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HEWJ vs. EMVL.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEWJ vs. EMVL.L

Last updated Jun 16, 2026

HEWJ (iShares Currency Hedged MSCI Japan ETF) and EMVL.L (iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc)) are both exchange-traded funds - HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index, while EMVL.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 5 years, HEWJ returned 21.43%/yr vs 16.74%/yr for EMVL.L. At a 0.43 correlation, their price movements are largely independent. HEWJ charges 0.49%/yr vs 0.40%/yr for EMVL.L.

Performance

HEWJ vs. EMVL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Japan ETF (HEWJ) and iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) (EMVL.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HEWJ achieves a 21.75% return, which is significantly lower than EMVL.L's 45.06% return.

HEWJ

1D
2.12%
1M
5.32%
YTD
21.75%
6M
21.73%
1Y
55.27%
3Y*
27.88%
5Y*
21.43%
10Y*
17.18%

EMVL.L

1D
2.91%
1M
8.74%
YTD
45.06%
6M
49.13%
1Y
82.04%
3Y*
36.29%
5Y*
16.74%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HEWJ vs. EMVL.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
HEWJ
iShares Currency Hedged MSCI Japan ETF		21.75%30.25%24.80%36.21%-4.39%12.79%10.29%20.79%-7.92%
EMVL.L
iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc)		45.06%43.13%14.49%18.37%-16.29%5.29%7.72%17.64%-2.10%

Correlation

The correlation between HEWJ and EMVL.L is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.47

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

0.34

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

0.38

Correlation (All Time)
Calculated using the full available price history since Dec 6, 2018

0.43

The correlation between HEWJ and EMVL.L shifts across timeframes, from 0.34 (3 years) to 0.47 (1 year), reflecting how their relationship changes across market environments.

HEWJ vs. EMVL.L - Sectors Allocation Comparison

Sectors
HEWJ
EMVL.L

Industrials

23.5%
3.3%

Technology

23.3%
48.9%

Financial Services

17.4%
16.0%

Consumer Cyclical

11.1%
6.8%

Communication Services

6.7%
1.6%

Healthcare

5.7%
1.5%

Basic Materials

3.9%
8.6%

Consumer Defensive

3.2%
1.2%

Real Estate

1.8%
1.7%

Utilities

0.9%
1.4%

Energy

0.9%
7.0%

Industrials

HEWJ
23.5%
EMVL.L
3.3%

Technology

HEWJ
23.3%
EMVL.L
48.9%

Financial Services

HEWJ
17.4%
EMVL.L
16.0%

Consumer Cyclical

HEWJ
11.1%
EMVL.L
6.8%

Communication Services

HEWJ
6.7%
EMVL.L
1.6%

Healthcare

HEWJ
5.7%
EMVL.L
1.5%

Basic Materials

HEWJ
3.9%
EMVL.L
8.6%

Consumer Defensive

HEWJ
3.2%
EMVL.L
1.2%

Real Estate

HEWJ
1.8%
EMVL.L
1.7%

Utilities

HEWJ
0.9%
EMVL.L
1.4%

Energy

HEWJ
0.9%
EMVL.L
7.0%

Compare stocks, funds, or ETFs

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iShares Currency Hedged MSCI Japan ETF

iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc)

Often compared with HEWJ:
HEWJ vs. EWJHEWJ vs. EWJVHEWJ vs. DBJPHEWJ vs. FLJHHEWJ vs. HEFAHEWJ vs. DXJHEWJ vs. HEEM
Often compared with EMVL.L:
EMVL.L vs. EIMI.LEMVL.L vs. AVESEMVL.L vs. AVEMEMVL.L vs. DGSE.LEMVL.L vs. HSEF.LEMVL.L vs. VWOEMVL.L vs. IWDA.L

Return for Risk

HEWJ vs. EMVL.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HEWJ
HEWJ Risk / Return Rank: 9191
Overall Rank
HEWJ Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 9191
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 8989
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 9191
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 9292
Martin Ratio Rank
EMVL.L
EMVL.L Risk / Return Rank: 9494
Overall Rank
EMVL.L Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
EMVL.L Sortino Ratio Rank: 9494
Sortino Ratio Rank
EMVL.L Omega Ratio Rank: 9494
Omega Ratio Rank
EMVL.L Calmar Ratio Rank: 9595
Calmar Ratio Rank
EMVL.L Martin Ratio Rank: 9393
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. EMVL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) (EMVL.L). 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.

HEWJEMVL.LDifference
Sharpe ratioReturn per unit of total volatility
2.87
3.73

-0.85

Sortino ratioReturn per unit of downside risk
3.85
4.42

-0.57

Omega ratioGain probability vs. loss probability

1.51

1.64

-0.12

Calmar ratioReturn relative to maximum drawdown

5.35

7.00

-1.65

Martin ratioReturn relative to average drawdown

20.71

22.34

-1.63

HEWJ vs. EMVL.L - Sharpe Ratio Comparison

The current HEWJ Sharpe Ratio is 2.87, which is comparable to the EMVL.L Sharpe Ratio of 3.73. The chart below compares the historical Sharpe Ratios of HEWJ and EMVL.L, 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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Drawdowns

HEWJ vs. EMVL.L - Drawdown Comparison

The maximum HEWJ drawdown since its inception was -31.53%, smaller than the maximum EMVL.L drawdown of -34.95%. Use the drawdown chart below to compare losses from any high point for HEWJ and EMVL.L.

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Drawdown Indicators

HEWJEMVL.LDifference

Max Drawdown

Largest peak-to-trough decline

-31.53%

-34.95%

+3.42%

Max Drawdown (1Y)

Largest decline over 1 year

-10.37%

-11.65%

+1.28%

Max Drawdown (3Y)

Largest decline over 3 years

-20.90%

-16.42%

-4.48%

Max Drawdown (5Y)

Largest decline over 5 years

-20.90%

-33.55%

+12.65%

Max Drawdown (10Y)

Largest decline over 10 years

-31.53%

—

—

Current Drawdown

Current decline from peak

0.00%

-3.38%

+3.38%

Average Drawdown

Average peak-to-trough decline

-6.60%

-9.53%

+2.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.68%

3.66%

-0.98%

Volatility

HEWJ vs. EMVL.L - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI Japan ETF (HEWJ) is 6.19%, while iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) (EMVL.L) has a volatility of 10.29%. This indicates that HEWJ experiences smaller price fluctuations and is considered to be less risky than EMVL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HEWJEMVL.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.19%

10.29%

-4.10%

Volatility (6M)

Calculated over the trailing 6-month period

14.67%

18.92%

-4.25%

Volatility (1Y)

Calculated over the trailing 1-year period

19.36%

21.93%

-2.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.19%

20.24%

-1.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.68%

21.19%

-1.51%

HEWJ vs. EMVL.L - Expense Ratio Comparison

HEWJ has a 0.49% expense ratio, which is higher than EMVL.L's 0.40% expense ratio.

Dividends

HEWJ vs. EMVL.L - Dividend Comparison

HEWJ's dividend yield for the trailing twelve months is around 4.19%, while EMVL.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
EMVL.L
iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
HEWJ
iShares Currency Hedged MSCI Japan ETF		4.19%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 EMVL.L have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, EMVL.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

EMVL.L is cheaper with a 0.40% expense ratio, compared with 0.49% for HEWJ.

HEWJ is categorized as Japan Equities, while EMVL.L is Emerging Markets Equities. HEWJ tracks MSCI Japan 100% Hedged to USD Index, while EMVL.L tracks MSCI EM NR USD. Their fees differ too: 0.49% for HEWJ and 0.40% for EMVL.L.

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