EZA vs HEGD

Comparison between ISHARES MSCI SOUTH AFRICA ETF (EZA, ETF) and SWAN HEDGED EQUITY US LARGE CAP ETF (HEGD, ETF).

5-Year PerformanceEZA has outperformed HEGD, delivering a return of +11.6% compared to +9.0%

EZA vs HEGD - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	EZA(ETF)	HEGD(ETF)
Net Assets	$693M	$692M
Expense Ratio	0.59%	0.87%
Max Drawdown	68.15%	14.56%
Sharpe Ratio	1.09	1.61
5Y Beta	0.97	0.45
5Y Dividends CAGR	14.29%	N/A

Net Assets

Winner

EZA

$693M

HEGD

$692M

Expense Ratio

Winner

EZA

0.59%

HEGD

0.87%

Max Drawdown

EZA

68.15%

Winner

HEGD

14.56%

Sharpe Ratio

EZA

1.09

Winner

HEGD

1.61

5Y Beta

EZA

0.97

Winner

HEGD

0.45

5Y Dividends CAGR

EZA

14.29%

HEGD

N/A

EZA vs HEGD - Holdings Comparison

EZA and HEGD have 1 common holdings. Overlap is -0.08%

EZA's top 25 holdings weight is 97.23%. HEGD's top 25 holdings weight is 114.83%.

Rank	EZA	HEGD
#1	ANGLOGOLD ASHANTI PLC (AU) - 11.34%	SPDR® S&P 500® ETF (SPY) - 91.90%
#2	NASPERS LTD CLASS N (n/a) - 11.23%	OPTION ON S&P 500 PR (n/a) - 18.75%
#3	GOLD FIELDS LTD (n/a) - 8.54%	PUT ON S&P 500 DEC25 (n/a) - 3.54%
#4	FIRSTRAND LTD (n/a) - 7.31%	OTHER ASSETS AND LIABILITIES (n/a) - 0.38%
#5	STANDARD BANK GROUP LTD (n/a) - 6.49%	FIRST AMERICAN GOVERNMENT OBLIGS X (FGXXX) - 0.26%
#6	MTN GROUP LTD (n/a) - 4.80%	US DOLLARS (n/a) - 0.00%
#7	CAPITEC BANK HOLDINGS LTD (n/a) - 4.69%	N/A
#8	VALTERRA PLATINUM LTD (n/a) - 4.09%	N/A
#9	ABSA GROUP LTD (n/a) - 3.64%	N/A
#10	IMPALA PLATINUM HOLDINGS LTD (n/a) - 3.14%	N/A
#11	DISCOVERY LTD (n/a) - 2.81%	N/A
#12	SANLAM LTD (n/a) - 2.80%	N/A
#13	HARMONY GOLD MINING CO LTD (n/a) - 2.67%	N/A
#14	BID CORP LTD (n/a) - 2.65%	N/A
#15	SHOPRITE HOLDINGS LTD (n/a) - 2.60%	N/A
#16	SASOL LTD (n/a) - 2.50%	N/A
#17	SIBANYE STILLWATER LTD ORDINARY SHARES (n/a) - 2.19%	N/A
#18	NEDBANK GROUP LTD (n/a) - 2.18%	N/A
#19	REMGRO LTD (n/a) - 1.86%	N/A
#20	VODACOM GROUP LTD (n/a) - 1.84%	N/A
#21	NORTHAM PLATINUM HOLDINGS LTD (n/a) - 1.81%	N/A
#22	NEPI ROCKCASTLE NV (n/a) - 1.68%	N/A
#23	BIDVEST GROUP LTD (n/a) - 1.54%	N/A
#24	PEPKOR HOLDINGS LTD (n/a) - 1.49%	N/A
#25	REINET INVESTMENTS SCA (n/a) - 1.34%	N/A
Total Holdings	35	6

EZA vs HEGD - Historical Returns

Returns include dividend reinvestment.

Period	EZA	HEGD
1 month	+0.49%	+0.72%
3 months	+3.48%	+7.29%
6 months	+0.95%	+6.28%
1 year	+38.80%	+17.10%
5 years(CAGR)	+11.58%	+9.05%
10 years(CAGR)	+8.08%	N/A
Max(CAGR)	+10.00%	+9.63%

EZA

+0.49%

Winner

HEGD

+0.72%

EZA

+3.48%

Winner

HEGD

+7.29%

EZA

+0.95%

Winner

HEGD

+6.28%

Winner

EZA

+38.80%

HEGD

+17.10%

5Y(CAGR)

Winner

EZA

+11.58%

HEGD

+9.05%

10Y(CAGR)

EZA

+8.08%

HEGD

N/A

Max(CAGR)

Winner

EZA

+10.00%

HEGD

+9.63%

EZA vs HEGD - Annual Returns (2003 - 2026)

Returns include dividend reinvestment.

Year	EZA	HEGD
2026	-1.80%	+5.49%
2025	+73.49%	+12.82%
2024	+9.82%	+15.60%
2023	-1.59%	+14.46%
2022	-6.50%	-11.12%
2021	+7.43%	+18.11%
2020	-6.02%	+0.99%
2019	+9.97%	N/A
2018	-25.17%	N/A
2017	+34.76%	N/A
2016	+19.57%	N/A
2015	-24.50%	N/A
2014	+6.87%	N/A
2013	-7.68%	N/A
2012	+17.91%	N/A
2011	-15.89%	N/A
2010	+32.24%	N/A
2009	+47.87%	N/A
2008	-36.96%	N/A
2007	+20.67%	N/A
2006	+15.47%	N/A
2005	+27.20%	N/A
2004	+42.85%	N/A
2003	+51.38%	N/A

EZA vs HEGD Drawdown Comparison

The maximum drawdown for EZA was -63.06%, occurring on Oct 27, 2008. Recovery took 730 trading sessions.

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

The current EZA drawdown is -16.48%. The current HEGD drawdown is -1.42%.

Rank	EZA	HEGD
#1	-63.06% Oct 31, 2007 - Sep 24, 2010	-14.56% Dec 29, 2021 - Dec 18, 2023
#2	-62.32% Jan 26, 2018 - May 23, 2025	-8.14% Feb 19, 2025 - Jun 24, 2025
#3	-45.03% Apr 28, 2015 - Dec 21, 2017	-4.58% Jul 10, 2024 - Aug 21, 2024
#4	-29.56% May 9, 2006 - Feb 16, 2007	-4.39% Jan 27, 2026 - Apr 15, 2026
#5	-25.94% Apr 29, 2011 - May 14, 2014	-3.57% Mar 28, 2024 - May 15, 2024
#6	-23.31% Feb 27, 2026 - Mar 20, 2026	-3.54% Sep 2, 2021 - Oct 26, 2021
#7	-20.25% Jul 23, 2007 - Oct 4, 2007	-3.38% Jun 2, 2026 - Jun 10, 2026
#8	-19.16% Apr 6, 2004 - Sep 16, 2004	-3.28% Feb 17, 2021 - Apr 5, 2021
#9	-18.04% Mar 9, 2005 - Aug 10, 2005	-2.84% Dec 6, 2024 - Jan 23, 2025
#10	-17.71% Sep 5, 2014 - Apr 28, 2015	-2.80% Nov 24, 2021 - Dec 23, 2021
#11	-13.68% Feb 1, 2006 - Apr 3, 2006	-2.79% Aug 30, 2024 - Sep 12, 2024
#12	-13.47% Feb 23, 2007 - Apr 2, 2007	-2.62% Oct 29, 2025 - Dec 11, 2025
#13	-13.40% Jan 3, 2011 - Apr 6, 2011	-2.50% May 7, 2021 - Jun 24, 2021
#14	-12.38% Jan 3, 2005 - Feb 24, 2005	-2.34% Oct 14, 2024 - Nov 6, 2024
#15	-11.13% Sep 30, 2005 - Nov 21, 2005	-2.05% Dec 11, 2025 - Jan 9, 2026

Correlation

Correlation between EZA and HEGD is 0.85 which considered as a strong positive correlation - the stocks tend to move together.

0.85

-101

Dividend Comparison (2003 - 2026)

EZA vs HEGD dividend yield comparison.

Year	EZA	HEGD
2026	2.15%	0.00%
2025	6.16%	0.36%
2024	7.26%	0.43%
2023	2.84%	0.39%
2022	3.90%	0.87%
2021	2.05%	0.31%
2020	5.51%	0.00%
2019	12.27%	0.00%
2018	3.81%	0.00%
2017	1.55%	0.00%
2016	4.10%	0.00%
2015	3.03%	0.00%
2014	2.20%	0.00%
2013	2.44%	0.00%
2012	3.01%	0.00%
2011	3.15%	0.00%
2010	2.43%	0.00%
2009	3.70%	0.00%
2008	9.74%	0.00%
2007	4.02%	0.00%
2006	4.36%	0.00%
2005	4.00%	0.00%
2004	3.04%	0.00%
2003	4.85%	0.00%