% | fell 0.40% |
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
Jul 25, 2025 to Oct 30, 2026 · 66 weekly returnsEach against its own benchmark: HEGD against VOO, Dec 31, 2020 to Oct 30, 2026; HOLA against EFA, Jul 25, 2025 to Oct 30, 2026.
From Jul 2025 to Oct 2026, HOLA returned slightly more: +12.3% to +11.8%. HEGD swung less: 7.2% to 8.9%. HEGD fell less at its worst: −4.2% to −6.6%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | HEGD | HOLA | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +11.8% | +12.3% | HOLA (slight) | Price change plus distributions, reinvested. |
| Annualized | +9.2% | +9.6% | HOLA (slight) | Total return as a yearly rate. |
| Price return | +11.4% | +9.0% | HEGD | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 7.2% | 8.9% | HEGD | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 4.4% | 6.2% | HEGD | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −4.2% | −6.6% | HEGD | Deepest fall from a high to the low after it. |
| Upside capture | 46.6% | 55.0% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 65.7% | 71.0% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.52 | 0.60 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.89 | 0.90 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.73 | 0.64 | HEGD | Return above Treasury bills per unit of volatility. |
| Sortino | 1.17 | 0.91 | HEGD | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.105 | 0.095 | Return above Treasury bills per unit of beta. | |
| Calmar | 2.17 | 1.45 | HEGD | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | VOO | EFA | The ETF each fund is measured against. | |
| Alpha | −0.4% a year | −0.3% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.35 | −0.14 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −2.8% to +1.9% | −5.3% to +4.6% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.73 | −0.70 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 8.1% | 6.3% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 66 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | HEGD | HOLA | HEGD | HOLA |
| 3 months | −1.2% | −1.3% | −1.1 pts vs VOO | +0.3 pts vs EFA |
| 6 months | +1.6% | +2.4% | −3.4 pts vs VOO | −0.1 pts vs EFA |
| 1 year | +6.8% | +10.7% | −8.0 pts vs VOO | −6.2 pts vs EFA |
| 3 years | +49.5% | – | −33.8 pts vs VOO | – |
| Since launchNot the same days: HEGD Dec 2020 · HOLA Jul 2025 | +66.7% | +15.0% | −59.3 pts vs VOO | −7.9 pts vs EFA |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HEGD and HOLA 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 HOLA’s +0.69. In the 26 weeks the index fell, by 1.07% a week on average, HEGD averaged −0.76% and HOLA −0.40%. Over the same weeks, HEGD finished 3.2 percentage points ahead of cash and HOLA 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.
HOLA
HOLA is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.69 with the S&P 500’s and a beta of +0.46, so for each 1% the index moved it moved about 0.46% the same way. In the same weeks HOLA fell 0.40% on average, a down-week capture of 36.9%. Over the same 52 weeks HOLA 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 HOLA?
- Over the 52 weeks to Nov 4, 2026, HEGD’s weekly returns had a correlation of +0.98 with the S&P 500 and HOLA’s +0.69, so HOLA moved less with the index.
- Which did better when the S&P 500 fell, HEGD or HOLA?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEGD averaged −0.76% and HOLA −0.40%, so HOLA 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 HOLA, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hegd-vs-hola
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