FEZ vs. HEWJ

Last updated Jun 9, 2026

FEZ (SPDR EURO STOXX 50 ETF) and HEWJ (iShares Currency Hedged MSCI Japan ETF) are both exchange-traded funds - FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index, while HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index. Both are passively managed. Over the past 10 years, FEZ returned 10.66%/yr vs 16.30%/yr for HEWJ. A 0.61 correlation means they provide meaningful diversification when combined. FEZ charges 0.29%/yr vs 0.49%/yr for HEWJ.

Performance

FEZ vs. HEWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR EURO STOXX 50 ETF (FEZ) and iShares Currency Hedged MSCI Japan ETF (HEWJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEZ achieves a 4.68% return, which is significantly lower than HEWJ's 17.99% return. Over the past 10 years, FEZ has underperformed HEWJ with an annualized return of 10.66%, while HEWJ has yielded a comparatively higher 16.30% annualized return.

FEZ

• 1D: 0.63%
• 1M: 0.33%
• YTD: 4.68%
• 6M: 6.49%
• 1Y: 15.20%
• 3Y*: 17.76%
• 5Y*: 9.78%
• 10Y*: 10.66%

HEWJ

• 1D: 1.25%
• 1M: 1.78%
• YTD: 17.99%
• 6M: 19.77%
• 1Y: 49.16%
• 3Y*: 27.85%
• 5Y*: 21.09%
• 10Y*: 16.30%

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

FEZ vs. HEWJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEZ SPDR EURO STOXX 50 ETF	4.68%	37.81%	3.57%	27.16%	-14.27%	14.84%	4.84%	26.04%	-15.85%	24.80%
HEWJ iShares Currency Hedged MSCI Japan ETF	17.99%	30.25%	24.80%	36.21%	-4.39%	12.79%	10.29%	20.79%	-14.68%	21.47%

Correlation

The correlation between FEZ and HEWJ is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 6, 2014	0.61

The correlation between FEZ and HEWJ shifts across timeframes, from 0.50 (3 years) to 0.61 (10 years), reflecting how their relationship changes across market environments.

FEZ vs. HEWJ - Sectors Allocation Comparison

Sectors	FEZ	HEWJ
Financial Services	25.1%	17.6%
Industrials	22.1%	26.0%
Technology	16.1%	19.1%
Consumer Cyclical	9.8%	12.2%
Consumer Defensive	5.5%	3.6%
Healthcare	5.4%	6.2%
Energy	5.2%	1.1%
Utilities	4.8%	1.1%
Basic Materials	3.7%	3.0%
Communication Services	2.3%	7.9%
Real Estate	-	2.3%

Return for Risk

FEZ vs. HEWJ — Risk / Return Rank

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

FEZ

FEZ Risk / Return Rank: 26
FEZ Sharpe Ratio Rank: 26
FEZ Sortino Ratio Rank: 25
FEZ Omega Ratio Rank: 25
FEZ Calmar Ratio Rank: 26
FEZ Martin Ratio Rank: 29

HEWJ

HEWJ Risk / Return Rank: 87
HEWJ Sharpe Ratio Rank: 87
HEWJ Sortino Ratio Rank: 87
HEWJ Omega Ratio Rank: 86
HEWJ Calmar Ratio Rank: 88
HEWJ Martin Ratio Rank: 89

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.

FEZ vs. HEWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR EURO STOXX 50 ETF (FEZ) 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.

	FEZ	HEWJ	Difference
Sharpe ratio: Return per unit of total volatility	0.84	2.61	-1.76
Sortino ratio: Return per unit of downside risk	1.29	3.55	-2.26
Omega ratio: Gain probability vs. loss probability	1.16	1.47	-0.32
Calmar ratio: Return relative to maximum drawdown	1.12	4.76	-3.64
Martin ratio: Return relative to average drawdown	3.81	18.61	-14.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEZ vs. HEWJ - Sharpe Ratio Comparison

The current FEZ Sharpe Ratio is 0.84, which is lower than the HEWJ Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of FEZ 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.

Sharpe Ratios by Period

	FEZ	HEWJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	2.61	-1.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	1.11	-0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.83	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.68	-0.38

Drawdowns

FEZ vs. HEWJ - Drawdown Comparison

The maximum FEZ drawdown since its inception was -64.21%, which is greater than HEWJ's maximum drawdown of -31.53%. Use the drawdown chart below to compare losses from any high point for FEZ and HEWJ.

Drawdown Indicators

	FEZ	HEWJ	Difference
Max Drawdown Largest peak-to-trough decline	-64.21%	-31.53%	-32.68%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-10.37%	-3.26%
Max Drawdown (3Y) Largest decline over 3 years	-15.85%	-20.90%	+5.05%
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	-20.90%	-14.15%
Max Drawdown (10Y) Largest decline over 10 years	-39.69%	-31.53%	-8.16%
Current Drawdown Current decline from peak	-2.79%	-2.29%	-0.50%
Average Drawdown Average peak-to-trough decline	-17.07%	-6.61%	-10.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.00%	2.65%	+1.35%

Volatility

FEZ vs. HEWJ - Volatility Comparison

SPDR EURO STOXX 50 ETF (FEZ) has a higher volatility of 5.64% compared to iShares Currency Hedged MSCI Japan ETF (HEWJ) at 5.17%. This indicates that FEZ's price experiences larger fluctuations and is considered to be riskier than HEWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEZ	HEWJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	5.17%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	15.06%	14.16%	+0.90%
Volatility (1Y) Calculated over the trailing 1-year period	18.11%	18.99%	-0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.64%	19.11%	+1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.12%	19.68%	+1.44%

FEZ vs. HEWJ - Expense Ratio Comparison

FEZ has a 0.29% expense ratio, which is lower than HEWJ's 0.49% expense ratio.

Dividends

FEZ vs. HEWJ - Dividend Comparison

FEZ's dividend yield for the trailing twelve months is around 2.58%, less than HEWJ's 4.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEZ SPDR EURO STOXX 50 ETF	2.58%	2.78%	2.94%	2.75%	3.06%	2.61%	2.13%	2.61%	3.45%	2.44%	3.35%	3.03%
HEWJ iShares Currency Hedged MSCI Japan ETF	4.32%	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

Can I hold both FEZ and HEWJ in my portfolio?

FEZ and HEWJ have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEZ or HEWJ?

FEZ has higher volatility (5.64%) compared to HEWJ (5.17%). In terms of maximum drawdown, FEZ dropped -64.21% vs HEWJ's -31.53%.

Which ETF is better, FEZ or HEWJ?

On 10-year performance, HEWJ leads with 16.30% vs 10.66% for FEZ. On fees, FEZ is cheaper at 0.29% per year. On volatility, HEWJ has been the lower-risk option at 5.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEZ or HEWJ?

Over the 10-year period, HEWJ has performed better with a 16.30% return vs 10.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEZ or HEWJ?

FEZ is cheaper with a 0.29% expense ratio, compared with 0.49% for HEWJ.

Which ETF pays a higher dividend yield, FEZ or HEWJ?

HEWJ has the higher dividend yield at 4.32%, compared with 2.58% for FEZ.

What is the main difference between FEZ and HEWJ?

FEZ is categorized as Europe Equities, while HEWJ is Japan Equities. FEZ tracks EURO STOXX 50 Index, while HEWJ tracks MSCI Japan 100% Hedged to USD Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.29% for FEZ and 0.49% for HEWJ.

Which has better risk-adjusted returns?

HEWJ currently has the higher Sharpe Ratio (2.61 vs 0.84), 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.