DXJA.L vs. HMAF.L

Last updated Jul 18, 2026

DXJA.L (WisdomTree Japan Equity UCITS ETF USD Hedged Acc) and HMAF.L (HSBC MSCI AC Far East ex Japan UCITS ETF USD) are both exchange-traded funds - DXJA.L is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity UCITS Index, while HMAF.L is a Asia Pacific Equities fund tracking the MSCI AC Asia Ex Japan NR USD. Both are passively managed. Over the past 5 years, DXJA.L returned 26.73%/yr vs 6.76%/yr for HMAF.L. At a 0.46 correlation, their price movements are largely independent. DXJA.L charges 0.48%/yr vs 0.45%/yr for HMAF.L.

Performance

DXJA.L vs. HMAF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Japan Equity UCITS ETF USD Hedged Acc (DXJA.L) and HSBC MSCI AC Far East ex Japan UCITS ETF USD (HMAF.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

DXJA.L is traded in USD, while HMAF.L is traded in GBP. To make them comparable, the HMAF.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, DXJA.L achieves a 20.17% return, which is significantly lower than HMAF.L's 22.91% return.

DXJA.L

• 1D: -2.34%
• 1M: -2.57%
• 6M: 11.14%
• YTD: 20.17%
• 1Y: 50.98%
• 3Y*: 31.14%
• 5Y*: 26.73%
• 10Y*: —

HMAF.L

• 1D: -2.63%
• 1M: -10.33%
• 6M: 15.45%
• YTD: 22.91%
• 1Y: 42.84%
• 3Y*: 23.50%
• 5Y*: 6.76%
• 10Y*: 9.68%

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

DXJA.L vs. HMAF.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXJA.L WisdomTree Japan Equity UCITS ETF USD Hedged Acc	20.17%	33.46%	28.94%	41.24%	6.24%	17.35%	4.48%	17.49%	-18.94%	18.13%
HMAF.L HSBC MSCI AC Far East ex Japan UCITS ETF USD	22.91%	41.71%	11.89%	1.27%	-21.95%	-8.41%	25.44%	18.43%	-13.63%	27.43%

Correlation

The correlation between DXJA.L and HMAF.L is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (All Time) Calculated using the full available price history since Mar 9, 2017	0.46

DXJA.L vs. HMAF.L - Sectors Allocation Comparison

Sectors	DXJA.L	HMAF.L
Industrials	27.5%	6.8%
Financial Services	19.2%	13.9%
Consumer Cyclical	16.7%	8.4%
Technology	14.4%	55.0%
Basic Materials	7.5%	2.3%
Healthcare	6.7%	2.0%
Communication Services	3.8%	6.0%
Consumer Defensive	2.6%	1.4%
Energy	1.7%	1.3%
Real Estate	-	1.4%
Utilities	-	1.2%

Return for Risk

DXJA.L vs. HMAF.L — Risk / Return Rank

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

DXJA.L

DXJA.L Risk / Return Rank: 91
DXJA.L Sharpe Ratio Rank: 92
DXJA.L Sortino Ratio Rank: 90
DXJA.L Omega Ratio Rank: 90
DXJA.L Calmar Ratio Rank: 93
DXJA.L Martin Ratio Rank: 92

HMAF.L

HMAF.L Risk / Return Rank: 74
HMAF.L Sharpe Ratio Rank: 77
HMAF.L Sortino Ratio Rank: 70
HMAF.L Omega Ratio Rank: 76
HMAF.L Calmar Ratio Rank: 75
HMAF.L Martin Ratio Rank: 74

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.

DXJA.L vs. HMAF.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Japan Equity UCITS ETF USD Hedged Acc (DXJA.L) and HSBC MSCI AC Far East ex Japan UCITS ETF USD (HMAF.L). 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.

	DXJA.L	HMAF.L	Difference
Sharpe ratio: Return per unit of total volatility	2.51	1.76	+0.75
Sortino ratio: Return per unit of downside risk	3.35	2.31	+1.04
Omega ratio: Gain probability vs. loss probability	1.45	1.32	+0.13
Calmar ratio: Return relative to maximum drawdown	5.02	3.20	+1.83
Martin ratio: Return relative to average drawdown	17.22	9.67	+7.55

DXJA.L vs. HMAF.L - Sharpe Ratio Comparison

The current DXJA.L Sharpe Ratio is 2.51, which is higher than the HMAF.L Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of DXJA.L and HMAF.L, 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

DXJA.L vs. HMAF.L - Drawdown Comparison

The maximum DXJA.L drawdown since its inception was -37.51%, smaller than the maximum HMAF.L drawdown of -55.87%. Use the drawdown chart below to compare losses from any high point for DXJA.L and HMAF.L.

Drawdown Indicators

	DXJA.L	HMAF.L	Difference
Max Drawdown Largest peak-to-trough decline	-37.51%	-55.87%	+18.36%
Max Drawdown (1Y) Largest decline over 1 year	-10.10%	-13.34%	+3.24%
Max Drawdown (3Y) Largest decline over 3 years	-23.01%	-25.32%	+2.31%
Max Drawdown (5Y) Largest decline over 5 years	-23.01%	-43.32%	+20.31%
Max Drawdown (10Y) Largest decline over 10 years	—	-50.09%	—
Current Drawdown Current decline from peak	-4.25%	-13.34%	+9.09%
Average Drawdown Average peak-to-trough decline	-6.66%	-29.57%	+22.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	4.42%	-1.47%

Volatility

DXJA.L vs. HMAF.L - Volatility Comparison

The current volatility for WisdomTree Japan Equity UCITS ETF USD Hedged Acc (DXJA.L) is 6.13%, while HSBC MSCI AC Far East ex Japan UCITS ETF USD (HMAF.L) has a volatility of 11.09%. This indicates that DXJA.L experiences smaller price fluctuations and is considered to be less risky than HMAF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DXJA.L	HMAF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.13%	11.09%	-4.96%
Volatility (6M) Calculated over the trailing 6-month period	16.33%	21.71%	-5.38%
Volatility (1Y) Calculated over the trailing 1-year period	20.25%	24.20%	-3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.42%	25.77%	-6.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.25%	22.69%	-3.44%

DXJA.L vs. HMAF.L - Expense Ratio Comparison

DXJA.L has a 0.48% expense ratio, which is higher than HMAF.L's 0.45% expense ratio.

Dividends

DXJA.L vs. HMAF.L - Dividend Comparison

Neither DXJA.L nor HMAF.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DXJA.L and HMAF.L in my portfolio?

DXJA.L and HMAF.L have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DXJA.L or HMAF.L?

On fees, HMAF.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DXJA.L or HMAF.L?

HMAF.L is cheaper with a 0.45% expense ratio, compared with 0.48% for DXJA.L.

What is the main difference between DXJA.L and HMAF.L?

DXJA.L is categorized as Japan Equities, while HMAF.L is Asia Pacific Equities. DXJA.L tracks WisdomTree Japan Hedged Equity UCITS Index, while HMAF.L tracks MSCI AC Asia Ex Japan NR USD. They also come from different issuers: WisdomTree and HSBC. Their fees differ too: 0.48% for DXJA.L and 0.45% for HMAF.L.