{"url":"https://etfiq.com/compare/alternatives/hegd-vs-kspy","section":"compare","title":"HEGD vs KSPY: Correlation to the S&P 500 | ETFIQ","description":"HEGD and KSPY both run hedged equity strategies. Over the year to Nov 4, 2026, HEGD had a correlation of +0.98 with the S&P 500 and KSPY +0.92.","as_of":"Nov 4, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which moved less with the S&P 500, HEGD or KSPY?","acceptedAnswer":{"@type":"Answer","text":"Over the 52 weeks to Nov 4, 2026, HEGD\u2019s weekly returns had a correlation of +0.98 with the S&P 500 and KSPY\u2019s +0.92, so KSPY moved less with the index."}},{"@type":"Question","name":"Which did better when the S&P 500 fell, HEGD or KSPY?","acceptedAnswer":{"@type":"Answer","text":"In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEGD averaged \u22120.76% and KSPY \u22120.44%, so KSPY returned more in those weeks."}},{"@type":"Question","name":"Which earned more than cash, HEGD or KSPY?","acceptedAnswer":{"@type":"Answer","text":"Over the same weeks, HEGD finished 3.2 percentage points ahead of cash and KSPY finished 7.9 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills."}},{"@type":"Question","name":"Which is cheaper, HEGD or KSPY?","acceptedAnswer":{"@type":"Answer","text":"HEGD charges 0.87% a year and KSPY charges 0.88%, so HEGD is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Alternatives ETFs","item":"https://etfiq.com/alternatives/"},{"@type":"ListItem","position":3,"name":"Compare ETFs","item":"https://etfiq.com/compare/"},{"@type":"ListItem","position":4,"name":"HEGD vs KSPY","item":"https://etfiq.com/compare/alternatives/hegd-vs-kspy"}]},{"@type":"WebPage","name":"HEGD vs KSPY: Correlation to the S&P 500","description":"HEGD and KSPY both run hedged equity strategies. Over the year to Nov 4, 2026, HEGD had a correlation of +0.98 with the S&P 500 and KSPY +0.92.","url":"https://etfiq.com/compare/alternatives/hegd-vs-kspy","dateModified":"2026-11-04","abstract":"Over the year to Nov 4, 2026, KSPY moved less with the S&P 500 than HEGD: correlation +0.92 against +0.98.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of HEGD and KSPY","description":"HEGD and KSPY both run hedged equity strategies. Over the year to Nov 4, 2026, HEGD had a correlation of +0.98 with the S&P 500 and KSPY +0.92.","dateModified":"2026-11-04","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/alternatives/hegd-vs-kspy","license":"https://etfiq.com/license/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/alternatives.json"}],"variableMeasured":["Correlation with the S&P 500","Beta to the S&P 500","Down-week capture","Average week when the S&P 500 fell","Return against T-bills","Total return","Strategy","Expense ratio"],"keywords":["exchange-traded funds","ETF","Alternatives ETFs","fund data","SEC filings"]}],"characters":6996,"truncated":true,"content":"ETFIQ / Alternatives ETFs / Compare ETFs / HEGD vs KSPY \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Nov 4, 2026 .\n\n HEGD vs KSPY: Correlation to the S&P 500\n\n Over the year to Nov 4, 2026, KSPY moved less with the S&P 500 than HEGD: correlation +0.92 against +0.98.\n Copy this for sharing \n \n HEGD costs 0.01 points a year less; their one-year returns differ by 5.0 points.\n HEGD and KSPY at a glance. As of Nov 4, 2026. Source: ETFIQ. HEGD KSPY \n Expense ratio 0.87% 0.88% \n Net assets, HEGD as of Aug 31, 2026 and KSPY as of Nov 4, 2026 $735m $135m \n Total return, 1 year +6.8% +11.8% \n ","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","license_text":"Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.","citation":"ETFIQ, HEGD against KSPY, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hegd-vs-kspy","a":{"ticker":"HEGD","name":"Swan Hedged Equity US Large Cap ETF","issuer":"Swan","desk":"alternatives","as_of":"2026-11-04","verdict":"Over the year to Nov 4, 2026, HEGD returned 6.8%, against 14.8% for VOO.","url":"https://etfiq.com/funds/hegd","key_facts":[{"label":"Correlation with the S&P 500","value":"+0.98","as_of":"2026-11-04","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"Beta to the S&P 500","value":"+0.66","as_of":"2026-11-04","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"Down-week capture","value":"71.4%","as_of":"2026-11-04","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"Against T-bills, 52 weeks","value":"+3.2 pts","as_of":"2026-11-04","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"12-month yield, capital gains included, on its starting price","value":"0.4%","as_of":"2026-11-04","source":"computed by ETFIQ from Tiingo daily prices and distributions"},{"label":"Last payment (paid annually), ex-date Dec 23, 2025","value":"$0.0903","as_of":"2025-12-23","source":"Tiingo end-of-day distributions"},{"label":"Net assets","value":"$735m","as_of":"2026-08-31","source":"SEC N-PORT, whole fund, as filed for Aug 31, 2026"},{"label":"Expense ratio","value":"0.87%","as_of":"2026-03-27","source":"485BPOS XBRL, Mar 27, 2026"}]},"b":{"ticker":"KSPY","name":"KraneShares Hedgeye Hedged Equity Index ETF","issuer":"KraneShares","desk":"alternatives","as_of":"2026-11-04","verdict":"Over the year to Nov 4, 2026, KSPY returned 11.8%, against 14.8% for VOO.","url":"https://etfiq.com/funds/kspy","key_facts":[{"label":"Correlation with the S&P 500","value":"+0.92","as_of":"2026-11-04","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"Beta to the S&P 500","value":"+0.46","as_of":"2026-11-04","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"Down-week capture","value":"41.0%","as_of":"2026-11-04","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"Against T-bills, 52 weeks","value":"+7.9 pts","as_of":"2026-11-04","source":"computed by ETFIQ from Tiingo daily prices"},{"label":"12-month yield, capital gains included, on its starting price","value":"5.9%","as_of":"2026-11-04","source":"computed by ETFIQ from Tiingo daily prices and distributions"},{"label":"Last payment, ex-date Dec 22, 2025","value":"$1.6921","as_of":"2025-12-22","source":"Tiingo end-of-day distributions"},{"label":"Net assets","value":"$135m","as_of":"2026-11-04","source":"issuer page, as of Nov 4, 2026"},{"label":"Expense ratio","value":"0.88%","as_of":"2026-07-31","source":"497 XBRL, Jul 31, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/alternatives/hegd-vs-kspy"}