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. 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
HEWJ
- 1D
- -0.37%
- 1M
- 0.56%
- 6M
- 14.64%
- YTD
- 22.43%
- 1Y
- 53.02%
- 3Y*
- 29.39%
- 5Y*
- 22.34%
- 10Y*
- 16.64%
DXJS
- 1D
- —
- 1M
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HEWJ vs. DXJS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HEWJ iShares Currency Hedged MSCI Japan ETF | 22.43% | 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 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
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 shifts across timeframes, from 0.73 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.
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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 | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.47 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 5.14 | — | — |
| Martin ratioReturn relative to average drawdown | 19.03 | — | — |
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Drawdowns
HEWJ vs. DXJS - Drawdown Comparison
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Drawdown Indicators
| HEWJ | DXJS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.53% | — | — |
Max Drawdown (1Y)Largest decline over 1 year | -10.37% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -20.90% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -31.53% | — | — |
Current DrawdownCurrent decline from peak | -3.23% | — | — |
Average DrawdownAverage peak-to-trough decline | -6.58% | — | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | — | — |
Volatility
HEWJ vs. DXJS - Volatility Comparison
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Volatility by Period
| HEWJ | DXJS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.68% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 15.76% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 20.16% | — | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.33% | — | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.46% | — | — |
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 4.06%, 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 | 0.53% | 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 | 4.06% | 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 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HEWJ is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEWJ is cheaper with a 0.49% expense ratio, compared with 0.58% for DXJS.
HEWJ has the higher dividend yield at 4.06%, compared with 0.53% 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.
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