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HEWJ vs. EWT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEWJ vs. EWT

Last updated Aug 5, 2026
Documentation

HEWJ (iShares Currency Hedged MSCI Japan ETF) and EWT (iShares MSCI Taiwan ETF) are both exchange-traded funds - HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index, while EWT is a Taiwan Equities fund tracking the MSCI Taiwan 25/50 Index. Both are passively managed. Over the past 10 years, HEWJ returned 16.67%/yr vs 18.42%/yr for EWT. Their 0.53 correlation means they have sometimes moved together and sometimes differently. HEWJ charges 0.49%/yr vs 0.59%/yr for EWT.

Performance

HEWJ vs. EWT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Japan ETF (HEWJ) and iShares MSCI Taiwan ETF (EWT). 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 20.71% return, which is significantly lower than EWT's 60.88% return. Over the past 10 years, HEWJ has underperformed EWT with an annualized return of 16.67%, while EWT has yielded a comparatively higher 18.42% annualized return.

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%

EWT

1D
4.32%
1M
-2.53%
6M
48.50%
YTD
60.88%
1Y
81.69%
3Y*
38.52%
5Y*
17.68%
10Y*
18.42%
ALL TIME*
7.23%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWT

iShares MSCI Taiwan ETF
$552.78M$665.70M$671.36M

HEWJ

iShares Currency Hedged MSCI Japan ETF
$1.73M$2.71M$4.09M

HEWJ vs. EWT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
EWT
iShares MSCI Taiwan ETF		60.88%28.38%16.11%29.00%-28.90%26.18%31.50%33.36%-9.90%26.81%

Correlation

The correlation between HEWJ and EWT is 0.58, 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.

0.58

Correlation (3Y)
Balances recent behavior with more history.

0.48

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.53

Correlation (10Y)
Provides a long-term view across more market conditions.

0.54

Correlation (All Time)
Calculated using the full available price history since Feb 5, 2014

0.53

The correlation between HEWJ and EWT has been stable across timeframes, ranging from 0.48 to 0.58 - a consistent structural relationship.

HEWJ vs. EWT - Sectors Allocation Comparison

Sectors
HEWJ
EWT

Industrials

24.8%
4.3%

Technology

22.2%
71.6%

Financial Services

19.8%
14.6%

Consumer Cyclical

10.1%
0.4%

Healthcare

5.8%
1.3%

Communication Services

4.9%
1.8%

Basic Materials

3.8%
3.9%

Consumer Defensive

3.4%
1.1%

Real Estate

1.9%

-

Utilities

1.0%

-

Energy

0.9%

-

Industrials

HEWJ
24.8%
EWT
4.3%

Technology

HEWJ
22.2%
EWT
71.6%

Financial Services

HEWJ
19.8%
EWT
14.6%

Consumer Cyclical

HEWJ
10.1%
EWT
0.4%

Healthcare

HEWJ
5.8%
EWT
1.3%

Communication Services

HEWJ
4.9%
EWT
1.8%

Basic Materials

HEWJ
3.8%
EWT
3.9%

Consumer Defensive

HEWJ
3.4%
EWT
1.1%

Real Estate

HEWJ
1.9%
EWT

-

Utilities

HEWJ
1.0%
EWT

-

Energy

HEWJ
0.9%
EWT

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Currency Hedged MSCI Japan ETF

iShares MSCI Taiwan ETF

Often compared with HEWJ:
HEWJ vs. EWJHEWJ vs. EWJVHEWJ vs. DBJPHEWJ vs. FLJHHEWJ vs. DXJHEWJ vs. HEFAHEWJ vs. VOO
Often compared with EWT:
EWT vs. EWYEWT vs. FLTWEWT vs. VTEWT vs. QQQEWT vs. EWSEWT vs. EWHEWT vs. EWX

Return for Risk

HEWJ vs. EWT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
HEWJ
HEWJ Risk / Return Rank: 8787
Overall Rank
HEWJ Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 8383
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 8484
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 9191
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 8989
Martin Ratio Rank
EWT
EWT Risk / Return Rank: 9090
Overall Rank
EWT Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
EWT Sortino Ratio Rank: 8585
Sortino Ratio Rank
EWT Omega Ratio Rank: 8888
Omega Ratio Rank
EWT Calmar Ratio Rank: 9090
Calmar Ratio Rank
EWT Martin Ratio Rank: 9191
Martin Ratio Rank
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. EWT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and iShares MSCI Taiwan ETF (EWT). 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.

HEWJEWTDifference
Sharpe ratioReturn per unit of total volatility
2.25
2.64

-0.39

Sortino ratioReturn per unit of downside risk
2.99
3.11

-0.12

Omega ratioGain probability vs. loss probability

1.40

1.43

-0.03

Calmar ratioReturn relative to maximum drawdown

4.37

4.14

+0.23

Martin ratioReturn relative to average drawdown

14.87

16.64

-1.77

HEWJ vs. EWT - Sharpe Ratio Comparison

The current HEWJ Sharpe Ratio is 2.25, which is comparable to the EWT Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of HEWJ and EWT, 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. EWT - Drawdown Comparison

The maximum HEWJ drawdown since its inception was -31.53%, smaller than the maximum EWT drawdown of -64.37%. Use the drawdown chart below to compare losses from any high point for HEWJ and EWT.

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Drawdown Indicators

HEWJEWTDifference

Max Drawdown

Largest peak-to-trough decline

-31.53%

-64.37%

+32.84%

Max Drawdown (1Y)

Largest decline over 1 year

-10.37%

-19.83%

+9.46%

Max Drawdown (3Y)

Largest decline over 3 years

-20.90%

-25.66%

+4.76%

Max Drawdown (5Y)

Largest decline over 5 years

-20.90%

-38.88%

+17.98%

Max Drawdown (10Y)

Largest decline over 10 years

-31.53%

-38.88%

+7.35%

Current Drawdown

Current decline from peak

-4.58%

-8.36%

+3.78%

Average Drawdown

Average peak-to-trough decline

-6.57%

-19.09%

+12.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.04%

4.93%

-1.89%

Volatility

HEWJ vs. EWT - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI Japan ETF (HEWJ) is 6.48%, while iShares MSCI Taiwan ETF (EWT) has a volatility of 14.05%. This indicates that HEWJ experiences smaller price fluctuations and is considered to be less risky than EWT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HEWJEWTDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.48%

14.05%

-7.57%

Volatility (6M)

Calculated over the trailing 6-month period

16.28%

27.71%

-11.43%

Volatility (1Y)

Calculated over the trailing 1-year period

20.19%

31.07%

-10.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.42%

24.03%

-4.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.49%

22.23%

-2.74%

HEWJ vs. EWT - Expense Ratio Comparison

HEWJ has a 0.49% expense ratio, which is lower than EWT's 0.59% expense ratio.

Dividends

HEWJ vs. EWT - Dividend Comparison

HEWJ's dividend yield for the trailing twelve months is around 4.12%, more than EWT's 2.76% yield.

PositionTTM20252024202320222021202020192018201720162015
EWT
iShares MSCI Taiwan ETF		2.76%4.43%3.32%12.01%18.82%0.55%1.83%2.49%3.16%2.81%2.39%3.12%
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

HEWJ and EWT have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWT has higher volatility (14.05%) compared to HEWJ (6.48%). In terms of maximum drawdown, HEWJ dropped -31.53% vs EWT's -64.37%.

On 10-year performance, EWT leads with 18.42% vs 16.67% for HEWJ. On fees, HEWJ is cheaper at 0.49% per year. On volatility, HEWJ has been the lower-risk option at 6.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWT has performed better with a 18.42% return vs 16.67%. 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 0.59% for EWT.

HEWJ has the higher dividend yield at 4.12%, compared with 2.76% for EWT.

HEWJ is categorized as Japan Equities, while EWT is Taiwan Equities. HEWJ tracks MSCI Japan 100% Hedged to USD Index, while EWT tracks MSCI Taiwan 25/50 Index. Their fees differ too: 0.49% for HEWJ and 0.59% for EWT.

EWT currently has the higher Sharpe Ratio (2.64 vs 2.25), 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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