PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
FJP vs. HEWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FJP vs. HEWJ

Last updated Jun 24, 2026

FJP (First Trust Japan AlphaDEX Fund) and HEWJ (iShares Currency Hedged MSCI Japan ETF) are both Japan Equities funds - FJP tracks the NASDAQ AlphaDEX Japan Index while HEWJ tracks the MSCI Japan 100% Hedged to USD Index. Both are passively managed. Over the past 10 years, FJP returned 7.86%/yr vs 17.36%/yr for HEWJ. A 0.74 correlation means they provide meaningful diversification when combined. FJP charges 0.80%/yr vs 0.49%/yr for HEWJ.

Performance

FJP vs. HEWJ - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, FJP achieves a 14.36% return, which is significantly lower than HEWJ's 20.65% return. Over the past 10 years, FJP has underperformed HEWJ with an annualized return of 7.86%, while HEWJ has yielded a comparatively higher 17.36% 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%

HEWJ

1D
-4.63%
1M
3.30%
YTD
20.65%
6M
20.58%
1Y
53.42%
3Y*
28.39%
5Y*
21.50%
10Y*
17.36%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FJP vs. HEWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
HEWJ
iShares Currency Hedged MSCI Japan ETF		20.65%30.25%24.80%36.21%-4.39%12.79%10.29%20.79%-14.68%21.47%

Correlation

The correlation between FJP and HEWJ 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

0.69

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

0.66

Correlation (10Y)
Calculated over the trailing 10-year period

0.71

Correlation (All Time)
Calculated using the full available price history since Feb 5, 2014

0.74

The correlation between FJP and HEWJ shifts across timeframes, from 0.66 (5 years) to 0.77 (1 year), reflecting how their relationship changes across market environments.

FJP vs. HEWJ - Sectors Allocation Comparison

Sectors
FJP
HEWJ

Industrials

43.7%
22.8%

Consumer Cyclical

12.4%
11.1%

Technology

10.7%
23.5%

Basic Materials

10.4%
3.9%

Utilities

5.7%
1.0%

Financial Services

5.5%
17.9%

Energy

3.4%
0.9%

Healthcare

3.4%
5.7%

Real Estate

3.1%
1.9%

Communication Services

1.0%
6.4%

Consumer Defensive

0.8%
3.3%

Industrials

FJP
43.7%
HEWJ
22.8%

Consumer Cyclical

FJP
12.4%
HEWJ
11.1%

Technology

FJP
10.7%
HEWJ
23.5%

Basic Materials

FJP
10.4%
HEWJ
3.9%

Utilities

FJP
5.7%
HEWJ
1.0%

Financial Services

FJP
5.5%
HEWJ
17.9%

Energy

FJP
3.4%
HEWJ
0.9%

Healthcare

FJP
3.4%
HEWJ
5.7%

Real Estate

FJP
3.1%
HEWJ
1.9%

Communication Services

FJP
1.0%
HEWJ
6.4%

Consumer Defensive

FJP
0.8%
HEWJ
3.3%

Compare stocks, funds, or ETFs

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

First Trust Japan AlphaDEX Fund

iShares Currency Hedged MSCI Japan ETF

Often compared with FJP:
FJP vs. IAUMFJP vs. EWJFJP vs. QQQFJP vs. DXJFJP vs. EWJVFJP vs. VOOFJP vs. DGRW
Often compared with HEWJ:
HEWJ vs. EWJHEWJ vs. EWJVHEWJ vs. DBJPHEWJ vs. FLJHHEWJ vs. HEFAHEWJ vs. DXJHEWJ vs. HEEM

Return for Risk

FJP vs. HEWJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FJP
FJP Risk / Return Rank: 5050
Overall Rank
FJP Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
FJP Sortino Ratio Rank: 5050
Sortino Ratio Rank
FJP Omega Ratio Rank: 5050
Omega Ratio Rank
FJP Calmar Ratio Rank: 5353
Calmar Ratio Rank
FJP Martin Ratio Rank: 4646
Martin Ratio Rank
HEWJ
HEWJ Risk / Return Rank: 8787
Overall Rank
HEWJ Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 8484
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 8585
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 8989
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 9090
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.

FJP vs. HEWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Japan AlphaDEX Fund (FJP) 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.

FJPHEWJDifference
Sharpe ratioReturn per unit of total volatility
1.65
2.69

-1.04

Sortino ratioReturn per unit of downside risk
2.28
3.53

-1.25

Omega ratioGain probability vs. loss probability

1.29

1.48

-0.19

Calmar ratioReturn relative to maximum drawdown

2.42

5.17

-2.75

Martin ratioReturn relative to average drawdown

7.07

19.91

-12.84

FJP vs. HEWJ - Sharpe Ratio Comparison

The current FJP Sharpe Ratio is 1.65, which is lower than the HEWJ Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of FJP 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.

Loading charts...

Drawdowns

FJP vs. HEWJ - Drawdown Comparison

The maximum FJP drawdown since its inception was -41.51%, which is greater than HEWJ's maximum drawdown of -31.53%. Use the drawdown chart below to compare losses from any high point for FJP and HEWJ.

Loading charts...

Drawdown Indicators

FJPHEWJDifference

Max Drawdown

Largest peak-to-trough decline

-41.51%

-31.53%

-9.98%

Max Drawdown (1Y)

Largest decline over 1 year

-14.43%

-10.37%

-4.06%

Max Drawdown (3Y)

Largest decline over 3 years

-17.02%

-20.90%

+3.88%

Max Drawdown (5Y)

Largest decline over 5 years

-31.88%

-20.90%

-10.98%

Max Drawdown (10Y)

Largest decline over 10 years

-41.51%

-31.53%

-9.98%

Current Drawdown

Current decline from peak

-6.28%

-4.63%

-1.65%

Average Drawdown

Average peak-to-trough decline

-11.44%

-6.59%

-4.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.93%

2.69%

+2.24%

Volatility

FJP vs. HEWJ - Volatility Comparison

First Trust Japan AlphaDEX Fund (FJP) and iShares Currency Hedged MSCI Japan ETF (HEWJ) have volatilities of 8.15% and 8.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

FJPHEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.15%

8.10%

+0.05%

Volatility (6M)

Calculated over the trailing 6-month period

17.96%

15.51%

+2.45%

Volatility (1Y)

Calculated over the trailing 1-year period

21.22%

19.95%

+1.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.54%

19.30%

+1.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.91%

19.52%

-0.61%

FJP vs. HEWJ - Expense Ratio Comparison

FJP has a 0.80% expense ratio, which is higher than HEWJ's 0.49% expense ratio.

Dividends

FJP vs. HEWJ - Dividend Comparison

FJP's dividend yield for the trailing twelve months is around 2.49%, less than HEWJ's 4.23% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
HEWJ
iShares Currency Hedged MSCI Japan ETF		4.23%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

FJP and HEWJ 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.

FJP has higher volatility (8.15%) compared to HEWJ (8.10%). In terms of maximum drawdown, FJP dropped -41.51% vs HEWJ's -31.53%.

On 10-year performance, HEWJ leads with 17.36% vs 7.86% for FJP. On fees, HEWJ is cheaper at 0.49% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, HEWJ has performed better with a 17.36% return vs 7.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HEWJ is cheaper with a 0.49% expense ratio, compared with 0.80% for FJP.

HEWJ has the higher dividend yield at 4.23%, compared with 2.49% for FJP.

FJP tracks NASDAQ AlphaDEX Japan Index, while HEWJ tracks MSCI Japan 100% Hedged to USD Index. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.80% for FJP and 0.49% for HEWJ.

HEWJ currently has the higher Sharpe Ratio (2.69 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.

Portfolio Optimizer

Find the right allocation for FJP and HEWJ

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer