HEWJ vs. FGQD.L

Last updated Jun 16, 2026

HEWJ (iShares Currency Hedged MSCI Japan ETF) and FGQD.L (Fidelity Global Quality Income ETF) are both exchange-traded funds - HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index, while FGQD.L is a Global Equities fund tracking the Fidelity Global Quality Income index. Both are passively managed. Over the past 5 years, HEWJ returned 21.43%/yr vs 10.91%/yr for FGQD.L. At a 0.49 correlation, their price movements are largely independent. HEWJ charges 0.49%/yr vs 0.40%/yr for FGQD.L.

Performance

HEWJ vs. FGQD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Japan ETF (HEWJ) and Fidelity Global Quality Income ETF (FGQD.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HEWJ is traded in USD, while FGQD.L is traded in GBp. To make them comparable, the FGQD.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HEWJ achieves a 21.75% return, which is significantly higher than FGQD.L's 10.39% 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%

FGQD.L

• 1D: 1.06%
• 1M: 3.43%
• YTD: 10.39%
• 6M: 11.19%
• 1Y: 26.09%
• 3Y*: 16.86%
• 5Y*: 10.91%
• 10Y*: —

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

HEWJ vs. FGQD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEWJ iShares Currency Hedged MSCI Japan ETF	21.75%	30.25%	24.80%	36.21%	-4.39%	12.79%	10.29%	20.79%	-14.68%	19.75%
FGQD.L Fidelity Global Quality Income ETF	10.39%	20.61%	11.33%	17.39%	-10.91%	22.66%	9.68%	28.80%	-7.79%	-7.56%

Correlation

The correlation between HEWJ and FGQD.L is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Mar 27, 2017	0.49

The correlation between HEWJ and FGQD.L has been stable across timeframes, ranging from 0.44 to 0.52 - a consistent structural relationship.

HEWJ vs. FGQD.L - Sectors Allocation Comparison

Sectors	HEWJ	FGQD.L
Industrials	23.5%	11.9%
Technology	23.3%	30.0%
Financial Services	17.4%	16.2%
Consumer Cyclical	11.1%	8.7%
Communication Services	6.7%	8.2%
Healthcare	5.7%	9.0%
Basic Materials	3.9%	2.9%
Consumer Defensive	3.2%	4.7%
Real Estate	1.8%	1.9%
Utilities	0.9%	2.5%
Energy	0.9%	4.0%

Return for Risk

HEWJ vs. FGQD.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HEWJ

HEWJ Risk / Return Rank: 91
HEWJ Sharpe Ratio Rank: 92
HEWJ Sortino Ratio Rank: 91
HEWJ Omega Ratio Rank: 89
HEWJ Calmar Ratio Rank: 91
HEWJ Martin Ratio Rank: 92

FGQD.L

FGQD.L Risk / Return Rank: 88
FGQD.L Sharpe Ratio Rank: 91
FGQD.L Sortino Ratio Rank: 91
FGQD.L Omega Ratio Rank: 90
FGQD.L Calmar Ratio Rank: 79
FGQD.L Martin Ratio Rank: 87

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. FGQD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and Fidelity Global Quality Income ETF (FGQD.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.

	HEWJ	FGQD.L	Difference
Sharpe ratio: Return per unit of total volatility	2.87	2.32	+0.56
Sortino ratio: Return per unit of downside risk	3.85	3.45	+0.40
Omega ratio: Gain probability vs. loss probability	1.51	1.41	+0.10
Calmar ratio: Return relative to maximum drawdown	5.35	2.87	+2.48
Martin ratio: Return relative to average drawdown	20.71	12.99	+7.71

HEWJ vs. FGQD.L - Sharpe Ratio Comparison

The current HEWJ Sharpe Ratio is 2.87, which is comparable to the FGQD.L Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of HEWJ and FGQD.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.

Drawdowns

HEWJ vs. FGQD.L - Drawdown Comparison

The maximum HEWJ drawdown since its inception was -31.53%, smaller than the maximum FGQD.L drawdown of -34.58%. Use the drawdown chart below to compare losses from any high point for HEWJ and FGQD.L.

Drawdown Indicators

	HEWJ	FGQD.L	Difference
Max Drawdown Largest peak-to-trough decline	-31.53%	-34.58%	+3.05%
Max Drawdown (1Y) Largest decline over 1 year	-10.37%	-9.04%	-1.33%
Max Drawdown (3Y) Largest decline over 3 years	-20.90%	-15.59%	-5.31%
Max Drawdown (5Y) Largest decline over 5 years	-20.90%	-22.77%	+1.87%
Max Drawdown (10Y) Largest decline over 10 years	-31.53%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.60%	-5.63%	-0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	2.00%	+0.68%

Volatility

HEWJ vs. FGQD.L - Volatility Comparison

iShares Currency Hedged MSCI Japan ETF (HEWJ) has a higher volatility of 6.19% compared to Fidelity Global Quality Income ETF (FGQD.L) at 3.51%. This indicates that HEWJ's price experiences larger fluctuations and is considered to be riskier than FGQD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEWJ	FGQD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.19%	3.51%	+2.68%
Volatility (6M) Calculated over the trailing 6-month period	14.67%	8.89%	+5.78%
Volatility (1Y) Calculated over the trailing 1-year period	19.36%	11.24%	+8.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.19%	14.30%	+4.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.68%	16.78%	+2.90%

HEWJ vs. FGQD.L - Expense Ratio Comparison

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

Dividends

HEWJ vs. FGQD.L - Dividend Comparison

HEWJ's dividend yield for the trailing twelve months is around 4.19%, more than FGQD.L's 1.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGQD.L Fidelity Global Quality Income ETF	1.80%	1.86%	2.31%	2.78%	2.70%	2.46%	2.60%	2.44%	2.70%	1.10%	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

Can I hold both HEWJ and FGQD.L in my portfolio?

HEWJ and FGQD.L have a correlation of 0.52, 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 FGQD.L?

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

Which ETF is cheaper, HEWJ or FGQD.L?

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

What is the main difference between HEWJ and FGQD.L?

HEWJ is categorized as Japan Equities, while FGQD.L is Global Equities. HEWJ tracks MSCI Japan 100% Hedged to USD Index, while FGQD.L tracks Fidelity Global Quality Income index. They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.49% for HEWJ and 0.40% for FGQD.L.