EWX vs HFRO

Comparison between STATE STREET(R) SPDR(R) S&P(R) EMERGING MARKETS SMALL CAP ETF (EWX, ETF) and Highland Opportunities and Income Fund (HFRO, ETF).

5-Year PerformanceEWX has outperformed HFRO, delivering a return of +7.1% compared to -0.2%

EWX vs HFRO - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	EWX(ETF)	HFRO(ETF)
Net Assets	$656M	$655M
Expense Ratio	0.65%	N/A
Max Drawdown	63.90%	72.48%
Sharpe Ratio	0.54	0.97
5Y Beta	0.65	0.59
5Y Dividends CAGR	9.05%	-14.33%

Net Assets

Winner

EWX

$656M

HFRO

$655M

Expense Ratio

EWX

0.65%

HFRO

N/A

Max Drawdown

Winner

EWX

63.90%

HFRO

72.48%

Sharpe Ratio

EWX

0.54

Winner

HFRO

0.97

5Y Beta

EWX

0.65

Winner

HFRO

0.59

5Y Dividends CAGR

Winner

EWX

9.05%

HFRO

-14.33%

EWX vs HFRO - Historical Returns

Returns include dividend reinvestment.

Period	EWX	HFRO
1 month	+6.70%	-2.87%
3 months	-3.25%	+14.90%
6 months	+4.37%	+19.01%
1 year	+12.69%	+24.08%
5 years(CAGR)	+7.14%	-0.16%
10 years(CAGR)	+8.52%	-0.69%
Max(CAGR)	+4.49%	-0.69%

Winner

EWX

+6.70%

HFRO

-2.87%

EWX

-3.25%

Winner

HFRO

+14.90%

EWX

+4.37%

Winner

HFRO

+19.01%

EWX

+12.69%

Winner

HFRO

+24.08%

5Y(CAGR)

Winner

EWX

+7.14%

HFRO

-0.16%

10Y(CAGR)

Winner

EWX

+8.52%

HFRO

-0.69%

Max(CAGR)

Winner

EWX

+4.49%

HFRO

-0.69%

EWX vs HFRO - Annual Returns (2008 - 2026)

Returns include dividend reinvestment.

Year	EWX	HFRO
2026	+10.62%	+23.69%
2025	+16.17%	+22.68%
2024	+7.64%	-29.13%
2023	+17.12%	-16.57%
2022	-15.32%	+0.78%
2021	+16.66%	+14.90%
2020	+13.04%	-8.01%
2019	+14.58%	+2.92%
2018	-19.74%	-12.60%
2017	+32.53%	+1.01%
2016	+10.04%	N/A
2015	-11.76%	N/A
2014	+0.87%	N/A
2013	+0.15%	N/A
2012	+23.85%	N/A
2011	-30.79%	N/A
2010	+19.60%	N/A
2009	+92.49%	N/A
2008	-53.20%	N/A

EWX vs HFRO Drawdown Comparison

The maximum drawdown for EWX was -63.90%, occurring on Nov 20, 2008. Recovery took 583 trading sessions.

The maximum drawdown for HFRO was -52.76%, occurring on Apr 8, 2025. This drawdown has not yet recovered.

The current EWX drawdown is -4.73%. The current HFRO drawdown is -16.51%.

Rank	EWX	HFRO
#1	-63.90% May 19, 2008 - Sep 13, 2010	-52.76% Aug 17, 2022 - Apr 8, 2025
#2	-42.99% Jan 26, 2018 - Dec 28, 2020	-49.42% Jul 24, 2018 - Mar 29, 2022
#3	-34.12% Jan 5, 2011 - Sep 5, 2014	-9.70% May 6, 2022 - Aug 15, 2022
#4	-31.87% Sep 5, 2014 - Jul 14, 2017	-3.99% Nov 7, 2017 - Dec 22, 2017
#5	-24.67% Jul 12, 2021 - Apr 9, 2024	-2.92% Jan 31, 2018 - Feb 21, 2018
#6	-21.36% Oct 7, 2024 - Jul 3, 2025	-2.88% Feb 23, 2018 - Jul 11, 2018
#7	-13.47% Jun 22, 2026 - Jul 29, 2026	-2.01% Mar 31, 2022 - May 2, 2022
#8	-9.20% Jul 12, 2024 - Sep 24, 2024	-0.96% Dec 22, 2017 - Jan 4, 2018
#9	-7.98% Feb 25, 2026 - Apr 13, 2026	-0.96% Jan 9, 2018 - Jan 22, 2018
#10	-6.48% Nov 4, 2010 - Jan 3, 2011	-0.94% Jul 16, 2018 - Jul 24, 2018
#11	-5.86% May 26, 2026 - Jun 18, 2026	-0.76% Mar 29, 2022 - Mar 31, 2022
#12	-5.85% Apr 28, 2021 - May 28, 2021	-0.71% Jan 4, 2018 - Jan 9, 2018
#13	-4.99% Sep 17, 2025 - Jan 9, 2026	-0.67% May 4, 2022 - May 6, 2022
#14	-4.85% Apr 9, 2024 - May 2, 2024	-0.51% Jan 22, 2018 - Jan 29, 2018
#15	-4.38% May 11, 2026 - May 26, 2026	-0.31% Feb 21, 2018 - Feb 23, 2018

Correlation

Correlation between EWX and HFRO is -0.27 which considered as a very weak or no correlation - the stocks move independently of each other.

-0.27

-101

Dividend Comparison (2008 - 2026)

EWX vs HFRO dividend yield comparison.

Year	EWX	HFRO
2026	0.78%	4.34%
2025	2.91%	7.73%
2024	2.90%	8.90%
2023	2.32%	12.02%
2022	3.00%	8.97%
2021	2.77%	8.41%
2020	2.24%	8.99%
2019	2.73%	7.43%
2018	3.26%	7.22%
2017	2.30%	0.99%
2016	2.46%	0.00%
2015	3.04%	0.00%
2014	2.74%	0.00%
2013	2.33%	0.00%
2012	2.27%	0.00%
2011	5.58%	0.00%
2010	3.03%	0.00%
2009	1.79%	0.00%
2008	0.85%	0.00%