HEDJ vs. IEUR

Last updated Jun 5, 2026

HEDJ (WisdomTree Europe Hedged Equity Fund) and IEUR (iShares Core MSCI Europe ETF) are both Europe Equities funds - HEDJ tracks the WisdomTree Europe Hedged Equity Index while IEUR tracks the MSCI Europe Investable Market Index. Both are passively managed. Over the past 10 years, HEDJ returned 10.70%/yr vs 9.26%/yr for IEUR. Their correlation of 0.83 suggests significant overlap in exposure. HEDJ charges 0.58%/yr vs 0.09%/yr for IEUR.

Performance

HEDJ vs. IEUR - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with HEDJ having a 6.86% return and IEUR slightly higher at 6.90%. Over the past 10 years, HEDJ has outperformed IEUR with an annualized return of 10.70%, while IEUR has yielded a comparatively lower 9.26% annualized return.

HEDJ

• 1D: 0.46%
• 1M: 3.79%
• YTD: 6.86%
• 6M: 7.79%
• 1Y: 16.00%
• 3Y*: 14.88%
• 5Y*: 11.03%
• 10Y*: 10.70%

IEUR

• 1D: 1.20%
• 1M: 2.40%
• YTD: 6.90%
• 6M: 9.92%
• 1Y: 18.10%
• 3Y*: 16.83%
• 5Y*: 8.29%
• 10Y*: 9.26%

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

HEDJ vs. IEUR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEDJ WisdomTree Europe Hedged Equity Fund	6.86%	23.55%	5.28%	26.89%	-10.09%	23.54%	-3.35%	27.50%	-9.27%	13.51%
IEUR iShares Core MSCI Europe ETF	6.90%	35.67%	1.40%	19.71%	-15.90%	16.71%	5.31%	24.95%	-14.86%	26.70%

Correlation

The correlation between HEDJ and IEUR is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.83

The correlation between HEDJ and IEUR has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.

HEDJ vs. IEUR - Sectors Allocation Comparison

Sectors	HEDJ	IEUR
Industrials	22.9%	20.4%
Financial Services	15.0%	22.5%
Consumer Cyclical	13.4%	6.9%
Consumer Defensive	12.7%	8.0%
Technology	11.0%	8.4%
Healthcare	8.4%	12.5%
Basic Materials	7.0%	5.8%
Communication Services	5.5%	3.8%
Energy	4.0%	5.3%
Real Estate	-	1.6%
Utilities	-	4.8%

Return for Risk

HEDJ vs. IEUR — Risk / Return Rank

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

HEDJ

HEDJ Risk / Return Rank: 30
HEDJ Sharpe Ratio Rank: 30
HEDJ Sortino Ratio Rank: 30
HEDJ Omega Ratio Rank: 29
HEDJ Calmar Ratio Rank: 28
HEDJ Martin Ratio Rank: 36

IEUR

IEUR Risk / Return Rank: 33
IEUR Sharpe Ratio Rank: 34
IEUR Sortino Ratio Rank: 33
IEUR Omega Ratio Rank: 32
IEUR Calmar Ratio Rank: 31
IEUR Martin Ratio Rank: 37

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.

HEDJ vs. IEUR - Risk-Adjusted Trends Comparison

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

	HEDJ	IEUR	Difference
Sharpe ratio: Return per unit of total volatility	1.04	1.19	-0.14
Sortino ratio: Return per unit of downside risk	1.57	1.74	-0.17
Omega ratio: Gain probability vs. loss probability	1.19	1.21	-0.02
Calmar ratio: Return relative to maximum drawdown	1.35	1.51	-0.16
Martin ratio: Return relative to average drawdown	5.38	5.67	-0.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEDJ vs. IEUR - Sharpe Ratio Comparison

The current HEDJ Sharpe Ratio is 1.04, which is comparable to the IEUR Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of HEDJ and IEUR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HEDJ	IEUR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	1.19	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.47	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.50	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.36	+0.12

Drawdowns

HEDJ vs. IEUR - Drawdown Comparison

The maximum HEDJ drawdown since its inception was -38.18%, roughly equal to the maximum IEUR drawdown of -36.96%. Use the drawdown chart below to compare losses from any high point for HEDJ and IEUR.

Drawdown Indicators

	HEDJ	IEUR	Difference
Max Drawdown Largest peak-to-trough decline	-38.18%	-36.96%	-1.22%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-12.04%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	-15.93%	-14.25%	-1.68%
Max Drawdown (5Y) Largest decline over 5 years	-22.17%	-32.75%	+10.58%
Max Drawdown (10Y) Largest decline over 10 years	-38.18%	-36.96%	-1.22%
Current Drawdown Current decline from peak	-0.75%	-1.13%	+0.38%
Average Drawdown Average peak-to-trough decline	-5.92%	-8.22%	+2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	3.20%	-0.22%

Volatility

HEDJ vs. IEUR - Volatility Comparison

The current volatility for WisdomTree Europe Hedged Equity Fund (HEDJ) is 5.05%, while iShares Core MSCI Europe ETF (IEUR) has a volatility of 5.51%. This indicates that HEDJ experiences smaller price fluctuations and is considered to be less risky than IEUR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEDJ	IEUR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	5.51%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	12.53%	12.79%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	15.42%	15.34%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.76%	17.73%	-0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.41%	18.68%	-0.27%

HEDJ vs. IEUR - Expense Ratio Comparison

HEDJ has a 0.58% expense ratio, which is higher than IEUR's 0.09% expense ratio.

Dividends

HEDJ vs. IEUR - Dividend Comparison

HEDJ's dividend yield for the trailing twelve months is around 1.53%, less than IEUR's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEDJ WisdomTree Europe Hedged Equity Fund	1.53%	1.63%	3.28%	3.31%	2.83%	2.08%	2.65%	1.82%	2.73%	2.27%	2.74%	9.43%
IEUR iShares Core MSCI Europe ETF	2.78%	2.97%	3.54%	3.17%	3.05%	2.88%	2.13%	3.26%	3.76%	2.64%	3.19%	2.79%

Frequently Asked Questions

Can I hold both HEDJ and IEUR in my portfolio?

HEDJ and IEUR have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HEDJ or IEUR?

IEUR has higher volatility (5.51%) compared to HEDJ (5.05%). In terms of maximum drawdown, HEDJ dropped -38.18% vs IEUR's -36.96%.

Which ETF is better, HEDJ or IEUR?

On 10-year performance, HEDJ leads with 10.70% vs 9.26% for IEUR. On fees, IEUR is cheaper at 0.09% per year. On volatility, HEDJ has been the lower-risk option at 5.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEDJ or IEUR?

Over the 10-year period, HEDJ has performed better with a 10.70% return vs 9.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEDJ or IEUR?

IEUR is cheaper with a 0.09% expense ratio, compared with 0.58% for HEDJ.

Which ETF pays a higher dividend yield, HEDJ or IEUR?

IEUR has the higher dividend yield at 2.78%, compared with 1.53% for HEDJ.

What is the main difference between HEDJ and IEUR?

HEDJ tracks WisdomTree Europe Hedged Equity Index, while IEUR tracks MSCI Europe Investable Market Index. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.58% for HEDJ and 0.09% for IEUR.

Which has better risk-adjusted returns?

IEUR currently has the higher Sharpe Ratio (1.19 vs 1.04), 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.