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HEWJ vs. DBJP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEWJ vs. DBJP

Last updated Jun 6, 2026

HEWJ (iShares Currency Hedged MSCI Japan ETF) and DBJP (Xtrackers MSCI Japan Hedged Equity ETF) are both Japan Equities funds - HEWJ tracks the MSCI Japan 100% Hedged to USD Index while DBJP tracks the MSCI Japan US Dollar Hedged Index. Both are passively managed. Over the past 10 years, HEWJ returned 15.80%/yr vs 15.87%/yr for DBJP. With a 0.98 correlation, they move nearly in lockstep. HEWJ charges 0.49%/yr vs 0.45%/yr for DBJP.

Performance

HEWJ vs. DBJP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Japan ETF (HEWJ) and Xtrackers MSCI Japan Hedged Equity ETF (DBJP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with HEWJ having a 16.53% return and DBJP slightly higher at 16.67%. Both investments have delivered pretty close results over the past 10 years, with HEWJ having a 15.80% annualized return and DBJP not far ahead at 15.87%.

HEWJ

1D
-3.50%
1M
1.57%
YTD
16.53%
6M
18.11%
1Y
49.46%
3Y*
27.05%
5Y*
20.58%
10Y*
15.80%

DBJP

1D
-3.50%
1M
1.64%
YTD
16.67%
6M
18.37%
1Y
49.57%
3Y*
26.98%
5Y*
20.66%
10Y*
15.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HEWJ vs. DBJP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HEWJ
iShares Currency Hedged MSCI Japan ETF		16.53%30.25%24.80%36.21%-4.39%12.79%10.29%20.79%-14.68%21.47%
DBJP
Xtrackers MSCI Japan Hedged Equity ETF		16.67%29.51%25.53%36.21%-4.19%13.04%10.53%20.87%-14.82%21.24%

Correlation

The correlation between HEWJ and DBJP is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.97

Correlation (3Y)
Calculated over the trailing 3-year period

0.98

Correlation (5Y)
Calculated over the trailing 5-year period

0.99

Correlation (10Y)
Calculated over the trailing 10-year period

0.99

Correlation (All Time)
Calculated using the full available price history since Feb 6, 2014

0.98

The correlation between HEWJ and DBJP has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

HEWJ vs. DBJP - Sectors Allocation Comparison

Sectors
HEWJ
DBJP

Industrials

26.0%
26.0%

Technology

19.1%
19.1%

Financial Services

17.6%
17.5%

Consumer Cyclical

12.2%
12.2%

Communication Services

7.9%
7.9%

Healthcare

6.2%
6.3%

Consumer Defensive

3.6%
3.6%

Basic Materials

3.0%
3.0%

Real Estate

2.3%
2.3%

Utilities

1.1%
1.1%

Energy

1.1%
1.1%

Industrials

HEWJ
26.0%
DBJP
26.0%

Technology

HEWJ
19.1%
DBJP
19.1%

Financial Services

HEWJ
17.6%
DBJP
17.5%

Consumer Cyclical

HEWJ
12.2%
DBJP
12.2%

Communication Services

HEWJ
7.9%
DBJP
7.9%

Healthcare

HEWJ
6.2%
DBJP
6.3%

Consumer Defensive

HEWJ
3.6%
DBJP
3.6%

Basic Materials

HEWJ
3.0%
DBJP
3.0%

Real Estate

HEWJ
2.3%
DBJP
2.3%

Utilities

HEWJ
1.1%
DBJP
1.1%

Energy

HEWJ
1.1%
DBJP
1.1%

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

Xtrackers MSCI Japan Hedged Equity ETF

Often compared with HEWJ:
HEWJ vs. EWJHEWJ vs. EWJVHEWJ vs. FLJHHEWJ vs. HEFAHEWJ vs. DXJHEWJ vs. VOOHEWJ vs. HEEM
Often compared with DBJP:
DBJP vs. DXJDBJP vs. BBJPDBJP vs. EWJDBJP vs. FLJPDBJP vs. FLJHDBJP vs. HEFADBJP vs. FJSCX

Return for Risk

HEWJ vs. DBJP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HEWJ
HEWJ Risk / Return Rank: 8484
Overall Rank
HEWJ Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 8282
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 8282
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 8787
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 8888
Martin Ratio Rank
DBJP
DBJP Risk / Return Rank: 8484
Overall Rank
DBJP Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
DBJP Sortino Ratio Rank: 8282
Sortino Ratio Rank
DBJP Omega Ratio Rank: 8181
Omega Ratio Rank
DBJP Calmar Ratio Rank: 8787
Calmar Ratio Rank
DBJP Martin Ratio Rank: 8888
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. DBJP - Risk-Adjusted Trends Comparison

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

HEWJDBJPDifference
Sharpe ratioReturn per unit of total volatility
2.62
2.62

0.00

Sortino ratioReturn per unit of downside risk
3.57
3.56

+0.01

Omega ratioGain probability vs. loss probability

1.48

1.47

+0.01

Calmar ratioReturn relative to maximum drawdown

4.79

4.79

0.00

Martin ratioReturn relative to average drawdown

18.75

18.63

+0.12

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEWJ vs. DBJP - Sharpe Ratio Comparison

The current HEWJ Sharpe Ratio is 2.62, which is comparable to the DBJP Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of HEWJ and DBJP, 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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Sharpe Ratios by Period

HEWJDBJPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.62

2.62

0.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.08

1.09

-0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.81

0.82

-0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.68

0.67

+0.01

Drawdowns

HEWJ vs. DBJP - Drawdown Comparison

The maximum HEWJ drawdown since its inception was -31.53%, roughly equal to the maximum DBJP drawdown of -31.30%. Use the drawdown chart below to compare losses from any high point for HEWJ and DBJP.

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Drawdown Indicators

HEWJDBJPDifference

Max Drawdown

Largest peak-to-trough decline

-31.53%

-31.30%

-0.23%

Max Drawdown (1Y)

Largest decline over 1 year

-10.37%

-10.39%

+0.02%

Max Drawdown (3Y)

Largest decline over 3 years

-20.90%

-21.50%

+0.60%

Max Drawdown (5Y)

Largest decline over 5 years

-20.90%

-21.50%

+0.60%

Max Drawdown (10Y)

Largest decline over 10 years

-31.53%

-31.30%

-0.23%

Current Drawdown

Current decline from peak

-3.50%

-3.50%

0.00%

Average Drawdown

Average peak-to-trough decline

-6.61%

-7.29%

+0.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.65%

2.67%

-0.02%

Volatility

HEWJ vs. DBJP - Volatility Comparison

iShares Currency Hedged MSCI Japan ETF (HEWJ) and Xtrackers MSCI Japan Hedged Equity ETF (DBJP) have volatilities of 5.07% and 4.97%, 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

HEWJDBJPDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.07%

4.97%

+0.10%

Volatility (6M)

Calculated over the trailing 6-month period

14.16%

14.27%

-0.11%

Volatility (1Y)

Calculated over the trailing 1-year period

18.98%

19.02%

-0.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.10%

18.99%

+0.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.67%

19.48%

+0.19%

HEWJ vs. DBJP - Expense Ratio Comparison

HEWJ has a 0.49% expense ratio, which is higher than DBJP's 0.45% expense ratio.

Dividends

HEWJ vs. DBJP - Dividend Comparison

HEWJ's dividend yield for the trailing twelve months is around 4.38%, more than DBJP's 2.41% yield.

PositionTTM20252024202320222021202020192018201720162015
DBJP
Xtrackers MSCI Japan Hedged Equity ETF		2.41%2.81%2.80%5.21%0.80%2.30%2.53%2.56%3.87%2.07%1.13%5.95%
HEWJ
iShares Currency Hedged MSCI Japan ETF		4.38%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

With a correlation of 0.97, HEWJ and DBJP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

HEWJ has higher volatility (5.07%) compared to DBJP (4.97%). In terms of maximum drawdown, HEWJ dropped -31.53% vs DBJP's -31.30%.

On 10-year performance, DBJP leads with 15.87% vs 15.80% for HEWJ. On fees, DBJP is cheaper at 0.45% per year. On volatility, DBJP has been the lower-risk option at 4.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DBJP has performed better with a 15.87% return vs 15.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DBJP is cheaper with a 0.45% expense ratio, compared with 0.49% for HEWJ.

HEWJ has the higher dividend yield at 4.38%, compared with 2.41% for DBJP.

HEWJ tracks MSCI Japan 100% Hedged to USD Index, while DBJP tracks MSCI Japan US Dollar Hedged Index. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.49% for HEWJ and 0.45% for DBJP.

DBJP currently has the higher Sharpe Ratio (2.62 vs 2.62), 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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