HEGDvsKSPYETF Comparison
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Swan Hedged Equity US Large Cap ETF (HEGD) and KraneShares Hedgeye Hedged Equity Index ETF (KSPY) belong to the same industry segment: Options Strategies. Both ETFs have the same top 3 sector exposures: Information Technology, Financials and Communication Services. HEGD is less expensive with a Total Expense Ratio (TER) of 0.87%, versus 0.88% for KSPY. HEGD is up 2.85% year-to-date (YTD) with +$41M in YTD flows. KSPY performs worse with 2.69% YTD performance, and +$35M in YTD flows. Run a side-by-side ETF comparison of HEGD and KSPY 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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HEGD vs KSPY performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 04/24/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | HEGD KSPY | +4.96%+2.99% | +1.92%+1.40% | +2.85%+2.69% | +18.83%+22.42% | +48.19%n/a | +47.65%n/a |
| Flows | HEGD KSPY | +$28M+$4M | +$30M+$37M | +$41M+$35M | +$202M+$73M | +$419M- | +$512M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | HEGD KSPY | +7.39%+9.65% | +7.02%+7.39% | +8.16%n/a | +9.17%n/a |
| Max drawdown | HEGD KSPY | -4.33%-4.44% | -4.33%-4.44% | -8.39%n/a | -14.21%n/a |
| Max drawdown duration | HEGD KSPY | 77d48d | 77d48d | 124dn/a | 721dn/a |
Trading data
HEGD | KSPY | |
Last sale 4/24/2026 at 1:30 PM | $25.98 | $28.24 |
| Previous close 04/23/2026 | $25.83 | $28.25 |
| Consolidated volume 04/23/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of March 31, 2026
1-year trailing difference
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HEGD
is actively managed and doesn’t replicate an indexHEGD | KSPY | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 4/24/2026 at 1:30 PM
Live
Closed
HEGD | KSPY | |
|---|---|---|
| Last price | $25.98 | $28.24 |
| 1D performance | +0.58% | -0.02% |
| AuM | $660.50 M | $91.68 M |
| E/R | 0.87% | 0.88% |
Characteristics
HEGD | KSPY | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Swan Capital Management | KraneShares |
| Benchmark | - | Hedgeye Hedged Equity Index |
| N° of holdings | 478 | 478 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | December 23, 2020 | July 16, 2024 |
| ESG | No | No |
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Exposure
Countries
HEGD
USA
82.45%
Other
17.55%
KSPY
USA
95.91%
Other
4.09%
Sectors
HEGD
Information Techn.
28.86%
Financials
8.83%
Communication Ser.
8.7%
Consumer Discreti.
8.52%
Health Care
7.93%
Industrials
7.08%
Other
30.08%
KSPY
Information Techn.
33.57%
Financials
10.28%
Communication Ser.
10.12%
Consumer Discreti.
9.91%
Health Care
9.22%
Industrials
8.24%
Other
18.66%
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Diversification
HEGD
Total weight of top 15 holdings out of 15
36.14%
KSPY
Total weight of top 15 holdings out of 15
42.05%
Top 15 holdings
Data as of March 31, 2026
HEGD
NVIDIA
6.44%
APPLE
5.67%
MICROSOFT-T
4.18%
AMAZON.COM INC
3.09%
ALPHABET INC-CL
2.55%
BROADCOM LIMITED
2.23%
ALPHABET INC-CL
2.04%
META PLATFORMS
1.90%
TESLA
1.59%
BERKSHIRE HATHWAY
1.34%
JPMORGAN CHASE
1.21%
LILLY
1.11%
EXXON
1.08%
JOHNSON&JOHNSON
0.90%
WALMART INC
0.83%
KSPY
NVIDIA
7.50%
APPLE
6.59%
MICROSOFT-T
4.86%
AMAZON.COM INC
3.60%
ALPHABET INC-CL
2.96%
BROADCOM LIMITED
2.60%
ALPHABET INC-CL
2.37%
META PLATFORMS
2.21%
TESLA
1.85%
BERKSHIRE HATHWAY
1.55%
JPMORGAN CHASE
1.40%
LILLY
1.29%
EXXON
1.25%
JOHNSON&JOHNSON
1.04%
WALMART INC
0.96%
Frequently asked questions about HEGD and KSPY
How have the HEGD and KSPY ETFs performed in 2026?
As of April 24, 2026, HEGD is up 2.85% year-to-date (YTD), while KSPY has returned 2.69%. That puts HEGD better performer ahead so far this year.
Which ETF is attracting more investor money: HEGD or KSPY?
Year-to-date, the HEGD ETF saw +$41M in flows, compared to +$35M for KSPY.
Which ETF is more volatile: HEGD or KSPY?
Over the past year, HEGD had a volatility of 7.02%, while KSPY experienced 7.39%.
Which ETF is bigger: HEGD or KSPY?
As of April 24, 2026, HEGD holds $660.50 M in assets under management (AUM), while KSPY manages $91.68 M.
What sectors do the HEGD and KSPY ETFs invest in?
HEGD leans toward sectors like Information Technology, Financials and Communication Services. Meanwhile, KSPY focuses on Information Technology, Financials and Communication Services.
What are the top holdings of the HEGD ETF and KSPY ETF?
HEGD top holdings include NVIDIA, APPLE and MICROSOFT-T. KSPY holds in its top three: NVIDIA, APPLE and MICROSOFT-T.
Which ETF is more diversified: HEGD or KSPY?
HEGD holds 502 securities with 36.14% of its assets in the top 15. KSPY has 502 securities and a top 15 weight of 42.05%.
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