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FLJH vs. HEWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLJH vs. HEWJ

Last updated Jun 6, 2026

FLJH (Franklin FTSE Japan Hedged ETF) and HEWJ (iShares Currency Hedged MSCI Japan ETF) are both Japan Equities funds - FLJH tracks the FTSE Japan RIC Capped Hedged to USD Net Tax Index while HEWJ tracks the MSCI Japan 100% Hedged to USD Index. Both are passively managed. Over the past 5 years, FLJH returned 20.07%/yr vs 20.58%/yr for HEWJ. Their correlation of 0.91 suggests significant overlap in exposure. FLJH charges 0.09%/yr vs 0.49%/yr for HEWJ.

Performance

FLJH vs. HEWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Japan Hedged ETF (FLJH) 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

The year-to-date returns for both stocks are quite close, with FLJH having a 16.70% return and HEWJ slightly lower at 16.53%.

FLJH

1D
-3.09%
1M
1.81%
YTD
16.70%
6M
13.91%
1Y
43.98%
3Y*
26.00%
5Y*
20.07%
10Y*
—

HEWJ

1D
-3.50%
1M
1.57%
YTD
16.53%
6M
18.11%
1Y
49.46%
3Y*
27.05%
5Y*
20.58%
10Y*
15.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FLJH vs. HEWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FLJH
Franklin FTSE Japan Hedged ETF		16.70%25.26%25.89%36.02%-2.75%12.68%10.65%20.34%-14.66%1.26%
HEWJ
iShares Currency Hedged MSCI Japan ETF		16.53%30.25%24.80%36.21%-4.39%12.79%10.29%20.79%-14.68%1.20%

Correlation

The correlation between FLJH and HEWJ is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

0.96

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

0.98

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

0.98

Correlation (All Time)
Calculated using the full available price history since Nov 7, 2017

0.91

The correlation between FLJH and HEWJ has been stable across timeframes, ranging from 0.91 to 0.98 - a consistent structural relationship.

FLJH vs. HEWJ - Sectors Allocation Comparison

Sectors
FLJH
HEWJ

Industrials

26.6%
26.0%

Technology

17.4%
19.1%

Financial Services

15.9%
17.6%

Consumer Cyclical

12.8%
12.2%

Communication Services

7.1%
7.9%

Healthcare

5.9%
6.2%

Basic Materials

4.3%
3.0%

Consumer Defensive

4.2%
3.6%

Real Estate

3.4%
2.3%

Utilities

1.3%
1.1%

Energy

1.0%
1.1%

Industrials

FLJH
26.6%
HEWJ
26.0%

Technology

FLJH
17.4%
HEWJ
19.1%

Financial Services

FLJH
15.9%
HEWJ
17.6%

Consumer Cyclical

FLJH
12.8%
HEWJ
12.2%

Communication Services

FLJH
7.1%
HEWJ
7.9%

Healthcare

FLJH
5.9%
HEWJ
6.2%

Basic Materials

FLJH
4.3%
HEWJ
3.0%

Consumer Defensive

FLJH
4.2%
HEWJ
3.6%

Real Estate

FLJH
3.4%
HEWJ
2.3%

Utilities

FLJH
1.3%
HEWJ
1.1%

Energy

FLJH
1.0%
HEWJ
1.1%

Compare stocks, funds, or ETFs

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Franklin FTSE Japan Hedged ETF

iShares Currency Hedged MSCI Japan ETF

Often compared with FLJH:
FLJH vs. FLJPFLJH vs. EWJVFLJH vs. DBJPFLJH vs. SCHDFLJH vs. EWJFLJH vs. OARKFLJH vs. FLSW
Often compared with HEWJ:
HEWJ vs. EWJHEWJ vs. EWJVHEWJ vs. DBJPHEWJ vs. HEFAHEWJ vs. DXJHEWJ vs. VOOHEWJ vs. HEEM

Return for Risk

FLJH vs. HEWJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FLJH
FLJH Risk / Return Rank: 7979
Overall Rank
FLJH Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
FLJH Sortino Ratio Rank: 7777
Sortino Ratio Rank
FLJH Omega Ratio Rank: 7878
Omega Ratio Rank
FLJH Calmar Ratio Rank: 8181
Calmar Ratio Rank
FLJH Martin Ratio Rank: 8282
Martin Ratio Rank
HEWJ
HEWJ Risk / Return Rank: 8484
Overall Rank
HEWJ Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 8282
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 8282
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 8787
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 8888
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.

FLJH vs. HEWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Japan Hedged ETF (FLJH) 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.

FLJHHEWJDifference
Sharpe ratioReturn per unit of total volatility
2.42
2.62

-0.20

Sortino ratioReturn per unit of downside risk
3.32
3.57

-0.25

Omega ratioGain probability vs. loss probability

1.45

1.48

-0.03

Calmar ratioReturn relative to maximum drawdown

4.09

4.79

-0.70

Martin ratioReturn relative to average drawdown

16.01

18.75

-2.74

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLJH vs. HEWJ - Sharpe Ratio Comparison

The current FLJH Sharpe Ratio is 2.42, which is comparable to the HEWJ Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of FLJH 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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Sharpe Ratios by Period

FLJHHEWJDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.42

2.62

-0.20

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.09

1.08

0.00

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.81

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.73

0.68

+0.05

Drawdowns

FLJH vs. HEWJ - Drawdown Comparison

The maximum FLJH drawdown since its inception was -31.51%, roughly equal to the maximum HEWJ drawdown of -31.53%. Use the drawdown chart below to compare losses from any high point for FLJH and HEWJ.

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Drawdown Indicators

FLJHHEWJDifference

Max Drawdown

Largest peak-to-trough decline

-31.51%

-31.53%

+0.02%

Max Drawdown (1Y)

Largest decline over 1 year

-10.80%

-10.37%

-0.43%

Max Drawdown (3Y)

Largest decline over 3 years

-20.39%

-20.90%

+0.51%

Max Drawdown (5Y)

Largest decline over 5 years

-20.39%

-20.90%

+0.51%

Max Drawdown (10Y)

Largest decline over 10 years

—

-31.53%

—

Current Drawdown

Current decline from peak

-3.09%

-3.50%

+0.41%

Average Drawdown

Average peak-to-trough decline

-5.31%

-6.61%

+1.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.76%

2.65%

+0.11%

Volatility

FLJH vs. HEWJ - Volatility Comparison

The current volatility for Franklin FTSE Japan Hedged ETF (FLJH) is 4.39%, while iShares Currency Hedged MSCI Japan ETF (HEWJ) has a volatility of 5.07%. This indicates that FLJH 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

FLJHHEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.39%

5.07%

-0.68%

Volatility (6M)

Calculated over the trailing 6-month period

13.78%

14.16%

-0.38%

Volatility (1Y)

Calculated over the trailing 1-year period

18.24%

18.98%

-0.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.56%

19.10%

-0.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.84%

19.67%

+0.17%

FLJH vs. HEWJ - Expense Ratio Comparison

FLJH has a 0.09% expense ratio, which is lower than HEWJ's 0.49% expense ratio.

Dividends

FLJH vs. HEWJ - Dividend Comparison

FLJH's dividend yield for the trailing twelve months is around 3.34%, less than HEWJ's 4.38% yield.

PositionTTM20252024202320222021202020192018201720162015
FLJH
Franklin FTSE Japan Hedged ETF		3.34%3.90%5.06%25.59%26.67%1.29%0.00%0.00%5.92%0.10%0.00%0.00%
HEWJ
iShares Currency Hedged MSCI Japan ETF		4.38%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

With a correlation of 0.96, FLJH and HEWJ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

HEWJ has higher volatility (5.07%) compared to FLJH (4.39%). In terms of maximum drawdown, FLJH dropped -31.51% vs HEWJ's -31.53%.

On 5-year performance, HEWJ leads with 20.58% vs 20.07% for FLJH. On fees, FLJH is cheaper at 0.09% per year. On volatility, FLJH has been the lower-risk option at 4.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, HEWJ has performed better with a 20.58% return vs 20.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLJH is cheaper with a 0.09% expense ratio, compared with 0.49% for HEWJ.

HEWJ has the higher dividend yield at 4.38%, compared with 3.34% for FLJH.

FLJH tracks FTSE Japan RIC Capped Hedged to USD Net Tax Index, while HEWJ tracks MSCI Japan 100% Hedged to USD Index. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.09% for FLJH and 0.49% for HEWJ.

HEWJ currently has the higher Sharpe Ratio (2.62 vs 2.42), 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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