HEGD vs ZHDG
Swan Hedged Equity US Large Cap ETF vs ZEGA Buy and Hedge ETF
Which is better, HEGD or ZHDG?
Nearly the same fund. HEGD costs less.
HEGD has a lower expense ratio. HEGD led over 5Y and the full window, ZHDG over 1Y and 3Y. The two have moved almost in lockstep, correlation 0.96.
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 | ZHDG |
|---|---|---|
| Expense Ratio | 0.87%Best | 0.95% |
| AUM | $749M | $31M |
| Dividend Yield | 0.34% | 2.42% |
| Holdings | 26 | 28 |
| YTD Return | +6.59% | +6.90%Best |
| 1Y Return | +8.56% | +8.99%Best |
| 3Y Return (annualized) | +14.04% | +14.14%Best |
| 5Y Return (annualized) | +8.16%Best | +6.03% |
| Volatility (annualized) | 8.9%Best | 12.3% |
| Max Drawdown | -14.6%Best | -23.3% |
| $10,000 over 5 years | $14,802Best | $13,401 |
| Fund Family | Swan Capital Management | Zega ETFs |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Dec 22, 2020 | Jul 6, 2021 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jul 7, 2021 to Oct 14, 2026 (5.3 years).
HEGD vs ZHDG 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 5.3 years both funds cover.
HEGD vs ZHDG Performance
Swan Hedged Equity US Large Cap ETF (HEGD) is an ETF from Swan Capital Management and ZEGA Buy and Hedge ETF (ZHDG) is an ETF from Zega ETFs. Over the past year HEGD returned +8.56% while ZHDG returned +8.99%. Year to date, HEGD is up 6.59% versus a gain of 6.90% for ZHDG.
Over three years, HEGD compounded at +14.04% per year against +14.14% for ZHDG; over five years the annualized figures are +8.16% and +6.03% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ZHDG has been the more volatile fund, with annualized monthly volatility of 12.3% compared with 8.9% 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 -23.3% for ZHDG. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.96. 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 ZHDG charges 0.95%. On a $10,000 position that is $87 vs $95 annually, a gap of $8 per year that compounds over a long holding period. On income, HEGD currently yields 0.34% against 2.42% for ZHDG.
Holdings Overlap
We hold position weights for 2 holdings in HEGD and 2 in ZHDG, totalling 93.6% and 8.2% 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 ZHDG, against full books of 26 and 28.
Top Shared Holdings
| Stock | Weight in HEGD | Weight in ZHDG | Difference |
|---|---|---|---|
| FGXXXFirst American Government Obligations Fund | 0.35% | 3.19% | 2.84% |
You are not choosing between two funds in isolation.
Whichever of HEGD and ZHDG 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 ZHDG?
HEGD has an expense ratio of 0.87% while ZHDG charges 0.95%. HEGD is the cheaper option, by $8 a year on a $10,000 investment.
Which performed better, HEGD or ZHDG?
Over the past year HEGD returned +8.56% vs +8.99% for ZHDG, so ZHDG leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HEGD or ZHDG?
ZHDG has been the more volatile fund at 12.3% annualized versus 8.9% for HEGD. Worst drawdown: HEGD -14.6% vs ZHDG -23.3%.
Should I hold both HEGD and ZHDG?
HEGD and ZHDG have a monthly-return correlation of 0.96, 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 ZHDG?
HEGD yields 0.34% while ZHDG yields 2.42%, so ZHDG currently pays the higher dividend yield.
Is ZHDG better than HEGD?
HEGD has a lower expense ratio. HEGD led over 5Y and the full window, ZHDG over 1Y and 3Y. The two have moved almost in lockstep, correlation 0.96. Which one suits a particular account depends on what it is for. This is information, not a recommendation.