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DBJP vs. HEWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DBJP vs. HEWJ

Last updated Aug 2, 2026
Documentation

DBJP (Xtrackers MSCI Japan Hedged Equity ETF) and HEWJ (iShares Currency Hedged MSCI Japan ETF) are both Japan Equities funds - DBJP tracks the MSCI Japan US Dollar Hedged Index while HEWJ tracks the MSCI Japan 100% Hedged to USD Index. Both are passively managed. Over the past 10 years, DBJP returned 16.78%/yr vs 16.74%/yr for HEWJ. Their 0.98 correlation means they have historically moved very closely together. DBJP charges 0.45%/yr vs 0.49%/yr for HEWJ.

Performance

DBJP vs. HEWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI Japan Hedged Equity ETF (DBJP) and iShares Currency Hedged MSCI Japan ETF (HEWJ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with DBJP having a 19.08% return and HEWJ slightly lower at 19.00%. Both investments have delivered pretty close results over the past 10 years, with DBJP having a 16.78% annualized return and HEWJ not far behind at 16.74%.

DBJP

1D
-0.85%
1M
-1.87%
6M
13.49%
YTD
19.08%
1Y
45.39%
3Y*
26.50%
5Y*
21.84%
10Y*
16.78%
ALL TIME*
13.96%

HEWJ

1D
-0.95%
1M
-1.59%
6M
13.28%
YTD
19.00%
1Y
44.92%
3Y*
26.49%
5Y*
21.72%
10Y*
16.74%
ALL TIME*
13.94%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

DBJP

Xtrackers MSCI Japan Hedged Equity ETF
$2.67M$5.11M$4.76M

HEWJ

iShares Currency Hedged MSCI Japan ETF
$1.62M$2.67M$4.10M

DBJP vs. HEWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DBJP
Xtrackers MSCI Japan Hedged Equity ETF		19.08%29.51%25.53%36.21%-4.19%13.04%10.53%20.87%-14.82%21.24%
HEWJ
iShares Currency Hedged MSCI Japan ETF		19.00%30.25%24.80%36.21%-4.39%12.79%10.29%20.79%-14.68%21.47%

Correlation

The correlation between DBJP and HEWJ is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

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

0.98

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

0.98

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

0.99

Correlation (10Y)
Provides a long-term view across more market conditions.

0.99

Correlation (All Time)
Calculated using the full available price history since Feb 5, 2014

0.98

The correlation between DBJP and HEWJ has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

DBJP vs. HEWJ - Sectors Allocation Comparison

Sectors
DBJP
HEWJ

Technology

24.9%
22.2%

Industrials

22.8%
24.8%

Financial Services

17.6%
19.8%

Consumer Cyclical

11.2%
10.1%

Communication Services

8.1%
4.9%

Healthcare

5.3%
5.8%

Consumer Defensive

3.4%
3.4%

Basic Materials

3.1%
3.8%

Real Estate

1.9%
1.9%

Utilities

1.0%
1.0%

Energy

0.8%
0.9%

Technology

DBJP
24.9%
HEWJ
22.2%

Industrials

DBJP
22.8%
HEWJ
24.8%

Financial Services

DBJP
17.6%
HEWJ
19.8%

Consumer Cyclical

DBJP
11.2%
HEWJ
10.1%

Communication Services

DBJP
8.1%
HEWJ
4.9%

Healthcare

DBJP
5.3%
HEWJ
5.8%

Consumer Defensive

DBJP
3.4%
HEWJ
3.4%

Basic Materials

DBJP
3.1%
HEWJ
3.8%

Real Estate

DBJP
1.9%
HEWJ
1.9%

Utilities

DBJP
1.0%
HEWJ
1.0%

Energy

DBJP
0.8%
HEWJ
0.9%

Compare stocks, funds, or ETFs

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

Xtrackers MSCI Japan Hedged Equity ETF

iShares Currency Hedged MSCI Japan ETF

Often compared with DBJP:
DBJP vs. DXJDBJP vs. BBJPDBJP vs. EWJDBJP vs. FLJPDBJP vs. FLJHDBJP vs. HEFADBJP vs. FJSCX
Often compared with HEWJ:
HEWJ vs. EWJHEWJ vs. EWJVHEWJ vs. FLJHHEWJ vs. DXJHEWJ vs. HEFAHEWJ vs. VOOHEWJ vs. HEEM

Return for Risk

DBJP vs. HEWJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
DBJP
DBJP Risk / Return Rank: 8989
Overall Rank
DBJP Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
DBJP Sortino Ratio Rank: 8787
Sortino Ratio Rank
DBJP Omega Ratio Rank: 8686
Omega Ratio Rank
DBJP Calmar Ratio Rank: 9292
Calmar Ratio Rank
DBJP Martin Ratio Rank: 9090
Martin Ratio Rank
HEWJ
HEWJ Risk / Return Rank: 8989
Overall Rank
HEWJ Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 8686
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 8787
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 9292
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 9090
Martin Ratio Rank
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.

DBJP vs. HEWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Japan Hedged Equity ETF (DBJP) and iShares Currency Hedged MSCI Japan ETF (HEWJ). 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.

DBJPHEWJDifference
Sharpe ratioReturn per unit of total volatility
2.16
2.15

+0.01

Sortino ratioReturn per unit of downside risk
2.90
2.87

+0.03

Omega ratioGain probability vs. loss probability

1.38

1.38

0.00

Calmar ratioReturn relative to maximum drawdown

4.16

4.16

0.00

Martin ratioReturn relative to average drawdown

14.40

14.38

+0.02

DBJP vs. HEWJ - Sharpe Ratio Comparison

The current DBJP Sharpe Ratio is 2.16, which is comparable to the HEWJ Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of DBJP and HEWJ, 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

DBJP vs. HEWJ - Drawdown Comparison

The maximum DBJP drawdown since its inception was -31.30%, roughly equal to the maximum HEWJ drawdown of -31.53%. Use the drawdown chart below to compare losses from any high point for DBJP and HEWJ.

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Drawdown Indicators

DBJPHEWJDifference

Max Drawdown

Largest peak-to-trough decline

-31.30%

-31.53%

+0.23%

Max Drawdown (1Y)

Largest decline over 1 year

-10.39%

-10.37%

-0.02%

Max Drawdown (3Y)

Largest decline over 3 years

-21.50%

-20.90%

-0.60%

Max Drawdown (5Y)

Largest decline over 5 years

-21.50%

-20.90%

-0.60%

Max Drawdown (10Y)

Largest decline over 10 years

-31.30%

-31.53%

+0.23%

Current Drawdown

Current decline from peak

-5.87%

-5.94%

+0.07%

Average Drawdown

Average peak-to-trough decline

-7.25%

-6.57%

-0.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.00%

3.00%

0.00%

Volatility

DBJP vs. HEWJ - Volatility Comparison

Xtrackers MSCI Japan Hedged Equity ETF (DBJP) and iShares Currency Hedged MSCI Japan ETF (HEWJ) have volatilities of 6.41% and 6.73%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DBJPHEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.41%

6.73%

-0.32%

Volatility (6M)

Calculated over the trailing 6-month period

15.94%

16.08%

-0.14%

Volatility (1Y)

Calculated over the trailing 1-year period

20.03%

20.08%

-0.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.24%

19.38%

-0.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.27%

19.49%

-0.22%

DBJP vs. HEWJ - Expense Ratio Comparison

DBJP has a 0.45% expense ratio, which is lower than HEWJ's 0.49% expense ratio.

Dividends

DBJP vs. HEWJ - Dividend Comparison

DBJP's dividend yield for the trailing twelve months is around 1.27%, less than HEWJ's 4.18% yield.

PositionTTM20252024202320222021202020192018201720162015
DBJP
Xtrackers MSCI Japan Hedged Equity ETF		1.27%2.81%2.80%5.21%0.80%2.30%2.53%2.56%3.87%2.07%1.13%5.95%
HEWJ
iShares Currency Hedged MSCI Japan ETF		4.18%5.10%2.20%2.02%47.68%2.03%1.20%2.78%1.37%1.21%1.88%3.25%

Frequently Asked Questions

With a correlation of 0.98, DBJP and HEWJ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

HEWJ has higher volatility (6.73%) compared to DBJP (6.41%). In terms of maximum drawdown, DBJP dropped -31.30% vs HEWJ's -31.53%.

On 10-year performance, DBJP leads with 16.78% vs 16.74% for HEWJ. On fees, DBJP is cheaper at 0.45% per year. On volatility, DBJP has been the lower-risk option at 6.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DBJP has performed better with a 16.78% return vs 16.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DBJP is cheaper with a 0.45% expense ratio, compared with 0.49% for HEWJ.

HEWJ has the higher dividend yield at 4.18%, compared with 1.27% for DBJP.

DBJP tracks MSCI Japan US Dollar Hedged Index, while HEWJ tracks MSCI Japan 100% Hedged to USD Index. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.45% for DBJP and 0.49% for HEWJ.

DBJP currently has the higher Sharpe Ratio (2.16 vs 2.15), 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

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