Swan Hedged Equity US Large Cap ETF (HEGD) Performance
HEGD total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +6.1% since Dec 31, 2025
- 1 year
- +6.9% total return
- 5 years
- +7.7% a year
- Since first price
- +9.0% a year since 2020
HEGD trailing returns vs SPY, QQQ, AGG
| Period | HEGD total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −0.9% | −0.9% | −1.0% | −5.0% | +0.9% |
| 3 months | +1.2% | +1.2% | +3.2% | +1.9% | −0.4% |
| 6 months | +3.5% | +3.5% | +7.8% | +8.4% | −1.5% |
| YTD | +6.1% | +6.1% | +12.3% | +15.1% | −1.0% |
| 1 year | +6.9% | +6.5% | +14.4% | +15.9% | −1.1% |
| 3 years | +50.7%+14.7%/yr | +49.0% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +44.9%+7.7%/yr | +41.5% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionDec 23, 2020 | +65.7%+9.0%/yr | +61.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: HEGD vs SPY
From Dec 23, 2020: HEGD grew to $16,573, SPY to $22,322.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
HEGD returns by calendar year
4 of 5 full years positive. Best 2021 (+17.3%), worst 2022 (−11.2%). 2026 is year to date.
HEGD annual returns table
| Year | HEGD | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +6.1% | −4.4% | +12.3% | +15.1% | −1.0% |
| 2025 | +12.9% | −8.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +15.2% | −4.6% | +24.9% | +25.6% | +1.3% |
| 2023 | +14.2% | −6.9% | +26.2% | +54.9% | +5.7% |
| 2022 | −11.2% | −14.1% | −18.2% | −32.6% | −13.0% |
| 2021 | +17.3% | −3.5% | +28.7% | +27.4% | −1.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
HEGD largest drawdowns
Now 2.5% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 29, 2021 | −14.6% | Oct 12, 2022 | Dec 18, 2023 | 9 months | 2.0 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
HEGD risk statistics
| Statistic | 3 years | 5 years | Since 2020 |
|---|---|---|---|
| Annualized return | +14.5% | +8.5% | +9.1% |
| Volatility (annualized) | 7.8% | 8.9% | 8.6% |
| Sharpe ratio | 1.23 | 0.57 | 0.70 |
| Sortino ratio | 2.32 | 0.88 | 1.09 |
| Best month | +5.7% | +5.7% | +5.7% |
| Worst month | −3.3% | −5.6% | −5.6% |
| Best 12 months | +24.1% | +24.1% | +24.1% |
| Worst 12 months | +6.1% | −11.2% | −11.2% |
| Positive months | 64% | 58% | 61% |
| Beta vs S&P 500 | 0.61 | 0.55 | — |
| Correlation with S&P 500 | 0.97 | 0.96 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
HEGD rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 59 | −11.2% | +11.4% | +24.1% | 80% |
| 3-year (a year) | 35 | +4.6% | +9.5% | +15.2% | 100% |
| 5-year (a year) | 11 | +7.4% | +8.5% | +9.3% | 100% |
Every holding period starting at a month-end since 2020. Returns for 3 years and longer are annualized.
HEGD performance overview
Swan Hedged Equity US Large Cap ETF (HEGD) returned +6.9% over the past year and +7.7% a year over five years, with distributions reinvested. Since its first recorded price in 2020 it has returned +9.0% a year, turning $10,000 into about $16,573. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −14.6%, from Dec 29, 2021 to Oct 12, 2022, and it took 1.2 years to get back to the old high. HEGD finished 4 of its 5 full calendar years with a gain; the best year was 2021 (+17.3%) and the worst 2022 (−11.2%). Volatility has been 8.6% a year.
Related: HEGD chart, HEGD dividends. See the HEGD overview for the latest quote and fund facts.
HEGD performance FAQ
What is the HEGD return over the past year?
HEGD returned +6.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 6.5%.
What is the average annual return of HEGD?
HEGD has returned +7.7% a year over 5 years, +9.0% a year since December 23, 2020 (total return, distributions reinvested).
How much would $10,000 invested in HEGD be worth?
$10,000 invested in HEGD at its first recorded close on December 23, 2020 would be worth about $16,573 on October 23, 2026 with distributions reinvested.
What was the worst year for HEGD?
The worst calendar year was 2022, with a total return of −11.2%. The best was 2021 at +17.3%.
What is the biggest drawdown of HEGD?
The largest peak-to-trough decline was −14.6% between December 29, 2021 and October 12, 2022. It recovered to the old high on December 18, 2023, 1.2 years after the bottom.
How volatile is HEGD?
Over the past 3 years HEGD had an annualized volatility of 7.8% and a Sharpe ratio of 1.23 (excess return over 1–3 month T-bills per unit of risk).