DXJS vs. SPY
DXJS (WisdomTree Japan Hedged SmallCap Equity Fund) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DXJS is a Japan Equities fund tracking the WisdomTree Japan Hedged SmallCap Equity Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, DXJS returned 16.84%/yr vs 15.53%/yr for SPY. A 0.57 correlation means they provide meaningful diversification when combined. DXJS charges 0.58%/yr vs 0.09%/yr for SPY.
Performance
DXJS vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, DXJS achieves a 23.30% return, which is significantly higher than SPY's 8.15% return. Over the past 10 years, DXJS has outperformed SPY with an annualized return of 16.84%, while SPY has yielded a comparatively lower 15.53% annualized return.
DXJS
- 1D
- -2.83%
- 1M
- -1.82%
- YTD
- 23.30%
- 6M
- 24.16%
- 1Y
- 59.61%
- 3Y*
- 33.69%
- 5Y*
- 24.61%
- 10Y*
- 16.84%
SPY
- 1D
- -1.45%
- 1M
- -1.36%
- YTD
- 8.15%
- 6M
- 7.20%
- 1Y
- 23.59%
- 3Y*
- 20.68%
- 5Y*
- 13.05%
- 10Y*
- 15.53%
DXJS vs. SPY - 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% |
SPY State Street SPDR S&P 500 ETF | 8.15% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between DXJS and SPY is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2013 | 0.57 |
The correlation between DXJS and SPY shifts across timeframes, from 0.41 (3 years) to 0.57 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DXJS vs. SPY — Risk / Return Rank
DXJS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPY
DXJS vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.19 | ||
| Sortino ratioReturn per unit of downside risk | +1.45 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.34 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 6.24 | 2.67 | +3.57 |
| Martin ratioReturn relative to average drawdown | 22.10 | 11.92 | +10.18 |
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Drawdowns
DXJS vs. SPY - Drawdown Comparison
The maximum DXJS drawdown since its inception was -39.30%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DXJS and SPY.
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Drawdown Indicators
| DXJS | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.30% | -55.19% | +15.89% |
Max Drawdown (1Y)Largest decline over 1 year | -9.82% | -8.88% | -0.94% |
Max Drawdown (3Y)Largest decline over 3 years | -16.49% | -18.76% | +2.27% |
Max Drawdown (5Y)Largest decline over 5 years | -16.49% | -24.50% | +8.01% |
Max Drawdown (10Y)Largest decline over 10 years | -39.30% | -33.72% | -5.58% |
Current DrawdownCurrent decline from peak | -6.44% | -3.17% | -3.27% |
Average DrawdownAverage peak-to-trough decline | -6.49% | -9.04% | +2.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.77% | 1.98% | +0.79% |
Volatility
DXJS vs. SPY - Volatility Comparison
WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) has a higher volatility of 5.19% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that DXJS's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DXJS | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 4.87% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 15.69% | 9.85% | +5.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.86% | 12.50% | +7.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.08% | 17.15% | +0.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.72% | 17.95% | +1.77% |
DXJS vs. SPY - Expense Ratio Comparison
DXJS has a 0.58% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
DXJS vs. SPY - Dividend Comparison
DXJS has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.03%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DXJS WisdomTree Japan Hedged SmallCap Equity Fund | 1.54% | 1.78% | 4.02% | 2.71% | 2.63% | 2.96% | 3.04% | 2.17% | 2.06% | 1.53% | 1.66% | 3.61% |
SPY State Street SPDR S&P 500 ETF | 1.03% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
DXJS and SPY have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DXJS has higher volatility (5.19%) compared to SPY (4.87%). In terms of maximum drawdown, DXJS dropped -39.30% vs SPY's -55.19%.
On 10-year performance, DXJS leads with 16.84% vs 15.53% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DXJS has performed better with a 16.84% return vs 15.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.58% for DXJS.
DXJS has the higher dividend yield at 1.54%, compared with 1.03% for SPY.
DXJS is categorized as Japan Equities, while SPY is S&P 500. DXJS tracks WisdomTree Japan Hedged SmallCap Equity Index, while SPY tracks S&P 500 Index. They also come from different issuers: WisdomTree and State Street. Their fees differ too: 0.58% for DXJS and 0.09% for SPY.
DXJS currently has the higher Sharpe Ratio (3.08 vs 1.90), 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.
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