- ISIN
- US46434V8862
- CUSIP
- 46434V886
- Issuer
- iShares
- Inception Date
- Jan 31, 2014
- Region
- Developed Asia Pacific (Japan)
- Category
- Japan Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- MSCI Japan 100% Hedged to USD Index
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $722M
Share Price Chart
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Performance
HEWJ Performance Chart
iShares Currency Hedged MSCI Japan ETF (HEWJ) is up 26.5% since the beginning of the year. HEWJ is currently trading at $67 per share. Investors who bought $1,000 worth of HEWJ shares 5 years ago would now be looking at an investment worth $2,797.
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Returns By Period
iShares Currency Hedged MSCI Japan ETF (HEWJ) has returned 26.51% so far this year and 61.45% over the past 12 months. Looking at the last ten years, HEWJ has achieved an annualized return of 17.92%, outperforming the S&P 500 Index benchmark, which averaged 13.88% per year.
iShares Currency Hedged MSCI Japan ETF
- 1D
- 0.98%
- 1M
- 8.32%
- YTD
- 26.51%
- 6M
- 27.05%
- 1Y
- 61.45%
- 3Y*
- 30.43%
- 5Y*
- 22.84%
- 10Y*
- 17.92%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
HEWJ Monthly Returns History
Based on dividend-adjusted daily data since Feb 5, 2014, HEWJ's average daily return is +0.06%, while the average monthly return is +1.23%. At this rate, an investment would double in approximately 4.7 years.
Historically, 68% of months were positive and 32% were negative. The best month was Nov 2020 with a return of +10.3%, while the worst month was Feb 2016 at -11.8%. The longest winning streak lasted 12 consecutive months, and the longest losing streak was 3 months.
On a daily basis, HEWJ closed higher 53% of trading days. The best single day was Apr 9, 2025 with a return of +9.1%, while the worst single day was Mar 12, 2020 at -10.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 5.05% | 9.12% | -6.84% | 4.55% | 6.02% | 6.88% | 26.51% | ||||||
| 2025 | 0.75% | -2.37% | 0.04% | 0.14% | 4.24% | 2.31% | 3.14% | 4.15% | 3.39% | 8.58% | 1.10% | 1.65% | 30.25% |
| 2024 | 7.88% | 6.72% | 4.63% | -1.21% | 2.65% | 2.35% | -2.86% | -0.45% | -2.07% | 0.96% | 1.19% | 3.19% | 24.80% |
| 2023 | 7.34% | 0.14% | 2.70% | 3.36% | 3.48% | 8.93% | 1.64% | -0.26% | 0.83% | -0.15% | 4.42% | -0.64% | 36.21% |
| 2022 | -4.29% | -1.90% | 3.65% | -1.84% | 1.11% | -2.32% | 4.96% | -0.42% | -4.71% | 5.34% | 4.30% | -7.38% | -4.39% |
| 2021 | 0.56% | 3.47% | 4.31% | -2.80% | 2.25% | 0.44% | -1.85% | 2.03% | 3.99% | -0.27% | -3.79% | 4.20% | 12.79% |
Benchmark Metrics
iShares Currency Hedged MSCI Japan ETF has an annualized alpha of 4.56%, beta of 0.86, and R2 of 0.52 versus S&P 500 Index. Calculated based on daily prices since February 05, 2014.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (78.23%) than losses (58.14%) - typical of diversified or defensive assets.
- This ETF generated an annualized alpha of 4.56% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- With beta of 0.86 and R2 of 0.52, this ETF moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- 4.56%
- Beta
- 0.86
- R²
- 0.52
- Upside Capture
- 78.23%
- Downside Capture
- 58.14%
Expense Ratio
HEWJ has an expense ratio of 0.49%, placing it in the medium range.
Return for Risk
Risk / Return Rank
HEWJ ranks 92 for risk / return — in the top 92% of ETFs on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and compare them to S&P 500 Index.
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.
| HEWJ | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.16 | ||
| Sortino ratioReturn per unit of downside risk | +1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.37 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 5.95 | 2.78 | +3.17 |
| Martin ratioReturn relative to average drawdown | 23.05 | 12.44 | +10.61 |
Dividends
Dividend History
iShares Currency Hedged MSCI Japan ETF provided a 4.03% dividend yield over the last twelve months, with an annual payout of $2.69 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $2.69 | $2.69 | $0.94 | $0.71 | $12.47 | $0.80 | $0.43 | $0.92 | $0.39 | $0.40 | $0.52 | $0.93 |
Dividend yield | 4.03% | 5.10% | 2.20% | 2.02% | 47.68% | 2.03% | 1.20% | 2.78% | 1.37% | 1.21% | 1.88% | 3.25% |
Monthly Dividends
The table displays the monthly dividend distributions for iShares Currency Hedged MSCI Japan ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.43 | $0.00 | $0.00 | $0.00 | $0.00 | $2.26 | $2.69 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.29 | $0.00 | $0.00 | $0.00 | $0.00 | $0.65 | $0.94 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.19 | $0.00 | $0.00 | $0.00 | $0.00 | $0.52 | $0.71 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.35 | $0.00 | $0.00 | $0.00 | $0.00 | $12.12 | $12.47 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.29 | $0.00 | $0.00 | $0.00 | $0.00 | $0.52 | $0.80 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the iShares Currency Hedged MSCI Japan ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the iShares Currency Hedged MSCI Japan ETF was 31.53%, occurring on Mar 16, 2020. Recovery took 166 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -31.53%Mar 2020 | 1mo 8d | 7mo 28d | 9mo 6dFeb 2020 - Nov 2020 |
2016 bear market2016 | -29.58%Jun 2016 | 10mo 21d | 1y 3mo | 2y 2moAug 2015 - Oct 2017 |
Rate-hike selloffLate 2018 | -21.57%Dec 2018 | 11mo 4d | 1y 1mo | 2y 13dJan 2018 - Feb 2020 |
2024 bear market2024 | -20.90%Aug 2024 | 26d | 10mo 25d | 11mo 21dJul 2024 - Jun 2025 |
Bear market2022 | -16.02%Mar 2022 | 5mo 25d | 8mo 22d | 1y 2moSep 2021 - Nov 2022 |
Drawdown Indicators
| HEWJ | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.53% | -56.78% | +25.25% |
Max Drawdown (1Y)Largest decline over 1 year | -10.37% | -9.10% | -1.27% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | -18.90% | -2.00% |
Max Drawdown (5Y)Largest decline over 5 years | -20.90% | -25.43% | +4.53% |
Max Drawdown (10Y)Largest decline over 10 years | -31.53% | -33.92% | +2.39% |
Current DrawdownCurrent decline from peak | 0.00% | -1.80% | +1.80% |
Average DrawdownAverage peak-to-trough decline | -6.59% | -10.71% | +4.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.67% | 2.03% | +0.64% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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