HEDGvsSPYETF Comparison
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Equable Shares Hedged Equity ETF (HEDG) belongs to the Options Strategies segment. State Street SPDR S&P 500 ETF Trust (SPY) is part of the US Large Cap segment. Both ETFs have the same top 3 sector exposures: Technology, Finance and Consumer Non-Cyclicals. HEDG is more expensive with a Total Expense Ratio (TER) of 0.96%, versus 0.0945% for SPY. HEDG is up 2.98% year-to-date (YTD) with +$72M in YTD flows. SPY performs better with 7.53% YTD performance, and +$16.78B in YTD flows. Run a side-by-side ETF comparison of HEDG and SPY below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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HEDG vs SPY performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 07/29/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | HEDG SPY | -0.19%-1.61% | +0.55%+2.80% | +2.98%+7.53% | n/a+16.10% | n/a+65.41% | n/a+77.09% |
| Flows | HEDG SPY | +$5M+$5.09B | +$21M+$35.05B | +$72M+$16.78B | -+$26.71B | -+$69.94B | -+$101.20B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | HEDG SPY | +4.05%+13.19% | n/a+12.77% | n/a+15.04% | n/a+16.99% |
| Max drawdown | HEDG SPY | -1.18%-4.46% | n/a-8.89% | n/a-18.74% | n/a-24.50% |
| Max drawdown duration | HEDG SPY | 14d57d | n/a76d | n/a126d | n/a708d |
Trading data
HEDG | SPY | |
Last sale 7/30/2026 at 1:30 PM | $30.13 | $741.64 |
| Previous close 07/29/2026 | $29.88 | $729.46 |
| Consolidated volume 07/29/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of June 30, 2026
1-year trailing difference
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HEDG
is actively managed and doesn’t replicate an indexHEDG | SPY | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 7/30/2026 at 1:30 PM
Live
Closed
HEDG | SPY | |
|---|---|---|
| Last price | $30.13 | $741.64 |
| 1D performance | +0.84% | +1.67% |
| AuM | $421.04 M | $777.35 B |
| E/R | 0.96% | 0.0945% |
Characteristics
HEDG | SPY | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Equable Shares | State Street Investment Management |
| Benchmark | - | S&P 500 Index |
| N° of holdings | 497 | 496 |
| Asset class | - | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 13, 2025 | January 22, 1993 |
| ESG | No | No |
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Exposure
Countries
HEDG
USA
94.45%
Other
5.55%
SPY
USA
97.3%
Other
2.7%
Sectors
HEDG
Technology
44.34%
Finance
12.74%
Consumer Non-Cycl.
8.5%
Healthcare
8.4%
Industrials
7.7%
Other
18.32%
SPY
Technology
45.7%
Finance
13.13%
Consumer Non-Cycl.
8.76%
Healthcare
8.66%
Industrials
7.93%
Other
15.81%
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Diversification
HEDG
Total weight of top 15 holdings out of 15
41.76%
SPY
Total weight of top 15 holdings out of 15
43.05%
Top 15 holdings
Data as of June 30, 2026
HEDG
NVIDIA Corp.
7.27%
Apple, Inc.
6.38%
Microsoft Corp.
4.16%
Amazon.com, Inc.
3.50%
Alphabet, Inc.
3.14%
Broadcom Inc.
2.68%
Alphabet, Inc.
2.51%
Micron Technology, Inc.
1.95%
Meta Platforms, Inc.
1.86%
Tesla, Inc.
1.78%
Eli Lilly & Co.
1.42%
Advanced Micro Devices, Inc.
1.42%
Berkshire Hathaway, Inc.
1.38%
JPMorgan Chase & Co.
1.32%
Intel Corp.
0.99%
SPY
NVIDIA Corp.
7.50%
Apple, Inc.
6.57%
Microsoft Corp.
4.29%
Amazon.com, Inc.
3.61%
Alphabet, Inc.
3.24%
Broadcom Inc.
2.77%
Alphabet, Inc.
2.58%
Micron Technology, Inc.
2.01%
Meta Platforms, Inc.
1.91%
Tesla, Inc.
1.83%
Eli Lilly & Co.
1.47%
Advanced Micro Devices, Inc.
1.47%
Berkshire Hathaway, Inc.
1.42%
JPMorgan Chase & Co.
1.36%
Intel Corp.
1.02%
Frequently asked questions about HEDG and SPY
How have the HEDG and SPY ETFs performed in 2026?
As of July 29, 2026, HEDG is up 2.98% year-to-date (YTD), while SPY has returned 7.53%. That puts SPY better performer ahead so far this year.
Which ETF is attracting more investor money: HEDG or SPY?
Year-to-date, the HEDG ETF saw +$72M in flows, compared to +$16.78B for SPY.
Which ETF is bigger: HEDG or SPY?
As of July 29, 2026, HEDG holds $421.04 M in assets under management (AUM), while SPY manages $777.35 B.
What sectors do the HEDG and SPY ETFs invest in?
HEDG leans toward sectors like Technology, Finance and Consumer Non-Cyclicals. Meanwhile, SPY focuses on Technology, Finance and Consumer Non-Cyclicals.
What are the top holdings of the HEDG ETF and SPY ETF?
HEDG top holdings include NVIDIA Corp., Apple, Inc. and Microsoft Corp.. SPY holds in its top three: NVIDIA Corp., Apple, Inc. and Microsoft Corp..
Which ETF is more diversified: HEDG or SPY?
HEDG holds 505 securities with 41.76% of its assets in the top 15. SPY has 501 securities and a top 15 weight of 43.05%.
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Latest news about HEDG & SPY
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January 21, 2026
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Equable Shares Converts Flagship Fund into the Equable Shares Hedged Equity ETF (HEDG)
November 24, 2025
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Ask the Manager: Ron Santella on How Hedged Equity Fits Into a Diversified Portfolio
November 14, 2025
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