DXJ vs. DXJS

Last updated Jul 16, 2026

DXJ (WisdomTree Japan Hedged Equity Fund) and DXJS (WisdomTree Japan Hedged SmallCap Equity Fund) are both Japan Equities funds from WisdomTree - DXJ tracks the WisdomTree Japan Hedged Equity Index while DXJS tracks the WisdomTree Japan Hedged SmallCap Equity Index. Both are passively managed. Their correlation of 0.86 suggests significant overlap in exposure. DXJ charges 0.48%/yr vs 0.58%/yr for DXJS.

Performance

DXJ vs. DXJS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Japan Hedged Equity Fund (DXJ) and WisdomTree Japan Hedged SmallCap Equity Fund (DXJS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DXJ

• 1D: -0.15%
• 1M: 2.26%
• 6M: 15.24%
• YTD: 23.40%
• 1Y: 55.84%
• 3Y*: 33.14%
• 5Y*: 27.73%
• 10Y*: 18.74%

DXJS

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DXJ vs. DXJS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXJ WisdomTree Japan Hedged Equity Fund	23.40%	32.78%	29.83%	42.04%	5.96%	17.99%	3.94%	18.94%	-19.78%	22.81%
DXJS WisdomTree Japan Hedged SmallCap Equity Fund	23.30%	37.08%	20.70%	38.96%	5.02%	11.66%	-3.22%	18.24%	-18.69%	29.56%

Correlation

The correlation between DXJ and DXJS is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jun 28, 2013	0.86

The correlation between DXJ and DXJS has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

Return for Risk

DXJ vs. DXJS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DXJ

DXJ Risk / Return Rank: 94
DXJ Sharpe Ratio Rank: 95
DXJ Sortino Ratio Rank: 94
DXJ Omega Ratio Rank: 94
DXJ Calmar Ratio Rank: 93
DXJ Martin Ratio Rank: 93

DXJS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

DXJ vs. DXJS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Japan Hedged Equity Fund (DXJ) and WisdomTree Japan Hedged SmallCap Equity Fund (DXJS). 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.

	DXJ	DXJS	Difference
Sharpe ratio: Return per unit of total volatility	3.07	—	—
Sortino ratio: Return per unit of downside risk	3.99	—	—
Omega ratio: Gain probability vs. loss probability	1.55	—	—
Calmar ratio: Return relative to maximum drawdown	5.11	—	—
Martin ratio: Return relative to average drawdown	19.44	—	—

Drawdowns

Drawdown Indicators

	DXJ	DXJS	Difference
Max Drawdown Largest peak-to-trough decline	-49.63%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-10.98%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-22.19%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.19%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.14%	—	—
Current Drawdown Current decline from peak	-1.69%	—	—
Average Drawdown Average peak-to-trough decline	-14.27%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	—	—

Volatility

Volatility by Period

	DXJ	DXJS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.38%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.28%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.29%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.06%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.92%	—	—

DXJ vs. DXJS - Expense Ratio Comparison

DXJ has a 0.48% expense ratio, which is lower than DXJS's 0.58% expense ratio.

Dividends

DXJ vs. DXJS - Dividend Comparison

DXJ's dividend yield for the trailing twelve months is around 0.95%, while DXJS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXJ WisdomTree Japan Hedged Equity Fund	0.95%	1.29%	3.48%	3.44%	3.02%	2.64%	2.53%	2.47%	2.92%	2.30%	1.98%	5.95%
DXJS WisdomTree Japan Hedged SmallCap Equity Fund	0.53%	1.78%	4.02%	2.71%	2.63%	2.96%	3.04%	2.17%	2.06%	1.53%	1.66%	3.61%

Frequently Asked Questions

Can I hold both DXJ and DXJS in my portfolio?

DXJ and DXJS have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DXJ or DXJS?

On fees, DXJ is cheaper at 0.48% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DXJ or DXJS?

DXJ is cheaper with a 0.48% expense ratio, compared with 0.58% for DXJS.

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

DXJ has the higher dividend yield at 0.95%, compared with 0.53% for DXJS.

What is the main difference between DXJ and DXJS?

DXJ tracks WisdomTree Japan Hedged Equity Index, while DXJS tracks WisdomTree Japan Hedged SmallCap Equity Index. Their fees differ too: 0.48% for DXJ and 0.58% for DXJS.