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EEMA vs. DXJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEMA vs. DXJ

Last updated Aug 5, 2026
Documentation

EEMA (iShares MSCI Emerging Markets Asia ETF) and DXJ (WisdomTree Japan Hedged Equity Fund) are both exchange-traded funds - EEMA is a Asia Pacific Equities fund tracking the MSCI Emerging Markets Asia Index, while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Both are passively managed. Over the past 10 years, EEMA returned 9.46%/yr vs 18.67%/yr for DXJ. Their 0.51 correlation means they have sometimes moved together and sometimes differently. EEMA charges 0.50%/yr vs 0.48%/yr for DXJ.

Performance

EEMA vs. DXJ - Performance Comparison

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

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Returns By Period

The year-to-date returns for both stocks are quite close, with EEMA having a 22.06% return and DXJ slightly lower at 21.58%. Over the past 10 years, EEMA has underperformed DXJ with an annualized return of 9.46%, while DXJ has yielded a comparatively higher 18.67% annualized return.

EEMA

1D
2.15%
1M
0.93%
6M
13.61%
YTD
22.06%
1Y
38.70%
3Y*
21.29%
5Y*
7.47%
10Y*
9.46%
ALL TIME*
7.10%

DXJ

1D
2.00%
1M
-0.36%
6M
12.08%
YTD
21.58%
1Y
47.92%
3Y*
31.10%
5Y*
27.15%
10Y*
18.67%
ALL TIME*
9.45%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DXJ

WisdomTree Japan Hedged Equity Fund
$74.22M$63.63M$59.62M

EEMA

iShares MSCI Emerging Markets Asia ETF
$19.43M$13.06M$19.95M

EEMA vs. DXJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EEMA
iShares MSCI Emerging Markets Asia ETF		22.06%33.27%10.23%6.57%-21.49%-4.22%25.17%18.60%-15.76%43.41%
DXJ
WisdomTree Japan Hedged Equity Fund		21.58%32.78%29.83%42.04%5.96%17.99%3.94%18.94%-19.78%22.81%

Correlation

The correlation between EEMA and DXJ is 0.49, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.49

Correlation (3Y)
Balances recent behavior with more history.

0.42

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.46

Correlation (10Y)
Provides a long-term view across more market conditions.

0.51

Correlation (All Time)
Calculated using the full available price history since Feb 9, 2012

0.51

The correlation between EEMA and DXJ has been stable across timeframes, ranging from 0.42 to 0.51 - a consistent structural relationship.

EEMA vs. DXJ - Sectors Allocation Comparison

Sectors
EEMA
DXJ

Technology

40.7%
12.9%

Financial Services

17.0%
18.3%

Consumer Cyclical

9.9%
13.3%

Industrials

8.4%
29.5%

Communication Services

6.6%
2.3%

Basic Materials

4.8%
9.1%

Healthcare

3.9%
6.8%

Consumer Defensive

2.8%
4.7%

Energy

2.7%
1.7%

Utilities

1.7%
0.1%

Real Estate

1.0%

-

Technology

EEMA
40.7%
DXJ
12.9%

Financial Services

EEMA
17.0%
DXJ
18.3%

Consumer Cyclical

EEMA
9.9%
DXJ
13.3%

Industrials

EEMA
8.4%
DXJ
29.5%

Communication Services

EEMA
6.6%
DXJ
2.3%

Basic Materials

EEMA
4.8%
DXJ
9.1%

Healthcare

EEMA
3.9%
DXJ
6.8%

Consumer Defensive

EEMA
2.8%
DXJ
4.7%

Energy

EEMA
2.7%
DXJ
1.7%

Utilities

EEMA
1.7%
DXJ
0.1%

Real Estate

EEMA
1.0%
DXJ

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Emerging Markets Asia ETF

WisdomTree Japan Hedged Equity Fund

Often compared with EEMA:
EEMA vs. AIAEEMA vs. GMFEEMA vs. VFEM.LEEMA vs. MATFXEEMA vs. VAPX.ASEEMA vs. GXCEEMA vs. MCHI
Often compared with DXJ:
DXJ vs. EWJDXJ vs. EWJVDXJ vs. DXJSDXJ vs. FLJPDXJ vs. BBJPDXJ vs. VOODXJ vs. DBJP

Return for Risk

EEMA vs. DXJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EEMA
EEMA Risk / Return Rank: 6262
Overall Rank
EEMA Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
EEMA Sortino Ratio Rank: 5656
Sortino Ratio Rank
EEMA Omega Ratio Rank: 6161
Omega Ratio Rank
EEMA Calmar Ratio Rank: 7070
Calmar Ratio Rank
EEMA Martin Ratio Rank: 6161
Martin Ratio Rank
DXJ
DXJ Risk / Return Rank: 9191
Overall Rank
DXJ Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
DXJ Sortino Ratio Rank: 9090
Sortino Ratio Rank
DXJ Omega Ratio Rank: 9191
Omega Ratio Rank
DXJ Calmar Ratio Rank: 9191
Calmar Ratio Rank
DXJ Martin Ratio Rank: 9191
Martin Ratio Rank
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.

EEMA vs. DXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Asia ETF (EEMA) and WisdomTree Japan Hedged Equity Fund (DXJ). 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.

EEMADXJDifference
Sharpe ratioReturn per unit of total volatility
1.63
2.65

-1.02

Sortino ratioReturn per unit of downside risk
2.19
3.45

-1.26

Omega ratioGain probability vs. loss probability

1.30

1.47

-0.17

Calmar ratioReturn relative to maximum drawdown

2.72

4.39

-1.67

Martin ratioReturn relative to average drawdown

8.33

16.26

-7.93

EEMA vs. DXJ - Sharpe Ratio Comparison

The current EEMA Sharpe Ratio is 1.63, which is lower than the DXJ Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of EEMA and DXJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EEMA vs. DXJ - Drawdown Comparison

The maximum EEMA drawdown since its inception was -44.18%, smaller than the maximum DXJ drawdown of -49.63%. Use the drawdown chart below to compare losses from any high point for EEMA and DXJ.

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Drawdown Indicators

EEMADXJDifference

Max Drawdown

Largest peak-to-trough decline

-44.18%

-49.63%

+5.45%

Max Drawdown (1Y)

Largest decline over 1 year

-14.30%

-10.98%

-3.32%

Max Drawdown (3Y)

Largest decline over 3 years

-20.23%

-22.19%

+1.96%

Max Drawdown (5Y)

Largest decline over 5 years

-38.31%

-22.19%

-16.12%

Max Drawdown (10Y)

Largest decline over 10 years

-44.18%

-39.14%

-5.04%

Current Drawdown

Current decline from peak

-5.83%

-3.14%

-2.69%

Average Drawdown

Average peak-to-trough decline

-13.88%

-14.24%

+0.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.66%

2.96%

+1.70%

Volatility

EEMA vs. DXJ - Volatility Comparison

iShares MSCI Emerging Markets Asia ETF (EEMA) has a higher volatility of 7.78% compared to WisdomTree Japan Hedged Equity Fund (DXJ) at 5.90%. This indicates that EEMA's price experiences larger fluctuations and is considered to be riskier than DXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EEMADXJDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.78%

5.90%

+1.88%

Volatility (6M)

Calculated over the trailing 6-month period

21.29%

14.56%

+6.73%

Volatility (1Y)

Calculated over the trailing 1-year period

23.86%

18.18%

+5.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.05%

19.10%

+1.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.13%

19.92%

+1.21%

EEMA vs. DXJ - Expense Ratio Comparison

EEMA has a 0.50% expense ratio, which is higher than DXJ's 0.48% expense ratio.

Dividends

EEMA vs. DXJ - Dividend Comparison

EEMA's dividend yield for the trailing twelve months is around 1.35%, more than DXJ's 0.96% yield.

PositionTTM20252024202320222021202020192018201720162015
DXJ
WisdomTree Japan Hedged Equity Fund		0.96%1.29%3.48%3.44%3.02%2.64%2.53%2.47%2.92%2.30%1.98%5.95%
EEMA
iShares MSCI Emerging Markets Asia ETF		1.35%1.48%1.74%2.02%1.78%2.19%1.15%1.86%2.17%1.74%1.74%2.44%

Frequently Asked Questions

EEMA and DXJ have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EEMA has higher volatility (7.78%) compared to DXJ (5.90%). In terms of maximum drawdown, EEMA dropped -44.18% vs DXJ's -49.63%.

On 10-year performance, DXJ leads with 18.67% vs 9.46% for EEMA. On fees, DXJ is cheaper at 0.48% per year. On volatility, DXJ has been the lower-risk option at 5.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DXJ has performed better with a 18.67% return vs 9.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DXJ is cheaper with a 0.48% expense ratio, compared with 0.50% for EEMA.

EEMA has the higher dividend yield at 1.35%, compared with 0.96% for DXJ.

EEMA is categorized as Asia Pacific Equities, while DXJ is Japan Equities. EEMA tracks MSCI Emerging Markets Asia Index, while DXJ tracks WisdomTree Japan Hedged Equity Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.50% for EEMA and 0.48% for DXJ.

DXJ currently has the higher Sharpe Ratio (2.65 vs 1.63), 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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