DXJS vs. DFJ

Last updated Jul 14, 2026

DXJS (WisdomTree Japan Hedged SmallCap Equity Fund) and DFJ (WisdomTree Japan SmallCap Dividend Fund) are both Japan Equities funds from WisdomTree - DXJS tracks the WisdomTree Japan Hedged SmallCap Equity Index while DFJ tracks the WisdomTree Japan SmallCap Dividend Index. Both are passively managed. A 0.78 correlation means they provide meaningful diversification when combined. Both charge a 0.58% expense ratio.

Performance

DXJS vs. DFJ - Performance Comparison

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

Returns By Period

DXJS

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

DFJ

• 1D: -1.56%
• 1M: 1.12%
• 6M: 7.39%
• YTD: 11.55%
• 1Y: 27.78%
• 3Y*: 18.87%
• 5Y*: 9.84%
• 10Y*: 8.92%

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

DXJS vs. DFJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
DFJ WisdomTree Japan SmallCap Dividend Fund	11.55%	31.90%	2.80%	21.81%	-9.00%	0.38%	1.29%	16.98%	-18.53%	32.14%

Correlation

The correlation between DXJS and DFJ is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jun 28, 2013	0.78

The correlation between DXJS and DFJ shifts across timeframes, from 0.67 (5 years) to 0.78 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DXJS vs. DFJ — Risk / Return Rank

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

DXJS

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

DFJ

DFJ Risk / Return Rank: 56
DFJ Sharpe Ratio Rank: 62
DFJ Sortino Ratio Rank: 63
DFJ Omega Ratio Rank: 58
DFJ Calmar Ratio Rank: 54
DFJ Martin Ratio Rank: 44

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.

DXJS vs. DFJ - Risk-Adjusted Trends Comparison

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

	DXJS	DFJ	Difference
Sharpe ratio: Return per unit of total volatility	—	1.64	—
Sortino ratio: Return per unit of downside risk	—	2.32	—
Omega ratio: Gain probability vs. loss probability	—	1.28	—
Calmar ratio: Return relative to maximum drawdown	—	2.14	—
Martin ratio: Return relative to average drawdown	—	5.83	—

Drawdowns

Drawdown Indicators

	DXJS	DFJ	Difference
Max Drawdown Largest peak-to-trough decline	—	-46.00%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-13.03%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.71%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.02%	—
Current Drawdown Current decline from peak	—	-4.80%	—
Average Drawdown Average peak-to-trough decline	—	-11.12%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.78%	—

Volatility

Volatility by Period

	DXJS	DFJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.30%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	17.08%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	15.98%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	16.94%	—

DXJS vs. DFJ - Expense Ratio Comparison

Both DXJS and DFJ have an expense ratio of 0.58%.

Dividends

DXJS vs. DFJ - Dividend Comparison

DXJS has not paid dividends to shareholders, while DFJ's dividend yield for the trailing twelve months is around 2.63%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFJ WisdomTree Japan SmallCap Dividend Fund	2.63%	2.68%	2.46%	2.43%	2.62%	2.07%	2.59%	2.24%	1.89%	1.60%	1.76%	1.23%
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 DXJS and DFJ in my portfolio?

DXJS and DFJ have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DXJS or DFJ?

Both ETFs have the same 0.58% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DXJS or DFJ?

DXJS and DFJ have the same expense ratio: 0.58% per year.

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

DFJ has the higher dividend yield at 2.63%, compared with 0.53% for DXJS.

What is the main difference between DXJS and DFJ?

DXJS tracks WisdomTree Japan Hedged SmallCap Equity Index, while DFJ tracks WisdomTree Japan SmallCap Dividend Index.