FJP vs. DXJS
FJP (First Trust Japan AlphaDEX Fund) and DXJS (WisdomTree Japan Hedged SmallCap Equity Fund) are both Japan Equities funds - FJP tracks the NASDAQ AlphaDEX Japan Index while DXJS tracks the WisdomTree Japan Hedged SmallCap Equity Index. Both are passively managed. Over the past 10 years, FJP returned 7.86%/yr vs 16.84%/yr for DXJS. A 0.71 correlation means they provide meaningful diversification when combined. FJP charges 0.80%/yr vs 0.58%/yr for DXJS.
Performance
FJP vs. DXJS - Performance Comparison
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Returns By Period
In the year-to-date period, FJP achieves a 14.36% return, which is significantly lower than DXJS's 23.30% return. Over the past 10 years, FJP has underperformed DXJS with an annualized return of 7.86%, while DXJS has yielded a comparatively higher 16.84% annualized return.
FJP
- 1D
- -3.66%
- 1M
- 0.74%
- YTD
- 14.36%
- 6M
- 13.78%
- 1Y
- 34.76%
- 3Y*
- 21.09%
- 5Y*
- 11.07%
- 10Y*
- 7.86%
DXJS
- 1D
- -2.83%
- 1M
- -1.82%
- YTD
- 23.30%
- 6M
- 24.16%
- 1Y
- 59.61%
- 3Y*
- 33.69%
- 5Y*
- 24.61%
- 10Y*
- 16.84%
FJP vs. DXJS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FJP First Trust Japan AlphaDEX Fund | 14.36% | 33.60% | 5.80% | 23.00% | -12.83% | -1.13% | 3.60% | 7.72% | -18.60% | 27.63% |
DXJS WisdomTree Japan Hedged SmallCap Equity Fund | 23.30% | 37.08% | 20.70% | 38.96% | 5.02% | 11.66% | -3.22% | 18.24% | -18.69% | 29.56% |
Correlation
The correlation between FJP and DXJS is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2013 | 0.71 |
The correlation between FJP and DXJS shifts across timeframes, from 0.62 (5 years) to 0.79 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FJP vs. DXJS — Risk / Return Rank
FJP
DXJS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FJP vs. DXJS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Japan AlphaDEX Fund (FJP) and WisdomTree Japan Hedged SmallCap Equity Fund (DXJS). 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.
| FJP | DXJS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -1.76 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.51 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 6.24 | -3.82 |
| Martin ratioReturn relative to average drawdown | 7.07 | 22.10 | -15.04 |
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Drawdowns
FJP vs. DXJS - Drawdown Comparison
The maximum FJP drawdown since its inception was -41.51%, which is greater than DXJS's maximum drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for FJP and DXJS.
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Drawdown Indicators
| FJP | DXJS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.51% | -39.30% | -2.21% |
Max Drawdown (1Y)Largest decline over 1 year | -14.43% | -9.82% | -4.61% |
Max Drawdown (3Y)Largest decline over 3 years | -17.02% | -16.49% | -0.53% |
Max Drawdown (5Y)Largest decline over 5 years | -31.88% | -16.49% | -15.39% |
Max Drawdown (10Y)Largest decline over 10 years | -41.51% | -39.30% | -2.21% |
Current DrawdownCurrent decline from peak | -6.28% | -6.44% | +0.16% |
Average DrawdownAverage peak-to-trough decline | -11.44% | -6.49% | -4.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.93% | 2.77% | +2.16% |
Volatility
FJP vs. DXJS - Volatility Comparison
First Trust Japan AlphaDEX Fund (FJP) has a higher volatility of 8.15% compared to WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) at 5.19%. This indicates that FJP's price experiences larger fluctuations and is considered to be riskier than DXJS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FJP | DXJS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.15% | 5.19% | +2.96% |
Volatility (6M)Calculated over the trailing 6-month period | 17.96% | 15.69% | +2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.22% | 19.86% | +1.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.54% | 18.08% | +2.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.91% | 19.72% | -0.81% |
FJP vs. DXJS - Expense Ratio Comparison
FJP has a 0.80% expense ratio, which is higher than DXJS's 0.58% expense ratio.
Dividends
FJP vs. DXJS - Dividend Comparison
FJP's dividend yield for the trailing twelve months is around 2.49%, while DXJS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DXJS WisdomTree Japan Hedged SmallCap Equity Fund | 1.54% | 1.78% | 4.02% | 2.71% | 2.63% | 2.96% | 3.04% | 2.17% | 2.06% | 1.53% | 1.66% | 3.61% |
FJP First Trust Japan AlphaDEX Fund | 2.49% | 2.68% | 3.18% | 3.49% | 2.21% | 2.43% | 0.99% | 2.80% | 1.54% | 1.29% | 1.46% | 0.85% |
Frequently Asked Questions
FJP and DXJS 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.
FJP has higher volatility (8.15%) compared to DXJS (5.19%). In terms of maximum drawdown, FJP dropped -41.51% vs DXJS's -39.30%.
On 10-year performance, DXJS leads with 16.84% vs 7.86% for FJP. On fees, DXJS is cheaper at 0.58% per year. On volatility, DXJS has been the lower-risk option at 5.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DXJS has performed better with a 16.84% return vs 7.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DXJS is cheaper with a 0.58% expense ratio, compared with 0.80% for FJP.
FJP has the higher dividend yield at 2.49%, compared with 1.54% for DXJS.
FJP tracks NASDAQ AlphaDEX Japan Index, while DXJS tracks WisdomTree Japan Hedged SmallCap Equity Index. They also come from different issuers: First Trust and WisdomTree. Their fees differ too: 0.80% for FJP and 0.58% for DXJS.
DXJS currently has the higher Sharpe Ratio (3.08 vs 1.65), 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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