Data as of Nov 4, 2026.
HEGD vs TAIL: Correlation to the S&P 500
Over the year to Nov 4, 2026, TAIL moved less with the S&P 500 than HEGD: correlation −0.74 against +0.98.
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Net assets: $735m on Aug 31, 2026 for Swan Hedged Equity US Large Cap ETF, and $147m on Jul 31, 2026 for Cambria Tail Risk ETF.
HEGD in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEGD −0.76%.
TAIL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, TAIL +0.17%.
Pair scorecard
TAIL costs 0.27 points a year less; their one-year returns differ by 19.9 points.
| Measure | HEGD | TAIL |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.8% | −13.1% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.87% | 0.60% |
| Net assets, HEGD as of Aug 31, 2026 and TAIL as of Jul 31, 2026 | $735m | $147m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.66: about 0.66% for each 1% | −0.36: about 0.36% for each 1% |
| Its average week when the S&P 500 fell | fell 0.76% | rose 0.17% |
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
Dec 31, 2020 to Oct 30, 2026 · 304 weekly returns · each against VOOFrom Dec 2020 to Oct 2026, HEGD returned more: +63.5% to −43.7%. HEGD swung less: 8.6% to 12.6%. HEGD fell less at its worst: −13.8% to −45.8%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | HEGD | TAIL | VOO | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +63.5% | −43.7% | HEGD | Price change plus distributions, reinvested. | |
| Annualized | +8.8% | −9.4% | HEGD | Total return as a yearly rate. | |
| Price return | +59.7% | −50.8% | HEGD | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 8.6% | 12.6% | HEGD | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 5.6% | 8.6% | HEGD | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −13.8% | −45.8% | HEGD | Deepest fall from a high to the low after it. | |
| Upside capture | 46.6% | −25.4% | 100.0% | HEGD | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 65.7% | −76.9% | 100.0% | TAIL | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.52 | −0.59 | 1.00 | TAIL lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.89 | 0.54 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.63 | −0.99 | HEGD | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.96 | −1.45 | HEGD | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.105 | 0.209 | 0.113 | TAIL | Return above Treasury bills per unit of beta. |
| Calmar | 0.64 | −0.20 | HEGD | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | VOO | VOO | VOO | The ETF each fund is measured against. | |
| Alpha | −0.4% a year | −5.7% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.35 | −1.62 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −2.8% to +1.9% | −12.7% to +1.2% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.73 | −0.90 | HEGD | Return against its benchmark per unit of tracking error. | |
| Tracking error | 8.1% | 26.3% | 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, 304 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | HEGD | TAIL | HEGD | TAIL |
| 3 months | −1.2% | −2.7% | −1.1 pts vs VOO | −2.6 pts vs VOO |
| 6 months | +1.6% | −7.1% | −3.4 pts vs VOO | −12.1 pts vs VOO |
| 1 year | +6.8% | −13.1% | −8.0 pts vs VOO | −27.9 pts vs VOO |
| 3 years | +49.5% | −14.2% | −33.8 pts vs VOO | −97.5 pts vs VOO |
| Since launchNot the same days: HEGD Dec 2020 · TAIL Jun 2017 | +66.7% | −51.5% | −59.3 pts vs VOO | −316.9 pts vs VOO |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HEGD and TAIL 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 TAIL’s −0.74. In the 26 weeks the index fell, by 1.07% a week on average, HEGD averaged −0.76% and TAIL +0.17%. Over the same weeks, HEGD finished 3.2 percentage points ahead of cash and TAIL finished 16.0 points behind 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.
TAIL
TAIL is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of −0.74 with the S&P 500’s and a beta of −0.36, so for each 1% the index moved it moved about 0.36% the other way. In the same weeks TAIL rose 0.17% on average, a down-week capture of −15.9%. Over the same 52 weeks TAIL returned −12.4% and a Treasury bill fund +3.7%, so it finished 16.0 percentage points behind cash.
Questions people ask
- Which moved less with the S&P 500, HEGD or TAIL?
- Over the 52 weeks to Nov 4, 2026, HEGD’s weekly returns had a correlation of +0.98 with the S&P 500 and TAIL’s −0.74, so TAIL moved less with the index.
- Which did better when the S&P 500 fell, HEGD or TAIL?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HEGD averaged −0.76% and TAIL +0.17%, so TAIL 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 TAIL, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hegd-vs-tail
ETFIQ. (Nov 4, 2026). HEGD against TAIL. Retrieved from https://etfiq.com/compare/alternatives/hegd-vs-tail
[HEGD against TAIL (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/hegd-vs-tail)
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