SPYvsHEGDETF Comparison
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State Street 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, Financials and Communication Services. SPY is less expensive with a Total Expense Ratio (TER) of 0.0945%, versus 0.87% for HEGD. SPY is up 5.99% year-to-date (YTD) with -$11.48B in YTD flows. HEGD performs worse with 3.4% YTD performance, and +$42M 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.
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SPY vs HEGD performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 05/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SPY HEGD | +10.01%+5.37% | +3.92%+2.19% | +5.99%+3.40% | +30.48%+17.94% | +80.18%+48.59% | +84.59%+48.37% |
| Flows | SPY HEGD | +$17.88B+$29M | +$1.85B+$26M | -$11.48B+$42M | -$1.35B+$205M | +$54.93B+$420M | +$72.72B+$511M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SPY HEGD | +15.31%+7.47% | +12.47%+7.02% | +14.89%+8.10% | +16.92%+9.17% |
| Max drawdown | SPY HEGD | -8.87%-4.30% | -8.89%-4.33% | -18.74%-8.39% | -24.50%-14.21% |
| Max drawdown duration | SPY HEGD | 70d71d | 76d77d | 126d124d | 708d721d |
Trading data
SPY | HEGD | |
Last sale 5/1/2026 at 1:30 PM | $720.65 | $26.11 |
| Previous close 04/29/2026 | $718.66 | $26.04 |
| Consolidated volume 04/29/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of April 30, 2026
1-year trailing difference
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HEGD
is actively managed and doesn’t replicate an indexSPY | 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 5/1/2026 at 1:30 PM
Live
Closed
SPY | HEGD | |
|---|---|---|
| Last price | $720.65 | $26.11 |
| 1D performance | +0.28% | +0.27% |
| AuM | $740.43 B | $664.83 M |
| E/R | 0.0945% | 0.87% |
Characteristics
SPY | HEGD | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | State Street Investment Management | Swan Capital Management |
| Benchmark | S&P 500 Index | - |
| N° of holdings | 478 | 478 |
| Asset class | Equities | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | January 22, 1993 | December 23, 2020 |
| ESG | No | No |
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Exposure
Countries
SPY
USA
96.95%
Other
3.05%
HEGD
USA
82.45%
Other
17.55%
Sectors
SPY
Information Techn.
33.93%
Financials
10.39%
Communication Ser.
10.23%
Consumer Discreti.
10.01%
Health Care
9.32%
Industrials
8.33%
Other
17.78%
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
SPY
Total weight of top 15 holdings out of 15
42.5%
HEGD
Total weight of top 15 holdings out of 15
36.14%
Top 15 holdings
Data as of March 31, 2026
SPY
NVIDIA
7.58%
APPLE
6.66%
MICROSOFT-T
4.91%
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
1.42%
LILLY
1.30%
EXXON
1.27%
JOHNSON&JOHNSON
1.05%
WALMART INC
0.97%
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 SPY and HEGD
How have the SPY and HEGD ETFs performed in 2026?
As of May 1, 2026, SPY is up 5.99% year-to-date (YTD), while HEGD has returned 3.4%. That puts SPY better performer ahead so far this year.
Which ETF is attracting more investor money: SPY or HEGD?
Year-to-date, the SPY ETF saw -$11.48B in flows, compared to +$42M for HEGD.
Which ETF is more volatile: SPY or HEGD?
Over the past year, SPY had a volatility of 12.47%, while HEGD experienced 7.02%.
Which ETF is bigger: SPY or HEGD?
As of May 1, 2026, SPY holds $740.43 B in assets under management (AUM), while HEGD manages $664.83 M.
What sectors do the SPY and HEGD ETFs invest in?
SPY 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 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 42.5% of its assets in the top 15. HEGD has 502 securities and a top 15 weight of 36.14%.
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