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FJP vs. HEWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FJP vs. HEWJ

Last updated Aug 2, 2026
Documentation

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 7.20%/yr vs 16.74%/yr for HEWJ. Their 0.74 correlation means they have sometimes moved together and sometimes differently. 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.

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Returns By Period

In the year-to-date period, FJP achieves a 11.41% return, which is significantly lower than HEWJ's 19.00% return. Over the past 10 years, FJP has underperformed HEWJ with an annualized return of 7.20%, while HEWJ has yielded a comparatively higher 16.74% annualized return.

FJP

1D
-0.60%
1M
-2.61%
6M
4.00%
YTD
11.41%
1Y
26.32%
3Y*
17.31%
5Y*
10.94%
10Y*
7.20%
ALL TIME*
5.80%

HEWJ

1D
-0.95%
1M
-1.59%
6M
13.28%
YTD
19.00%
1Y
44.92%
3Y*
26.49%
5Y*
21.72%
10Y*
16.74%
ALL TIME*
13.94%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

FJP

First Trust Japan AlphaDEX Fund
$736.89K$766.80K$725.21K

HEWJ

iShares Currency Hedged MSCI Japan ETF
$1.62M$2.67M$4.10M

FJP vs. HEWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FJP
First Trust Japan AlphaDEX Fund		11.41%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		19.00%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 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.78

Correlation (3Y)
Balances recent behavior with more history.

0.70

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.66

Correlation (10Y)
Provides a long-term view across more market conditions.

0.72

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 0.78 (1 year), reflecting how their relationship changes across market environments.

FJP vs. HEWJ - Sectors Allocation Comparison

Sectors
FJP
HEWJ

Industrials

43.6%
24.8%

Technology

12.2%
22.2%

Consumer Cyclical

12.1%
10.1%

Basic Materials

9.6%
3.8%

Utilities

5.8%
1.0%

Financial Services

5.7%
19.8%

Healthcare

3.2%
5.8%

Energy

3.2%
0.9%

Real Estate

3.1%
1.9%

Consumer Defensive

0.8%
3.4%

Communication Services

0.8%
4.9%

Industrials

FJP
43.6%
HEWJ
24.8%

Technology

FJP
12.2%
HEWJ
22.2%

Consumer Cyclical

FJP
12.1%
HEWJ
10.1%

Basic Materials

FJP
9.6%
HEWJ
3.8%

Utilities

FJP
5.8%
HEWJ
1.0%

Financial Services

FJP
5.7%
HEWJ
19.8%

Healthcare

FJP
3.2%
HEWJ
5.8%

Energy

FJP
3.2%
HEWJ
0.9%

Real Estate

FJP
3.1%
HEWJ
1.9%

Consumer Defensive

FJP
0.8%
HEWJ
3.4%

Communication Services

FJP
0.8%
HEWJ
4.9%

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:
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Often compared with HEWJ:
HEWJ vs. EWJHEWJ vs. EWJVHEWJ vs. DBJPHEWJ vs. FLJHHEWJ vs. DXJHEWJ vs. HEFAHEWJ vs. VOO

Return for Risk

FJP vs. HEWJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FJP
FJP Risk / Return Rank: 5353
Overall Rank
FJP Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
FJP Sortino Ratio Rank: 5454
Sortino Ratio Rank
FJP Omega Ratio Rank: 5555
Omega Ratio Rank
FJP Calmar Ratio Rank: 5656
Calmar Ratio Rank
FJP Martin Ratio Rank: 4646
Martin Ratio Rank
HEWJ
HEWJ Risk / Return Rank: 8989
Overall Rank
HEWJ Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 8686
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 8787
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 9292
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 9090
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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
1.34
2.15

-0.82

Sortino ratioReturn per unit of downside risk
1.90
2.87

-0.97

Omega ratioGain probability vs. loss probability

1.24

1.38

-0.14

Calmar ratioReturn relative to maximum drawdown

1.99

4.16

-2.17

Martin ratioReturn relative to average drawdown

5.19

14.38

-9.19

FJP vs. HEWJ - Sharpe Ratio Comparison

The current FJP Sharpe Ratio is 1.34, which is lower than the HEWJ Sharpe Ratio of 2.15. 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.

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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.

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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

-8.69%

-5.94%

-2.75%

Average Drawdown

Average peak-to-trough decline

-11.42%

-6.57%

-4.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.52%

3.00%

+2.52%

Volatility

FJP vs. HEWJ - Volatility Comparison

First Trust Japan AlphaDEX Fund (FJP) has a higher volatility of 7.56% compared to iShares Currency Hedged MSCI Japan ETF (HEWJ) at 6.73%. This indicates that FJP'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.

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Volatility by Period

FJPHEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.56%

6.73%

+0.83%

Volatility (6M)

Calculated over the trailing 6-month period

18.76%

16.08%

+2.68%

Volatility (1Y)

Calculated over the trailing 1-year period

21.49%

20.08%

+1.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.69%

19.38%

+1.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.01%

19.49%

-0.48%

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 2.60%, less than HEWJ's 4.18% yield.

PositionTTM20252024202320222021202020192018201720162015
FJP
First Trust Japan AlphaDEX Fund		2.60%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		4.18%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 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FJP has higher volatility (7.56%) compared to HEWJ (6.73%). In terms of maximum drawdown, FJP dropped -41.51% vs HEWJ's -31.53%.

On 10-year performance, HEWJ leads with 16.74% vs 7.20% for FJP. On fees, HEWJ is cheaper at 0.49% per year. On volatility, HEWJ has been the lower-risk option at 6.73%. 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 16.74% return vs 7.20%. 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 4.18%, compared with 2.60% 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 (2.15 vs 1.34), 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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