GSJY vs. HEWJ

Last updated Jul 14, 2026

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 9.08%/yr vs 16.55%/yr for HEWJ. Their correlation of 0.81 suggests significant overlap in exposure. 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.

Returns By Period

In the year-to-date period, GSJY achieves a 12.95% return, which is significantly lower than HEWJ's 21.52% return. Over the past 10 years, GSJY has underperformed HEWJ with an annualized return of 9.08%, while HEWJ has yielded a comparatively higher 16.55% annualized return.

GSJY

• 1D: -1.73%
• 1M: 1.03%
• 6M: 6.67%
• YTD: 12.95%
• 1Y: 31.55%
• 3Y*: 17.26%
• 5Y*: 8.75%
• 10Y*: 9.08%

HEWJ

• 1D: -1.53%
• 1M: 1.92%
• 6M: 14.03%
• YTD: 21.52%
• 1Y: 52.20%
• 3Y*: 29.07%
• 5Y*: 21.60%
• 10Y*: 16.55%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GSJY vs. HEWJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSJY Goldman Sachs ActiveBeta Japan Equity ETF	12.95%	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	21.52%	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 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	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 0.88 - a consistent structural relationship.

GSJY vs. HEWJ - Sectors Allocation Comparison

Sectors	GSJY	HEWJ
Industrials	24.9%	23.0%
Technology	20.2%	26.7%
Financial Services	18.1%	17.5%
Consumer Cyclical	12.7%	10.8%
Communication Services	6.4%	5.0%
Healthcare	4.9%	5.7%
Basic Materials	3.7%	3.8%
Energy	3.4%	0.8%
Consumer Defensive	3.1%	3.4%
Utilities	1.5%	0.9%
Real Estate	1.2%	1.8%

Return for Risk

GSJY vs. HEWJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GSJY

GSJY Risk / Return Rank: 58
GSJY Sharpe Ratio Rank: 58
GSJY Sortino Ratio Rank: 58
GSJY Omega Ratio Rank: 60
GSJY Calmar Ratio Rank: 57
GSJY Martin Ratio Rank: 55

HEWJ

HEWJ Risk / Return Rank: 92
HEWJ Sharpe Ratio Rank: 93
HEWJ Sortino Ratio Rank: 91
HEWJ Omega Ratio Rank: 91
HEWJ Calmar Ratio Rank: 93
HEWJ Martin Ratio Rank: 93

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.

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.

	GSJY	HEWJ	Difference
Sharpe ratio: Return per unit of total volatility	1.56	2.61	-1.05
Sortino ratio: Return per unit of downside risk	2.19	3.43	-1.23
Omega ratio: Gain probability vs. loss probability	1.29	1.47	-0.18
Calmar ratio: Return relative to maximum drawdown	2.25	5.06	-2.81
Martin ratio: Return relative to average drawdown	7.37	18.82	-11.45

GSJY vs. HEWJ - Sharpe Ratio Comparison

The current GSJY Sharpe Ratio is 1.56, which is lower than the HEWJ Sharpe Ratio of 2.61. 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.

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.

Drawdown Indicators

	GSJY	HEWJ	Difference
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	-3.63%	-3.95%	+0.32%
Average Drawdown Average peak-to-trough decline	-7.54%	-6.58%	-0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	2.78%	+1.51%

Volatility

GSJY vs. HEWJ - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) is 6.77%, while iShares Currency Hedged MSCI Japan ETF (HEWJ) has a volatility of 8.04%. This indicates that GSJY 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.

Volatility by Period

	GSJY	HEWJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.77%	8.04%	-1.27%
Volatility (6M) Calculated over the trailing 6-month period	16.73%	15.95%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	20.39%	20.17%	+0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.28%	19.34%	-1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.09%	19.46%	-2.37%

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 2.05%, less than HEWJ's 4.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSJY Goldman Sachs ActiveBeta Japan Equity ETF	2.05%	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	4.09%	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

Can I hold both GSJY and HEWJ in my portfolio?

GSJY and HEWJ have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSJY or HEWJ?

HEWJ has higher volatility (8.04%) compared to GSJY (6.77%). In terms of maximum drawdown, GSJY dropped -32.53% vs HEWJ's -31.53%.

Which ETF is better, GSJY or HEWJ?

On 10-year performance, HEWJ leads with 16.55% vs 9.08% for GSJY. On fees, GSJY is cheaper at 0.25% per year. On volatility, GSJY has been the lower-risk option at 6.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSJY or HEWJ?

Over the 10-year period, HEWJ has performed better with a 16.55% return vs 9.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSJY or HEWJ?

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

Which ETF pays a higher dividend yield, GSJY or HEWJ?

HEWJ has the higher dividend yield at 4.09%, compared with 2.05% for GSJY.

What is the main difference between GSJY and HEWJ?

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.

Which has better risk-adjusted returns?

HEWJ currently has the higher Sharpe Ratio (2.61 vs 1.56), 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.