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HEWJ vs. FLJH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEWJ vs. FLJH

Last updated Jun 26, 2026

HEWJ (iShares Currency Hedged MSCI Japan ETF) and FLJH (Franklin FTSE Japan Hedged ETF) are both Japan Equities funds - HEWJ tracks the MSCI Japan 100% Hedged to USD Index while FLJH tracks the FTSE Japan RIC Capped Hedged to USD Net Tax Index. Both are passively managed. Over the past 5 years, HEWJ returned 21.67%/yr vs 20.99%/yr for FLJH. Their correlation of 0.92 suggests significant overlap in exposure. HEWJ charges 0.49%/yr vs 0.09%/yr for FLJH.

Performance

HEWJ vs. FLJH - Performance Comparison

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

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Returns By Period

The year-to-date returns for both stocks are quite close, with HEWJ having a 21.98% return and FLJH slightly lower at 21.36%.

HEWJ

1D
0.82%
1M
2.80%
YTD
21.98%
6M
22.44%
1Y
55.15%
3Y*
28.93%
5Y*
21.67%
10Y*
17.60%

FLJH

1D
0.69%
1M
2.00%
YTD
21.36%
6M
21.87%
1Y
48.60%
3Y*
27.60%
5Y*
20.99%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HEWJ vs. FLJH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HEWJ
iShares Currency Hedged MSCI Japan ETF		21.98%30.25%24.80%36.21%-4.39%12.79%10.29%20.79%-14.68%0.90%
FLJH
Franklin FTSE Japan Hedged ETF		21.36%25.26%25.89%36.02%-2.75%12.68%10.65%20.34%-14.66%1.26%

Correlation

The correlation between HEWJ and FLJH is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

0.96

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

0.98

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

0.98

Correlation (All Time)
Calculated using the full available price history since Nov 6, 2017

0.92

The correlation between HEWJ and FLJH has been stable across timeframes, ranging from 0.92 to 0.98 - a consistent structural relationship.

HEWJ vs. FLJH - Sectors Allocation Comparison

Sectors
HEWJ
FLJH

Technology

23.5%
19.4%

Industrials

22.8%
25.2%

Financial Services

17.9%
15.8%

Consumer Cyclical

11.1%
12.7%

Communication Services

6.4%
8.0%

Healthcare

5.7%
5.5%

Basic Materials

3.9%
4.4%

Consumer Defensive

3.3%
4.0%

Real Estate

1.9%
3.0%

Utilities

1.0%
1.2%

Energy

0.9%
0.9%

Technology

HEWJ
23.5%
FLJH
19.4%

Industrials

HEWJ
22.8%
FLJH
25.2%

Financial Services

HEWJ
17.9%
FLJH
15.8%

Consumer Cyclical

HEWJ
11.1%
FLJH
12.7%

Communication Services

HEWJ
6.4%
FLJH
8.0%

Healthcare

HEWJ
5.7%
FLJH
5.5%

Basic Materials

HEWJ
3.9%
FLJH
4.4%

Consumer Defensive

HEWJ
3.3%
FLJH
4.0%

Real Estate

HEWJ
1.9%
FLJH
3.0%

Utilities

HEWJ
1.0%
FLJH
1.2%

Energy

HEWJ
0.9%
FLJH
0.9%

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

Franklin FTSE Japan Hedged ETF

Often compared with HEWJ:
HEWJ vs. EWJHEWJ vs. EWJVHEWJ vs. DBJPHEWJ vs. HEFAHEWJ vs. DXJHEWJ vs. HEEMHEWJ vs. VOO
Often compared with FLJH:
FLJH vs. FLJPFLJH vs. EWJVFLJH vs. EWJFLJH vs. DBJPFLJH vs. SCHDFLJH vs. OARKFLJH vs. FLSW

Return for Risk

HEWJ vs. FLJH — 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: 9090
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 9090
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 9292
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 9393
Martin Ratio Rank
FLJH
FLJH Risk / Return Rank: 8888
Overall Rank
FLJH Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
FLJH Sortino Ratio Rank: 8787
Sortino Ratio Rank
FLJH Omega Ratio Rank: 8888
Omega Ratio Rank
FLJH Calmar Ratio Rank: 8888
Calmar Ratio Rank
FLJH Martin Ratio Rank: 8989
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. FLJH - Risk-Adjusted Trends Comparison

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

HEWJFLJHDifference
Sharpe ratioReturn per unit of total volatility
2.78
2.57

+0.20

Sortino ratioReturn per unit of downside risk
3.62
3.40

+0.22

Omega ratioGain probability vs. loss probability

1.50

1.47

+0.03

Calmar ratioReturn relative to maximum drawdown

5.34

4.52

+0.82

Martin ratioReturn relative to average drawdown

20.38

17.37

+3.01

HEWJ vs. FLJH - Sharpe Ratio Comparison

The current HEWJ Sharpe Ratio is 2.78, which is comparable to the FLJH Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of HEWJ and FLJH, 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. FLJH - Drawdown Comparison

The maximum HEWJ drawdown since its inception was -31.53%, roughly equal to the maximum FLJH drawdown of -31.51%. Use the drawdown chart below to compare losses from any high point for HEWJ and FLJH.

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Drawdown Indicators

HEWJFLJHDifference

Max Drawdown

Largest peak-to-trough decline

-31.53%

-31.51%

-0.02%

Max Drawdown (1Y)

Largest decline over 1 year

-10.37%

-10.80%

+0.43%

Max Drawdown (3Y)

Largest decline over 3 years

-20.90%

-20.39%

-0.51%

Max Drawdown (5Y)

Largest decline over 5 years

-20.90%

-20.39%

-0.51%

Max Drawdown (10Y)

Largest decline over 10 years

-31.53%

—

—

Current Drawdown

Current decline from peak

-3.58%

-3.15%

-0.43%

Average Drawdown

Average peak-to-trough decline

-6.59%

-5.29%

-1.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.71%

2.81%

-0.10%

Volatility

HEWJ vs. FLJH - Volatility Comparison

iShares Currency Hedged MSCI Japan ETF (HEWJ) has a higher volatility of 8.00% compared to Franklin FTSE Japan Hedged ETF (FLJH) at 7.00%. This indicates that HEWJ's price experiences larger fluctuations and is considered to be riskier than FLJH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HEWJFLJHDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.00%

7.00%

+1.00%

Volatility (6M)

Calculated over the trailing 6-month period

15.39%

14.63%

+0.76%

Volatility (1Y)

Calculated over the trailing 1-year period

19.96%

18.99%

+0.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.30%

18.71%

+0.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.51%

19.88%

-0.37%

HEWJ vs. FLJH - Expense Ratio Comparison

HEWJ has a 0.49% expense ratio, which is higher than FLJH's 0.09% expense ratio.

Dividends

HEWJ vs. FLJH - Dividend Comparison

HEWJ's dividend yield for the trailing twelve months is around 4.18%, more than FLJH's 1.84% yield.

PositionTTM20252024202320222021202020192018201720162015
FLJH
Franklin FTSE Japan Hedged ETF		1.84%3.90%5.06%25.59%26.67%1.29%0.00%0.00%5.92%0.10%0.00%0.00%
HEWJ
iShares Currency Hedged MSCI Japan ETF		4.18%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

With a correlation of 0.96, HEWJ and FLJH move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

HEWJ has higher volatility (8.00%) compared to FLJH (7.00%). In terms of maximum drawdown, HEWJ dropped -31.53% vs FLJH's -31.51%.

On 5-year performance, HEWJ leads with 21.67% vs 20.99% for FLJH. On fees, FLJH is cheaper at 0.09% per year. On volatility, FLJH has been the lower-risk option at 7.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, HEWJ has performed better with a 21.67% return vs 20.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLJH is cheaper with a 0.09% expense ratio, compared with 0.49% for HEWJ.

HEWJ has the higher dividend yield at 4.18%, compared with 1.84% for FLJH.

HEWJ tracks MSCI Japan 100% Hedged to USD Index, while FLJH tracks FTSE Japan RIC Capped Hedged to USD Net Tax Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.49% for HEWJ and 0.09% for FLJH.

HEWJ currently has the higher Sharpe Ratio (2.78 vs 2.57), 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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