HEWJ vs. IBIT
HEWJ (iShares Currency Hedged MSCI Japan ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, HEWJ returned 52.34% vs -38.74% for IBIT. At a 0.19 correlation, their price movements are largely independent. HEWJ charges 0.49%/yr vs 0.25%/yr for IBIT.
Performance
HEWJ vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, HEWJ achieves a 20.42% return, which is significantly higher than IBIT's -25.48% return.
HEWJ
- 1D
- 0.55%
- 1M
- 8.68%
- YTD
- 20.42%
- 6M
- 23.99%
- 1Y
- 52.34%
- 3Y*
- 29.11%
- 5Y*
- 21.38%
- 10Y*
- 16.48%
IBIT
- 1D
- -2.76%
- 1M
- -18.50%
- YTD
- -25.48%
- 6M
- -29.84%
- 1Y
- -38.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HEWJ vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HEWJ iShares Currency Hedged MSCI Japan ETF | 20.42% | 30.25% | 18.04% |
IBIT iShares Bitcoin Trust ETF | -25.48% | -6.41% | 99.21% |
Correlation
The correlation between HEWJ and IBIT is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024 | 0.19 |
The correlation between HEWJ and IBIT shifts across timeframes, from 0.19 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HEWJ vs. IBIT — Risk / Return Rank
HEWJ
IBIT
HEWJ vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and iShares Bitcoin Trust ETF (IBIT). 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.
| HEWJ | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.71 | ||
| Sortino ratioReturn per unit of downside risk | +5.11 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 0.86 | +0.65 |
| Calmar ratioReturn relative to maximum drawdown | 5.07 | -0.79 | +5.86 |
| Martin ratioReturn relative to average drawdown | 19.91 | -1.36 | +21.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HEWJ | IBIT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.82 | -0.89 | +3.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.13 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.84 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.69 | 0.30 | +0.40 |
Drawdowns
HEWJ vs. IBIT - Drawdown Comparison
The maximum HEWJ drawdown since its inception was -31.53%, smaller than the maximum IBIT drawdown of -49.36%. Use the drawdown chart below to compare losses from any high point for HEWJ and IBIT.
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Drawdown Indicators
| HEWJ | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.53% | -49.36% | +17.83% |
Max Drawdown (1Y)Largest decline over 1 year | -10.37% | -49.36% | +38.99% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -20.90% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -31.53% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -48.10% | +48.10% |
Average DrawdownAverage peak-to-trough decline | -6.61% | -16.02% | +9.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.64% | 28.44% | -25.80% |
Volatility
HEWJ vs. IBIT - Volatility Comparison
The current volatility for iShares Currency Hedged MSCI Japan ETF (HEWJ) is 3.91%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 9.50%. This indicates that HEWJ experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEWJ | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.91% | 9.50% | -5.59% |
Volatility (6M)Calculated over the trailing 6-month period | 13.66% | 34.44% | -20.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.65% | 43.73% | -25.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.04% | 50.19% | -31.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.65% | 50.19% | -30.54% |
HEWJ vs. IBIT - Expense Ratio Comparison
HEWJ has a 0.49% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
HEWJ vs. IBIT - Dividend Comparison
HEWJ's dividend yield for the trailing twelve months is around 4.24%, while IBIT 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 | 4.24% | 5.10% | 2.20% | 2.02% | 47.68% | 2.03% | 1.20% | 2.78% | 1.37% | 1.21% | 1.88% | 3.25% |
IBIT iShares Bitcoin Trust ETF | 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 IBIT have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (9.50%) compared to HEWJ (3.91%). In terms of maximum drawdown, HEWJ dropped -31.53% vs IBIT's -49.36%.
On 1-year performance, HEWJ leads with 52.34% vs -38.74% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, HEWJ has been the lower-risk option at 3.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HEWJ has performed better with a 52.34% return vs -38.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.49% for HEWJ.
HEWJ has the higher dividend yield at 4.24%, compared with 0.00% for IBIT.
HEWJ is categorized as Japan Equities, while IBIT is Cryptocurrency. HEWJ tracks MSCI Japan 100% Hedged to USD Index, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.49% for HEWJ and 0.25% for IBIT.
HEWJ currently has the higher Sharpe Ratio (2.82 vs -0.89), 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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