PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
HEWJ vs. JPXN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEWJ vs. JPXN

Last updated Aug 5, 2026
Documentation

HEWJ (iShares Currency Hedged MSCI Japan ETF) and JPXN (iShares JPX-Nikkei 400 ETF) are both Japan Equities funds from iShares - HEWJ tracks the MSCI Japan 100% Hedged to USD Index while JPXN tracks the JPX-Nikkei Index 400. Both are passively managed. Over the past 10 years, HEWJ returned 16.67%/yr vs 9.04%/yr for JPXN. Their correlation of 0.82 means they have usually moved in the same direction. HEWJ charges 0.49%/yr vs 0.48%/yr for JPXN.

Performance

HEWJ vs. JPXN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Japan ETF (HEWJ) and iShares JPX-Nikkei 400 ETF (JPXN). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, HEWJ achieves a 20.71% return, which is significantly higher than JPXN's 18.10% return. Over the past 10 years, HEWJ has outperformed JPXN with an annualized return of 16.67%, while JPXN has yielded a comparatively lower 9.04% 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%

JPXN

1D
1.72%
1M
1.78%
6M
9.98%
YTD
18.10%
1Y
29.79%
3Y*
18.64%
5Y*
9.64%
10Y*
9.04%
ALL TIME*
5.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

HEWJ

iShares Currency Hedged MSCI Japan ETF
$1.73M$2.71M$4.09M

JPXN

iShares JPX-Nikkei 400 ETF
$766.97K$881.82K$1.31M

HEWJ vs. JPXN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
JPXN
iShares JPX-Nikkei 400 ETF		18.10%26.03%6.48%19.69%-16.29%0.16%15.12%19.40%-14.87%24.41%

Correlation

The correlation between HEWJ and JPXN is 0.89, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.89

Correlation (3Y)
Balances recent behavior with more history.

0.83

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.81

Correlation (10Y)
Provides a long-term view across more market conditions.

0.83

Correlation (All Time)
Calculated using the full available price history since Feb 5, 2014

0.82

The correlation between HEWJ and JPXN has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.

HEWJ vs. JPXN - Sectors Allocation Comparison

Sectors
HEWJ
JPXN

Industrials

24.8%
27.3%

Technology

22.2%
19.7%

Financial Services

19.8%
16.0%

Consumer Cyclical

10.1%
10.2%

Healthcare

5.8%
6.2%

Communication Services

4.9%
5.3%

Basic Materials

3.8%
5.1%

Consumer Defensive

3.4%
4.8%

Real Estate

1.9%
2.4%

Utilities

1.0%
1.5%

Energy

0.9%
1.2%

Industrials

HEWJ
24.8%
JPXN
27.3%

Technology

HEWJ
22.2%
JPXN
19.7%

Financial Services

HEWJ
19.8%
JPXN
16.0%

Consumer Cyclical

HEWJ
10.1%
JPXN
10.2%

Healthcare

HEWJ
5.8%
JPXN
6.2%

Communication Services

HEWJ
4.9%
JPXN
5.3%

Basic Materials

HEWJ
3.8%
JPXN
5.1%

Consumer Defensive

HEWJ
3.4%
JPXN
4.8%

Real Estate

HEWJ
1.9%
JPXN
2.4%

Utilities

HEWJ
1.0%
JPXN
1.5%

Energy

HEWJ
0.9%
JPXN
1.2%

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

iShares JPX-Nikkei 400 ETF

Often compared with HEWJ:
HEWJ vs. EWJHEWJ vs. EWJVHEWJ vs. DBJPHEWJ vs. FLJHHEWJ vs. DXJHEWJ vs. HEFAHEWJ vs. VOO
Often compared with JPXN:
JPXN vs. EWJJPXN vs. DXJJPXN vs. FLJPJPXN vs. FJPNXJPXN vs. XDJP.DEJPXN vs. VOOJPXN vs. SCJ

Return for Risk

HEWJ vs. JPXN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
HEWJ
HEWJ Risk / Return Rank: 8787
Overall Rank
HEWJ Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 8383
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 8484
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 9191
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 8989
Martin Ratio Rank
JPXN
JPXN Risk / Return Rank: 5656
Overall Rank
JPXN Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
JPXN Sortino Ratio Rank: 5555
Sortino Ratio Rank
JPXN Omega Ratio Rank: 5656
Omega Ratio Rank
JPXN Calmar Ratio Rank: 5757
Calmar Ratio Rank
JPXN Martin Ratio Rank: 5858
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HEWJ vs. JPXN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and iShares JPX-Nikkei 400 ETF (JPXN). 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.

HEWJJPXNDifference
Sharpe ratioReturn per unit of total volatility
2.25
1.51

+0.74

Sortino ratioReturn per unit of downside risk
2.99
2.16

+0.83

Omega ratioGain probability vs. loss probability

1.40

1.28

+0.12

Calmar ratioReturn relative to maximum drawdown

4.37

2.28

+2.09

Martin ratioReturn relative to average drawdown

14.87

7.72

+7.14

HEWJ vs. JPXN - Sharpe Ratio Comparison

The current HEWJ Sharpe Ratio is 2.25, which is higher than the JPXN Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of HEWJ and JPXN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

HEWJ vs. JPXN - Drawdown Comparison

The maximum HEWJ drawdown since its inception was -31.53%, smaller than the maximum JPXN drawdown of -55.54%. Use the drawdown chart below to compare losses from any high point for HEWJ and JPXN.

Loading charts...

Drawdown Indicators

HEWJJPXNDifference

Max Drawdown

Largest peak-to-trough decline

-31.53%

-55.54%

+24.01%

Max Drawdown (1Y)

Largest decline over 1 year

-10.37%

-13.11%

+2.74%

Max Drawdown (3Y)

Largest decline over 3 years

-20.90%

-13.95%

-6.95%

Max Drawdown (5Y)

Largest decline over 5 years

-20.90%

-33.21%

+12.31%

Max Drawdown (10Y)

Largest decline over 10 years

-31.53%

-33.21%

+1.68%

Current Drawdown

Current decline from peak

-4.58%

-0.67%

-3.91%

Average Drawdown

Average peak-to-trough decline

-6.57%

-14.97%

+8.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.04%

3.87%

-0.83%

Volatility

HEWJ vs. JPXN - Volatility Comparison

iShares Currency Hedged MSCI Japan ETF (HEWJ) and iShares JPX-Nikkei 400 ETF (JPXN) have volatilities of 6.48% and 6.75%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

HEWJJPXNDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.48%

6.75%

-0.27%

Volatility (6M)

Calculated over the trailing 6-month period

16.28%

16.72%

-0.44%

Volatility (1Y)

Calculated over the trailing 1-year period

20.19%

19.84%

+0.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.42%

18.01%

+1.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.49%

17.12%

+2.37%

HEWJ vs. JPXN - Expense Ratio Comparison

HEWJ has a 0.49% expense ratio, which is higher than JPXN's 0.48% expense ratio.

Dividends

HEWJ vs. JPXN - Dividend Comparison

HEWJ's dividend yield for the trailing twelve months is around 4.12%, more than JPXN's 2.71% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
JPXN
iShares JPX-Nikkei 400 ETF		2.71%3.14%2.29%2.57%1.47%2.63%1.27%1.92%1.60%1.50%2.07%1.32%

Frequently Asked Questions

HEWJ and JPXN have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

JPXN has higher volatility (6.75%) compared to HEWJ (6.48%). In terms of maximum drawdown, HEWJ dropped -31.53% vs JPXN's -55.54%.

On 10-year performance, HEWJ leads with 16.67% vs 9.04% for JPXN. On fees, JPXN is cheaper at 0.48% per year. On volatility, HEWJ has been the lower-risk option at 6.48%. 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 9.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

JPXN is cheaper with a 0.48% expense ratio, compared with 0.49% for HEWJ.

HEWJ has the higher dividend yield at 4.12%, compared with 2.71% for JPXN.

HEWJ tracks MSCI Japan 100% Hedged to USD Index, while JPXN tracks JPX-Nikkei Index 400. Their fees differ too: 0.49% for HEWJ and 0.48% for JPXN.

HEWJ currently has the higher Sharpe Ratio (2.25 vs 1.51), 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.

Portfolio Optimizer

Find the right allocation for HEWJ and JPXN

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer