CXSE vs. DXJ

Last updated Aug 5, 2026

CXSE (WisdomTree China ex-State-Owned Enterprises Fund) and DXJ (WisdomTree Japan Hedged Equity Fund) are both exchange-traded funds - CXSE is a China Equities fund tracking the WisdomTree China ex-State-Owned Enterprises Index, while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Both are passively managed. Over the past 10 years, CXSE returned 6.52%/yr vs 18.67%/yr for DXJ. Their 0.37 correlation means their historical movements had little consistent relationship. CXSE charges 0.32%/yr vs 0.48%/yr for DXJ.

Performance

CXSE vs. DXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree China ex-State-Owned Enterprises Fund (CXSE) and WisdomTree Japan Hedged Equity Fund (DXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CXSE achieves a -2.80% return, which is significantly lower than DXJ's 21.58% return. Over the past 10 years, CXSE has underperformed DXJ with an annualized return of 6.52%, while DXJ has yielded a comparatively higher 18.67% annualized return.

CXSE

• 1D: 1.60%
• 1M: 3.19%
• 6M: -4.37%
• YTD: -2.80%
• 1Y: 6.79%
• 3Y*: 6.76%
• 5Y*: -6.30%
• 10Y*: 6.52%
• ALL TIME*: 4.89%

DXJ

• 1D: 2.00%
• 1M: -0.36%
• 6M: 12.08%
• YTD: 21.58%
• 1Y: 47.92%
• 3Y*: 31.10%
• 5Y*: 27.15%
• 10Y*: 18.67%
• ALL TIME*: 9.45%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CXSE WisdomTree China ex-State-Owned Enterprises Fund	$1.94M	$1.25M	$1.09M
DXJ WisdomTree Japan Hedged Equity Fund	$74.22M	$63.63M	$59.62M

CXSE vs. DXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CXSE WisdomTree China ex-State-Owned Enterprises Fund	-2.80%	37.00%	8.56%	-18.02%	-29.32%	-23.67%	59.39%	37.96%	-28.55%	81.50%
DXJ WisdomTree Japan Hedged Equity Fund	21.58%	32.78%	29.83%	42.04%	5.96%	17.99%	3.94%	18.94%	-19.78%	22.81%

Correlation

The correlation between CXSE and DXJ is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (3Y) Balances recent behavior with more history.	0.29
Correlation (5Y) Shows whether the relationship held over a longer period.	0.31
Correlation (10Y) Provides a long-term view across more market conditions.	0.38
Correlation (All Time) Calculated using the full available price history since Sep 20, 2012	0.37

The correlation between CXSE and DXJ shifts across timeframes, from 0.29 (3 years) to 0.41 (1 year), reflecting how their relationship changes across market environments.

CXSE vs. DXJ - Sectors Allocation Comparison

Sectors	CXSE	DXJ
Technology	31.4%	12.9%
Consumer Cyclical	21.7%	13.3%
Industrials	12.6%	29.5%
Communication Services	12.2%	2.3%
Healthcare	8.8%	6.8%
Financial Services	5.8%	18.3%
Consumer Defensive	3.7%	4.7%
Basic Materials	2.9%	9.1%
Real Estate	0.7%	-
Energy	0.4%	1.7%
Utilities	0.2%	0.1%

Return for Risk

CXSE vs. DXJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CXSE

CXSE Risk / Return Rank: 16
CXSE Sharpe Ratio Rank: 16
CXSE Sortino Ratio Rank: 16
CXSE Omega Ratio Rank: 16
CXSE Calmar Ratio Rank: 16
CXSE Martin Ratio Rank: 15

DXJ

DXJ Risk / Return Rank: 91
DXJ Sharpe Ratio Rank: 93
DXJ Sortino Ratio Rank: 90
DXJ Omega Ratio Rank: 91
DXJ Calmar Ratio Rank: 91
DXJ Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CXSE vs. DXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree China ex-State-Owned Enterprises Fund (CXSE) and WisdomTree Japan Hedged Equity Fund (DXJ). 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.

	CXSE	DXJ	Difference
Sharpe ratio: Return per unit of total volatility	0.30	2.65	-2.35
Sortino ratio: Return per unit of downside risk	0.57	3.45	-2.88
Omega ratio: Gain probability vs. loss probability	1.07	1.47	-0.40
Calmar ratio: Return relative to maximum drawdown	0.39	4.39	-4.00
Martin ratio: Return relative to average drawdown	0.67	16.26	-15.60

CXSE vs. DXJ - Sharpe Ratio Comparison

The current CXSE Sharpe Ratio is 0.30, which is lower than the DXJ Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of CXSE and DXJ, 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

CXSE vs. DXJ - Drawdown Comparison

The maximum CXSE drawdown since its inception was -70.01%, which is greater than DXJ's maximum drawdown of -49.63%. Use the drawdown chart below to compare losses from any high point for CXSE and DXJ.

Drawdown Indicators

	CXSE	DXJ	Difference
Max Drawdown Largest peak-to-trough decline	-70.01%	-49.63%	-20.38%
Max Drawdown (1Y) Largest decline over 1 year	-17.70%	-10.98%	-6.72%
Max Drawdown (3Y) Largest decline over 3 years	-29.83%	-22.19%	-7.64%
Max Drawdown (5Y) Largest decline over 5 years	-58.68%	-22.19%	-36.49%
Max Drawdown (10Y) Largest decline over 10 years	-70.01%	-39.14%	-30.87%
Current Drawdown Current decline from peak	-48.00%	-3.14%	-44.86%
Average Drawdown Average peak-to-trough decline	-28.07%	-14.24%	-13.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.22%	2.96%	+7.26%

Volatility

CXSE vs. DXJ - Volatility Comparison

WisdomTree China ex-State-Owned Enterprises Fund (CXSE) has a higher volatility of 7.12% compared to WisdomTree Japan Hedged Equity Fund (DXJ) at 5.90%. This indicates that CXSE's price experiences larger fluctuations and is considered to be riskier than DXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CXSE	DXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.12%	5.90%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	16.20%	14.56%	+1.64%
Volatility (1Y) Calculated over the trailing 1-year period	22.58%	18.18%	+4.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.02%	19.10%	+12.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.80%	19.92%	+8.88%

CXSE vs. DXJ - Expense Ratio Comparison

CXSE has a 0.32% expense ratio, which is lower than DXJ's 0.48% expense ratio.

Dividends

CXSE vs. DXJ - Dividend Comparison

CXSE's dividend yield for the trailing twelve months is around 1.49%, more than DXJ's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CXSE WisdomTree China ex-State-Owned Enterprises Fund	1.49%	1.95%	1.70%	1.71%	1.55%	0.86%	0.54%	0.96%	1.49%	1.24%	1.39%	2.50%
DXJ WisdomTree Japan Hedged Equity Fund	0.96%	1.29%	3.48%	3.44%	3.02%	2.64%	2.53%	2.47%	2.92%	2.30%	1.98%	5.95%

Frequently Asked Questions

Can I hold both CXSE and DXJ in my portfolio?

CXSE and DXJ have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CXSE or DXJ?

CXSE has higher volatility (7.12%) compared to DXJ (5.90%). In terms of maximum drawdown, CXSE dropped -70.01% vs DXJ's -49.63%.

Which ETF is better, CXSE or DXJ?

On 10-year performance, DXJ leads with 18.67% vs 6.52% for CXSE. On fees, CXSE is cheaper at 0.32% per year. On volatility, DXJ has been the lower-risk option at 5.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CXSE or DXJ?

Over the 10-year period, DXJ has performed better with a 18.67% return vs 6.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CXSE or DXJ?

CXSE is cheaper with a 0.32% expense ratio, compared with 0.48% for DXJ.

Which ETF pays a higher dividend yield, CXSE or DXJ?

CXSE has the higher dividend yield at 1.49%, compared with 0.96% for DXJ.

What is the main difference between CXSE and DXJ?

CXSE is categorized as China Equities, while DXJ is Japan Equities. CXSE tracks WisdomTree China ex-State-Owned Enterprises Index, while DXJ tracks WisdomTree Japan Hedged Equity Index. Their fees differ too: 0.32% for CXSE and 0.48% for DXJ.

Which has better risk-adjusted returns?

DXJ currently has the higher Sharpe Ratio (2.65 vs 0.30), 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.