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HEDJ vs. EWU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEDJ vs. EWU

Last updated Aug 2, 2026
Documentation

HEDJ (WisdomTree Europe Hedged Equity Fund) and EWU (iShares MSCI United Kingdom ETF) are both Europe Equities funds - HEDJ tracks the WisdomTree Europe Hedged Equity Index while EWU tracks the MSCI United Kingdom Index (Net). Both are passively managed. Over the past 10 years, HEDJ returned 10.96%/yr vs 8.57%/yr for EWU. Their 0.72 correlation means they have sometimes moved together and sometimes differently. HEDJ charges 0.58%/yr vs 0.50%/yr for EWU.

Performance

HEDJ vs. EWU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Europe Hedged Equity Fund (HEDJ) and iShares MSCI United Kingdom ETF (EWU). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HEDJ achieves a 8.59% return, which is significantly lower than EWU's 11.65% return. Over the past 10 years, HEDJ has outperformed EWU with an annualized return of 10.96%, while EWU has yielded a comparatively lower 8.57% annualized return.

HEDJ

1D
-0.87%
1M
-0.79%
6M
6.02%
YTD
8.59%
1Y
21.05%
3Y*
13.72%
5Y*
10.78%
10Y*
10.96%
ALL TIME*
8.89%

EWU

1D
-0.55%
1M
2.65%
6M
6.38%
YTD
11.65%
1Y
25.32%
3Y*
18.10%
5Y*
12.40%
10Y*
8.57%
ALL TIME*
6.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EWU

iShares MSCI United Kingdom ETF
$39.99M$65.00M$64.94M

HEDJ

WisdomTree Europe Hedged Equity Fund
$3.72M$3.36M$5.37M

HEDJ vs. EWU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HEDJ
WisdomTree Europe Hedged Equity Fund		8.59%23.55%5.28%26.89%-10.09%23.54%-3.35%27.50%-9.27%13.51%
EWU
iShares MSCI United Kingdom ETF		11.65%34.95%6.74%12.40%-4.39%18.19%-11.80%21.29%-14.30%21.54%

Correlation

The correlation between HEDJ and EWU is 0.70, 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.

0.70

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

0.69

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

0.71

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

0.73

Correlation (All Time)
Calculated using the full available price history since Dec 31, 2009

0.72

The correlation between HEDJ and EWU has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.

HEDJ vs. EWU - Sectors Allocation Comparison

Sectors
HEDJ
EWU

Industrials

22.6%
14.0%

Financial Services

15.8%
27.5%

Technology

13.2%
0.6%

Consumer Cyclical

12.9%
3.9%

Consumer Defensive

12.7%
13.9%

Healthcare

7.9%
13.2%

Basic Materials

6.6%
7.7%

Communication Services

4.7%
2.2%

Energy

3.4%
11.2%

Real Estate

-

0.7%

Utilities

-

4.5%

Industrials

HEDJ
22.6%
EWU
14.0%

Financial Services

HEDJ
15.8%
EWU
27.5%

Technology

HEDJ
13.2%
EWU
0.6%

Consumer Cyclical

HEDJ
12.9%
EWU
3.9%

Consumer Defensive

HEDJ
12.7%
EWU
13.9%

Healthcare

HEDJ
7.9%
EWU
13.2%

Basic Materials

HEDJ
6.6%
EWU
7.7%

Communication Services

HEDJ
4.7%
EWU
2.2%

Energy

HEDJ
3.4%
EWU
11.2%

Real Estate

HEDJ

-

EWU
0.7%

Utilities

HEDJ

-

EWU
4.5%

Compare stocks, funds, or ETFs

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

WisdomTree Europe Hedged Equity Fund

iShares MSCI United Kingdom ETF

Often compared with HEDJ:
HEDJ vs. HEZUHEDJ vs. VGKHEDJ vs. DBEUHEDJ vs. TURHEDJ vs. FEPHEDJ vs. UPVHEDJ vs. EMMF
Often compared with EWU:
EWU vs. FLGBEWU vs. EWUSEWU vs. SPYEWU vs. FEZEWU vs. FKUEWU vs. BNDWEWU vs. VOO

Return for Risk

HEDJ vs. EWU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
HEDJ
HEDJ Risk / Return Rank: 4848
Overall Rank
HEDJ Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
HEDJ Sortino Ratio Rank: 4848
Sortino Ratio Rank
HEDJ Omega Ratio Rank: 4747
Omega Ratio Rank
HEDJ Calmar Ratio Rank: 4343
Calmar Ratio Rank
HEDJ Martin Ratio Rank: 5454
Martin Ratio Rank
EWU
EWU Risk / Return Rank: 7474
Overall Rank
EWU Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
EWU Sortino Ratio Rank: 7777
Sortino Ratio Rank
EWU Omega Ratio Rank: 7373
Omega Ratio Rank
EWU Calmar Ratio Rank: 7575
Calmar Ratio Rank
EWU Martin Ratio Rank: 7070
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.

HEDJ vs. EWU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Europe Hedged Equity Fund (HEDJ) and iShares MSCI United Kingdom ETF (EWU). 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.

HEDJEWUDifference
Sharpe ratioReturn per unit of total volatility
1.17
1.73

-0.56

Sortino ratioReturn per unit of downside risk
1.75
2.47

-0.73

Omega ratioGain probability vs. loss probability

1.22

1.30

-0.09

Calmar ratioReturn relative to maximum drawdown

1.54

2.60

-1.06

Martin ratioReturn relative to average drawdown

6.28

8.55

-2.27

HEDJ vs. EWU - Sharpe Ratio Comparison

The current HEDJ Sharpe Ratio is 1.17, which is lower than the EWU Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of HEDJ and EWU, 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

HEDJ vs. EWU - Drawdown Comparison

The maximum HEDJ drawdown since its inception was -38.18%, smaller than the maximum EWU drawdown of -63.99%. Use the drawdown chart below to compare losses from any high point for HEDJ and EWU.

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Drawdown Indicators

HEDJEWUDifference

Max Drawdown

Largest peak-to-trough decline

-38.18%

-63.99%

+25.81%

Max Drawdown (1Y)

Largest decline over 1 year

-11.90%

-9.92%

-1.98%

Max Drawdown (3Y)

Largest decline over 3 years

-15.93%

-12.63%

-3.30%

Max Drawdown (5Y)

Largest decline over 5 years

-22.17%

-24.91%

+2.74%

Max Drawdown (10Y)

Largest decline over 10 years

-38.18%

-43.33%

+5.15%

Current Drawdown

Current decline from peak

-1.22%

-0.55%

-0.67%

Average Drawdown

Average peak-to-trough decline

-5.87%

-14.10%

+8.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.92%

3.02%

-0.10%

Volatility

HEDJ vs. EWU - Volatility Comparison

WisdomTree Europe Hedged Equity Fund (HEDJ) and iShares MSCI United Kingdom ETF (EWU) have volatilities of 4.39% and 4.43%, 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

HEDJEWUDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.39%

4.43%

-0.04%

Volatility (6M)

Calculated over the trailing 6-month period

13.20%

12.91%

+0.29%

Volatility (1Y)

Calculated over the trailing 1-year period

15.74%

14.96%

+0.78%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.86%

16.39%

+0.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.15%

18.23%

-0.08%

HEDJ vs. EWU - Expense Ratio Comparison

HEDJ has a 0.58% expense ratio, which is higher than EWU's 0.50% expense ratio.

Dividends

HEDJ vs. EWU - Dividend Comparison

HEDJ's dividend yield for the trailing twelve months is around 1.79%, less than EWU's 3.09% yield.

PositionTTM20252024202320222021202020192018201720162015
EWU
iShares MSCI United Kingdom ETF		3.09%3.73%4.16%4.14%3.43%4.35%2.48%4.13%4.98%3.91%3.97%4.11%
HEDJ
WisdomTree Europe Hedged Equity Fund		1.79%1.63%3.28%3.31%2.83%2.08%2.65%1.82%2.73%2.27%2.74%9.43%

Frequently Asked Questions

HEDJ and EWU have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWU has higher volatility (4.43%) compared to HEDJ (4.39%). In terms of maximum drawdown, HEDJ dropped -38.18% vs EWU's -63.99%.

On 10-year performance, HEDJ leads with 10.96% vs 8.57% for EWU. On fees, EWU is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, HEDJ has performed better with a 10.96% return vs 8.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWU is cheaper with a 0.50% expense ratio, compared with 0.58% for HEDJ.

EWU has the higher dividend yield at 3.09%, compared with 1.79% for HEDJ.

HEDJ tracks WisdomTree Europe Hedged Equity Index, while EWU tracks MSCI United Kingdom Index (Net). They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.58% for HEDJ and 0.50% for EWU.

EWU currently has the higher Sharpe Ratio (1.73 vs 1.17), 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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