PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ILF vs. HEGD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ILF vs. HEGD

Last updated Jul 21, 2026
Documentation

ILF (iShares Latin American 40 ETF) and HEGD (Swan Hedged Equity US Large Cap ETF) are both exchange-traded funds - ILF is a Latin America Equities fund tracking the S&P Latin America 40 (Net), while HEGD is a Equity Hedged fund actively managed by Swan. ILF is passively managed, while HEGD is actively managed. Over the past 5 years, ILF returned 10.15%/yr vs 8.19%/yr for HEGD. At a 0.45 correlation, their price movements are largely independent. ILF charges 0.47%/yr vs 0.88%/yr for HEGD.

Performance

ILF vs. HEGD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Latin American 40 ETF (ILF) and Swan Hedged Equity US Large Cap ETF (HEGD). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ILF achieves a 13.88% return, which is significantly higher than HEGD's 5.20% return.

ILF

1D
0.50%
1M
1.00%
6M
6.70%
YTD
13.88%
1Y
41.83%
3Y*
12.99%
5Y*
10.15%
10Y*
7.09%
ALL TIME*
9.40%

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)

ILF vs. HEGD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
ILF
iShares Latin American 40 ETF		13.88%52.65%-23.11%33.14%9.81%-13.59%2.02%
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 ILF and HEGD is 0.53, 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

0.53

Correlation (3Y)
Calculated over the trailing 3-year period

0.48

Correlation (5Y)
Calculated over the trailing 5-year period

0.45

Correlation (All Time)
Calculated using the full available price history since Dec 23, 2020

0.45

The correlation between ILF and HEGD has been stable across timeframes, ranging from 0.45 to 0.53 - a consistent structural relationship.

ILF vs. HEGD - Sectors Allocation Comparison

Sectors
ILF
HEGD

Financial Services

34.5%
11.6%

Basic Materials

22.0%
1.7%

Energy

10.6%
3.0%

Consumer Defensive

9.6%
4.5%

Industrials

9.6%
8.4%

Communication Services

6.0%
9.9%

Utilities

4.7%
2.2%

Consumer Cyclical

1.3%
9.5%

Healthcare

1.1%
8.9%

Real Estate

0.8%
1.8%

Technology

-

38.5%

Financial Services

ILF
34.5%
HEGD
11.6%

Basic Materials

ILF
22.0%
HEGD
1.7%

Energy

ILF
10.6%
HEGD
3.0%

Consumer Defensive

ILF
9.6%
HEGD
4.5%

Industrials

ILF
9.6%
HEGD
8.4%

Communication Services

ILF
6.0%
HEGD
9.9%

Utilities

ILF
4.7%
HEGD
2.2%

Consumer Cyclical

ILF
1.3%
HEGD
9.5%

Healthcare

ILF
1.1%
HEGD
8.9%

Real Estate

ILF
0.8%
HEGD
1.8%

Technology

ILF

-

HEGD
38.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Latin American 40 ETF

Swan Hedged Equity US Large Cap ETF

Often compared with ILF:
ILF vs. EWZILF vs. FLLAILF vs. EWWILF vs. FLNILF vs. FLBRILF vs. EPUILF vs. VOO
Often compared with HEGD:
HEGD vs. HEQTHEGD vs. OCTZHEGD vs. IHGHEGD vs. OVLHHEGD vs. VOOHEGD vs. SPYHEGD vs. JEPI

Return for Risk

ILF vs. HEGD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ILF
ILF Risk / Return Rank: 7474
Overall Rank
ILF Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
ILF Sortino Ratio Rank: 7474
Sortino Ratio Rank
ILF Omega Ratio Rank: 7474
Omega Ratio Rank
ILF Calmar Ratio Rank: 7878
Calmar Ratio Rank
ILF Martin Ratio Rank: 6262
Martin Ratio Rank
HEGD
HEGD Risk / Return Rank: 6868
Overall Rank
HEGD Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
HEGD Sortino Ratio Rank: 6565
Sortino Ratio Rank
HEGD Omega Ratio Rank: 6363
Omega Ratio Rank
HEGD Calmar Ratio Rank: 7474
Calmar Ratio Rank
HEGD Martin Ratio Rank: 7171
Martin Ratio Rank
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.

ILF vs. HEGD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Latin American 40 ETF (ILF) 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.

ILFHEGDDifference
Sharpe ratioReturn per unit of total volatility
1.90
1.60

+0.29

Sortino ratioReturn per unit of downside risk
2.52
2.26

+0.26

Omega ratioGain probability vs. loss probability

1.32

1.28

+0.04

Calmar ratioReturn relative to maximum drawdown

3.02

2.77

+0.24

Martin ratioReturn relative to average drawdown

8.00

9.43

-1.43

ILF vs. HEGD - Sharpe Ratio Comparison

The current ILF Sharpe Ratio is 1.90, which is comparable to the HEGD Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of ILF 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.

Loading charts...

Drawdowns

ILF vs. HEGD - Drawdown Comparison

The maximum ILF drawdown since its inception was -67.48%, which is greater than HEGD's maximum drawdown of -14.56%. Use the drawdown chart below to compare losses from any high point for ILF and HEGD.

Loading charts...

Drawdown Indicators

ILFHEGDDifference

Max Drawdown

Largest peak-to-trough decline

-67.48%

-14.56%

-52.92%

Max Drawdown (1Y)

Largest decline over 1 year

-13.94%

-4.39%

-9.55%

Max Drawdown (3Y)

Largest decline over 3 years

-23.97%

-8.14%

-15.83%

Max Drawdown (5Y)

Largest decline over 5 years

-29.71%

-14.56%

-15.15%

Max Drawdown (10Y)

Largest decline over 10 years

-57.79%

—

—

Current Drawdown

Current decline from peak

-8.98%

-2.16%

-6.82%

Average Drawdown

Average peak-to-trough decline

-23.87%

-3.62%

-20.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.24%

1.29%

+3.95%

Volatility

ILF vs. HEGD - Volatility Comparison

iShares Latin American 40 ETF (ILF) has a higher volatility of 4.75% compared to Swan Hedged Equity US Large Cap ETF (HEGD) at 2.22%. This indicates that ILF'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.

Loading charts...

Volatility by Period

ILFHEGDDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.75%

2.22%

+2.53%

Volatility (6M)

Calculated over the trailing 6-month period

18.49%

5.78%

+12.71%

Volatility (1Y)

Calculated over the trailing 1-year period

22.21%

7.59%

+14.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.15%

9.47%

+13.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

28.25%

9.37%

+18.88%

ILF vs. HEGD - Expense Ratio Comparison

ILF has a 0.47% expense ratio, which is lower than HEGD's 0.88% expense ratio.

Dividends

ILF vs. HEGD - Dividend Comparison

ILF's dividend yield for the trailing twelve months is around 3.45%, more than HEGD's 0.34% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ILF
iShares Latin American 40 ETF		3.45%4.39%7.44%4.61%12.72%8.47%1.88%3.09%3.12%1.80%1.59%3.25%

Frequently Asked Questions

ILF and HEGD have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ILF has higher volatility (4.75%) compared to HEGD (2.22%). In terms of maximum drawdown, ILF dropped -67.48% vs HEGD's -14.56%.

On 5-year performance, ILF leads with 10.15% vs 8.19% for HEGD. On fees, ILF is cheaper at 0.47% 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.

Over the 5-year period, ILF has performed better with a 10.15% return vs 8.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ILF is cheaper with a 0.47% expense ratio, compared with 0.88% for HEGD.

ILF has the higher dividend yield at 3.45%, compared with 0.34% for HEGD.

ILF is categorized as Latin America Equities, while HEGD is Equity Hedged. They also come from different issuers: iShares and Swan. Their fees differ too: 0.47% for ILF and 0.88% for HEGD.

ILF currently has the higher Sharpe Ratio (1.90 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.

Portfolio Optimizer

Find the right allocation for ILF and HEGD

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer