DXJS vs. HEWJ

Last updated Aug 1, 2026

DXJS (WisdomTree Japan Hedged SmallCap Equity Fund) and HEWJ (iShares Currency Hedged MSCI Japan ETF) are both Japan Equities funds - DXJS tracks the WisdomTree Japan Hedged SmallCap Equity Index while HEWJ tracks the MSCI Japan 100% Hedged to USD Index. Both are passively managed. Their correlation of 0.84 means they have usually moved in the same direction. DXJS charges 0.58%/yr vs 0.49%/yr for HEWJ.

Performance

DXJS vs. HEWJ - Performance Comparison

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

Returns By Period

DXJS

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

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

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HEWJ iShares Currency Hedged MSCI Japan ETF	$1.62M	$2.67M	$4.10M

DXJS vs. HEWJ - 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%
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 DXJS and HEWJ is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (10Y) Provides a long-term view across more market conditions.	0.83
Correlation (All Time) Calculated using the full available price history since Feb 5, 2014	0.84

The correlation between DXJS and HEWJ shifts across timeframes, from 0.70 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DXJS vs. HEWJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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.

HEWJ

HEWJ Risk / Return Rank: 89
HEWJ Sharpe Ratio Rank: 89
HEWJ Sortino Ratio Rank: 86
HEWJ Omega Ratio Rank: 87
HEWJ Calmar Ratio Rank: 92
HEWJ Martin Ratio Rank: 90

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.

DXJS vs. HEWJ - Risk-Adjusted Trends Comparison

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

	DXJS	HEWJ	Difference
Sharpe ratio: Return per unit of total volatility	—	2.15	—
Sortino ratio: Return per unit of downside risk	—	2.87	—
Omega ratio: Gain probability vs. loss probability	—	1.38	—
Calmar ratio: Return relative to maximum drawdown	—	4.16	—
Martin ratio: Return relative to average drawdown	—	14.38	—

Drawdowns

Drawdown Indicators

	DXJS	HEWJ	Difference
Max Drawdown Largest peak-to-trough decline	—	-31.53%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-10.37%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-20.90%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.90%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-31.53%	—
Current Drawdown Current decline from peak	—	-5.94%	—
Average Drawdown Average peak-to-trough decline	—	-6.57%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.00%	—

Volatility

Volatility by Period

	DXJS	HEWJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.73%	—
Volatility (6M) Calculated over the trailing 6-month period	—	16.08%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	20.08%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	19.38%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	19.49%	—

DXJS vs. HEWJ - Expense Ratio Comparison

DXJS has a 0.58% expense ratio, which is higher than HEWJ's 0.49% expense ratio.

Dividends

DXJS vs. HEWJ - Dividend Comparison

DXJS has not paid dividends to shareholders, while HEWJ's dividend yield for the trailing twelve months is around 4.18%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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

Can I hold both DXJS and HEWJ in my portfolio?

DXJS and HEWJ 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 HEWJ?

On fees, HEWJ is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DXJS or HEWJ?

HEWJ is cheaper with a 0.49% expense ratio, compared with 0.58% for DXJS.

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

HEWJ has the higher dividend yield at 4.18%, compared with 0.53% for DXJS.

What is the main difference between DXJS and HEWJ?

DXJS tracks WisdomTree Japan Hedged SmallCap Equity Index, while HEWJ tracks MSCI Japan 100% Hedged to USD Index. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.58% for DXJS and 0.49% for HEWJ.