DXJS vs. HEWJ
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 suggests significant overlap in exposure. DXJS charges 0.58%/yr vs 0.49%/yr for HEWJ.
Performance
DXJS vs. HEWJ - Performance Comparison
Loading charts...
Returns By Period
DXJS
- 1D
- —
- 1M
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HEWJ
- 1D
- -1.53%
- 1M
- 1.92%
- 6M
- 14.03%
- YTD
- 21.52%
- 1Y
- 52.20%
- 3Y*
- 29.07%
- 5Y*
- 21.60%
- 10Y*
- 16.55%
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 | 21.52% | 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 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 0.73 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DXJS vs. HEWJ — Risk / Return Rank
DXJS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HEWJ
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 ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.47 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 5.06 | — |
| Martin ratioReturn relative to average drawdown | — | 18.82 | — |
Loading charts...
Drawdowns
DXJS vs. HEWJ - Drawdown Comparison
Loading charts...
Drawdown Indicators
| DXJS | HEWJ | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | — | -3.95% | — |
Average DrawdownAverage peak-to-trough decline | — | -6.58% | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.78% | — |
Volatility
DXJS vs. HEWJ - Volatility Comparison
Loading charts...
Volatility by Period
| DXJS | HEWJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 8.04% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 15.95% | — |
Volatility (1Y)Calculated over the trailing 1-year period | — | 20.17% | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | — | 19.34% | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | — | 19.46% | — |
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 4.09%.
| 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 | 4.09% | 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
DXJS and HEWJ have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
HEWJ is cheaper with a 0.49% expense ratio, compared with 0.58% for DXJS.
HEWJ has the higher dividend yield at 4.09%, compared with 0.53% for DXJS.
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.
Find the right allocation for DXJS and HEWJ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer