HEWJ vs. IAU
HEWJ (iShares Currency Hedged MSCI Japan ETF) and IAU (iShares Gold Trust) are both exchange-traded funds - HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index, while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, HEWJ returned 16.67%/yr vs 11.52%/yr for IAU. Their -0.10 correlation means they have often moved in opposite directions in the past. HEWJ charges 0.49%/yr vs 0.25%/yr for IAU.
Performance
HEWJ vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, HEWJ achieves a 20.71% return, which is significantly higher than IAU's -5.52% return. Over the past 10 years, HEWJ has outperformed IAU with an annualized return of 16.67%, while IAU has yielded a comparatively lower 11.52% 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%
IAU
- 1D
- 0.66%
- 1M
- -1.06%
- 6M
- -17.56%
- YTD
- -5.52%
- 1Y
- 20.51%
- 3Y*
- 27.77%
- 5Y*
- 17.43%
- 10Y*
- 11.52%
- ALL TIME*
- 10.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.73M | $2.71M | $4.09M | |
| $375.17M | $380.53M | $472.45M |
HEWJ vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
IAU iShares Gold Trust | -5.52% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between HEWJ and IAU is 0.33, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.33 |
Correlation (3Y) Balances recent behavior with more history. | 0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2014 | -0.10 |
The correlation between HEWJ and IAU shifts across timeframes, from -0.10 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HEWJ vs. IAU — Risk / Return Rank
HEWJ
IAU
HEWJ vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and iShares Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.51 | ||
| Sortino ratioReturn per unit of downside risk | +1.90 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.16 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 4.37 | 0.78 | +3.59 |
| Martin ratioReturn relative to average drawdown | 14.87 | 1.66 | +13.20 |
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Drawdowns
HEWJ vs. IAU - Drawdown Comparison
The maximum HEWJ drawdown since its inception was -31.53%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for HEWJ and IAU.
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Drawdown Indicators
| HEWJ | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.53% | -45.14% | +13.61% |
Max Drawdown (1Y)Largest decline over 1 year | -10.37% | -26.36% | +15.99% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | -26.36% | +5.46% |
Max Drawdown (5Y)Largest decline over 5 years | -20.90% | -26.36% | +5.46% |
Max Drawdown (10Y)Largest decline over 10 years | -31.53% | -26.36% | -5.17% |
Current DrawdownCurrent decline from peak | -4.58% | -24.50% | +19.92% |
Average DrawdownAverage peak-to-trough decline | -6.57% | -16.02% | +9.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.04% | 12.36% | -9.32% |
Volatility
HEWJ vs. IAU - Volatility Comparison
iShares Currency Hedged MSCI Japan ETF (HEWJ) has a higher volatility of 6.48% compared to iShares Gold Trust (IAU) at 5.93%. This indicates that HEWJ's price experiences larger fluctuations and is considered to be riskier than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEWJ | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.48% | 5.93% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 16.28% | 20.43% | -4.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.19% | 27.85% | -7.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.42% | 18.43% | +0.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.49% | 16.07% | +3.42% |
HEWJ vs. IAU - Expense Ratio Comparison
HEWJ has a 0.49% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
HEWJ vs. IAU - Dividend Comparison
HEWJ's dividend yield for the trailing twelve months is around 4.12%, while IAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IAU iShares Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HEWJ and IAU have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HEWJ has higher volatility (6.48%) compared to IAU (5.93%). In terms of maximum drawdown, HEWJ dropped -31.53% vs IAU's -45.14%.
On 10-year performance, HEWJ leads with 16.67% vs 11.52% for IAU. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 5.93%. 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 16.67% return vs 11.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.49% for HEWJ.
HEWJ has the higher dividend yield at 4.12%, compared with 0.00% for IAU.
HEWJ is categorized as Japan Equities, while IAU is Gold. HEWJ tracks MSCI Japan 100% Hedged to USD Index, while IAU tracks LBMA Gold Price. Their fees differ too: 0.49% for HEWJ and 0.25% for IAU.
HEWJ currently has the higher Sharpe Ratio (2.25 vs 0.74), 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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