HEGD vs OVL
Swan Hedged Equity US Large Cap ETF vs Overlay Shares Large Cap Equity ETF
Which is better, HEGD or OVL?
Nearly the same fund. OVL costs less.
OVL has a lower expense ratio. OVL led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.95.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | HEGD | OVL |
|---|---|---|
| Expense Ratio | 0.87% | 0.79%Best |
| AUM | $749M | $497M |
| Dividend Yield | 0.34% | 9.13% |
| Holdings | 26 | 16 |
| YTD Return | +6.59%Best | +6.54% |
| 1Y Return | +8.56% | +10.05%Best |
| 3Y Return (annualized) | +14.04% | +20.74%Best |
| 5Y Return (annualized) | +8.16% | +11.49%Best |
| Volatility (annualized) | 8.6%Best | 17.0% |
| Max Drawdown | -14.6%Best | -29.2% |
| $10,000 over 5 years | $14,802 | $17,226Best |
| Fund Family | Swan Capital Management | Overlay Shares |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Dec 22, 2020 | Sep 30, 2019 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Dec 23, 2020 to Oct 14, 2026 (5.8 years).
HEGD vs OVL growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 5.8 years both funds cover.
HEGD vs OVL Performance
Swan Hedged Equity US Large Cap ETF (HEGD) is an ETF from Swan Capital Management and Overlay Shares Large Cap Equity ETF (OVL) is an ETF from Overlay Shares. Over the past year HEGD returned +8.56% while OVL returned +10.05%. Year to date, HEGD is up 6.59% versus a gain of 6.54% for OVL.
Over three years, HEGD compounded at +14.04% per year against +20.74% for OVL; over five years the annualized figures are +8.16% and +11.49% respectively. Across the full 6-year window we track, OVL has the edge at +14.03% annualized vs +9.20%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
OVL has been the more volatile fund, with annualized monthly volatility of 17.0% compared with 8.6% for HEGD. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -14.6% for HEGD and -29.2% for OVL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.95. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
HEGD charges 0.87% per year while OVL charges 0.79%. On a $10,000 position that is $87 vs $79 annually, a gap of $8 per year that compounds over a long holding period. On income, HEGD currently yields 0.34% against 9.13% for OVL.
Holdings Overlap
We hold position weights for 2 holdings in HEGD and 2 in OVL, totalling 93.6% and 100.2% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 1 positions appear in both.
1 positions in common, counted across the 2 positions we hold weights for in HEGD and 2 in OVL, against full books of 26 and 16.
Top Shared Holdings
| Stock | Weight in HEGD | Weight in OVL | Difference |
|---|---|---|---|
| FGXXXFirst American Government Obligations Fund | 0.35% | 0.35% | 0.00% |
You are not choosing between two funds in isolation.
Whichever of HEGD and OVL you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, HEGD or OVL?
HEGD has an expense ratio of 0.87% while OVL charges 0.79%. OVL is the cheaper option, by $8 a year on a $10,000 investment.
Which performed better, HEGD or OVL?
Over the past year HEGD returned +8.56% vs +10.05% for OVL, so OVL leads on 1-year performance. Over the longest common window we track (6 years), HEGD annualized +9.20% vs +14.03% for OVL. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HEGD or OVL?
OVL has been the more volatile fund at 17.0% annualized versus 8.6% for HEGD. Worst drawdown: HEGD -14.6% vs OVL -29.2%.
Should I hold both HEGD and OVL?
HEGD and OVL have a monthly-return correlation of 0.95, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, HEGD or OVL?
HEGD yields 0.34% while OVL yields 9.13%, so OVL currently pays the higher dividend yield.
Is OVL better than HEGD?
OVL has a lower expense ratio. OVL led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.95. Which one suits a particular account depends on what it is for. This is information, not a recommendation.