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SPYvsHEGDETF Comparison
SPDR S&P 500 ETF Trust (SPY) belongs to the US Large Cap segment. Swan Hedged Equity US Large Cap ETF (HEGD) is part of the Options Strategies segment. Both ETFs have the same top 3 sector exposures: Information Technology, Communication Services and Financials. SPY is less expensive with a Total Expense Ratio (TER) of 0.0945%, versus 0.88% for HEGD. SPY is down -2.87% year-to-date (YTD) with -$23.66B in YTD flows. HEGD performs better with -1.13% YTD performance, and +$10M in YTD flows. Run a side-by-side ETF comparison of SPY 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.
SPY vs HEGD performance and flow charts
Performance
Cumulative Flows
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SPY HEGD | -2.86%-1.45% | -2.43%-1.07% | -2.87%-1.13% | +21.51%+15.00% | +78.83%+48.51% | +78.92%+46.65% |
| Flows | SPY HEGD | -$7.47B-$7M | -$29.32B+$14M | -$23.66B+$10M | -$39.53B+$187M | +$47.16B+$389M | +$67.44B+$487M |
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SPY HEGD | +11.76%+6.04% | +18.17%+8.33% | +14.79%+8.15% | +16.81%+9.17% |
| Max drawdown | SPY HEGD | -4.79%-2.33% | -13.71%-4.69% | -18.74%-8.39% | -24.50%-14.21% |
| Max drawdown duration | SPY HEGD | 45d45d | 45d36d | 126d124d | 708d721d |
SPY | HEGD | |
Last sale 3/13/2026 at 1:30 PM | $662.29 | $24.94 |
| Previous close 03/12/2026 | $666.06 | $25.03 |
| Consolidated volume 03/12/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Create an account to view replication metrics
SPY | HEGD | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
SPY | HEGD | |
|---|---|---|
| Last price | $662.29 | $24.94 |
| 1D performance | -0.57% | -0.36% |
| AuM | $669.05 B | $604.50 M |
| E/R | 0.0945% | 0.88% |
SPY | HEGD | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | SPDR | Swan Capital Management |
| Benchmark | S&P 500 Index | - |
| N° of holdings | 479 | 479 |
| Asset class | Equities | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | January 22, 1993 | December 23, 2020 |
| ESG | No | No |
Countries
Sectors
Diversification
Total weight of top 15 holdings out of 15
Total weight of top 15 holdings out of 15
Top 15 holdings
How have the SPY and HEGD ETFs performed in 2026?
As of March 13, 2026, SPY is down -2.87% year-to-date (YTD), while HEGD has lost -1.13%. That puts HEGD better performer ahead so far this year.
Which ETF is attracting more investor money: SPY or HEGD?
Year-to-date, the SPY ETF saw -$23.66B in flows, compared to +$10M for HEGD.
Which ETF is more volatile: SPY or HEGD?
Over the past year, SPY had a volatility of 18.17%, while HEGD experienced 8.33%.
Which ETF is bigger: SPY or HEGD?
As of March 13, 2026, SPY holds $669.05 B in assets under management (AUM), while HEGD manages $604.50 M.
What sectors do the SPY and HEGD ETFs invest in?
SPY leans toward sectors like Information Technology, Communication Services and Financials. Meanwhile, HEGD focuses on Information Technology, Communication Services and Financials.
What are the top holdings of the SPY ETF and HEGD ETF?
SPY top holdings include NVIDIA, APPLE and MICROSOFT-T. HEGD holds in its top three: NVIDIA, APPLE and MICROSOFT-T.
Which ETF is more diversified: SPY or HEGD?
SPY holds 502 securities with 44.02% of its assets in the top 15. HEGD has 502 securities and a top 15 weight of 39.41%.
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