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HEWJ vs. GSJY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEWJ vs. GSJY

Last updated Jun 25, 2026

HEWJ (iShares Currency Hedged MSCI Japan ETF) and GSJY (Goldman Sachs ActiveBeta Japan Equity ETF) are both Japan Equities funds - HEWJ tracks the MSCI Japan 100% Hedged to USD Index while GSJY tracks the Goldman Sachs ActiveBeta Japan Equity Index. Both are passively managed. Over the past 10 years, HEWJ returned 17.39%/yr vs 9.25%/yr for GSJY. Their correlation of 0.81 suggests significant overlap in exposure. HEWJ charges 0.49%/yr vs 0.25%/yr for GSJY.

Performance

HEWJ vs. GSJY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Japan ETF (HEWJ) and Goldman Sachs ActiveBeta Japan Equity ETF (GSJY). 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 20.99% return, which is significantly higher than GSJY's 11.42% return. Over the past 10 years, HEWJ has outperformed GSJY with an annualized return of 17.39%, while GSJY has yielded a comparatively lower 9.25% annualized return.

HEWJ

1D
0.28%
1M
3.59%
YTD
20.99%
6M
21.45%
1Y
53.81%
3Y*
28.51%
5Y*
21.47%
10Y*
17.39%

GSJY

1D
-1.04%
1M
0.01%
YTD
11.42%
6M
11.00%
1Y
29.29%
3Y*
17.62%
5Y*
8.55%
10Y*
9.25%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HEWJ vs. GSJY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HEWJ
iShares Currency Hedged MSCI Japan ETF		20.99%30.25%24.80%36.21%-4.39%12.79%10.29%20.79%-14.68%21.47%
GSJY
Goldman Sachs ActiveBeta Japan Equity ETF		11.42%26.22%8.89%19.18%-16.15%0.41%13.81%18.29%-11.56%25.50%

Correlation

The correlation between HEWJ and GSJY is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.88

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

0.83

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

0.82

Correlation (10Y)
Calculated over the trailing 10-year period

0.82

Correlation (All Time)
Calculated using the full available price history since Mar 4, 2016

0.81

The correlation between HEWJ and GSJY has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

HEWJ vs. GSJY - Sectors Allocation Comparison

Sectors
HEWJ
GSJY

Technology

23.5%
20.2%

Industrials

22.8%
24.9%

Financial Services

17.9%
18.1%

Consumer Cyclical

11.1%
12.7%

Communication Services

6.4%
6.4%

Healthcare

5.7%
4.9%

Basic Materials

3.9%
3.7%

Consumer Defensive

3.3%
3.1%

Real Estate

1.9%
1.2%

Utilities

1.0%
1.5%

Energy

0.9%
3.4%

Technology

HEWJ
23.5%
GSJY
20.2%

Industrials

HEWJ
22.8%
GSJY
24.9%

Financial Services

HEWJ
17.9%
GSJY
18.1%

Consumer Cyclical

HEWJ
11.1%
GSJY
12.7%

Communication Services

HEWJ
6.4%
GSJY
6.4%

Healthcare

HEWJ
5.7%
GSJY
4.9%

Basic Materials

HEWJ
3.9%
GSJY
3.7%

Consumer Defensive

HEWJ
3.3%
GSJY
3.1%

Real Estate

HEWJ
1.9%
GSJY
1.2%

Utilities

HEWJ
1.0%
GSJY
1.5%

Energy

HEWJ
0.9%
GSJY
3.4%

Compare stocks, funds, or ETFs

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iShares Currency Hedged MSCI Japan ETF

Goldman Sachs ActiveBeta Japan Equity ETF

Often compared with HEWJ:
HEWJ vs. EWJHEWJ vs. EWJVHEWJ vs. DBJPHEWJ vs. FLJHHEWJ vs. HEFAHEWJ vs. DXJHEWJ vs. HEEM
Often compared with GSJY:
GSJY vs. DXJSGSJY vs. EUE.LGSJY vs. JPMGSJY vs. GSEUGSJY vs. EWJVGSJY vs. FLJPGSJY vs. ^GSPC

Return for Risk

HEWJ vs. GSJY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HEWJ
HEWJ Risk / Return Rank: 9090
Overall Rank
HEWJ Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 8888
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 8888
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 9191
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 9292
Martin Ratio Rank
GSJY
GSJY Risk / Return Rank: 4646
Overall Rank
GSJY Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
GSJY Sortino Ratio Rank: 4646
Sortino Ratio Rank
GSJY Omega Ratio Rank: 4848
Omega Ratio Rank
GSJY Calmar Ratio Rank: 4747
Calmar Ratio Rank
GSJY Martin Ratio Rank: 4646
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. GSJY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and Goldman Sachs ActiveBeta Japan Equity ETF (GSJY). 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.

HEWJGSJYDifference
Sharpe ratioReturn per unit of total volatility
2.71
1.44

+1.27

Sortino ratioReturn per unit of downside risk
3.55
2.06

+1.49

Omega ratioGain probability vs. loss probability

1.49

1.27

+0.22

Calmar ratioReturn relative to maximum drawdown

5.21

2.09

+3.12

Martin ratioReturn relative to average drawdown

19.96

6.82

+13.13

HEWJ vs. GSJY - Sharpe Ratio Comparison

The current HEWJ Sharpe Ratio is 2.71, which is higher than the GSJY Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of HEWJ and GSJY, 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. GSJY - Drawdown Comparison

The maximum HEWJ drawdown since its inception was -31.53%, roughly equal to the maximum GSJY drawdown of -32.53%. Use the drawdown chart below to compare losses from any high point for HEWJ and GSJY.

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Drawdown Indicators

HEWJGSJYDifference

Max Drawdown

Largest peak-to-trough decline

-31.53%

-32.53%

+1.00%

Max Drawdown (1Y)

Largest decline over 1 year

-10.37%

-14.08%

+3.71%

Max Drawdown (3Y)

Largest decline over 3 years

-20.90%

-14.96%

-5.94%

Max Drawdown (5Y)

Largest decline over 5 years

-20.90%

-32.53%

+11.63%

Max Drawdown (10Y)

Largest decline over 10 years

-31.53%

-32.53%

+1.00%

Current Drawdown

Current decline from peak

-4.36%

-4.94%

+0.58%

Average Drawdown

Average peak-to-trough decline

-6.59%

-7.56%

+0.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.70%

4.30%

-1.60%

Volatility

HEWJ vs. GSJY - Volatility Comparison

iShares Currency Hedged MSCI Japan ETF (HEWJ) has a higher volatility of 8.10% compared to Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) at 7.44%. This indicates that HEWJ's price experiences larger fluctuations and is considered to be riskier than GSJY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HEWJGSJYDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.10%

7.44%

+0.66%

Volatility (6M)

Calculated over the trailing 6-month period

15.39%

16.56%

-1.17%

Volatility (1Y)

Calculated over the trailing 1-year period

19.95%

20.47%

-0.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.30%

18.29%

+1.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.51%

17.10%

+2.41%

HEWJ vs. GSJY - Expense Ratio Comparison

HEWJ has a 0.49% expense ratio, which is higher than GSJY's 0.25% expense ratio.

Dividends

HEWJ vs. GSJY - Dividend Comparison

HEWJ's dividend yield for the trailing twelve months is around 4.22%, more than GSJY's 1.27% yield.

PositionTTM20252024202320222021202020192018201720162015
GSJY
Goldman Sachs ActiveBeta Japan Equity ETF		1.27%1.99%1.64%2.11%2.13%1.73%1.22%2.79%3.28%1.70%2.09%0.00%
HEWJ
iShares Currency Hedged MSCI Japan ETF		4.22%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 GSJY have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HEWJ has higher volatility (8.10%) compared to GSJY (7.44%). In terms of maximum drawdown, HEWJ dropped -31.53% vs GSJY's -32.53%.

On 10-year performance, HEWJ leads with 17.39% vs 9.25% for GSJY. On fees, GSJY is cheaper at 0.25% per year. On volatility, GSJY has been the lower-risk option at 7.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, HEWJ has performed better with a 17.39% return vs 9.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GSJY is cheaper with a 0.25% expense ratio, compared with 0.49% for HEWJ.

HEWJ has the higher dividend yield at 4.22%, compared with 1.27% for GSJY.

HEWJ tracks MSCI Japan 100% Hedged to USD Index, while GSJY tracks Goldman Sachs ActiveBeta Japan Equity Index. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.49% for HEWJ and 0.25% for GSJY.

HEWJ currently has the higher Sharpe Ratio (2.71 vs 1.44), 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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