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BBJP vs. HEFA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BBJP vs. HEFA

Last updated Jul 26, 2026
Documentation

BBJP (JPMorgan BetaBuilders Japan ETF) and HEFA (iShares Currency Hedged MSCI EAFE ETF) are both exchange-traded funds - BBJP is a Japan Equities fund tracking the Morningstar Japan Target Market Exposure Index, while HEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE 100% Hedged to USD Index. Both are passively managed. Over the past 5 years, BBJP returned 8.67%/yr vs 13.96%/yr for HEFA. Their 0.78 correlation means they have sometimes moved together and sometimes differently. BBJP charges 0.19%/yr vs 0.35%/yr for HEFA.

Performance

BBJP vs. HEFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan BetaBuilders Japan ETF (BBJP) and iShares Currency Hedged MSCI EAFE ETF (HEFA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BBJP achieves a 11.90% return, which is significantly lower than HEFA's 13.57% return.

BBJP

1D
0.19%
1M
-2.16%
6M
6.85%
YTD
11.90%
1Y
24.42%
3Y*
16.52%
5Y*
8.67%
10Y*
—
ALL TIME*
7.64%

HEFA

1D
0.51%
1M
0.73%
6M
10.08%
YTD
13.57%
1Y
26.09%
3Y*
18.91%
5Y*
13.96%
10Y*
12.70%
ALL TIME*
10.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

BBJP

JPMorgan BetaBuilders Japan ETF
$122.93M$111.87M$115.37M

HEFA

iShares Currency Hedged MSCI EAFE ETF
$39.23M$30.73M$26.09M

BBJP vs. HEFA - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
BBJP
JPMorgan BetaBuilders Japan ETF		11.90%26.55%7.47%20.65%-17.24%1.21%15.42%18.85%-13.92%
HEFA
iShares Currency Hedged MSCI EAFE ETF		13.57%24.58%13.71%20.33%-4.86%19.59%2.09%27.63%-11.19%

Correlation

The correlation between BBJP and HEFA is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.77

Correlation (3Y)
Balances recent behavior with more history.

0.75

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.75

Correlation (All Time)
Calculated using the full available price history since Jun 18, 2018

0.78

The correlation between BBJP and HEFA has been stable across timeframes, ranging from 0.75 to 0.78 - a consistent structural relationship.

BBJP vs. HEFA - Sectors Allocation Comparison

Sectors
BBJP
HEFA

Industrials

25.6%
18.9%

Technology

22.2%
12.0%

Financial Services

18.8%
25.9%

Consumer Cyclical

10.7%
7.2%

Healthcare

5.8%
10.4%

Communication Services

4.6%
3.5%

Basic Materials

4.1%
5.9%

Consumer Defensive

3.6%
6.8%

Real Estate

2.2%
1.7%

Utilities

1.0%
3.7%

Energy

0.9%
3.7%

Industrials

BBJP
25.6%
HEFA
18.9%

Technology

BBJP
22.2%
HEFA
12.0%

Financial Services

BBJP
18.8%
HEFA
25.9%

Consumer Cyclical

BBJP
10.7%
HEFA
7.2%

Healthcare

BBJP
5.8%
HEFA
10.4%

Communication Services

BBJP
4.6%
HEFA
3.5%

Basic Materials

BBJP
4.1%
HEFA
5.9%

Consumer Defensive

BBJP
3.6%
HEFA
6.8%

Real Estate

BBJP
2.2%
HEFA
1.7%

Utilities

BBJP
1.0%
HEFA
3.7%

Energy

BBJP
0.9%
HEFA
3.7%

Compare stocks, funds, or ETFs

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

JPMorgan BetaBuilders Japan ETF

iShares Currency Hedged MSCI EAFE ETF

Often compared with BBJP:
BBJP vs. EWJBBJP vs. DXJBBJP vs. FLJPBBJP vs. EWJVBBJP vs. DBJPBBJP vs. VOOBBJP vs. BBAX
Often compared with HEFA:
HEFA vs. DBEFHEFA vs. HAWXHEFA vs. FNDFHEFA vs. HSCZHEFA vs. IDMOHEFA vs. HEWJHEFA vs. HEZU

Return for Risk

BBJP vs. HEFA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BBJP
BBJP Risk / Return Rank: 4848
Overall Rank
BBJP Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
BBJP Sortino Ratio Rank: 4646
Sortino Ratio Rank
BBJP Omega Ratio Rank: 4848
Omega Ratio Rank
BBJP Calmar Ratio Rank: 4848
Calmar Ratio Rank
BBJP Martin Ratio Rank: 4848
Martin Ratio Rank
HEFA
HEFA Risk / Return Rank: 8383
Overall Rank
HEFA Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
HEFA Sortino Ratio Rank: 8686
Sortino Ratio Rank
HEFA Omega Ratio Rank: 8686
Omega Ratio Rank
HEFA Calmar Ratio Rank: 7676
Calmar Ratio Rank
HEFA Martin Ratio Rank: 8383
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.

BBJP vs. HEFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders Japan ETF (BBJP) and iShares Currency Hedged MSCI EAFE ETF (HEFA). 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.

BBJPHEFADifference
Sharpe ratioReturn per unit of total volatility
1.14
2.03

-0.88

Sortino ratioReturn per unit of downside risk
1.67
2.81

-1.14

Omega ratioGain probability vs. loss probability

1.22

1.37

-0.16

Calmar ratioReturn relative to maximum drawdown

1.70

2.77

-1.08

Martin ratioReturn relative to average drawdown

5.53

11.52

-6.00

BBJP vs. HEFA - Sharpe Ratio Comparison

The current BBJP Sharpe Ratio is 1.14, which is lower than the HEFA Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of BBJP and HEFA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

BBJP vs. HEFA - Drawdown Comparison

The maximum BBJP drawdown since its inception was -32.66%, roughly equal to the maximum HEFA drawdown of -32.39%. Use the drawdown chart below to compare losses from any high point for BBJP and HEFA.

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Drawdown Indicators

BBJPHEFADifference

Max Drawdown

Largest peak-to-trough decline

-32.66%

-32.39%

-0.27%

Max Drawdown (1Y)

Largest decline over 1 year

-13.60%

-9.52%

-4.08%

Max Drawdown (3Y)

Largest decline over 3 years

-14.49%

-14.28%

-0.21%

Max Drawdown (5Y)

Largest decline over 5 years

-32.66%

-14.79%

-17.87%

Max Drawdown (10Y)

Largest decline over 10 years

—

-32.39%

—

Current Drawdown

Current decline from peak

-5.62%

-1.12%

-4.50%

Average Drawdown

Average peak-to-trough decline

-8.43%

-4.13%

-4.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.19%

2.29%

+1.90%

Volatility

BBJP vs. HEFA - Volatility Comparison

JPMorgan BetaBuilders Japan ETF (BBJP) has a higher volatility of 5.94% compared to iShares Currency Hedged MSCI EAFE ETF (HEFA) at 3.21%. This indicates that BBJP's price experiences larger fluctuations and is considered to be riskier than HEFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BBJPHEFADifference

Volatility (1M)

Calculated over the trailing 1-month period

5.94%

3.21%

+2.73%

Volatility (6M)

Calculated over the trailing 6-month period

16.84%

10.72%

+6.12%

Volatility (1Y)

Calculated over the trailing 1-year period

20.22%

13.05%

+7.17%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.45%

13.82%

+4.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.41%

15.66%

+2.75%

BBJP vs. HEFA - Expense Ratio Comparison

BBJP has a 0.19% expense ratio, which is lower than HEFA's 0.35% expense ratio.

Dividends

BBJP vs. HEFA - Dividend Comparison

BBJP's dividend yield for the trailing twelve months is around 4.80%, more than HEFA's 4.04% yield.

PositionTTM20252024202320222021202020192018201720162015
BBJP
JPMorgan BetaBuilders Japan ETF		4.80%5.37%2.80%3.05%1.52%2.89%1.12%2.31%0.65%0.00%0.00%0.00%
HEFA
iShares Currency Hedged MSCI EAFE ETF		4.04%4.40%3.09%3.02%25.14%3.06%2.10%7.56%4.58%2.55%3.17%3.54%

Frequently Asked Questions

BBJP and HEFA have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BBJP has higher volatility (5.94%) compared to HEFA (3.21%). In terms of maximum drawdown, BBJP dropped -32.66% vs HEFA's -32.39%.

On 5-year performance, HEFA leads with 13.96% vs 8.67% for BBJP. On fees, BBJP is cheaper at 0.19% per year. On volatility, HEFA has been the lower-risk option at 3.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, HEFA has performed better with a 13.96% return vs 8.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BBJP is cheaper with a 0.19% expense ratio, compared with 0.35% for HEFA.

BBJP has the higher dividend yield at 4.80%, compared with 4.04% for HEFA.

BBJP is categorized as Japan Equities, while HEFA is Foreign Large Cap Equities. BBJP tracks Morningstar Japan Target Market Exposure Index, while HEFA tracks MSCI EAFE 100% Hedged to USD Index. They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.19% for BBJP and 0.35% for HEFA.

HEFA currently has the higher Sharpe Ratio (2.03 vs 1.14), 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.

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