DXJS vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) and State Street SPDR S&P 500 ETF (SPY).

DXJS and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DXJS is a passively managed fund by WisdomTree that tracks the performance of the WisdomTree Japan Hedged SmallCap Equity Index. It was launched on Jun 28, 2013. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both DXJS and SPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

DXJS vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXJS WisdomTree Japan Hedged SmallCap Equity Fund	17.27%	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	-4.37%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Returns By Period

In the year-to-date period, DXJS achieves a 17.27% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, DXJS has outperformed SPY with an annualized return of 16.61%, while SPY has yielded a comparatively lower 13.98% annualized return.

DXJS

• 1D: 2.03%
• 1M: -5.12%
• YTD: 17.27%
• 6M: 31.32%
• 1Y: 58.83%
• 3Y*: 34.47%
• 5Y*: 22.94%
• 10Y*: 16.61%

SPY

• 1D: 2.91%
• 1M: -4.94%
• YTD: -4.37%
• 6M: -1.82%
• 1Y: 17.59%
• 3Y*: 18.19%
• 5Y*: 11.69%
• 10Y*: 13.98%

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

DXJS vs. SPY - Expense Ratio Comparison

DXJS has a 0.58% expense ratio, which is higher than SPY's 0.09% expense ratio.

DXJS

WisdomTree Japan Hedged SmallCap Equity Fund

SPY

State Street SPDR S&P 500 ETF

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: 97
DXJS Sharpe Ratio Rank: 97
DXJS Sortino Ratio Rank: 97
DXJS Omega Ratio Rank: 96
DXJS Calmar Ratio Rank: 97
DXJS Martin Ratio Rank: 97

SPY

SPY Risk / Return Rank: 64
SPY Sharpe Ratio Rank: 56
SPY Sortino Ratio Rank: 60
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 65
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	2.81	0.93	+1.88
Sortino ratio Return per unit of downside risk	3.53	1.45	+2.07
Omega ratio Gain probability vs. loss probability	1.48	1.22	+0.26
Calmar ratio Return relative to maximum drawdown	4.69	1.53	+3.17
Martin ratio Return relative to average drawdown	19.87	7.30	+12.57
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 2.81, which is higher than the SPY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of DXJS and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DXJS	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.81	0.93	+1.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.29	0.69	+0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.78	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.56	+0.18

Correlation

The correlation between DXJS and SPY is 0.57, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

DXJS vs. SPY - Dividend Comparison

DXJS's dividend yield for the trailing twelve months is around 1.62%, more than SPY's 1.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXJS WisdomTree Japan Hedged SmallCap Equity Fund	1.62%	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	1.14%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

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	-11.47%	-12.05%	+0.58%
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	-5.55%	-6.24%	+0.69%
Average Drawdown Average peak-to-trough decline	-6.54%	-9.09%	+2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	2.52%	+0.37%

Volatility

DXJS vs. SPY - Volatility Comparison

WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) has a higher volatility of 7.98% compared to State Street SPDR S&P 500 ETF (SPY) at 5.31%. 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	7.98%	5.31%	+2.67%
Volatility (6M) Calculated over the trailing 6-month period	15.20%	9.47%	+5.73%
Volatility (1Y) Calculated over the trailing 1-year period	21.06%	19.05%	+2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.83%	17.06%	+0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.88%	17.92%	+1.96%