Data as of .
HEGD vs HOLA: which moved less with stocks?
Over the year to Sep 18, 2026, HOLA moved less with the S&P 500 than HEGD: correlation +0.72 against +0.97.
ETFIQ Diversifier Score: HOLA scores higher
How much does it diversify a stock portfolio?
A percentile among the 63 alternatives ETFs with a full year. It is a position in a set, not a rating, and neither end of it is a recommendation. All alternatives ETFs ranked by it · How it is computed
One strategy, two funds
HEGD and HOLA both run a hedged equity strategy. Over the same 52 weeks to Sep 18, 2026, HEGD’s weekly returns had a correlation of +0.97 with the S&P 500 and HOLA’s +0.72. In the 22 weeks the index fell, by 1.24% a week on average, HEGD averaged −0.75% and HOLA −0.58%. Over the same weeks, HEGD finished 4.7 percentage points ahead of cash and HOLA finished 8.6 points ahead of cash.
Performance, window by window
| Window | Total return | vs the S&P 500 | ||
|---|---|---|---|---|
| HEGD | HOLA | HEGD | HOLA | |
| 3 months | +0.3% | +0.8% | −1.9 pts | −1.5 pts |
| 6 months | +8.7% | +8.4% | −9.4 pts | −9.6 pts |
| 1 year | +9.0% | +12.2% | −7.5 pts | −4.4 pts |
| 3 years | +45.8% | not published | −32.6 pts | not published |
| Since launch | +66.1% | +14.9% | −57.7 pts | −8.7 pts |
| HEGD Swan Hedged Equity US Large Cap ETF Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options | HOLA JPMorgan International Hedged Equity Laddered Overlay ETF Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options | |
|---|---|---|
| Issuer | Swan | JPMorgan |
| Strategy | Hedged equity | Hedged equity |
| Correlation with the S&P 500 | +0.97 | +0.72 |
| Beta to the S&P 500 | +0.57 | +0.52 |
| Down-week capture | 60.2% | 47.0% |
| Average week when the S&P 500 fell | −0.75% | −0.58% |
| The S&P 500 in those weeks | −1.24% | −1.24% |
| Total return, same 52 weeks | +8.4% | +12.2% |
| Against T-bills, percentage points | +4.7 pts | +8.6 pts |
| Expense ratio | 0.87% | 0.50% |
| Listed | Dec 23, 2020 | Jul 14, 2025 |
| Net assets | $692m | $281m |
HEGD in plain words
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 Sep 18, 2026, its weekly returns had a correlation of +0.97 with the S&P 500’s and a beta of +0.57, so for each 1% the index moved it moved about 0.57% the same way. The S&P 500 fell in 22 of those 52 weeks, by 1.24% on average. In the same weeks HEGD fell 0.75% on average, a down-week capture of 60.2%. Over the same 52 weeks HEGD returned +8.4% and a Treasury bill fund +3.6%, so it finished 4.7 percentage points ahead of cash.
HOLA in plain words
HOLA is a hedged equity fund. Over the year to Sep 18, 2026, its weekly returns had a correlation of +0.72 with the S&P 500’s and a beta of +0.52, so for each 1% the index moved it moved about 0.52% the same way. In the same weeks HOLA fell 0.58% on average, a down-week capture of 47.0%. Over the same 52 weeks HOLA returned +12.2% and a Treasury bill fund +3.6%, so it finished 8.6 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HEGD or HOLA?
- Over the 52 weeks to Sep 18, 2026, HEGD’s weekly returns had a correlation of +0.97 with the S&P 500 and HOLA’s +0.72, so HOLA moved less with the index.
- Which did better when the S&P 500 fell, HEGD or HOLA?
- In the 22 weeks the S&P 500 fell, by 1.24% a week on average, HEGD averaged −0.75% and HOLA −0.58%, so HOLA returned more in those weeks.
- Which earned more than cash, HEGD or HOLA?
- Over the same weeks, HEGD finished 4.7 percentage points ahead of cash and HOLA finished 8.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
- Which is cheaper, HEGD or HOLA?
- HEGD charges 0.87% a year and HOLA charges 0.50%, so HOLA is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, HEGD against HOLA, data as of Sep 18, 2026. https://etfiq.com/compare/alternatives/hegd-vs-hola Free to use with attribution; the underlying files are at Open data.