HEWJ vs. DXJS

Last updated Aug 5, 2026

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 means they have usually moved in the same direction. HEWJ charges 0.49%/yr vs 0.58%/yr for DXJS.

Performance

HEWJ vs. DXJS - 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 Hedged SmallCap Equity Fund (DXJS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HEWJ

• 1D: 2.48%
• 1M: -0.17%
• 6M: 12.75%
• YTD: 20.71%
• 1Y: 45.11%
• 3Y*: 28.13%
• 5Y*: 21.79%
• 10Y*: 16.67%
• ALL TIME*: 14.05%

DXJS

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HEWJ iShares Currency Hedged MSCI Japan ETF	$1.73M	$2.71M	$4.09M

HEWJ vs. DXJS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEWJ iShares Currency Hedged MSCI Japan ETF	20.71%	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 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (10Y) Provides a long-term view across more market conditions.	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 0.70 (1 year) to 0.84 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HEWJ vs. DXJS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HEWJ

HEWJ Risk / Return Rank: 87
HEWJ Sharpe Ratio Rank: 86
HEWJ Sortino Ratio Rank: 83
HEWJ Omega Ratio Rank: 84
HEWJ Calmar Ratio Rank: 91
HEWJ Martin Ratio Rank: 89

DXJS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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 ratio: Return per unit of total volatility	2.25	—	—
Sortino ratio: Return per unit of downside risk	2.99	—	—
Omega ratio: Gain probability vs. loss probability	1.40	—	—
Calmar ratio: Return relative to maximum drawdown	4.37	—	—
Martin ratio: Return relative to average drawdown	14.87	—	—

Drawdowns

Drawdown Indicators

	HEWJ	DXJS	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-4.58%	—	—
Average Drawdown Average peak-to-trough decline	-6.57%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	—	—

Volatility

Volatility by Period

	HEWJ	DXJS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.48%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.28%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	20.19%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.42%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.49%	—	—

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 4.12%, 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	4.12%	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

Can I hold both HEWJ and DXJS in my portfolio?

HEWJ and DXJS have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEWJ or DXJS?

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.

Which ETF is cheaper, HEWJ or DXJS?

HEWJ is cheaper with a 0.49% expense ratio, compared with 0.58% for DXJS.

Which ETF pays a higher dividend yield, HEWJ or DXJS?

HEWJ has the higher dividend yield at 4.12%, compared with 0.53% for DXJS.

What is the main difference between HEWJ and 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.