HEGD vs EZA

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

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

HEGD vs EZA - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

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

Net Assets

HEGD

$692M

Winner

EZA

$693M

Expense Ratio

HEGD

0.87%

Winner

EZA

0.59%

Max Drawdown

Winner

HEGD

14.56%

EZA

68.15%

Sharpe Ratio

Winner

HEGD

1.61

EZA

1.09

5Y Beta

Winner

HEGD

0.45

EZA

0.97

5Y Dividends CAGR

HEGD

N/A

EZA

14.29%

HEGD vs EZA - Holdings Comparison

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

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

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

HEGD vs EZA - Historical Returns

Returns include dividend reinvestment.

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

Winner

HEGD

+0.72%

EZA

+0.49%

Winner

HEGD

+7.29%

EZA

+3.48%

Winner

HEGD

+6.28%

EZA

+0.95%

HEGD

+17.10%

Winner

EZA

+38.80%

5Y(CAGR)

HEGD

+9.05%

Winner

EZA

+11.58%

10Y(CAGR)

HEGD

N/A

EZA

+8.08%

Max(CAGR)

HEGD

+9.63%

Winner

EZA

+10.00%

HEGD vs EZA - Annual Returns (2003 - 2026)

Returns include dividend reinvestment.

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

HEGD vs EZA Drawdown Comparison

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

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

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

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

Correlation

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

0.85

-101

Dividend Comparison (2003 - 2026)

HEGD vs EZA dividend yield comparison.

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