HEWJ vs. DFJ

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Currency Hedged MSCI Japan ETF (HEWJ) and WisdomTree Japan SmallCap Dividend Fund (DFJ).

HEWJ and DFJ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HEWJ is a passively managed fund by iShares that tracks the performance of the MSCI Japan 100% Hedged to USD Index. It was launched on Jan 31, 2014. DFJ is a passively managed fund by WisdomTree that tracks the performance of the WisdomTree Japan SmallCap Dividend Index. It was launched on Jun 16, 2006. Both HEWJ and DFJ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HEWJ vs. DFJ - Performance Comparison

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

HEWJ vs. DFJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEWJ iShares Currency Hedged MSCI Japan ETF	6.80%	30.25%	24.80%	36.21%	-4.39%	12.79%	10.29%	20.79%	-14.68%	21.47%
DFJ WisdomTree Japan SmallCap Dividend Fund	5.94%	31.90%	2.80%	21.81%	-9.00%	0.38%	1.29%	16.98%	-18.53%	32.14%

Returns By Period

In the year-to-date period, HEWJ achieves a 6.80% return, which is significantly higher than DFJ's 5.94% return. Over the past 10 years, HEWJ has outperformed DFJ with an annualized return of 15.11%, while DFJ has yielded a comparatively lower 9.09% annualized return.

HEWJ

• 1D: 2.93%
• 1M: -6.84%
• YTD: 6.80%
• 6M: 19.17%
• 1Y: 41.35%
• 3Y*: 28.90%
• 5Y*: 18.41%
• 10Y*: 15.11%

DFJ

• 1D: 3.53%
• 1M: -9.59%
• YTD: 5.94%
• 6M: 9.16%
• 1Y: 32.42%
• 3Y*: 17.78%
• 5Y*: 8.69%
• 10Y*: 9.09%

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

HEWJ vs. DFJ - Expense Ratio Comparison

HEWJ has a 0.49% expense ratio, which is lower than DFJ's 0.58% expense ratio.

DFJ

WisdomTree Japan SmallCap Dividend Fund

HEWJ

iShares Currency Hedged MSCI Japan ETF

Return for Risk

HEWJ vs. DFJ — Risk / Return Rank

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

HEWJ

HEWJ Risk / Return Rank: 89
HEWJ Sharpe Ratio Rank: 87
HEWJ Sortino Ratio Rank: 88
HEWJ Omega Ratio Rank: 88
HEWJ Calmar Ratio Rank: 92
HEWJ Martin Ratio Rank: 92

DFJ

DFJ Risk / Return Rank: 86
DFJ Sharpe Ratio Rank: 89
DFJ Sortino Ratio Rank: 90
DFJ Omega Ratio Rank: 86
DFJ Calmar Ratio Rank: 84
DFJ Martin Ratio Rank: 81

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. DFJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and WisdomTree Japan SmallCap Dividend Fund (DFJ). 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.

	HEWJ	DFJ	Difference
Sharpe ratio Return per unit of total volatility	1.74	1.88	-0.13
Sortino ratio Return per unit of downside risk	2.41	2.54	-0.13
Omega ratio Gain probability vs. loss probability	1.35	1.34	+0.01
Calmar ratio Return relative to maximum drawdown	3.27	2.41	+0.86
Martin ratio Return relative to average drawdown	12.62	8.69	+3.93
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. DFJ - Sharpe Ratio Comparison

The current HEWJ Sharpe Ratio is 1.74, which is comparable to the DFJ Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of HEWJ and DFJ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HEWJ	DFJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	1.88	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.55	+0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.54	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.30	+0.35

Correlation

The correlation between HEWJ and DFJ is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HEWJ vs. DFJ - Dividend Comparison

HEWJ's dividend yield for the trailing twelve months is around 4.78%, more than DFJ's 2.51% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEWJ iShares Currency Hedged MSCI Japan ETF	4.78%	5.10%	2.20%	2.02%	47.68%	2.03%	1.20%	2.78%	1.37%	1.21%	1.88%	3.25%
DFJ WisdomTree Japan SmallCap Dividend Fund	2.51%	2.68%	2.46%	2.43%	2.62%	2.07%	2.59%	2.24%	1.89%	1.60%	1.76%	1.23%

Drawdowns

HEWJ vs. DFJ - Drawdown Comparison

The maximum HEWJ drawdown since its inception was -31.53%, smaller than the maximum DFJ drawdown of -46.00%. Use the drawdown chart below to compare losses from any high point for HEWJ and DFJ.

Drawdown Indicators

	HEWJ	DFJ	Difference
Max Drawdown Largest peak-to-trough decline	-31.53%	-46.00%	+14.47%
Max Drawdown (1Y) Largest decline over 1 year	-11.99%	-13.03%	+1.04%
Max Drawdown (5Y) Largest decline over 5 years	-20.90%	-29.71%	+8.81%
Max Drawdown (10Y) Largest decline over 10 years	-31.53%	-40.02%	+8.49%
Current Drawdown Current decline from peak	-7.04%	-9.59%	+2.55%
Average Drawdown Average peak-to-trough decline	-6.68%	-11.19%	+4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	3.62%	-0.43%

Volatility

HEWJ vs. DFJ - Volatility Comparison

iShares Currency Hedged MSCI Japan ETF (HEWJ) has a higher volatility of 8.41% compared to WisdomTree Japan SmallCap Dividend Fund (DFJ) at 7.65%. This indicates that HEWJ's price experiences larger fluctuations and is considered to be riskier than DFJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEWJ	DFJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.41%	7.65%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	14.72%	12.62%	+2.10%
Volatility (1Y) Calculated over the trailing 1-year period	23.87%	17.39%	+6.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.99%	15.75%	+3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.99%	16.90%	+3.09%