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EWJ vs. HESAY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWJ vs. HESAY

Last updated Jun 14, 2026

EWJ (iShares MSCI Japan ETF) is Japan Equities fund tracking the MSCI Japan Index, while HESAY (Hermes International SA) is a stock. Over the past 10 years, EWJ returned 9.55%/yr vs 19.56%/yr for HESAY. At a 0.35 correlation, their price movements are largely independent.

Performance

EWJ vs. HESAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Japan ETF (EWJ) and Hermes International SA (HESAY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EWJ achieves a 14.83% return, which is significantly higher than HESAY's -20.12% return. Over the past 10 years, EWJ has underperformed HESAY with an annualized return of 9.55%, while HESAY has yielded a comparatively higher 19.56% annualized return.

EWJ

1D
0.57%
1M
0.71%
YTD
14.83%
6M
14.50%
1Y
31.74%
3Y*
16.57%
5Y*
8.56%
10Y*
9.55%

HESAY

1D
1.27%
1M
7.58%
YTD
-20.12%
6M
-20.92%
1Y
-24.62%
3Y*
-1.83%
5Y*
7.14%
10Y*
19.56%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWJ vs. HESAY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWJ
iShares MSCI Japan ETF		14.83%25.84%7.03%20.29%-17.72%1.16%15.40%19.34%-14.10%24.27%
HESAY
Hermes International SA		-20.12%4.83%13.70%38.27%-11.23%63.06%44.39%37.55%4.07%32.55%

Correlation

The correlation between EWJ and HESAY is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.45

Correlation (3Y)
Calculated over the trailing 3-year period

0.40

Correlation (5Y)
Calculated over the trailing 5-year period

0.46

Correlation (10Y)
Calculated over the trailing 10-year period

0.45

Correlation (All Time)
Calculated using the full available price history since Aug 28, 2009

0.35

The correlation between EWJ and HESAY shifts across timeframes, from 0.35 (all time) to 0.46 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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iShares MSCI Japan ETF

Hermes International SA

Often compared with EWJ:
EWJ vs. DXJEWJ vs. ^N225EWJ vs. EWJVEWJ vs. EWYEWJ vs. FLJPEWJ vs. HEWJEWJ vs. JPXN
Often compared with HESAY:
HESAY vs. MAHESAY vs. CCEP.LHESAY vs. PPRUYHESAY vs. MUL.LHESAY vs. QQQHESAY vs. AZOHESAY vs. GS

Return for Risk

EWJ vs. HESAY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWJ
EWJ Risk / Return Rank: 5151
Overall Rank
EWJ Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
EWJ Sortino Ratio Rank: 5252
Sortino Ratio Rank
EWJ Omega Ratio Rank: 5151
Omega Ratio Rank
EWJ Calmar Ratio Rank: 5151
Calmar Ratio Rank
EWJ Martin Ratio Rank: 5151
Martin Ratio Rank
HESAY
HESAY Risk / Return Rank: 1111
Overall Rank
HESAY Sharpe Ratio Rank: 88
Sharpe Ratio Rank
HESAY Sortino Ratio Rank: 1010
Sortino Ratio Rank
HESAY Omega Ratio Rank: 1111
Omega Ratio Rank
HESAY Calmar Ratio Rank: 1515
Calmar Ratio Rank
HESAY Martin Ratio Rank: 1212
Martin Ratio Rank
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.

EWJ vs. HESAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan ETF (EWJ) and Hermes International SA (HESAY). 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.

EWJHESAYDifference
Sharpe ratioReturn per unit of total volatility
1.52
-0.88

+2.40

Sortino ratioReturn per unit of downside risk
2.21
-1.15

+3.36

Omega ratioGain probability vs. loss probability

1.28

0.87

+0.42

Calmar ratioReturn relative to maximum drawdown

2.27

-0.74

+3.00

Martin ratioReturn relative to average drawdown

7.62

-1.32

+8.94

EWJ vs. HESAY - Sharpe Ratio Comparison

The current EWJ Sharpe Ratio is 1.52, which is higher than the HESAY Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of EWJ and HESAY, 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

EWJ vs. HESAY - Drawdown Comparison

The maximum EWJ drawdown since its inception was -60.93%, which is greater than HESAY's maximum drawdown of -45.60%. Use the drawdown chart below to compare losses from any high point for EWJ and HESAY.

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Drawdown Indicators

EWJHESAYDifference

Max Drawdown

Largest peak-to-trough decline

-60.93%

-45.60%

-15.33%

Max Drawdown (1Y)

Largest decline over 1 year

-13.59%

-36.48%

+22.89%

Max Drawdown (3Y)

Largest decline over 3 years

-14.68%

-38.23%

+23.55%

Max Drawdown (5Y)

Largest decline over 5 years

-33.14%

-45.60%

+12.46%

Max Drawdown (10Y)

Largest decline over 10 years

-33.14%

-45.60%

+12.46%

Current Drawdown

Current decline from peak

-1.51%

-33.22%

+31.71%

Average Drawdown

Average peak-to-trough decline

-21.72%

-10.86%

-10.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.04%

20.32%

-16.28%

Volatility

EWJ vs. HESAY - Volatility Comparison

The current volatility for iShares MSCI Japan ETF (EWJ) is 6.31%, while Hermes International SA (HESAY) has a volatility of 7.31%. This indicates that EWJ experiences smaller price fluctuations and is considered to be less risky than HESAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWJHESAYDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.31%

7.31%

-1.00%

Volatility (6M)

Calculated over the trailing 6-month period

15.96%

23.41%

-7.45%

Volatility (1Y)

Calculated over the trailing 1-year period

20.23%

30.47%

-10.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.38%

31.54%

-13.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.33%

27.98%

-10.65%

Dividends

EWJ vs. HESAY - Dividend Comparison

EWJ's dividend yield for the trailing twelve months is around 3.94%, more than HESAY's 1.07% yield.

PositionTTM20252024202320222021202020192018201720162015
EWJ
iShares MSCI Japan ETF		3.94%4.52%2.34%2.03%1.23%2.08%1.04%2.03%1.71%1.25%1.95%1.27%
HESAY
Hermes International SA		1.07%1.18%1.13%0.67%0.57%0.31%0.46%0.68%0.91%1.55%1.81%2.54%

Frequently Asked Questions

EWJ and HESAY have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HESAY has higher volatility (7.31%) compared to EWJ (6.31%). In terms of maximum drawdown, EWJ dropped -60.93% vs HESAY's -45.60%.

EWJ currently has the higher Sharpe Ratio (1.52 vs -0.88), 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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