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EWJV vs. HEWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWJV vs. HEWJ

Last updated Aug 2, 2026
Documentation

EWJV (iShares MSCI Japan Value ETF) and HEWJ (iShares Currency Hedged MSCI Japan ETF) are both Japan Equities funds from iShares - EWJV tracks the MSCI Japan Value Index while HEWJ tracks the MSCI Japan 100% Hedged to USD Index. Both are passively managed. Over the past 5 years, EWJV returned 15.16%/yr vs 21.72%/yr for HEWJ. Their 0.73 correlation means they have sometimes moved together and sometimes differently. EWJV charges 0.15%/yr vs 0.49%/yr for HEWJ.

Performance

EWJV vs. HEWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Japan Value ETF (EWJV) and iShares Currency Hedged MSCI Japan ETF (HEWJ). 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 investments are quite close, with EWJV having a 18.63% return and HEWJ slightly higher at 19.00%.

EWJV

1D
-0.93%
1M
3.26%
6M
10.80%
YTD
18.63%
1Y
38.59%
3Y*
23.29%
5Y*
15.16%
10Y*
—
ALL TIME*
12.77%

HEWJ

1D
-0.95%
1M
-1.59%
6M
13.28%
YTD
19.00%
1Y
44.92%
3Y*
26.49%
5Y*
21.72%
10Y*
16.74%
ALL TIME*
13.94%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EWJV

iShares MSCI Japan Value ETF
$8.65M$10.31M$8.29M

HEWJ

iShares Currency Hedged MSCI Japan ETF
$1.62M$2.67M$4.10M

EWJV vs. HEWJ - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
EWJV
iShares MSCI Japan Value ETF		18.63%33.96%11.59%23.60%-6.02%5.48%2.41%9.40%
HEWJ
iShares Currency Hedged MSCI Japan ETF		19.00%30.25%24.80%36.21%-4.39%12.79%10.29%10.70%

Correlation

The correlation between EWJV and HEWJ is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

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

0.79

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

0.76

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

0.75

Correlation (All Time)
Calculated using the full available price history since Mar 7, 2019

0.73

The correlation between EWJV and HEWJ has been stable across timeframes, ranging from 0.73 to 0.79 - a consistent structural relationship.

EWJV vs. HEWJ - Sectors Allocation Comparison

Sectors
EWJV
HEWJ

Financial Services

34.3%
19.8%

Industrials

19.7%
24.8%

Consumer Cyclical

12.8%
10.1%

Communication Services

7.6%
4.9%

Technology

7.0%
22.2%

Basic Materials

4.2%
3.8%

Consumer Defensive

4.0%
3.4%

Healthcare

3.8%
5.8%

Real Estate

3.2%
1.9%

Energy

1.7%
0.9%

Utilities

1.4%
1.0%

Financial Services

EWJV
34.3%
HEWJ
19.8%

Industrials

EWJV
19.7%
HEWJ
24.8%

Consumer Cyclical

EWJV
12.8%
HEWJ
10.1%

Communication Services

EWJV
7.6%
HEWJ
4.9%

Technology

EWJV
7.0%
HEWJ
22.2%

Basic Materials

EWJV
4.2%
HEWJ
3.8%

Consumer Defensive

EWJV
4.0%
HEWJ
3.4%

Healthcare

EWJV
3.8%
HEWJ
5.8%

Real Estate

EWJV
3.2%
HEWJ
1.9%

Energy

EWJV
1.7%
HEWJ
0.9%

Utilities

EWJV
1.4%
HEWJ
1.0%

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 Japan Value ETF

iShares Currency Hedged MSCI Japan ETF

Often compared with EWJV:
EWJV vs. EWJEWJV vs. DXJEWJV vs. FLJPEWJV vs. BBJPEWJV vs. FLJHEWJV vs. DFJEWJV vs. FJSCX
Often compared with HEWJ:
HEWJ vs. EWJHEWJ vs. DBJPHEWJ vs. FLJHHEWJ vs. DXJHEWJ vs. HEFAHEWJ vs. VOOHEWJ vs. HEEM

Return for Risk

EWJV vs. HEWJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWJV
EWJV Risk / Return Rank: 8181
Overall Rank
EWJV Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
EWJV Sortino Ratio Rank: 8787
Sortino Ratio Rank
EWJV Omega Ratio Rank: 8686
Omega Ratio Rank
EWJV Calmar Ratio Rank: 7878
Calmar Ratio Rank
EWJV Martin Ratio Rank: 6666
Martin Ratio Rank
HEWJ
HEWJ Risk / Return Rank: 8989
Overall Rank
HEWJ Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 8686
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 8787
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 9292
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 9090
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.

EWJV vs. HEWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan Value ETF (EWJV) and iShares Currency Hedged MSCI Japan ETF (HEWJ). 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.

EWJVHEWJDifference
Sharpe ratioReturn per unit of total volatility
2.11
2.15

-0.04

Sortino ratioReturn per unit of downside risk
2.91
2.87

+0.04

Omega ratioGain probability vs. loss probability

1.38

1.38

-0.01

Calmar ratioReturn relative to maximum drawdown

2.75

4.16

-1.41

Martin ratioReturn relative to average drawdown

8.02

14.38

-6.36

EWJV vs. HEWJ - Sharpe Ratio Comparison

The current EWJV Sharpe Ratio is 2.11, which is comparable to the HEWJ Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of EWJV and HEWJ, 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

EWJV vs. HEWJ - Drawdown Comparison

The maximum EWJV drawdown since its inception was -30.05%, roughly equal to the maximum HEWJ drawdown of -31.53%. Use the drawdown chart below to compare losses from any high point for EWJV and HEWJ.

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Drawdown Indicators

EWJVHEWJDifference

Max Drawdown

Largest peak-to-trough decline

-30.05%

-31.53%

+1.48%

Max Drawdown (1Y)

Largest decline over 1 year

-14.74%

-10.37%

-4.37%

Max Drawdown (3Y)

Largest decline over 3 years

-14.74%

-20.90%

+6.16%

Max Drawdown (5Y)

Largest decline over 5 years

-25.39%

-20.90%

-4.49%

Max Drawdown (10Y)

Largest decline over 10 years

—

-31.53%

—

Current Drawdown

Current decline from peak

-0.94%

-5.94%

+5.00%

Average Drawdown

Average peak-to-trough decline

-6.14%

-6.57%

+0.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.05%

3.00%

+2.05%

Volatility

EWJV vs. HEWJ - Volatility Comparison

The current volatility for iShares MSCI Japan Value ETF (EWJV) is 6.05%, while iShares Currency Hedged MSCI Japan ETF (HEWJ) has a volatility of 6.73%. This indicates that EWJV experiences smaller price fluctuations and is considered to be less risky than HEWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWJVHEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.05%

6.73%

-0.68%

Volatility (6M)

Calculated over the trailing 6-month period

15.73%

16.08%

-0.35%

Volatility (1Y)

Calculated over the trailing 1-year period

19.21%

20.08%

-0.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.13%

19.38%

-1.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.57%

19.49%

-0.92%

EWJV vs. HEWJ - Expense Ratio Comparison

EWJV has a 0.15% expense ratio, which is lower than HEWJ's 0.49% expense ratio.

Dividends

EWJV vs. HEWJ - Dividend Comparison

EWJV's dividend yield for the trailing twelve months is around 4.79%, more than HEWJ's 4.18% yield.

PositionTTM20252024202320222021202020192018201720162015
EWJV
iShares MSCI Japan Value ETF		4.79%5.35%4.10%3.32%2.71%2.46%1.96%4.29%0.00%0.00%0.00%0.00%
HEWJ
iShares Currency Hedged MSCI Japan ETF		4.18%5.10%2.20%2.02%47.68%2.03%1.20%2.78%1.37%1.21%1.88%3.25%

Frequently Asked Questions

EWJV and HEWJ have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HEWJ has higher volatility (6.73%) compared to EWJV (6.05%). In terms of maximum drawdown, EWJV dropped -30.05% vs HEWJ's -31.53%.

On 5-year performance, HEWJ leads with 21.72% vs 15.16% for EWJV. On fees, EWJV is cheaper at 0.15% per year. On volatility, EWJV has been the lower-risk option at 6.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, HEWJ has performed better with a 21.72% return vs 15.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWJV is cheaper with a 0.15% expense ratio, compared with 0.49% for HEWJ.

EWJV has the higher dividend yield at 4.79%, compared with 4.18% for HEWJ.

EWJV tracks MSCI Japan Value Index, while HEWJ tracks MSCI Japan 100% Hedged to USD Index. Their fees differ too: 0.15% for EWJV and 0.49% for HEWJ.

HEWJ currently has the higher Sharpe Ratio (2.15 vs 2.11), 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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