HEGDvsOVLETF Comparison
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Swan Hedged Equity US Large Cap ETF (HEGD) and Overlay Shares Large Cap Equity ETF (OVL) 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 more expensive with a Total Expense Ratio (TER) of 0.87%, versus 0.79% for OVL. HEGD is up 2.85% year-to-date (YTD) with +$41M in YTD flows. OVL performs better with 6.77% YTD performance, and +$24M in YTD flows. Run a side-by-side ETF comparison of HEGD and OVL 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 OVL 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 OVL | +4.96%+9.72% | +1.92%+4.67% | +2.85%+6.77% | +18.83%+37.63% | +48.19%+86.71% | +47.65%+83.64% |
| Flows | HEGD OVL | +$28M+$32M | +$30M+$25M | +$41M+$24M | +$202M-$14M | +$419M-$8M | +$512M+$13M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | HEGD OVL | +7.39%+17.22% | +7.02%+14.33% | +8.16%+17.14% | +9.17%+18.95% |
| Max drawdown | HEGD OVL | -4.33%-8.71% | -4.33%-8.71% | -8.39%-21.55% | -14.21%-28.68% |
| Max drawdown duration | HEGD OVL | 77d47d | 77d47d | 124d133d | 721d745d |
Trading data
HEGD | OVL | |
Last sale 4/27/2026 at 2:30 PM | $25.95 | $55.35 |
| Previous close 04/24/2026 | $25.98 | $55.40 |
| Consolidated volume 04/24/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 4/27/2026 at 2:30 PM
Live
Closed
HEGD | OVL | |
|---|---|---|
| Last price | $25.95 | $55.35 |
| 1D performance | -0.13% | -0.09% |
| AuM | $660.50 M | $212.99 M |
| E/R | 0.87% | 0.79% |
Characteristics
HEGD | OVL | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Swan Capital Management | Overlay Shares |
| Benchmark | - | - |
| N° of holdings | 478 | 478 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | December 23, 2020 | September 25, 2019 |
| ESG | No | No |
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Exposure
Countries
HEGD
USA
82.45%
Other
17.55%
OVL
USA
96.79%
Other
3.21%
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%
OVL
Information Techn.
33.91%
Financials
10.25%
Communication Ser.
10.23%
Consumer Discreti.
10.02%
Health Care
9.32%
Industrials
8.33%
Other
17.93%
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Diversification
HEGD
Total weight of top 15 holdings out of 15
36.14%
OVL
Total weight of top 15 holdings out of 15
42.43%
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%
OVL
NVIDIA
7.58%
APPLE
6.66%
MICROSOFT-T
4.92%
AMAZON.COM INC
3.64%
ALPHABET INC-CL
2.99%
BROADCOM LIMITED
2.62%
ALPHABET INC-CL
2.40%
META PLATFORMS
2.24%
TESLA
1.87%
BERKSHIRE HATHWAY
1.57%
JPMORGAN CHASE
1.34%
LILLY
1.30%
EXXON
1.27%
JOHNSON&JOHNSON
1.05%
WALMART INC
0.97%
Frequently asked questions about HEGD and OVL
How have the HEGD and OVL ETFs performed in 2026?
As of April 24, 2026, HEGD is up 2.85% year-to-date (YTD), while OVL has returned 6.77%. That puts OVL better performer ahead so far this year.
Which ETF is attracting more investor money: HEGD or OVL?
Year-to-date, the HEGD ETF saw +$41M in flows, compared to +$24M for OVL.
Which ETF is more volatile: HEGD or OVL?
Over the past year, HEGD had a volatility of 7.02%, while OVL experienced 14.33%.
Which ETF is bigger: HEGD or OVL?
As of April 24, 2026, HEGD holds $660.50 M in assets under management (AUM), while OVL manages $212.99 M.
What sectors do the HEGD and OVL ETFs invest in?
HEGD leans toward sectors like Information Technology, Financials and Communication Services. Meanwhile, OVL focuses on Information Technology, Financials and Communication Services.
What are the top holdings of the HEGD ETF and OVL ETF?
HEGD top holdings include NVIDIA, APPLE and MICROSOFT-T. OVL holds in its top three: NVIDIA, APPLE and MICROSOFT-T.
Which ETF is more diversified: HEGD or OVL?
HEGD holds 502 securities with 36.14% of its assets in the top 15. OVL has 503 securities and a top 15 weight of 42.43%.
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