SPYIvsHEGDETF Comparison
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NEOS S&P 500 High Income ETF (SPYI) 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, Communication Services and Financials. SPYI is less expensive with a Total Expense Ratio (TER) of 0.68%, versus 0.88% for HEGD. SPYI is down -2.38% year-to-date (YTD) with +$1.81B in YTD flows. HEGD performs better with -1.85% YTD performance, and +$25M in YTD flows. Run a side-by-side ETF comparison of SPYI 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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SPYI vs HEGD performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 04/02/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SPYI HEGD | -3.60%-2.51% | -2.58%-2.02% | -2.38%-1.85% | +16.26%+13.28% | +49.63%+41.63% | n/a+43.75% |
| Flows | SPYI HEGD | +$569M+$12M | +$1.81B+$25M | +$1.81B+$25M | +$5.21B+$203M | +$8.44B+$401M | -+$499M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SPYI HEGD | +13.09%+6.78% | +16.31%+8.41% | +12.50%+8.11% | n/a+9.16% |
| Max drawdown | SPYI HEGD | -7.69%-4.33% | -11.16%-4.33% | -16.58%-8.39% | n/a-14.21% |
| Max drawdown duration | SPYI HEGD | 36d65d | 29d65d | 125d124d | n/a721d |
Trading data
SPYI | HEGD | |
Last sale 4/2/2026 at 1:30 PM | $49.72 | $24.80 |
| Previous close 04/02/2026 | $49.65 | $24.78 |
| Consolidated volume 04/02/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 4/2/2026 at 1:30 PM
Live
Closed
SPYI | HEGD | |
|---|---|---|
| Last price | $49.72 | $24.80 |
| 1D performance | +0.15% | +0.08% |
| AuM | $8.25 B | $614.94 M |
| E/R | 0.68% | 0.88% |
Characteristics
SPYI | HEGD | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | NEOS Investment Management | Swan Capital Management |
| Benchmark | - | - |
| N° of holdings | 479 | 479 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | August 30, 2022 | December 23, 2020 |
| ESG | No | No |
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Exposure
Countries
SPYI
USA
96.78%
Other
3.22%
HEGD
USA
86.08%
Other
13.92%
Sectors
SPYI
Information Techn.
33.85%
Communication Ser.
10.24%
Financials
10.23%
Consumer Discreti.
10.09%
Health Care
9.57%
Industrials
8.55%
Other
17.47%
HEGD
Information Techn.
29.76%
Communication Ser.
9.31%
Financials
9.13%
Consumer Discreti.
8.98%
Health Care
8.6%
Industrials
7.59%
Other
26.63%
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Diversification
SPYI
Total weight of top 15 holdings out of 15
42.6%
HEGD
Total weight of top 15 holdings out of 15
37.56%
Top 15 holdings
Data as of February 28, 2026
SPYI
NVIDIA
7.88%
APPLE
6.77%
MICROSOFT-T
4.86%
AMAZON.COM INC
3.42%
ALPHABET INC-CL
3.07%
BROADCOM LIMITED
2.59%
ALPHABET INC-CL
2.45%
META PLATFORMS
2.34%
TESLA
1.94%
BERKSHIRE HATHWAY
1.52%
LILLY
1.39%
JPMORGAN CHASE
1.36%
EXXON
1.07%
JOHNSON&JOHNSON
1.00%
WALMART INC
0.94%
HEGD
NVIDIA
6.50%
APPLE
5.90%
MICROSOFT-T
4.41%
AMAZON.COM INC
3.09%
ALPHABET INC-CL
2.74%
BROADCOM LIMITED
2.28%
ALPHABET INC-CL
2.19%
META PLATFORMS
2.13%
TESLA
1.71%
BERKSHIRE HATHWAY
1.40%
LILLY
1.26%
JPMORGAN CHASE
1.23%
EXXON
0.97%
JOHNSON&JOHNSON
0.90%
WALMART INC
0.85%
Frequently asked questions about SPYI and HEGD
How have the SPYI and HEGD ETFs performed in 2026?
As of April 2, 2026, SPYI is down -2.38% year-to-date (YTD), while HEGD has lost -1.85%. That puts HEGD better performer ahead so far this year.
Which ETF is attracting more investor money: SPYI or HEGD?
Year-to-date, the SPYI ETF saw +$1.81B in flows, compared to +$25M for HEGD.
Which ETF is more volatile: SPYI or HEGD?
Over the past year, SPYI had a volatility of 16.31%, while HEGD experienced 8.41%.
Which ETF is bigger: SPYI or HEGD?
As of April 2, 2026, SPYI holds $8.25 B in assets under management (AUM), while HEGD manages $614.94 M.
What sectors do the SPYI and HEGD ETFs invest in?
SPYI 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 SPYI ETF and HEGD ETF?
SPYI top holdings include NVIDIA, APPLE and MICROSOFT-T. HEGD holds in its top three: NVIDIA, APPLE and MICROSOFT-T.
Which ETF is more diversified: SPYI or HEGD?
SPYI holds 502 securities with 42.6% of its assets in the top 15. HEGD has 502 securities and a top 15 weight of 37.56%.
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Latest news about SPYI & HEGD
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