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HEWJ vs. BBJP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEWJ vs. BBJP

Last updated Jun 13, 2026

HEWJ (iShares Currency Hedged MSCI Japan ETF) and BBJP (JPMorgan BetaBuilders Japan ETF) are both Japan Equities funds - HEWJ tracks the MSCI Japan 100% Hedged to USD Index while BBJP tracks the Morningstar Japan Target Market Exposure Index. Both are passively managed. Over the past 5 years, HEWJ returned 21.19%/yr vs 8.68%/yr for BBJP. Their correlation of 0.86 suggests significant overlap in exposure. HEWJ charges 0.49%/yr vs 0.19%/yr for BBJP.

Performance

HEWJ vs. BBJP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Japan ETF (HEWJ) 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, HEWJ achieves a 19.23% return, which is significantly higher than BBJP's 13.91% return.

HEWJ

1D
1.06%
1M
1.27%
YTD
19.23%
6M
19.96%
1Y
51.07%
3Y*
27.23%
5Y*
21.19%
10Y*
16.75%

BBJP

1D
0.45%
1M
-0.91%
YTD
13.91%
6M
13.82%
1Y
30.38%
3Y*
16.72%
5Y*
8.68%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HEWJ vs. BBJP - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
HEWJ
iShares Currency Hedged MSCI Japan ETF		19.23%30.25%24.80%36.21%-4.39%12.79%10.29%20.79%-14.32%
BBJP
JPMorgan BetaBuilders Japan ETF		13.91%26.55%7.47%20.65%-17.24%1.21%15.42%18.85%-13.92%

Correlation

The correlation between HEWJ and BBJP 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

0.83

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

0.86

The correlation between HEWJ and BBJP has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.

HEWJ vs. BBJP - Sectors Allocation Comparison

Sectors
HEWJ
BBJP

Industrials

26.0%
26.7%

Technology

19.1%
17.8%

Financial Services

17.6%
17.1%

Consumer Cyclical

12.2%
12.6%

Communication Services

7.9%
7.7%

Healthcare

6.2%
6.1%

Consumer Defensive

3.6%
3.7%

Basic Materials

3.0%
3.2%

Real Estate

2.3%
2.7%

Utilities

1.1%
1.3%

Energy

1.1%
1.0%

Industrials

HEWJ
26.0%
BBJP
26.7%

Technology

HEWJ
19.1%
BBJP
17.8%

Financial Services

HEWJ
17.6%
BBJP
17.1%

Consumer Cyclical

HEWJ
12.2%
BBJP
12.6%

Communication Services

HEWJ
7.9%
BBJP
7.7%

Healthcare

HEWJ
6.2%
BBJP
6.1%

Consumer Defensive

HEWJ
3.6%
BBJP
3.7%

Basic Materials

HEWJ
3.0%
BBJP
3.2%

Real Estate

HEWJ
2.3%
BBJP
2.7%

Utilities

HEWJ
1.1%
BBJP
1.3%

Energy

HEWJ
1.1%
BBJP
1.0%

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 Japan ETF

JPMorgan BetaBuilders Japan ETF

Often compared with HEWJ:
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Often compared with BBJP:
BBJP vs. EWJBBJP vs. DXJBBJP vs. FLJPBBJP vs. EWJVBBJP vs. DBJPBBJP vs. VOOBBJP vs. BBAX

Return for Risk

HEWJ vs. BBJP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HEWJ
HEWJ Risk / Return Rank: 9090
Overall Rank
HEWJ Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 8989
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 8888
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 9090
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 9191
Martin Ratio Rank
BBJP
BBJP Risk / Return Rank: 5151
Overall Rank
BBJP Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
BBJP Sortino Ratio Rank: 5151
Sortino Ratio Rank
BBJP Omega Ratio Rank: 5252
Omega Ratio Rank
BBJP Calmar Ratio Rank: 5151
Calmar Ratio Rank
BBJP Martin Ratio Rank: 5050
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.

HEWJ vs. BBJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) 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.

HEWJBBJPDifference
Sharpe ratioReturn per unit of total volatility
2.67
1.52

+1.14

Sortino ratioReturn per unit of downside risk
3.62
2.22

+1.40

Omega ratioGain probability vs. loss probability

1.48

1.28

+0.19

Calmar ratioReturn relative to maximum drawdown

4.95

2.24

+2.70

Martin ratioReturn relative to average drawdown

19.13

7.49

+11.65

HEWJ vs. BBJP - Sharpe Ratio Comparison

The current HEWJ Sharpe Ratio is 2.67, which is higher than the BBJP Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of HEWJ 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

HEWJ vs. BBJP - Drawdown Comparison

The maximum HEWJ drawdown since its inception was -31.53%, roughly equal to the maximum BBJP drawdown of -32.66%. Use the drawdown chart below to compare losses from any high point for HEWJ and BBJP.

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Drawdown Indicators

HEWJBBJPDifference

Max Drawdown

Largest peak-to-trough decline

-31.53%

-32.66%

+1.13%

Max Drawdown (1Y)

Largest decline over 1 year

-10.37%

-13.60%

+3.23%

Max Drawdown (3Y)

Largest decline over 3 years

-20.90%

-14.49%

-6.41%

Max Drawdown (5Y)

Largest decline over 5 years

-20.90%

-32.66%

+11.76%

Max Drawdown (10Y)

Largest decline over 10 years

-31.53%

—

—

Current Drawdown

Current decline from peak

-1.27%

-2.10%

+0.83%

Average Drawdown

Average peak-to-trough decline

-6.60%

-8.50%

+1.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.68%

4.07%

-1.39%

Volatility

HEWJ vs. BBJP - Volatility Comparison

iShares Currency Hedged MSCI Japan ETF (HEWJ) and JPMorgan BetaBuilders Japan ETF (BBJP) have volatilities of 5.95% and 5.88%, 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

HEWJBBJPDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.95%

5.88%

+0.07%

Volatility (6M)

Calculated over the trailing 6-month period

14.54%

15.78%

-1.24%

Volatility (1Y)

Calculated over the trailing 1-year period

19.25%

20.02%

-0.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.16%

18.28%

+0.88%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.67%

18.34%

+1.33%

HEWJ vs. BBJP - Expense Ratio Comparison

HEWJ has a 0.49% expense ratio, which is higher than BBJP's 0.19% expense ratio.

Dividends

HEWJ vs. BBJP - Dividend Comparison

HEWJ's dividend yield for the trailing twelve months is around 4.28%, less than BBJP's 4.71% yield.

PositionTTM20252024202320222021202020192018201720162015
BBJP
JPMorgan BetaBuilders Japan ETF		4.71%5.37%2.80%3.05%1.52%2.89%1.12%2.31%0.65%0.00%0.00%0.00%
HEWJ
iShares Currency Hedged MSCI Japan ETF		4.28%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

HEWJ and BBJP 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.

HEWJ has higher volatility (5.95%) compared to BBJP (5.88%). In terms of maximum drawdown, HEWJ dropped -31.53% vs BBJP's -32.66%.

On 5-year performance, HEWJ leads with 21.19% vs 8.68% for BBJP. On fees, BBJP is cheaper at 0.19% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, HEWJ has performed better with a 21.19% return vs 8.68%. 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 0.49% for HEWJ.

BBJP has the higher dividend yield at 4.71%, compared with 4.28% for HEWJ.

HEWJ tracks MSCI Japan 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: 0.49% for HEWJ and 0.19% for BBJP.

HEWJ currently has the higher Sharpe Ratio (2.67 vs 1.52), 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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