KSPYvsHEGDETF Comparison
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KraneShares Hedgeye Hedged Equity Index ETF (KSPY) and Swan Hedged Equity US Large Cap ETF (HEGD) belong to the same industry segment: Options Strategies. Both ETFs have the same top 3 sector exposures: Information Technology, Financials and Communication Services. KSPY is more expensive with a Total Expense Ratio (TER) of 0.88%, versus 0.87% for HEGD. KSPY is up 2.88% year-to-date (YTD) with +$37M in YTD flows. HEGD performs worse with 2.56% YTD performance, and +$42M in YTD flows. Run a side-by-side ETF comparison of KSPY and HEGD 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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KSPY vs HEGD performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 04/27/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | KSPY HEGD | +5.02%+5.90% | +0.96%+1.33% | +2.88%+2.56% | +19.81%+17.97% | n/a+47.17% | n/a+47.37% |
| Flows | KSPY HEGD | +$11M+$29M | +$38M+$31M | +$37M+$42M | +$74M+$200M | -+$420M | -+$512M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | KSPY HEGD | +9.62%+7.42% | +7.14%+7.03% | n/a+8.11% | n/a+9.17% |
| Max drawdown | KSPY HEGD | -4.44%-4.32% | -4.44%-4.33% | n/a-8.39% | n/a-14.21% |
| Max drawdown duration | KSPY HEGD | 48d76d | 48d77d | n/a124d | n/a721d |
Trading data
KSPY | HEGD | |
Last sale 4/28/2026 at 7:28 PM | $28.22 | $25.82 |
| Previous close 04/28/2026 | $28.27 | $25.90 |
| Consolidated volume 04/28/2026 | ||
| 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 indexKSPY | HEGD | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 4/28/2026 at 7:28 PM
Live
Closed
KSPY | HEGD | |
|---|---|---|
| Last price | $28.22 | $25.82 |
| 1D performance | -0.19% | -0.31% |
| AuM | $93.26 M | $659.39 M |
| E/R | 0.88% | 0.87% |
Characteristics
KSPY | HEGD | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | KraneShares | Swan Capital Management |
| Benchmark | Hedgeye Hedged Equity Index | - |
| N° of holdings | 478 | 478 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | July 16, 2024 | December 23, 2020 |
| ESG | No | No |
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Exposure
Countries
KSPY
USA
95.91%
Other
4.09%
HEGD
USA
82.45%
Other
17.55%
Sectors
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%
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%
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Diversification
KSPY
Total weight of top 15 holdings out of 15
42.05%
HEGD
Total weight of top 15 holdings out of 15
36.14%
Top 15 holdings
Data as of March 31, 2026
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%
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%
Frequently asked questions about KSPY and HEGD
How have the KSPY and HEGD ETFs performed in 2026?
As of April 27, 2026, KSPY is up 2.88% year-to-date (YTD), while HEGD has returned 2.56%. That puts KSPY better performer ahead so far this year.
Which ETF is attracting more investor money: KSPY or HEGD?
Year-to-date, the KSPY ETF saw +$37M in flows, compared to +$42M for HEGD.
Which ETF is more volatile: KSPY or HEGD?
Over the past year, KSPY had a volatility of 7.14%, while HEGD experienced 7.03%.
Which ETF is bigger: KSPY or HEGD?
As of April 27, 2026, KSPY holds $93.26 M in assets under management (AUM), while HEGD manages $659.39 M.
What sectors do the KSPY and HEGD ETFs invest in?
KSPY leans toward sectors like Information Technology, Financials and Communication Services. Meanwhile, HEGD focuses on Information Technology, Financials and Communication Services.
What are the top holdings of the KSPY ETF and HEGD ETF?
KSPY top holdings include NVIDIA, APPLE and MICROSOFT-T. HEGD holds in its top three: NVIDIA, APPLE and MICROSOFT-T.
Which ETF is more diversified: KSPY or HEGD?
KSPY holds 502 securities with 42.05% of its assets in the top 15. HEGD has 502 securities and a top 15 weight of 36.14%.
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