DXJS vs. SPY

Last updated Jun 4, 2026

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 17.36%/yr vs 15.49%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DXJS achieves a 26.16% return, which is significantly higher than SPY's 10.91% return. Over the past 10 years, DXJS has outperformed SPY with an annualized return of 17.36%, while SPY has yielded a comparatively lower 15.49% annualized return.

DXJS

• 1D: -0.02%
• 1M: 2.99%
• YTD: 26.16%
• 6M: 32.96%
• 1Y: 64.97%
• 3Y*: 34.91%
• 5Y*: 25.18%
• 10Y*: 17.36%

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

DXJS vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXJS WisdomTree Japan Hedged SmallCap Equity Fund	26.16%	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	10.91%	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 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.42
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 Jul 1, 2013	0.57

The correlation between DXJS and SPY shifts across timeframes, from 0.42 (3 years) to 0.57 (all time), reflecting how their relationship changes across market environments.

DXJS vs. SPY - Sectors Allocation Comparison

Sectors	DXJS	SPY
Industrials	27.6%	7.8%
Consumer Cyclical	19.7%	10.3%
Basic Materials	12.0%	1.8%
Technology	11.2%	35.9%
Financial Services	9.2%	11.8%
Consumer Defensive	8.4%	4.8%
Healthcare	4.4%	8.4%
Real Estate	3.3%	1.9%
Communication Services	1.7%	11.3%
Utilities	1.6%	2.4%
Energy	1.0%	3.6%

Return for Risk

DXJS vs. SPY — Risk / Return Rank

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

DXJS

DXJS Risk / Return Rank: 91
DXJS Sharpe Ratio Rank: 92
DXJS Sortino Ratio Rank: 91
DXJS Omega Ratio Rank: 87
DXJS Calmar Ratio Rank: 93
DXJS Martin Ratio Rank: 92

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. 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.

	DXJS	SPY	Difference
Sharpe ratio: Return per unit of total volatility	3.33	2.38	+0.95
Sortino ratio: Return per unit of downside risk	4.34	3.24	+1.11
Omega ratio: Gain probability vs. loss probability	1.55	1.43	+0.12
Calmar ratio: Return relative to maximum drawdown	6.65	3.16	+3.48
Martin ratio: Return relative to average drawdown	23.90	14.72	+9.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DXJS vs. SPY - Sharpe Ratio Comparison

The current DXJS Sharpe Ratio is 3.33, which is higher than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of DXJS and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DXJS	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.33	2.38	+0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.40	0.82	+0.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	0.87	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.59	+0.17

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.

Drawdown Indicators

	DXJS	SPY	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-4.27%	-0.70%	-3.57%
Average Drawdown Average peak-to-trough decline	-6.49%	-9.05%	+2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	1.91%	+0.82%

Volatility

DXJS vs. SPY - Volatility Comparison

WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) has a higher volatility of 5.08% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. 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.

Volatility by Period

	DXJS	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.08%	2.84%	+2.24%
Volatility (6M) Calculated over the trailing 6-month period	15.39%	8.90%	+6.49%
Volatility (1Y) Calculated over the trailing 1-year period	19.64%	11.83%	+7.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.05%	17.05%	+1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.71%	17.94%	+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's dividend yield for the trailing twelve months is around 1.50%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXJS WisdomTree Japan Hedged SmallCap Equity Fund	1.50%	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	0.98%	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

Can I hold both DXJS and SPY in my portfolio?

DXJS and SPY have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DXJS or SPY?

DXJS has higher volatility (5.08%) compared to SPY (2.84%). In terms of maximum drawdown, DXJS dropped -39.30% vs SPY's -55.19%.

Which ETF is better, DXJS or SPY?

On 10-year performance, DXJS leads with 17.36% vs 15.49% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DXJS or SPY?

Over the 10-year period, DXJS has performed better with a 17.36% return vs 15.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DXJS or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.58% for DXJS.

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

DXJS has the higher dividend yield at 1.50%, compared with 0.98% for SPY.

What is the main difference between DXJS and 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.

Which has better risk-adjusted returns?

DXJS currently has the higher Sharpe Ratio (3.33 vs 2.38), 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.