FJP vs. DXJS

Last updated Jul 14, 2026

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. 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

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Japan AlphaDEX Fund (FJP) and WisdomTree Japan Hedged SmallCap Equity Fund (DXJS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FJP

• 1D: -2.21%
• 1M: -0.17%
• 6M: 6.99%
• YTD: 12.37%
• 1Y: 32.07%
• 3Y*: 19.01%
• 5Y*: 10.79%
• 10Y*: 7.40%

DXJS

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FJP vs. DXJS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FJP First Trust Japan AlphaDEX Fund	12.37%	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 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.68
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 0.77 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FJP vs. DXJS — Risk / Return Rank

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

FJP

FJP Risk / Return Rank: 54
FJP Sharpe Ratio Rank: 56
FJP Sortino Ratio Rank: 55
FJP Omega Ratio Rank: 55
FJP Calmar Ratio Rank: 57
FJP Martin Ratio Rank: 48

DXJS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

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 ratio: Return per unit of total volatility	1.52	—	—
Sortino ratio: Return per unit of downside risk	2.12	—	—
Omega ratio: Gain probability vs. loss probability	1.27	—	—
Calmar ratio: Return relative to maximum drawdown	2.23	—	—
Martin ratio: Return relative to average drawdown	6.32	—	—

Drawdowns

Drawdown Indicators

	FJP	DXJS	Difference
Max Drawdown Largest peak-to-trough decline	-41.51%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-14.43%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.02%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.88%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.51%	—	—
Current Drawdown Current decline from peak	-7.90%	—	—
Average Drawdown Average peak-to-trough decline	-11.42%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	5.09%	—	—

Volatility

Volatility by Period

	FJP	DXJS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.66%	—	—
Volatility (6M) Calculated over the trailing 6-month period	18.47%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.23%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.60%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.95%	—	—

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 2.58%, 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	0.53%	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	2.58%	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

Can I hold both FJP and DXJS in my portfolio?

FJP and DXJS have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FJP or DXJS?

On fees, DXJS is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FJP or DXJS?

DXJS is cheaper with a 0.58% expense ratio, compared with 0.80% for FJP.

Which ETF pays a higher dividend yield, FJP or DXJS?

FJP has the higher dividend yield at 2.58%, compared with 0.53% for DXJS.

What is the main difference between FJP and 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.