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FLJP vs. HEWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FLJP vs. HEWJ

Last updated Jun 4, 2026

FLJP (Franklin FTSE Japan ETF) and HEWJ (iShares Currency Hedged MSCI Japan ETF) are both Japan Equities funds - FLJP tracks the FTSE Japan RIC Capped Index while HEWJ tracks the MSCI Japan 100% Hedged to USD Index. Both are passively managed. Over the past 5 years, FLJP returned 9.03%/yr vs 21.38%/yr for HEWJ. Their correlation of 0.84 suggests significant overlap in exposure. FLJP charges 0.09%/yr vs 0.49%/yr for HEWJ.

Performance

FLJP vs. HEWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Japan ETF (FLJP) 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, FLJP achieves a 16.23% return, which is significantly lower than HEWJ's 20.42% return.

FLJP

1D
0.33%
1M
6.40%
YTD
16.23%
6M
17.97%
1Y
32.70%
3Y*
18.66%
5Y*
9.03%
10Y*
—

HEWJ

1D
0.55%
1M
8.68%
YTD
20.42%
6M
23.99%
1Y
52.34%
3Y*
29.11%
5Y*
21.38%
10Y*
16.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FLJP vs. HEWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FLJP
Franklin FTSE Japan ETF		16.23%26.79%6.99%20.00%-16.57%0.99%15.76%18.99%-14.01%2.22%
HEWJ
iShares Currency Hedged MSCI Japan ETF		20.42%30.25%24.80%36.21%-4.39%12.79%10.29%20.79%-14.68%1.20%

Correlation

The correlation between FLJP and HEWJ is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.86

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

0.82

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

0.82

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

0.84

The correlation between FLJP and HEWJ has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.

FLJP vs. HEWJ - Sectors Allocation Comparison

Sectors
FLJP
HEWJ

Industrials

25.4%
26.0%

Technology

19.7%
19.1%

Financial Services

16.0%
17.6%

Consumer Cyclical

12.2%
12.2%

Communication Services

6.3%
7.9%

Healthcare

5.8%
6.2%

Basic Materials

4.9%
3.0%

Consumer Defensive

3.9%
3.6%

Real Estate

2.9%
2.3%

Utilities

1.2%
1.1%

Energy

0.9%
1.1%

Industrials

FLJP
25.4%
HEWJ
26.0%

Technology

FLJP
19.7%
HEWJ
19.1%

Financial Services

FLJP
16.0%
HEWJ
17.6%

Consumer Cyclical

FLJP
12.2%
HEWJ
12.2%

Communication Services

FLJP
6.3%
HEWJ
7.9%

Healthcare

FLJP
5.8%
HEWJ
6.2%

Basic Materials

FLJP
4.9%
HEWJ
3.0%

Consumer Defensive

FLJP
3.9%
HEWJ
3.6%

Real Estate

FLJP
2.9%
HEWJ
2.3%

Utilities

FLJP
1.2%
HEWJ
1.1%

Energy

FLJP
0.9%
HEWJ
1.1%

Compare stocks, funds, or ETFs

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

Franklin FTSE Japan ETF

iShares Currency Hedged MSCI Japan ETF

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Often compared with HEWJ:
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Return for Risk

FLJP vs. HEWJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FLJP
FLJP Risk / Return Rank: 5050
Overall Rank
FLJP Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
FLJP Sortino Ratio Rank: 5151
Sortino Ratio Rank
FLJP Omega Ratio Rank: 5151
Omega Ratio Rank
FLJP Calmar Ratio Rank: 4949
Calmar Ratio Rank
FLJP Martin Ratio Rank: 5050
Martin Ratio Rank
HEWJ
HEWJ Risk / Return Rank: 8686
Overall Rank
HEWJ Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 8585
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 8383
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.

FLJP vs. HEWJ - Risk-Adjusted Trends Comparison

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

FLJPHEWJDifference
Sharpe ratioReturn per unit of total volatility
1.74
2.82

-1.08

Sortino ratioReturn per unit of downside risk
2.50
3.88

-1.38

Omega ratioGain probability vs. loss probability

1.33

1.51

-0.18

Calmar ratioReturn relative to maximum drawdown

2.47

5.07

-2.60

Martin ratioReturn relative to average drawdown

8.62

19.91

-11.29

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

FLJP vs. HEWJ - Sharpe Ratio Comparison

The current FLJP Sharpe Ratio is 1.74, which is lower than the HEWJ Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of FLJP 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

FLJPHEWJDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.74

2.82

-1.08

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.51

1.13

-0.62

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.84

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

0.69

-0.24

Drawdowns

FLJP vs. HEWJ - Drawdown Comparison

The maximum FLJP drawdown since its inception was -32.49%, roughly equal to the maximum HEWJ drawdown of -31.53%. Use the drawdown chart below to compare losses from any high point for FLJP and HEWJ.

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Drawdown Indicators

FLJPHEWJDifference

Max Drawdown

Largest peak-to-trough decline

-32.49%

-31.53%

-0.96%

Max Drawdown (1Y)

Largest decline over 1 year

-13.30%

-10.37%

-2.93%

Max Drawdown (3Y)

Largest decline over 3 years

-14.17%

-20.90%

+6.73%

Max Drawdown (5Y)

Largest decline over 5 years

-32.49%

-20.90%

-11.59%

Max Drawdown (10Y)

Largest decline over 10 years

—

-31.53%

—

Current Drawdown

Current decline from peak

-0.07%

0.00%

-0.07%

Average Drawdown

Average peak-to-trough decline

-9.37%

-6.61%

-2.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.80%

2.64%

+1.16%

Volatility

FLJP vs. HEWJ - Volatility Comparison

Franklin FTSE Japan ETF (FLJP) has a higher volatility of 4.11% compared to iShares Currency Hedged MSCI Japan ETF (HEWJ) at 3.91%. This indicates that FLJP'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

FLJPHEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.11%

3.91%

+0.20%

Volatility (6M)

Calculated over the trailing 6-month period

14.72%

13.66%

+1.06%

Volatility (1Y)

Calculated over the trailing 1-year period

18.92%

18.65%

+0.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.75%

19.04%

-1.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.79%

19.65%

-1.86%

FLJP vs. HEWJ - Expense Ratio Comparison

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

Dividends

FLJP vs. HEWJ - Dividend Comparison

FLJP's dividend yield for the trailing twelve months is around 4.43%, more than HEWJ's 4.24% yield.

PositionTTM20252024202320222021202020192018201720162015
FLJP
Franklin FTSE Japan ETF		4.43%5.15%4.56%3.00%1.92%2.40%1.51%2.26%1.50%0.10%0.00%0.00%
HEWJ
iShares Currency Hedged MSCI Japan ETF		4.24%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

FLJP and HEWJ have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FLJP has higher volatility (4.11%) compared to HEWJ (3.91%). In terms of maximum drawdown, FLJP dropped -32.49% vs HEWJ's -31.53%.

On 5-year performance, HEWJ leads with 21.38% vs 9.03% for FLJP. On fees, FLJP is cheaper at 0.09% per year. On volatility, HEWJ has been the lower-risk option at 3.91%. 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 21.38% return vs 9.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

FLJP has the higher dividend yield at 4.43%, compared with 4.24% for HEWJ.

FLJP tracks FTSE Japan RIC Capped 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 FLJP and 0.49% for HEWJ.

HEWJ currently has the higher Sharpe Ratio (2.82 vs 1.74), 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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