EWI vs HEGD

Comparison between ISHARES MSCI ITALY ETF (EWI, ETF) and SWAN HEDGED EQUITY US LARGE CAP ETF (HEGD, ETF).

5-Year PerformanceEWI has outperformed HEGD, delivering a return of +15.2% compared to +8.7%

EWI vs HEGD - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	EWI(ETF)	HEGD(ETF)
Net Assets	$664M	$663M
Expense Ratio	0.50%	0.87%
Max Drawdown	75.12%	14.56%
Sharpe Ratio	1.14	1.62
5Y Beta	0.76	0.44
5Y Dividends CAGR	24.69%	N/A

Net Assets

Winner

EWI

$664M

HEGD

$663M

Expense Ratio

Winner

EWI

0.50%

HEGD

0.87%

Max Drawdown

EWI

75.12%

Winner

HEGD

14.56%

Sharpe Ratio

EWI

1.14

Winner

HEGD

1.62

5Y Beta

EWI

0.76

Winner

HEGD

0.44

5Y Dividends CAGR

EWI

24.69%

HEGD

N/A

EWI vs HEGD - Holdings Comparison

EWI and HEGD have 1 common holdings. Overlap is 0.00%

EWI's top 25 holdings weight is 99.24%. HEGD's top 25 holdings weight is 114.83%.

Rank	EWI	HEGD
#1	UNICREDIT SPA (n/a) - 15.83%	SPDR® S&P 500® ETF (SPY) - 91.90%
#2	ENEL SPA (n/a) - 12.28%	OPTION ON S&P 500 PR (n/a) - 18.75%
#3	INTESA SANPAOLO (n/a) - 12.20%	PUT ON S&P 500 DEC25 (n/a) - 3.54%
#4	PRYSMIAN SPA (n/a) - 6.38%	OTHER ASSETS AND LIABILITIES (n/a) - 0.38%
#5	ENI SPA (n/a) - 5.40%	FIRST AMERICAN GOVERNMENT OBLIGS X (FGXXX) - 0.26%
#6	GENERALI (n/a) - 4.59%	US DOLLARS (n/a) - 0.00%
#7	FERRARI NV (RACE:MTAA) - 3.98%	N/A
#8	LEONARDO SPA AZ NOM POST RAGGRUPPAMENTO (n/a) - 3.72%	N/A
#9	BPER BANCA SPA (n/a) - 3.25%	N/A
#10	BANCA MONTE DEI PASCHI DI SIENA (n/a) - 2.86%	N/A
#11	BANCO BPM SPA (n/a) - 2.82%	N/A
#12	TERNA SPA (n/a) - 2.60%	N/A
#13	FINECOBANK SPA (n/a) - 2.45%	N/A
#14	STELLANTIS NV (n/a) - 2.44%	N/A
#15	SNAM SPA (n/a) - 2.43%	N/A
#16	MONCLER SPA (n/a) - 2.30%	N/A
#17	POSTE ITALIANE SPA (n/a) - 2.23%	N/A
#18	TELECOM ITALIA SPA (n/a) - 2.22%	N/A
#19	TENARIS SA (n/a) - 2.06%	N/A
#20	UNIPOL ASSICURAZIONI SPA (n/a) - 1.65%	N/A
#21	EUR CASH (n/a) - 1.43%	N/A
#22	RECORDATI SPA AZ NOM POST RAGGRUPPAMENTO (n/a) - 1.35%	N/A
#23	BANCA MEDIOLANUM (n/a) - 1.13%	N/A
#24	DAVIDE CAMPARI-MILANO NV AZ NOM POST FRAZIONAMENTO (n/a) - 0.88%	N/A
#25	ITALGAS SPA (n/a) - 0.76%	N/A
Total Holdings	31	6

EWI vs HEGD - Historical Returns

Returns include dividend reinvestment.

Period	EWI	HEGD
1 month	+0.38%	+1.22%
3 months	+8.63%	+4.87%
6 months	+10.99%	+4.43%
1 year	+24.68%	+16.69%
5 years(CAGR)	+15.24%	+8.68%
10 years(CAGR)	+12.88%	N/A
Max(CAGR)	+4.47%	+9.54%

EWI

+0.38%

Winner

HEGD

+1.22%

Winner

EWI

+8.63%

HEGD

+4.87%

Winner

EWI

+10.99%

HEGD

+4.43%

Winner

EWI

+24.68%

HEGD

+16.69%

5Y(CAGR)

Winner

EWI

+15.24%

HEGD

+8.68%

10Y(CAGR)

EWI

+12.88%

HEGD

N/A

Max(CAGR)

EWI

+4.47%

Winner

HEGD

+9.54%

EWI vs HEGD - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	EWI	HEGD
2026	+5.22%	+4.66%
2025	+57.52%	+12.82%
2024	+11.09%	+15.60%
2023	+28.42%	+14.46%
2022	-15.46%	-11.12%
2021	+13.53%	+18.11%
2020	+0.31%	+0.99%
2019	+27.28%	N/A
2018	-17.71%	N/A
2017	+27.26%	N/A
2016	-7.20%	N/A
2015	+2.89%	N/A
2014	-9.42%	N/A
2013	+17.40%	N/A
2012	+10.72%	N/A
2011	-24.38%	N/A
2010	-15.95%	N/A
2009	+20.91%	N/A
2008	-47.20%	N/A
2007	+3.09%	N/A
2006	+27.63%	N/A
2005	+2.44%	N/A
2004	+30.72%	N/A
2003	+34.68%	N/A
2002	-8.68%	N/A
2001	-26.82%	N/A
2000	+0.01%	N/A
1999	+16.28%	N/A

EWI vs HEGD Drawdown Comparison

The maximum drawdown for EWI was -70.40%, occurring on Mar 9, 2009. Recovery took 4472 trading sessions.

The maximum drawdown for HEGD was -14.56%, occurring on Oct 12, 2022. Recovery took 495 trading sessions.

The current EWI drawdown is -2.63%. The current HEGD drawdown is -2.20%.

Rank	EWI	HEGD
#1	-70.40% May 7, 2007 - Feb 12, 2025	-14.56% Dec 29, 2021 - Dec 18, 2023
#2	-49.06% Feb 23, 2000 - Nov 4, 2004	-8.14% Feb 19, 2025 - Jun 24, 2025
#3	-16.80% Mar 19, 2025 - Apr 25, 2025	-4.58% Jul 10, 2024 - Aug 21, 2024
#4	-12.48% Feb 26, 2026 - Apr 14, 2026	-4.39% Jan 27, 2026 - Apr 15, 2026
#5	-11.33% May 10, 2006 - Aug 29, 2006	-3.57% Mar 28, 2024 - May 15, 2024
#6	-9.60% Sep 9, 2005 - Jan 3, 2006	-3.54% Sep 2, 2021 - Oct 26, 2021
#7	-7.97% Feb 16, 2007 - Apr 3, 2007	-3.28% Feb 17, 2021 - Apr 5, 2021
#8	-7.86% Apr 11, 2005 - Aug 3, 2005	-2.84% Dec 6, 2024 - Jan 23, 2025
#9	-6.70% Jan 14, 2000 - Feb 3, 2000	-2.80% Nov 24, 2021 - Dec 23, 2021
#10	-6.48% Dec 31, 1999 - Jan 14, 2000	-2.79% Aug 30, 2024 - Sep 12, 2024
#11	-6.12% Nov 12, 2025 - Dec 15, 2025	-2.62% Oct 29, 2025 - Dec 11, 2025
#12	-4.75% Dec 28, 2004 - Feb 14, 2005	-2.50% May 7, 2021 - Jun 24, 2021
#13	-4.39% Mar 17, 2006 - Apr 5, 2006	-2.34% Oct 14, 2024 - Nov 6, 2024
#14	-4.37% Oct 3, 2025 - Nov 10, 2025	-2.20% Jun 2, 2026 - Jun 5, 2026
#15	-4.35% Aug 11, 2005 - Sep 2, 2005	-2.05% Dec 11, 2025 - Jan 9, 2026

Correlation

Correlation between EWI and HEGD is 0.97 which considered as a very strong positive correlation - the stocks move almost identically together.

0.97

-101

Dividend Comparison (2000 - 2025)

EWI vs HEGD dividend yield comparison.

Year	EWI	HEGD
2025	2.80%	0.36%
2024	4.07%	0.43%
2023	3.40%	0.39%
2022	4.57%	0.87%
2021	2.63%	0.31%
2020	1.66%	0.00%
2019	3.80%	0.00%
2018	4.71%	0.00%
2017	2.19%	0.00%
2016	3.64%	0.00%
2015	2.31%	0.00%
2014	2.51%	0.00%
2013	2.19%	0.00%
2012	2.35%	0.00%
2011	4.65%	0.00%
2010	2.02%	0.00%
2009	2.22%	0.00%
2008	9.37%	0.00%
2007	4.52%	0.00%
2006	2.01%	0.00%
2005	1.98%	0.00%
2004	2.51%	0.00%
2003	3.10%	0.00%
2002	2.58%	0.00%
2001	1.95%	0.00%
2000	9.84%	0.00%