HEWJ vs. MJSC

Last updated Jun 24, 2026

HEWJ (iShares Currency Hedged MSCI Japan ETF) and MJSC (MUFG Japan Small Cap Active ETF) are both Japan Equities funds. HEWJ is passively managed, while MJSC is actively managed. A 0.75 correlation means they provide meaningful diversification when combined. HEWJ charges 0.49%/yr vs 0.85%/yr for MJSC.

Performance

HEWJ vs. MJSC - Performance Comparison

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

Returns By Period

In the year-to-date period, HEWJ achieves a 20.65% return, which is significantly lower than MJSC's 22.08% return.

HEWJ

• 1D: -4.63%
• 1M: 3.30%
• YTD: 20.65%
• 6M: 20.58%
• 1Y: 53.42%
• 3Y*: 28.39%
• 5Y*: 21.50%
• 10Y*: 17.36%

MJSC

• 1D: -3.44%
• 1M: -0.52%
• YTD: 22.08%
• 6M: 21.25%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HEWJ vs. MJSC - Yearly Performance Comparison

	2026 (YTD)	2025
HEWJ iShares Currency Hedged MSCI Japan ETF	20.65%	11.24%
MJSC MUFG Japan Small Cap Active ETF	22.08%	-0.05%

Correlation

The correlation between HEWJ and MJSC is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 17, 2025	0.75

Return for Risk

HEWJ vs. MJSC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HEWJ

HEWJ Risk / Return Rank: 87
HEWJ Sharpe Ratio Rank: 87
HEWJ Sortino Ratio Rank: 84
HEWJ Omega Ratio Rank: 85
HEWJ Calmar Ratio Rank: 89
HEWJ Martin Ratio Rank: 90

MJSC

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. MJSC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and MUFG Japan Small Cap Active ETF (MJSC). 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	MJSC	Difference
Sharpe ratio: Return per unit of total volatility	2.69	—	—
Sortino ratio: Return per unit of downside risk	3.53	—	—
Omega ratio: Gain probability vs. loss probability	1.48	—	—
Calmar ratio: Return relative to maximum drawdown	5.17	—	—
Martin ratio: Return relative to average drawdown	19.91	—	—

Drawdowns

HEWJ vs. MJSC - Drawdown Comparison

The maximum HEWJ drawdown since its inception was -31.53%, which is greater than MJSC's maximum drawdown of -12.63%. Use the drawdown chart below to compare losses from any high point for HEWJ and MJSC.

Drawdown Indicators

	HEWJ	MJSC	Difference
Max Drawdown Largest peak-to-trough decline	-31.53%	-12.63%	-18.90%
Max Drawdown (1Y) Largest decline over 1 year	-10.37%	—	—
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 Drawdown Current decline from peak	-4.63%	-3.44%	-1.19%
Average Drawdown Average peak-to-trough decline	-6.59%	-2.94%	-3.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	—	—

Volatility

Volatility by Period

	HEWJ	MJSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.10%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.51%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.95%	20.85%	-0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.30%	20.85%	-1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.52%	20.85%	-1.33%

HEWJ vs. MJSC - Expense Ratio Comparison

HEWJ has a 0.49% expense ratio, which is lower than MJSC's 0.85% expense ratio.

Dividends

HEWJ vs. MJSC - Dividend Comparison

HEWJ's dividend yield for the trailing twelve months is around 4.23%, more than MJSC's 0.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEWJ iShares Currency Hedged MSCI Japan ETF	4.23%	5.10%	2.20%	2.02%	47.68%	2.03%	1.20%	2.78%	1.37%	1.21%	1.88%	3.25%
MJSC MUFG Japan Small Cap Active ETF	0.54%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HEWJ and MJSC in my portfolio?

HEWJ and MJSC have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEWJ or MJSC?

On fees, HEWJ is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEWJ or MJSC?

HEWJ is cheaper with a 0.49% expense ratio, compared with 0.85% for MJSC.

Which ETF pays a higher dividend yield, HEWJ or MJSC?

HEWJ has the higher dividend yield at 4.23%, compared with 0.54% for MJSC.

What is the main difference between HEWJ and MJSC?

They also come from different issuers: iShares and MUFG. Their fees differ too: 0.49% for HEWJ and 0.85% for MJSC.