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GSJY vs. HEWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GSJY vs. HEWJ

Last updated Aug 4, 2026
Documentation

GSJY (Goldman Sachs ActiveBeta Japan Equity ETF) and HEWJ (iShares Currency Hedged MSCI Japan ETF) are both Japan Equities funds - GSJY tracks the Goldman Sachs ActiveBeta Japan Equity Index while HEWJ tracks the MSCI Japan 100% Hedged to USD Index. Both are passively managed. Over the past 10 years, GSJY returned 9.05%/yr vs 16.38%/yr for HEWJ. Their correlation of 0.81 means they have usually moved in the same direction. GSJY charges 0.25%/yr vs 0.49%/yr for HEWJ.

Performance

GSJY vs. HEWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) 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, GSJY achieves a 14.32% return, which is significantly lower than HEWJ's 17.79% return. Over the past 10 years, GSJY has underperformed HEWJ with an annualized return of 9.05%, while HEWJ has yielded a comparatively higher 16.38% annualized return.

GSJY

1D
0.04%
1M
0.76%
6M
7.61%
YTD
14.32%
1Y
29.56%
3Y*
17.96%
5Y*
9.38%
10Y*
9.05%
ALL TIME*
9.18%

HEWJ

1D
-1.01%
1M
-2.59%
6M
11.53%
YTD
17.79%
1Y
43.45%
3Y*
27.09%
5Y*
21.41%
10Y*
16.38%
ALL TIME*
13.83%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

GSJY

Goldman Sachs ActiveBeta Japan Equity ETF
$176.08K$192.71K$274.31K

HEWJ

iShares Currency Hedged MSCI Japan ETF
$1.67M$2.73M$4.10M

GSJY vs. HEWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GSJY
Goldman Sachs ActiveBeta Japan Equity ETF		14.32%26.22%8.89%19.18%-16.15%0.41%13.81%18.29%-11.56%25.50%
HEWJ
iShares Currency Hedged MSCI Japan ETF		17.79%30.25%24.80%36.21%-4.39%12.79%10.29%20.79%-14.68%21.47%

Correlation

The correlation between GSJY and HEWJ is 0.90, meaning they have usually moved in the same direction, including during past declines.

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

0.90

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

0.84

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

0.82

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

0.82

Correlation (All Time)
Calculated using the full available price history since Mar 4, 2016

0.81

The correlation between GSJY and HEWJ has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.

GSJY vs. HEWJ - Sectors Allocation Comparison

Sectors
GSJY
HEWJ

Industrials

23.3%
24.8%

Technology

23.3%
22.2%

Financial Services

18.8%
19.8%

Consumer Cyclical

12.0%
10.1%

Communication Services

5.9%
4.9%

Healthcare

4.6%
5.8%

Basic Materials

3.4%
3.8%

Consumer Defensive

3.1%
3.4%

Energy

3.0%
0.9%

Utilities

1.5%
1.0%

Real Estate

1.2%
1.9%

Industrials

GSJY
23.3%
HEWJ
24.8%

Technology

GSJY
23.3%
HEWJ
22.2%

Financial Services

GSJY
18.8%
HEWJ
19.8%

Consumer Cyclical

GSJY
12.0%
HEWJ
10.1%

Communication Services

GSJY
5.9%
HEWJ
4.9%

Healthcare

GSJY
4.6%
HEWJ
5.8%

Basic Materials

GSJY
3.4%
HEWJ
3.8%

Consumer Defensive

GSJY
3.1%
HEWJ
3.4%

Energy

GSJY
3.0%
HEWJ
0.9%

Utilities

GSJY
1.5%
HEWJ
1.0%

Real Estate

GSJY
1.2%
HEWJ
1.9%

Compare stocks, funds, or ETFs

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

Goldman Sachs ActiveBeta Japan Equity ETF

iShares Currency Hedged MSCI Japan ETF

Often compared with GSJY:
GSJY vs. DXJSGSJY vs. JPMGSJY vs. GSEUGSJY vs. EUE.LGSJY vs. EWJVGSJY vs. DXJGSJY vs. FLJP
Often compared with HEWJ:
HEWJ vs. EWJHEWJ vs. EWJVHEWJ vs. DBJPHEWJ vs. FLJHHEWJ vs. DXJHEWJ vs. HEFAHEWJ vs. VOO

Return for Risk

GSJY vs. HEWJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
GSJY
GSJY Risk / Return Rank: 5757
Overall Rank
GSJY Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
GSJY Sortino Ratio Rank: 5757
Sortino Ratio Rank
GSJY Omega Ratio Rank: 6060
Omega Ratio Rank
GSJY Calmar Ratio Rank: 5757
Calmar Ratio Rank
GSJY Martin Ratio Rank: 5555
Martin Ratio Rank
HEWJ
HEWJ Risk / Return Rank: 8888
Overall Rank
HEWJ Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 8585
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 8686
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 9292
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 8989
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.

GSJY vs. HEWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) 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.

GSJYHEWJDifference
Sharpe ratioReturn per unit of total volatility
1.45
2.18

-0.73

Sortino ratioReturn per unit of downside risk
2.06
2.90

-0.84

Omega ratioGain probability vs. loss probability

1.27

1.39

-0.11

Calmar ratioReturn relative to maximum drawdown

2.11

4.21

-2.10

Martin ratioReturn relative to average drawdown

6.76

14.38

-7.63

GSJY vs. HEWJ - Sharpe Ratio Comparison

The current GSJY Sharpe Ratio is 1.45, which is lower than the HEWJ Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of GSJY 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

GSJY vs. HEWJ - Drawdown Comparison

The maximum GSJY drawdown since its inception was -32.53%, roughly equal to the maximum HEWJ drawdown of -31.53%. Use the drawdown chart below to compare losses from any high point for GSJY and HEWJ.

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Drawdown Indicators

GSJYHEWJDifference

Max Drawdown

Largest peak-to-trough decline

-32.53%

-31.53%

-1.00%

Max Drawdown (1Y)

Largest decline over 1 year

-14.08%

-10.37%

-3.71%

Max Drawdown (3Y)

Largest decline over 3 years

-14.96%

-20.90%

+5.94%

Max Drawdown (5Y)

Largest decline over 5 years

-32.53%

-20.90%

-11.63%

Max Drawdown (10Y)

Largest decline over 10 years

-32.53%

-31.53%

-1.00%

Current Drawdown

Current decline from peak

-2.46%

-6.89%

+4.43%

Average Drawdown

Average peak-to-trough decline

-7.52%

-6.57%

-0.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.39%

3.03%

+1.36%

Volatility

GSJY vs. HEWJ - Volatility Comparison

Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) and iShares Currency Hedged MSCI Japan ETF (HEWJ) have volatilities of 6.92% and 6.71%, 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.

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Volatility by Period

GSJYHEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.92%

6.71%

+0.21%

Volatility (6M)

Calculated over the trailing 6-month period

17.21%

16.11%

+1.10%

Volatility (1Y)

Calculated over the trailing 1-year period

20.50%

20.10%

+0.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.41%

19.40%

-0.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.16%

19.47%

-2.31%

GSJY vs. HEWJ - Expense Ratio Comparison

GSJY has a 0.25% expense ratio, which is lower than HEWJ's 0.49% expense ratio.

Dividends

GSJY vs. HEWJ - Dividend Comparison

GSJY's dividend yield for the trailing twelve months is around 2.03%, less than HEWJ's 4.22% yield.

PositionTTM20252024202320222021202020192018201720162015
GSJY
Goldman Sachs ActiveBeta Japan Equity ETF		2.03%1.99%1.64%2.11%2.13%1.73%1.22%2.79%3.28%1.70%2.09%0.00%
HEWJ
iShares Currency Hedged MSCI Japan ETF		4.22%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

GSJY and HEWJ have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GSJY has higher volatility (6.92%) compared to HEWJ (6.71%). In terms of maximum drawdown, GSJY dropped -32.53% vs HEWJ's -31.53%.

On 10-year performance, HEWJ leads with 16.38% vs 9.05% for GSJY. On fees, GSJY is cheaper at 0.25% per year. On volatility, HEWJ has been the lower-risk option at 6.71%. 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 16.38% return vs 9.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GSJY is cheaper with a 0.25% expense ratio, compared with 0.49% for HEWJ.

HEWJ has the higher dividend yield at 4.22%, compared with 2.03% for GSJY.

GSJY tracks Goldman Sachs ActiveBeta Japan Equity Index, while HEWJ tracks MSCI Japan 100% Hedged to USD Index. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.25% for GSJY and 0.49% for HEWJ.

HEWJ currently has the higher Sharpe Ratio (2.18 vs 1.45), 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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