DXJ vs. JPYUSD=X

Last updated Jun 3, 2026

DXJ (WisdomTree Japan Hedged Equity Fund) is Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index, while JPYUSD=X (JPY/USD) is a currency. Over the past 10 years, DXJ returned 18.25%/yr vs -3.98%/yr for JPYUSD=X. At a correlation of -0.41, they often move in opposite directions.

Performance

DXJ vs. JPYUSD=X - Performance Comparison

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

Returns By Period

In the year-to-date period, DXJ achieves a 18.76% return, which is significantly higher than JPYUSD=X's -2.01% return. Over the past 10 years, DXJ has outperformed JPYUSD=X with an annualized return of 18.25%, while JPYUSD=X has yielded a comparatively lower -3.98% annualized return.

DXJ

• 1D: 1.14%
• 1M: 6.07%
• YTD: 18.76%
• 6M: 23.03%
• 1Y: 52.60%
• 3Y*: 32.82%
• 5Y*: 26.08%
• 10Y*: 18.25%

JPYUSD=X

• 1D: -0.15%
• 1M: -2.30%
• YTD: -2.01%
• 6M: -2.50%
• 1Y: -10.75%
• 3Y*: -4.34%
• 5Y*: -7.16%
• 10Y*: -3.98%

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

DXJ vs. JPYUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXJ WisdomTree Japan Hedged Equity Fund	18.76%	32.78%	29.83%	42.04%	5.96%	17.99%	3.94%	18.94%	-19.78%	22.81%
JPYUSD=X JPY/USD	-2.01%	0.33%	-10.26%	-7.04%	-12.23%	-10.24%	5.18%	0.86%	2.82%	3.91%

Correlation

The correlation between DXJ and JPYUSD=X is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	-0.22
Correlation (5Y) Calculated over the trailing 5-year period	-0.24
Correlation (10Y) Calculated over the trailing 10-year period	-0.37
Correlation (All Time) Calculated using the full available price history since Jun 29, 2007	-0.41

Over the past year, the inverse relationship between DXJ and JPYUSD=X has weakened: their correlation has moved from -0.41 to -0.01, meaning they move in opposite directions less often than they have historically.

Return for Risk

DXJ vs. JPYUSD=X — Risk / Return Rank

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

DXJ

DXJ Risk / Return Rank: 88
DXJ Sharpe Ratio Rank: 89
DXJ Sortino Ratio Rank: 89
DXJ Omega Ratio Rank: 87
DXJ Calmar Ratio Rank: 86
DXJ Martin Ratio Rank: 87

JPYUSD=X

JPYUSD=X Risk / Return Rank: 9
JPYUSD=X Sharpe Ratio Rank: 9
JPYUSD=X Sortino Ratio Rank: 8
JPYUSD=X Omega Ratio Rank: 9
JPYUSD=X Calmar Ratio Rank: 4
JPYUSD=X Martin Ratio Rank: 15

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. JPYUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Japan Hedged Equity Fund (DXJ) and JPY/USD (JPYUSD=X). 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.

	DXJ	JPYUSD=X	Difference
Sharpe ratio Return per unit of total volatility	3.03	-1.14	+4.18
Sortino ratio Return per unit of downside risk	4.12	-1.68	+5.80
Omega ratio Gain probability vs. loss probability	1.55	0.82	+0.73
Calmar ratio Return relative to maximum drawdown	4.83	-0.87	+5.69
Martin ratio Return relative to average drawdown	18.88	-1.27	+20.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DXJ vs. JPYUSD=X - Sharpe Ratio Comparison

The current DXJ Sharpe Ratio is 3.03, which is higher than the JPYUSD=X Sharpe Ratio of -1.14. The chart below compares the historical Sharpe Ratios of DXJ and JPYUSD=X, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DXJ	JPYUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.03	-1.14	+4.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.38	-0.69	+2.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	-0.42	+1.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	-0.13	+0.55

Drawdowns

DXJ vs. JPYUSD=X - Drawdown Comparison

The maximum DXJ drawdown since its inception was -49.63%, smaller than the maximum JPYUSD=X drawdown of -52.96%. Use the drawdown chart below to compare losses from any high point for DXJ and JPYUSD=X.

Drawdown Indicators

	DXJ	JPYUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-49.63%	-52.96%	+3.33%
Max Drawdown (1Y) Largest decline over 1 year	-10.98%	-11.01%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-22.19%	-14.63%	-7.56%
Max Drawdown (5Y) Largest decline over 5 years	-22.19%	-32.59%	+10.40%
Max Drawdown (10Y) Largest decline over 10 years	-39.14%	-38.21%	-0.93%
Current Drawdown Current decline from peak	-0.36%	-52.41%	+52.05%
Average Drawdown Average peak-to-trough decline	-14.34%	-26.82%	+12.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	5.94%	-3.13%

Volatility

DXJ vs. JPYUSD=X - Volatility Comparison

WisdomTree Japan Hedged Equity Fund (DXJ) has a higher volatility of 3.59% compared to JPY/USD (JPYUSD=X) at 0.69%. This indicates that DXJ's price experiences larger fluctuations and is considered to be riskier than JPYUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DXJ	JPYUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.59%	0.69%	+2.90%
Volatility (6M) Calculated over the trailing 6-month period	13.11%	5.56%	+7.55%
Volatility (1Y) Calculated over the trailing 1-year period	17.43%	7.68%	+9.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.96%	9.58%	+9.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.18%	8.91%	+11.27%

Frequently Asked Questions

Can I hold both DXJ and JPYUSD=X in my portfolio?

DXJ and JPYUSD=X have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DXJ or JPYUSD=X?

DXJ has higher volatility (3.59%) compared to JPYUSD=X (0.69%). In terms of maximum drawdown, DXJ dropped -49.63% vs JPYUSD=X's -52.96%.

Which has better risk-adjusted returns?

DXJ currently has the higher Sharpe Ratio (3.03 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.