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HEFA vs. BBJP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEFA vs. BBJP

Last updated Jul 26, 2026
Documentation

HEFA (iShares Currency Hedged MSCI EAFE ETF) and BBJP (JPMorgan BetaBuilders Japan ETF) are both exchange-traded funds - HEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE 100% Hedged to USD Index, while BBJP is a Japan Equities fund tracking the Morningstar Japan Target Market Exposure Index. Both are passively managed. Over the past 5 years, HEFA returned 13.96%/yr vs 8.67%/yr for BBJP. Their 0.78 correlation means they have sometimes moved together and sometimes differently. HEFA charges 0.35%/yr vs 0.19%/yr for BBJP.

Performance

HEFA vs. BBJP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI EAFE ETF (HEFA) and JPMorgan BetaBuilders Japan ETF (BBJP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HEFA achieves a 13.57% return, which is significantly higher than BBJP's 11.90% return.

HEFA

1D
0.51%
1M
0.73%
6M
10.08%
YTD
13.57%
1Y
26.09%
3Y*
18.91%
5Y*
13.96%
10Y*
12.70%
ALL TIME*
10.79%

BBJP

1D
0.19%
1M
-2.16%
6M
6.85%
YTD
11.90%
1Y
24.42%
3Y*
16.52%
5Y*
8.67%
10Y*
—
ALL TIME*
7.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

BBJP

JPMorgan BetaBuilders Japan ETF
$122.93M$111.87M$115.37M

HEFA

iShares Currency Hedged MSCI EAFE ETF
$39.23M$30.73M$26.09M

HEFA vs. BBJP - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
HEFA
iShares Currency Hedged MSCI EAFE ETF		13.57%24.58%13.71%20.33%-4.86%19.59%2.09%27.63%-11.19%
BBJP
JPMorgan BetaBuilders Japan ETF		11.90%26.55%7.47%20.65%-17.24%1.21%15.42%18.85%-13.92%

Correlation

The correlation between HEFA and BBJP is 0.77, 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.

0.77

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

0.75

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

0.75

Correlation (All Time)
Calculated using the full available price history since Jun 18, 2018

0.78

The correlation between HEFA and BBJP has been stable across timeframes, ranging from 0.75 to 0.78 - a consistent structural relationship.

HEFA vs. BBJP - Sectors Allocation Comparison

Sectors
HEFA
BBJP

Financial Services

25.9%
18.8%

Industrials

18.9%
25.6%

Technology

12.0%
22.2%

Healthcare

10.4%
5.8%

Consumer Cyclical

7.2%
10.7%

Consumer Defensive

6.8%
3.6%

Basic Materials

5.9%
4.1%

Energy

3.7%
0.9%

Utilities

3.7%
1.0%

Communication Services

3.5%
4.6%

Real Estate

1.7%
2.2%

Financial Services

HEFA
25.9%
BBJP
18.8%

Industrials

HEFA
18.9%
BBJP
25.6%

Technology

HEFA
12.0%
BBJP
22.2%

Healthcare

HEFA
10.4%
BBJP
5.8%

Consumer Cyclical

HEFA
7.2%
BBJP
10.7%

Consumer Defensive

HEFA
6.8%
BBJP
3.6%

Basic Materials

HEFA
5.9%
BBJP
4.1%

Energy

HEFA
3.7%
BBJP
0.9%

Utilities

HEFA
3.7%
BBJP
1.0%

Communication Services

HEFA
3.5%
BBJP
4.6%

Real Estate

HEFA
1.7%
BBJP
2.2%

Compare stocks, funds, or ETFs

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

iShares Currency Hedged MSCI EAFE ETF

JPMorgan BetaBuilders Japan ETF

Often compared with HEFA:
HEFA vs. DBEFHEFA vs. HAWXHEFA vs. FNDFHEFA vs. HSCZHEFA vs. IDMOHEFA vs. HEWJHEFA vs. HEZU
Often compared with BBJP:
BBJP vs. EWJBBJP vs. DXJBBJP vs. FLJPBBJP vs. EWJVBBJP vs. DBJPBBJP vs. VOOBBJP vs. BBAX

Return for Risk

HEFA vs. BBJP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HEFA
HEFA Risk / Return Rank: 8383
Overall Rank
HEFA Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
HEFA Sortino Ratio Rank: 8686
Sortino Ratio Rank
HEFA Omega Ratio Rank: 8686
Omega Ratio Rank
HEFA Calmar Ratio Rank: 7676
Calmar Ratio Rank
HEFA Martin Ratio Rank: 8383
Martin Ratio Rank
BBJP
BBJP Risk / Return Rank: 4848
Overall Rank
BBJP Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
BBJP Sortino Ratio Rank: 4646
Sortino Ratio Rank
BBJP Omega Ratio Rank: 4848
Omega Ratio Rank
BBJP Calmar Ratio Rank: 4848
Calmar Ratio Rank
BBJP Martin Ratio Rank: 4848
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.

HEFA vs. BBJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI EAFE ETF (HEFA) and JPMorgan BetaBuilders Japan ETF (BBJP). 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.

HEFABBJPDifference
Sharpe ratioReturn per unit of total volatility
2.03
1.14

+0.88

Sortino ratioReturn per unit of downside risk
2.81
1.67

+1.14

Omega ratioGain probability vs. loss probability

1.37

1.22

+0.16

Calmar ratioReturn relative to maximum drawdown

2.77

1.70

+1.08

Martin ratioReturn relative to average drawdown

11.52

5.53

+6.00

HEFA vs. BBJP - Sharpe Ratio Comparison

The current HEFA Sharpe Ratio is 2.03, which is higher than the BBJP Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of HEFA and BBJP, 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

HEFA vs. BBJP - Drawdown Comparison

The maximum HEFA drawdown since its inception was -32.39%, roughly equal to the maximum BBJP drawdown of -32.66%. Use the drawdown chart below to compare losses from any high point for HEFA and BBJP.

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Drawdown Indicators

HEFABBJPDifference

Max Drawdown

Largest peak-to-trough decline

-32.39%

-32.66%

+0.27%

Max Drawdown (1Y)

Largest decline over 1 year

-9.52%

-13.60%

+4.08%

Max Drawdown (3Y)

Largest decline over 3 years

-14.28%

-14.49%

+0.21%

Max Drawdown (5Y)

Largest decline over 5 years

-14.79%

-32.66%

+17.87%

Max Drawdown (10Y)

Largest decline over 10 years

-32.39%

—

—

Current Drawdown

Current decline from peak

-1.12%

-5.62%

+4.50%

Average Drawdown

Average peak-to-trough decline

-4.13%

-8.43%

+4.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.29%

4.19%

-1.90%

Volatility

HEFA vs. BBJP - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI EAFE ETF (HEFA) is 3.21%, while JPMorgan BetaBuilders Japan ETF (BBJP) has a volatility of 5.94%. This indicates that HEFA experiences smaller price fluctuations and is considered to be less risky than BBJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HEFABBJPDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.21%

5.94%

-2.73%

Volatility (6M)

Calculated over the trailing 6-month period

10.72%

16.84%

-6.12%

Volatility (1Y)

Calculated over the trailing 1-year period

13.05%

20.22%

-7.17%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.82%

18.45%

-4.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.66%

18.41%

-2.75%

HEFA vs. BBJP - Expense Ratio Comparison

HEFA has a 0.35% expense ratio, which is higher than BBJP's 0.19% expense ratio.

Dividends

HEFA vs. BBJP - Dividend Comparison

HEFA's dividend yield for the trailing twelve months is around 4.04%, less than BBJP's 4.80% yield.

PositionTTM20252024202320222021202020192018201720162015
BBJP
JPMorgan BetaBuilders Japan ETF		4.80%5.37%2.80%3.05%1.52%2.89%1.12%2.31%0.65%0.00%0.00%0.00%
HEFA
iShares Currency Hedged MSCI EAFE ETF		4.04%4.40%3.09%3.02%25.14%3.06%2.10%7.56%4.58%2.55%3.17%3.54%

Frequently Asked Questions

HEFA and BBJP have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BBJP has higher volatility (5.94%) compared to HEFA (3.21%). In terms of maximum drawdown, HEFA dropped -32.39% vs BBJP's -32.66%.

On 5-year performance, HEFA leads with 13.96% vs 8.67% for BBJP. On fees, BBJP is cheaper at 0.19% per year. On volatility, HEFA has been the lower-risk option at 3.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, HEFA has performed better with a 13.96% return vs 8.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BBJP is cheaper with a 0.19% expense ratio, compared with 0.35% for HEFA.

BBJP has the higher dividend yield at 4.80%, compared with 4.04% for HEFA.

HEFA is categorized as Foreign Large Cap Equities, while BBJP is Japan Equities. HEFA tracks MSCI EAFE 100% Hedged to USD Index, while BBJP tracks Morningstar Japan Target Market Exposure Index. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.35% for HEFA and 0.19% for BBJP.

HEFA currently has the higher Sharpe Ratio (2.03 vs 1.14), 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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