EMEQ vs. HL

Last updated Jul 12, 2026

EMEQ (Nomura Focused Emerging Markets Equity ETF) is Emerging Markets Diversified fund actively managed by Nomura, while HL (Hecla Mining Company) is a stock. Over the past year, EMEQ returned 127.62% vs 150.61% for HL. At a 0.35 correlation, their price movements are largely independent.

Performance

EMEQ vs. HL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nomura Focused Emerging Markets Equity ETF (EMEQ) and Hecla Mining Company (HL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMEQ achieves a 70.04% return, which is significantly higher than HL's -17.53% return.

EMEQ

• 1D: 0.10%
• 1M: 0.76%
• 6M: 58.06%
• YTD: 70.04%
• 1Y: 127.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HL

• 1D: 0.19%
• 1M: 5.54%
• 6M: -29.50%
• YTD: -17.53%
• 1Y: 150.61%
• 3Y*: 44.14%
• 5Y*: 17.81%
• 10Y*: 10.98%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EMEQ vs. HL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EMEQ Nomura Focused Emerging Markets Equity ETF	70.04%	69.78%	-0.73%
HL Hecla Mining Company	-17.53%	291.70%	-10.02%

Correlation

The correlation between EMEQ and HL is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.35

Return for Risk

EMEQ vs. HL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EMEQ

EMEQ Risk / Return Rank: 94
EMEQ Sharpe Ratio Rank: 96
EMEQ Sortino Ratio Rank: 91
EMEQ Omega Ratio Rank: 93
EMEQ Calmar Ratio Rank: 96
EMEQ Martin Ratio Rank: 95

HL

HL Risk / Return Rank: 88
HL Sharpe Ratio Rank: 94
HL Sortino Ratio Rank: 89
HL Omega Ratio Rank: 87
HL Calmar Ratio Rank: 87
HL Martin Ratio Rank: 83

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EMEQ vs. HL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura Focused Emerging Markets Equity ETF (EMEQ) and Hecla Mining Company (HL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EMEQ	HL	Difference
Sharpe ratio: Return per unit of total volatility	3.27	2.32	+0.95
Sortino ratio: Return per unit of downside risk	3.47	2.73	+0.74
Omega ratio: Gain probability vs. loss probability	1.51	1.33	+0.18
Calmar ratio: Return relative to maximum drawdown	6.98	3.05	+3.93
Martin ratio: Return relative to average drawdown	23.27	6.03	+17.24

EMEQ vs. HL - Sharpe Ratio Comparison

The current EMEQ Sharpe Ratio is 3.27, which is higher than the HL Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of EMEQ and HL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EMEQ vs. HL - Drawdown Comparison

The maximum EMEQ drawdown since its inception was -19.99%, smaller than the maximum HL drawdown of -97.92%. Use the drawdown chart below to compare losses from any high point for EMEQ and HL.

Drawdown Indicators

	EMEQ	HL	Difference
Max Drawdown Largest peak-to-trough decline	-19.99%	-97.92%	+77.93%
Max Drawdown (1Y) Largest decline over 1 year	-17.91%	-55.81%	+37.90%
Max Drawdown (3Y) Largest decline over 3 years	—	-55.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-55.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-82.45%	—
Current Drawdown Current decline from peak	-12.48%	-50.25%	+37.77%
Average Drawdown Average peak-to-trough decline	-4.19%	-69.90%	+65.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.36%	28.11%	-22.75%

Volatility

EMEQ vs. HL - Volatility Comparison

Nomura Focused Emerging Markets Equity ETF (EMEQ) and Hecla Mining Company (HL) have volatilities of 18.22% and 17.79%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMEQ	HL	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.22%	17.79%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	35.48%	53.33%	-17.85%
Volatility (1Y) Calculated over the trailing 1-year period	38.20%	73.28%	-35.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.24%	59.43%	-26.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.24%	62.82%	-29.58%

Dividends

EMEQ vs. HL - Dividend Comparison

EMEQ's dividend yield for the trailing twelve months is around 1.62%, more than HL's 0.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMEQ Nomura Focused Emerging Markets Equity ETF	1.62%	2.76%	0.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HL Hecla Mining Company	0.09%	0.08%	0.81%	0.65%	0.40%	0.72%	0.25%	0.29%	0.42%	0.25%	0.19%	0.53%

Frequently Asked Questions

Can I hold both EMEQ and HL in my portfolio?

EMEQ and HL have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMEQ or HL?

EMEQ has higher volatility (18.22%) compared to HL (17.79%). In terms of maximum drawdown, EMEQ dropped -19.99% vs HL's -97.92%.

Which has better risk-adjusted returns?

EMEQ currently has the higher Sharpe Ratio (3.27 vs 2.32), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.