EWY vs. HEGD

Last updated Jul 21, 2026

EWY (iShares MSCI South Korea ETF) and HEGD (Swan Hedged Equity US Large Cap ETF) are both exchange-traded funds - EWY is a South Korea Equities fund tracking the MSCI Korea Index, while HEGD is a Equity Hedged fund actively managed by Swan. EWY is passively managed, while HEGD is actively managed. Over the past 5 years, EWY returned 15.11%/yr vs 8.19%/yr for HEGD. A 0.56 correlation means they provide meaningful diversification when combined. EWY charges 0.59%/yr vs 0.88%/yr for HEGD.

Performance

EWY vs. HEGD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Korea ETF (EWY) and Swan Hedged Equity US Large Cap ETF (HEGD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWY achieves a 67.52% return, which is significantly higher than HEGD's 5.20% return.

EWY

• 1D: 0.20%
• 1M: -25.70%
• 6M: 45.13%
• YTD: 67.52%
• 1Y: 130.03%
• 3Y*: 38.38%
• 5Y*: 15.11%
• 10Y*: 13.73%
• ALL TIME*: 9.80%

HEGD

• 1D: -0.38%
• 1M: -0.75%
• 6M: 4.21%
• YTD: 5.20%
• 1Y: 12.11%
• 3Y*: 12.69%
• 5Y*: 8.19%
• 10Y*: —
• ALL TIME*: 9.28%

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

EWY vs. HEGD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EWY iShares MSCI South Korea ETF	67.52%	95.33%	-20.48%	19.05%	-26.59%	-7.58%	8.66%
HEGD Swan Hedged Equity US Large Cap ETF	5.20%	12.95%	15.24%	14.16%	-11.25%	17.30%	0.75%

Correlation

The correlation between EWY and HEGD is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Dec 23, 2020	0.56

The correlation between EWY and HEGD has been stable across timeframes, ranging from 0.56 to 0.61 - a consistent structural relationship.

EWY vs. HEGD - Sectors Allocation Comparison

Sectors	EWY	HEGD
Technology	56.1%	38.5%
Industrials	14.6%	8.4%
Financial Services	11.3%	11.6%
Consumer Cyclical	5.9%	9.5%
Healthcare	3.3%	8.9%
Communication Services	2.6%	9.9%
Basic Materials	2.2%	1.7%
Consumer Defensive	2.1%	4.5%
Energy	0.8%	3.0%
Utilities	0.3%	2.2%
Real Estate	-	1.8%

Return for Risk

EWY vs. HEGD — Risk / Return Rank

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

EWY

EWY Risk / Return Rank: 89
EWY Sharpe Ratio Rank: 93
EWY Sortino Ratio Rank: 82
EWY Omega Ratio Rank: 86
EWY Calmar Ratio Rank: 94
EWY Martin Ratio Rank: 91

HEGD

HEGD Risk / Return Rank: 68
HEGD Sharpe Ratio Rank: 66
HEGD Sortino Ratio Rank: 65
HEGD Omega Ratio Rank: 63
HEGD Calmar Ratio Rank: 74
HEGD Martin Ratio Rank: 71

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.

EWY vs. HEGD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) and Swan Hedged Equity US Large Cap ETF (HEGD). 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.

	EWY	HEGD	Difference
Sharpe ratio: Return per unit of total volatility	2.53	1.60	+0.93
Sortino ratio: Return per unit of downside risk	2.78	2.26	+0.52
Omega ratio: Gain probability vs. loss probability	1.40	1.28	+0.11
Calmar ratio: Return relative to maximum drawdown	5.06	2.77	+2.29
Martin ratio: Return relative to average drawdown	16.04	9.43	+6.61

EWY vs. HEGD - Sharpe Ratio Comparison

The current EWY Sharpe Ratio is 2.53, which is higher than the HEGD Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of EWY and HEGD, 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

EWY vs. HEGD - Drawdown Comparison

The maximum EWY drawdown since its inception was -74.14%, which is greater than HEGD's maximum drawdown of -14.56%. Use the drawdown chart below to compare losses from any high point for EWY and HEGD.

Drawdown Indicators

	EWY	HEGD	Difference
Max Drawdown Largest peak-to-trough decline	-74.14%	-14.56%	-59.58%
Max Drawdown (1Y) Largest decline over 1 year	-25.85%	-4.39%	-21.46%
Max Drawdown (3Y) Largest decline over 3 years	-27.36%	-8.14%	-19.22%
Max Drawdown (5Y) Largest decline over 5 years	-47.15%	-14.56%	-32.59%
Max Drawdown (10Y) Largest decline over 10 years	-49.73%	—	—
Current Drawdown Current decline from peak	-25.70%	-2.16%	-23.54%
Average Drawdown Average peak-to-trough decline	-20.09%	-3.62%	-16.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.14%	1.29%	+6.85%

Volatility

EWY vs. HEGD - Volatility Comparison

iShares MSCI South Korea ETF (EWY) has a higher volatility of 22.94% compared to Swan Hedged Equity US Large Cap ETF (HEGD) at 2.22%. This indicates that EWY's price experiences larger fluctuations and is considered to be riskier than HEGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWY	HEGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.94%	2.22%	+20.72%
Volatility (6M) Calculated over the trailing 6-month period	48.48%	5.78%	+42.70%
Volatility (1Y) Calculated over the trailing 1-year period	51.71%	7.59%	+44.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.91%	9.47%	+22.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.90%	9.37%	+19.53%

EWY vs. HEGD - Expense Ratio Comparison

EWY has a 0.59% expense ratio, which is lower than HEGD's 0.88% expense ratio.

Dividends

EWY vs. HEGD - Dividend Comparison

EWY's dividend yield for the trailing twelve months is around 1.25%, more than HEGD's 0.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWY iShares MSCI South Korea ETF	1.25%	2.10%	2.55%	2.52%	1.23%	2.16%	0.73%	2.10%	1.34%	2.90%	1.21%	2.42%
HEGD Swan Hedged Equity US Large Cap ETF	0.34%	0.36%	0.43%	0.39%	0.87%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWY and HEGD in my portfolio?

EWY and HEGD have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWY or HEGD?

EWY has higher volatility (22.94%) compared to HEGD (2.22%). In terms of maximum drawdown, EWY dropped -74.14% vs HEGD's -14.56%.

Which ETF is better, EWY or HEGD?

On 5-year performance, EWY leads with 15.11% vs 8.19% for HEGD. On fees, EWY is cheaper at 0.59% per year. On volatility, HEGD has been the lower-risk option at 2.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWY or HEGD?

Over the 5-year period, EWY has performed better with a 15.11% return vs 8.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWY or HEGD?

EWY is cheaper with a 0.59% expense ratio, compared with 0.88% for HEGD.

Which ETF pays a higher dividend yield, EWY or HEGD?

EWY has the higher dividend yield at 1.25%, compared with 0.34% for HEGD.

What is the main difference between EWY and HEGD?

EWY is categorized as South Korea Equities, while HEGD is Equity Hedged. They also come from different issuers: iShares and Swan. Their fees differ too: 0.59% for EWY and 0.88% for HEGD.

Which has better risk-adjusted returns?

EWY currently has the higher Sharpe Ratio (2.53 vs 1.60), 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.