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FGQD.L vs. HEWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FGQD.L vs. HEWJ

Last updated Jun 16, 2026

FGQD.L (Fidelity Global Quality Income ETF) and HEWJ (iShares Currency Hedged MSCI Japan ETF) are both exchange-traded funds - FGQD.L is a Global Equities fund tracking the Fidelity Global Quality Income index, while HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index. Both are passively managed. Over the past 5 years, FGQD.L returned 11.84%/yr vs 22.45%/yr for HEWJ. A 0.51 correlation means they provide meaningful diversification when combined. FGQD.L charges 0.40%/yr vs 0.49%/yr for HEWJ.

Performance

FGQD.L vs. HEWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Fidelity Global Quality Income ETF (FGQD.L) and iShares Currency Hedged MSCI Japan ETF (HEWJ). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

FGQD.L is traded in GBp, while HEWJ is traded in USD. To make them comparable, the HEWJ values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, FGQD.L achieves a 10.74% return, which is significantly lower than HEWJ's 22.29% return.

FGQD.L

1D
0.92%
1M
2.70%
YTD
10.74%
6M
10.84%
1Y
27.46%
3Y*
15.11%
5Y*
11.84%
10Y*
—

HEWJ

1D
2.05%
1M
4.60%
YTD
22.29%
6M
21.39%
1Y
57.09%
3Y*
25.99%
5Y*
22.45%
10Y*
17.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FGQD.L vs. HEWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FGQD.L
Fidelity Global Quality Income ETF		10.74%12.15%13.21%11.51%-0.25%23.78%6.42%23.83%-2.25%-14.04%
HEWJ
iShares Currency Hedged MSCI Japan ETF		22.29%20.97%26.98%29.40%6.97%13.86%7.05%16.19%-9.62%10.52%

Correlation

The correlation between FGQD.L and HEWJ is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.48

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

0.42

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

0.43

Correlation (All Time)
Calculated using the full available price history since Mar 27, 2017

0.51

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

FGQD.L vs. HEWJ - Sectors Allocation Comparison

Sectors
FGQD.L
HEWJ

Technology

30.0%
23.3%

Financial Services

16.2%
17.4%

Industrials

11.9%
23.5%

Healthcare

9.0%
5.7%

Consumer Cyclical

8.7%
11.1%

Communication Services

8.2%
6.7%

Consumer Defensive

4.7%
3.2%

Energy

4.0%
0.9%

Basic Materials

2.9%
3.9%

Utilities

2.5%
0.9%

Real Estate

1.9%
1.8%

Technology

FGQD.L
30.0%
HEWJ
23.3%

Financial Services

FGQD.L
16.2%
HEWJ
17.4%

Industrials

FGQD.L
11.9%
HEWJ
23.5%

Healthcare

FGQD.L
9.0%
HEWJ
5.7%

Consumer Cyclical

FGQD.L
8.7%
HEWJ
11.1%

Communication Services

FGQD.L
8.2%
HEWJ
6.7%

Consumer Defensive

FGQD.L
4.7%
HEWJ
3.2%

Energy

FGQD.L
4.0%
HEWJ
0.9%

Basic Materials

FGQD.L
2.9%
HEWJ
3.9%

Utilities

FGQD.L
2.5%
HEWJ
0.9%

Real Estate

FGQD.L
1.9%
HEWJ
1.8%

Compare stocks, funds, or ETFs

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

Fidelity Global Quality Income ETF

iShares Currency Hedged MSCI Japan ETF

Often compared with FGQD.L:
FGQD.L vs. GGRP.LFGQD.L vs. SCHDFGQD.L vs. TDIV.ASFGQD.L vs. IMID.LFGQD.L vs. GGRG.LFGQD.L vs. FUSD.LFGQD.L vs. XDEB.DE
Often compared with HEWJ:
HEWJ vs. EWJHEWJ vs. EWJVHEWJ vs. DBJPHEWJ vs. FLJHHEWJ vs. HEFAHEWJ vs. DXJHEWJ vs. HEEM

Return for Risk

FGQD.L vs. HEWJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FGQD.L
FGQD.L Risk / Return Rank: 8888
Overall Rank
FGQD.L Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
FGQD.L Sortino Ratio Rank: 9191
Sortino Ratio Rank
FGQD.L Omega Ratio Rank: 9090
Omega Ratio Rank
FGQD.L Calmar Ratio Rank: 7979
Calmar Ratio Rank
FGQD.L Martin Ratio Rank: 8787
Martin Ratio Rank
HEWJ
HEWJ Risk / Return Rank: 9191
Overall Rank
HEWJ Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 9191
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 8989
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 9191
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 9292
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.

FGQD.L vs. HEWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Global Quality Income ETF (FGQD.L) 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.

FGQD.LHEWJDifference
Sharpe ratioReturn per unit of total volatility
2.79
3.05

-0.26

Sortino ratioReturn per unit of downside risk
3.92
3.93

-0.01

Omega ratioGain probability vs. loss probability

1.52

1.52

0.00

Calmar ratioReturn relative to maximum drawdown

3.79

6.15

-2.36

Martin ratioReturn relative to average drawdown

17.00

22.82

-5.82

FGQD.L vs. HEWJ - Sharpe Ratio Comparison

The current FGQD.L Sharpe Ratio is 2.79, which is comparable to the HEWJ Sharpe Ratio of 3.05. The chart below compares the historical Sharpe Ratios of FGQD.L 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

FGQD.L vs. HEWJ - Drawdown Comparison

The maximum FGQD.L drawdown since its inception was -26.43%, smaller than the maximum HEWJ drawdown of -27.86%. Use the drawdown chart below to compare losses from any high point for FGQD.L and HEWJ.

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Drawdown Indicators

FGQD.LHEWJDifference

Max Drawdown

Largest peak-to-trough decline

-26.43%

-27.86%

+1.43%

Max Drawdown (1Y)

Largest decline over 1 year

-7.22%

-9.33%

+2.11%

Max Drawdown (3Y)

Largest decline over 3 years

-16.90%

-20.41%

+3.51%

Max Drawdown (5Y)

Largest decline over 5 years

-16.90%

-20.41%

+3.51%

Max Drawdown (10Y)

Largest decline over 10 years

—

-27.86%

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-5.63%

-5.19%

-0.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.61%

2.51%

-0.90%

Volatility

FGQD.L vs. HEWJ - Volatility Comparison

The current volatility for Fidelity Global Quality Income ETF (FGQD.L) is 3.04%, while iShares Currency Hedged MSCI Japan ETF (HEWJ) has a volatility of 5.61%. This indicates that FGQD.L 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

FGQD.LHEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.04%

5.61%

-2.57%

Volatility (6M)

Calculated over the trailing 6-month period

7.57%

13.80%

-6.23%

Volatility (1Y)

Calculated over the trailing 1-year period

9.81%

18.86%

-9.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.22%

19.36%

-7.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.46%

20.48%

-5.02%

FGQD.L vs. HEWJ - Expense Ratio Comparison

FGQD.L has a 0.40% expense ratio, which is lower than HEWJ's 0.49% expense ratio.

Dividends

FGQD.L vs. HEWJ - Dividend Comparison

FGQD.L's dividend yield for the trailing twelve months is around 1.80%, less than HEWJ's 4.19% yield.

PositionTTM20252024202320222021202020192018201720162015
FGQD.L
Fidelity Global Quality Income ETF		1.80%1.86%2.31%2.78%2.70%2.46%2.60%2.44%2.70%1.10%0.00%0.00%
HEWJ
iShares Currency Hedged MSCI Japan ETF		4.19%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

FGQD.L and HEWJ have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, FGQD.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

FGQD.L is cheaper with a 0.40% expense ratio, compared with 0.49% for HEWJ.

FGQD.L is categorized as Global Equities, while HEWJ is Japan Equities. FGQD.L tracks Fidelity Global Quality Income index, while HEWJ tracks MSCI Japan 100% Hedged to USD Index. They also come from different issuers: Fidelity and iShares. Their fees differ too: 0.40% for FGQD.L and 0.49% for HEWJ.

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