HEWJ vs. DXJS
HEWJ (iShares Currency Hedged MSCI Japan ETF) and DXJS (WisdomTree Japan Hedged SmallCap Equity Fund) are both Japan Equities funds - HEWJ tracks the MSCI Japan 100% Hedged to USD Index while DXJS tracks the WisdomTree Japan Hedged SmallCap Equity Index. Both are passively managed. Over the past 10 years, HEWJ returned 17.39%/yr vs 16.84%/yr for DXJS. Their correlation of 0.84 suggests significant overlap in exposure. HEWJ charges 0.49%/yr vs 0.58%/yr for DXJS.
Performance
HEWJ vs. DXJS - Performance Comparison
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Returns By Period
In the year-to-date period, HEWJ achieves a 20.99% return, which is significantly lower than DXJS's 23.30% return. Both investments have delivered pretty close results over the past 10 years, with HEWJ having a 17.39% annualized return and DXJS not far behind at 16.84%.
HEWJ
- 1D
- 0.28%
- 1M
- 3.59%
- YTD
- 20.99%
- 6M
- 21.45%
- 1Y
- 53.81%
- 3Y*
- 28.51%
- 5Y*
- 21.47%
- 10Y*
- 17.39%
DXJS
- 1D
- -2.83%
- 1M
- -1.82%
- YTD
- 23.30%
- 6M
- 24.94%
- 1Y
- 60.75%
- 3Y*
- 33.69%
- 5Y*
- 24.61%
- 10Y*
- 16.84%
HEWJ vs. DXJS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HEWJ iShares Currency Hedged MSCI Japan ETF | 20.99% | 30.25% | 24.80% | 36.21% | -4.39% | 12.79% | 10.29% | 20.79% | -14.68% | 21.47% |
DXJS WisdomTree Japan Hedged SmallCap Equity Fund | 23.30% | 37.08% | 20.70% | 38.96% | 5.02% | 11.66% | -3.22% | 18.24% | -18.69% | 29.56% |
Correlation
The correlation between HEWJ and DXJS is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2014 | 0.84 |
The correlation between HEWJ and DXJS has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.
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Return for Risk
HEWJ vs. DXJS — Risk / Return Rank
HEWJ
DXJS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HEWJ vs. DXJS - 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 Hedged SmallCap Equity Fund (DXJS). 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.
| HEWJ | DXJS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.51 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 5.21 | 6.24 | -1.02 |
| Martin ratioReturn relative to average drawdown | 19.96 | 22.10 | -2.15 |
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Drawdowns
HEWJ vs. DXJS - Drawdown Comparison
The maximum HEWJ drawdown since its inception was -31.53%, smaller than the maximum DXJS drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for HEWJ and DXJS.
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Drawdown Indicators
| HEWJ | DXJS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.53% | -39.30% | +7.77% |
Max Drawdown (1Y)Largest decline over 1 year | -10.37% | -9.82% | -0.55% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | -16.49% | -4.41% |
Max Drawdown (5Y)Largest decline over 5 years | -20.90% | -16.49% | -4.41% |
Max Drawdown (10Y)Largest decline over 10 years | -31.53% | -39.30% | +7.77% |
Current DrawdownCurrent decline from peak | -4.36% | -6.44% | +2.08% |
Average DrawdownAverage peak-to-trough decline | -6.59% | -6.49% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.70% | 2.77% | -0.07% |
Volatility
HEWJ vs. DXJS - Volatility Comparison
iShares Currency Hedged MSCI Japan ETF (HEWJ) has a higher volatility of 8.10% compared to WisdomTree Japan Hedged SmallCap Equity Fund (DXJS) at 5.19%. This indicates that HEWJ's price experiences larger fluctuations and is considered to be riskier than DXJS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEWJ | DXJS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.10% | 5.19% | +2.91% |
Volatility (6M)Calculated over the trailing 6-month period | 15.39% | 15.69% | -0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.95% | 19.86% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.30% | 18.08% | +1.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.51% | 19.72% | -0.21% |
HEWJ vs. DXJS - Expense Ratio Comparison
HEWJ has a 0.49% expense ratio, which is lower than DXJS's 0.58% expense ratio.
Dividends
HEWJ vs. DXJS - Dividend Comparison
HEWJ's dividend yield for the trailing twelve months is around 4.22%, while DXJS has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DXJS WisdomTree Japan Hedged SmallCap Equity Fund | 1.54% | 1.78% | 4.02% | 2.71% | 2.63% | 2.96% | 3.04% | 2.17% | 2.06% | 1.53% | 1.66% | 3.61% |
HEWJ iShares Currency Hedged MSCI Japan ETF | 4.22% | 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 DXJS 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.
HEWJ has higher volatility (8.10%) compared to DXJS (5.19%). In terms of maximum drawdown, HEWJ dropped -31.53% vs DXJS's -39.30%.
On 10-year performance, HEWJ leads with 17.39% vs 16.84% for DXJS. On fees, HEWJ is cheaper at 0.49% per year. On volatility, DXJS has been the lower-risk option at 5.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HEWJ has performed better with a 17.39% return vs 16.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HEWJ is cheaper with a 0.49% expense ratio, compared with 0.58% for DXJS.
HEWJ has the higher dividend yield at 4.22%, compared with 1.54% for DXJS.
HEWJ tracks MSCI Japan 100% Hedged to USD Index, while DXJS tracks WisdomTree Japan Hedged SmallCap Equity Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.49% for HEWJ and 0.58% for DXJS.
DXJS currently has the higher Sharpe Ratio (3.08 vs 2.71), 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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