HEWJ vs HEGD

Comparison between ISHARES CURRENCY HEDGED MSCI JAPAN ETF (HEWJ, ETF) and SWAN HEDGED EQUITY US LARGE CAP ETF (HEGD, ETF).

5-Year PerformanceHEWJ has outperformed HEGD, delivering a return of +22.1% compared to +8.1%

HEWJ vs HEGD - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	HEWJ(ETF)	HEGD(ETF)
Net Assets	$716M	$717M
Expense Ratio	0.49%	0.87%
Max Drawdown	37.42%	14.56%
Sharpe Ratio	1.55	1.15
5Y Beta	0.98	0.45
5Y Dividends CAGR	33.42%	N/A

Net Assets

HEWJ

$716M

Winner

HEGD

$717M

Expense Ratio

Winner

HEWJ

0.49%

HEGD

0.87%

Max Drawdown

HEWJ

37.42%

Winner

HEGD

14.56%

Sharpe Ratio

Winner

HEWJ

1.55

HEGD

1.15

5Y Beta

HEWJ

0.98

Winner

HEGD

0.45

5Y Dividends CAGR

HEWJ

33.42%

HEGD

N/A

HEWJ vs HEGD - Holdings Comparison

HEWJ and HEGD have 1 common holdings. Overlap is -317.07%

HEWJ's top 25 holdings weight is 100.01%. HEGD's top 25 holdings weight is 114.83%.

Rank	HEWJ	HEGD
#1	JPY/USD PURCHASED (n/a) - 321.92%	SPDR® S&P 500® ETF (SPY) - 91.90%
#2	ISHARES MSCI JAPAN ETF (EWJ) - 102.28%	OPTION ON S&P 500 PR (n/a) - 18.75%
#3	BLACKROCK CASH FUNDS TREASURY SL AGENCY (n/a) - 1.27%	PUT ON S&P 500 DEC25 (n/a) - 3.54%
#4	USD CASH (n/a) - 0.00%	OTHER ASSETS AND LIABILITIES (n/a) - 0.38%
#5	CASH OFFSET (n/a) - -8.39%	FIRST AMERICAN GOVERNMENT OBLIGS X (FGXXX) - 0.26%
#6	JPY/USD SOLD (n/a) - -317.07%	US DOLLARS (n/a) - 0.00%
#7	N/A	N/A
#8	N/A	N/A
#9	N/A	N/A
#10	N/A	N/A
#11	N/A	N/A
#12	N/A	N/A
#13	N/A	N/A
#14	N/A	N/A
#15	N/A	N/A
#16	N/A	N/A
#17	N/A	N/A
#18	N/A	N/A
#19	N/A	N/A
#20	N/A	N/A
#21	N/A	N/A
#22	N/A	N/A
#23	N/A	N/A
#24	N/A	N/A
#25	N/A	N/A
Total Holdings	6	6

HEWJ vs HEGD - Historical Returns

Returns include dividend reinvestment.

Period	HEWJ	HEGD
1 month	+1.08%	+1.97%
3 months	+4.59%	+1.05%
6 months	+8.18%	+6.10%
1 year	+38.93%	+12.45%
5 years(CAGR)	+22.13%	+8.11%
10 years(CAGR)	+16.73%	N/A
Max(CAGR)	+14.13%	+9.48%

HEWJ

+1.08%

Winner

HEGD

+1.97%

Winner

HEWJ

+4.59%

HEGD

+1.05%

Winner

HEWJ

+8.18%

HEGD

+6.10%

Winner

HEWJ

+38.93%

HEGD

+12.45%

5Y(CAGR)

Winner

HEWJ

+22.13%

HEGD

+8.11%

10Y(CAGR)

HEWJ

+16.73%

HEGD

N/A

Max(CAGR)

Winner

HEWJ

+14.13%

HEGD

+9.48%

HEWJ vs HEGD - Annual Returns (2014 - 2026)

Returns include dividend reinvestment.

Year	HEWJ	HEGD
2026	+21.25%	+6.47%
2025	+30.04%	+12.82%
2024	+25.12%	+15.60%
2023	+35.83%	+14.46%
2022	-4.22%	-11.12%
2021	+14.41%	+18.11%
2020	+9.12%	+0.99%
2019	+20.80%	N/A
2018	-14.88%	N/A
2017	+19.55%	N/A
2016	+1.29%	N/A
2015	+8.29%	N/A
2014	+20.54%	N/A

HEWJ vs HEGD Drawdown Comparison

The maximum drawdown for HEWJ was -31.53%, occurring on Mar 16, 2020. Recovery took 192 trading sessions.

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

The current HEWJ drawdown is -3.87%. The current HEGD drawdown is -1.64%.

Rank	HEWJ	HEGD
#1	-31.53% Feb 6, 2020 - Nov 9, 2020	-14.56% Dec 29, 2021 - Dec 18, 2023
#2	-29.57% Aug 10, 2015 - Oct 10, 2017	-8.14% Feb 19, 2025 - Jun 24, 2025
#3	-21.57% Jan 23, 2018 - Feb 6, 2020	-4.58% Jul 10, 2024 - Aug 21, 2024
#4	-20.90% Jul 10, 2024 - Jun 27, 2025	-4.39% Jan 27, 2026 - Apr 15, 2026
#5	-16.03% Sep 13, 2021 - Nov 25, 2022	-3.57% Mar 28, 2024 - May 15, 2024
#6	-11.19% Sep 26, 2014 - Oct 31, 2014	-3.54% Sep 2, 2021 - Oct 26, 2021
#7	-10.37% Feb 25, 2026 - May 8, 2026	-3.38% Jun 2, 2026 - Aug 4, 2026
#8	-8.93% Jun 1, 2015 - Aug 10, 2015	-3.28% Feb 17, 2021 - Apr 5, 2021
#9	-8.77% Dec 5, 2014 - Feb 13, 2015	-2.84% Dec 6, 2024 - Jan 23, 2025
#10	-8.12% Nov 25, 2022 - Mar 3, 2023	-2.80% Nov 24, 2021 - Dec 23, 2021
#11	-7.89% Mar 6, 2014 - Jun 4, 2014	-2.79% Aug 30, 2024 - Sep 12, 2024
#12	-7.45% Sep 19, 2023 - Nov 17, 2023	-2.62% Oct 29, 2025 - Dec 11, 2025
#13	-7.23% Mar 8, 2023 - Apr 17, 2023	-2.50% May 7, 2021 - Jun 24, 2021
#14	-6.97% Apr 5, 2021 - Sep 2, 2021	-2.34% Oct 14, 2024 - Nov 6, 2024
#15	-6.88% Jun 22, 2026 - Aug 13, 2026	-2.05% Dec 11, 2025 - Jan 9, 2026

Correlation

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

0.97

-101

Dividend Comparison (2014 - 2026)

HEWJ vs HEGD dividend yield comparison.

Year	HEWJ	HEGD
2026	0.54%	0.00%
2025	5.10%	0.36%
2024	2.20%	0.43%
2023	2.02%	0.39%
2022	47.68%	0.87%
2021	2.03%	0.31%
2020	1.20%	0.00%
2019	2.78%	0.00%
2018	1.37%	0.00%
2017	1.21%	0.00%
2016	1.88%	0.00%
2015	3.25%	0.00%
2014	2.15%	0.00%