HEQ vs SLX
John Hancock Hedged Equity & Income Fund vs VanEck Steel ETF
Which is better, HEQ or SLX?
SLX has been ahead.
SLX has a lower expense ratio. SLX led over 1Y, 3Y, 5Y and the full window. HEQ is less concentrated, with 48.2% of the fund in its ten largest positions against 56.6%.
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 | HEQ | SLX |
|---|---|---|
| Expense Ratio | 1.16% | 0.55%Best |
| AUM | $148M | $159M |
| Dividend Yield | 8.10% | 1.28% |
| Holdings | 659 | 80 |
| YTD Return | +10.91% | +18.57%Best |
| 1Y Return | +15.19% | +39.38%Best |
| 3Y Return (annualized) | +15.69% | +19.12%Best |
| 5Y Return (annualized) | +6.94% | +15.93%Best |
| Volatility (annualized) | 15.3%Best | 31.0% |
| Max Drawdown | -59.7%Best | -73.7% |
| $10,000 over 5 years | $13,986 | $20,940Best |
| Top 10 Weight | 48.2%Best | 56.6% |
| Fund Family | John Hancock Investment Management | VanEck |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Value |
| Inception | May 26, 2011 | Oct 10, 2006 |
Volatility and max drawdown are measured over the window both funds cover: May 26, 2011 to Oct 14, 2026 (15.4 years).
HEQ vs SLX 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 15.4 years both funds cover.
HEQ vs SLX Performance
John Hancock Hedged Equity & Income Fund (HEQ) is an ETF from John Hancock Investment Management and VanEck Steel ETF (SLX) is an ETF from VanEck. Over the past year HEQ returned +15.19% while SLX returned +39.38%. Year to date, HEQ is up 10.91% versus a gain of 18.57% for SLX.
Over three years, HEQ compounded at +15.69% per year against +19.12% for SLX; over five years the annualized figures are +6.94% and +15.93% respectively. Across the full 15-year window we track, SLX has the edge at +5.80% annualized vs -0.28%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SLX has been the more volatile fund, with annualized monthly volatility of 31.0% compared with 15.3% for HEQ. 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 -59.7% for HEQ and -73.7% for SLX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.65. They move together some of the time, and apart the rest.
Fees and Cost Over Time
HEQ charges 1.16% per year while SLX charges 0.55%. On a $10,000 position that is $116 vs $55 annually, a gap of $61 per year that compounds over a long holding period. On income, HEQ currently yields 8.10% against 1.28% for SLX.
Holdings Overlap
We hold position weights for 54 holdings in HEQ and 39 in SLX, totalling 96.7% and 100.1% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 54 positions we hold weights for in HEQ and 39 in SLX, against full books of 659 and 80.
What only one of them owns
Our book lists 6 positions for SLX that do not appear in our book for HEQ (20.4% of the fund), and 42 for HEQ that do not appear in SLX (89.8%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of HEQ and SLX 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, HEQ or SLX?
HEQ has an expense ratio of 1.16% while SLX charges 0.55%. SLX is the cheaper option, by $61 a year on a $10,000 investment.
Which performed better, HEQ or SLX?
Over the past year HEQ returned +15.19% vs +39.38% for SLX, so SLX leads on 1-year performance. Over the longest common window we track (15 years), HEQ annualized -0.28% vs +5.80% for SLX. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HEQ or SLX?
SLX has been the more volatile fund at 31.0% annualized versus 15.3% for HEQ. Worst drawdown: HEQ -59.7% vs SLX -73.7%.
Should I hold both HEQ and SLX?
HEQ and SLX have a monthly-return correlation of 0.65, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, HEQ or SLX?
HEQ yields 8.10% while SLX yields 1.28%, so HEQ currently pays the higher dividend yield.
Is SLX better than HEQ?
SLX has a lower expense ratio. SLX led over 1Y, 3Y, 5Y and the full window. HEQ is less concentrated, with 48.2% of the fund in its ten largest positions against 56.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.