HTAX vs. EMEQ

Last updated Jun 23, 2026

HTAX (Nomura National High-Yield Municipal Bond ETF) and EMEQ (Nomura Focused Emerging Markets Equity ETF) are both exchange-traded funds - HTAX is a High Yield Muni fund actively managed by Nomura, while EMEQ is a Emerging Markets Diversified fund actively managed by Nomura. Both are actively managed. Over the past year, HTAX returned 8.26% vs 175.18% for EMEQ. At a 0.16 correlation, their price movements are largely independent. HTAX charges 0.49%/yr vs 0.86%/yr for EMEQ.

Performance

HTAX vs. EMEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nomura National High-Yield Municipal Bond ETF (HTAX) and Nomura Focused Emerging Markets Equity ETF (EMEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HTAX achieves a 4.01% return, which is significantly lower than EMEQ's 94.29% return.

HTAX

• 1D: -0.29%
• 1M: 2.16%
• YTD: 4.01%
• 6M: 4.23%
• 1Y: 8.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EMEQ

• 1D: 3.52%
• 1M: 23.08%
• YTD: 94.29%
• 6M: 103.24%
• 1Y: 175.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HTAX vs. EMEQ - Yearly Performance Comparison

	2026 (YTD)	2025
HTAX Nomura National High-Yield Municipal Bond ETF	4.01%	0.92%
EMEQ Nomura Focused Emerging Markets Equity ETF	94.29%	56.42%

Correlation

The correlation between HTAX and EMEQ is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	0.16

Return for Risk

HTAX vs. EMEQ — Risk / Return Rank

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

HTAX

HTAX Risk / Return Rank: 55
HTAX Sharpe Ratio Rank: 54
HTAX Sortino Ratio Rank: 57
HTAX Omega Ratio Rank: 58
HTAX Calmar Ratio Rank: 55
HTAX Martin Ratio Rank: 49

EMEQ

EMEQ Risk / Return Rank: 96
EMEQ Sharpe Ratio Rank: 98
EMEQ Sortino Ratio Rank: 94
EMEQ Omega Ratio Rank: 95
EMEQ Calmar Ratio Rank: 97
EMEQ Martin Ratio Rank: 96

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.

HTAX vs. EMEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura National High-Yield Municipal Bond ETF (HTAX) and Nomura Focused Emerging Markets Equity ETF (EMEQ). 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.

	HTAX	EMEQ	Difference
Sharpe ratio: Return per unit of total volatility	1.78	4.85	-3.08
Sortino ratio: Return per unit of downside risk	2.62	4.69	-2.07
Omega ratio: Gain probability vs. loss probability	1.35	1.71	-0.36
Calmar ratio: Return relative to maximum drawdown	2.64	9.84	-7.20
Martin ratio: Return relative to average drawdown	8.06	36.71	-28.65

HTAX vs. EMEQ - Sharpe Ratio Comparison

The current HTAX Sharpe Ratio is 1.78, which is lower than the EMEQ Sharpe Ratio of 4.85. The chart below compares the historical Sharpe Ratios of HTAX and EMEQ, 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

HTAX vs. EMEQ - Drawdown Comparison

The maximum HTAX drawdown since its inception was -6.10%, smaller than the maximum EMEQ drawdown of -19.99%. Use the drawdown chart below to compare losses from any high point for HTAX and EMEQ.

Drawdown Indicators

	HTAX	EMEQ	Difference
Max Drawdown Largest peak-to-trough decline	-6.10%	-19.99%	+13.89%
Max Drawdown (1Y) Largest decline over 1 year	-3.14%	-17.91%	+14.77%
Current Drawdown Current decline from peak	-0.29%	0.00%	-0.29%
Average Drawdown Average peak-to-trough decline	-1.71%	-4.02%	+2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	4.79%	-3.76%

Volatility

HTAX vs. EMEQ - Volatility Comparison

The current volatility for Nomura National High-Yield Municipal Bond ETF (HTAX) is 1.24%, while Nomura Focused Emerging Markets Equity ETF (EMEQ) has a volatility of 19.66%. This indicates that HTAX experiences smaller price fluctuations and is considered to be less risky than EMEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HTAX	EMEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	19.66%	-18.42%
Volatility (6M) Calculated over the trailing 6-month period	3.42%	33.28%	-29.86%
Volatility (1Y) Calculated over the trailing 1-year period	4.68%	36.39%	-31.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.42%	32.34%	-25.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.42%	32.34%	-25.92%

HTAX vs. EMEQ - Expense Ratio Comparison

HTAX has a 0.49% expense ratio, which is lower than EMEQ's 0.86% expense ratio.

Dividends

HTAX vs. EMEQ - Dividend Comparison

HTAX's dividend yield for the trailing twelve months is around 4.46%, more than EMEQ's 1.42% yield.

Position	TTM	2025	2024
EMEQ Nomura Focused Emerging Markets Equity ETF	1.42%	2.76%	0.84%
HTAX Nomura National High-Yield Municipal Bond ETF	4.46%	3.67%	0.00%

Frequently Asked Questions

Can I hold both HTAX and EMEQ in my portfolio?

HTAX and EMEQ have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HTAX or EMEQ?

EMEQ has higher volatility (19.66%) compared to HTAX (1.24%). In terms of maximum drawdown, HTAX dropped -6.10% vs EMEQ's -19.99%.

Which ETF is better, HTAX or EMEQ?

On 1-year performance, EMEQ leads with 175.18% vs 8.26% for HTAX. On fees, HTAX is cheaper at 0.49% per year. On volatility, HTAX has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HTAX or EMEQ?

Over the 1-year period, EMEQ has performed better with a 175.18% return vs 8.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HTAX or EMEQ?

HTAX is cheaper with a 0.49% expense ratio, compared with 0.86% for EMEQ.

Which ETF pays a higher dividend yield, HTAX or EMEQ?

HTAX has the higher dividend yield at 4.46%, compared with 1.42% for EMEQ.

What is the main difference between HTAX and EMEQ?

HTAX is categorized as High Yield Muni, while EMEQ is Emerging Markets Diversified. Their fees differ too: 0.49% for HTAX and 0.86% for EMEQ.

Which has better risk-adjusted returns?

EMEQ currently has the higher Sharpe Ratio (4.85 vs 1.78), 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.