HEWJ vs. NBJP

Last updated Jun 24, 2026

HEWJ (iShares Currency Hedged MSCI Japan ETF) and NBJP (Neuberger Berman Japan Equity ETF) are both Japan Equities funds. HEWJ is passively managed, while NBJP is actively managed. Over the past year, HEWJ returned 53.42% vs 38.22% for NBJP. A 0.75 correlation means they provide meaningful diversification when combined. HEWJ charges 0.49%/yr vs 0.50%/yr for NBJP.

Performance

HEWJ vs. NBJP - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with HEWJ having a 20.65% return and NBJP slightly lower at 19.75%.

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%

NBJP

• 1D: -5.02%
• 1M: 2.82%
• YTD: 19.75%
• 6M: 18.67%
• 1Y: 38.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEWJ vs. NBJP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HEWJ iShares Currency Hedged MSCI Japan ETF	20.65%	30.25%	9.89%
NBJP Neuberger Berman Japan Equity ETF	19.75%	30.41%	-2.65%

Correlation

The correlation between HEWJ and NBJP is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.75

The correlation between HEWJ and NBJP has been stable across timeframes, ranging from 0.75 to 0.78 - a consistent structural relationship.

Return for Risk

HEWJ vs. NBJP — 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

NBJP

NBJP Risk / Return Rank: 58
NBJP Sharpe Ratio Rank: 59
NBJP Sortino Ratio Rank: 57
NBJP Omega Ratio Rank: 58
NBJP Calmar Ratio Rank: 59
NBJP Martin Ratio Rank: 58

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. NBJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and Neuberger Berman Japan Equity ETF (NBJP). 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	NBJP	Difference
Sharpe ratio: Return per unit of total volatility	2.69	1.81	+0.88
Sortino ratio: Return per unit of downside risk	3.53	2.48	+1.05
Omega ratio: Gain probability vs. loss probability	1.48	1.33	+0.16
Calmar ratio: Return relative to maximum drawdown	5.17	2.68	+2.50
Martin ratio: Return relative to average drawdown	19.91	9.51	+10.40

HEWJ vs. NBJP - Sharpe Ratio Comparison

The current HEWJ Sharpe Ratio is 2.69, which is higher than the NBJP Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of HEWJ and NBJP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HEWJ vs. NBJP - Drawdown Comparison

The maximum HEWJ drawdown since its inception was -31.53%, which is greater than NBJP's maximum drawdown of -14.34%. Use the drawdown chart below to compare losses from any high point for HEWJ and NBJP.

Drawdown Indicators

	HEWJ	NBJP	Difference
Max Drawdown Largest peak-to-trough decline	-31.53%	-14.34%	-17.19%
Max Drawdown (1Y) Largest decline over 1 year	-10.37%	-14.34%	+3.97%
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%	-5.02%	+0.39%
Average Drawdown Average peak-to-trough decline	-6.59%	-3.18%	-3.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	4.03%	-1.34%

Volatility

HEWJ vs. NBJP - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI Japan ETF (HEWJ) is 8.10%, while Neuberger Berman Japan Equity ETF (NBJP) has a volatility of 9.10%. This indicates that HEWJ experiences smaller price fluctuations and is considered to be less risky than NBJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEWJ	NBJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.10%	9.10%	-1.00%
Volatility (6M) Calculated over the trailing 6-month period	15.51%	18.37%	-2.86%
Volatility (1Y) Calculated over the trailing 1-year period	19.95%	21.18%	-1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.30%	20.21%	-0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.52%	20.21%	-0.69%

HEWJ vs. NBJP - Expense Ratio Comparison

HEWJ has a 0.49% expense ratio, which is lower than NBJP's 0.50% expense ratio.

Dividends

HEWJ vs. NBJP - Dividend Comparison

HEWJ's dividend yield for the trailing twelve months is around 4.23%, more than NBJP's 1.91% 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%
NBJP Neuberger Berman Japan Equity ETF	1.91%	2.29%	0.75%	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 NBJP in my portfolio?

HEWJ and NBJP have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HEWJ or NBJP?

NBJP has higher volatility (9.10%) compared to HEWJ (8.10%). In terms of maximum drawdown, HEWJ dropped -31.53% vs NBJP's -14.34%.

Which ETF is better, HEWJ or NBJP?

On 1-year performance, HEWJ leads with 53.42% vs 38.22% for NBJP. On fees, HEWJ is cheaper at 0.49% per year. On volatility, HEWJ has been the lower-risk option at 8.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEWJ or NBJP?

Over the 1-year period, HEWJ has performed better with a 53.42% return vs 38.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEWJ or NBJP?

HEWJ is cheaper with a 0.49% expense ratio, compared with 0.50% for NBJP.

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

HEWJ has the higher dividend yield at 4.23%, compared with 1.91% for NBJP.

What is the main difference between HEWJ and NBJP?

They also come from different issuers: iShares and Neuberger Berman. Their fees differ too: 0.49% for HEWJ and 0.50% for NBJP.

Which has better risk-adjusted returns?

HEWJ currently has the higher Sharpe Ratio (2.69 vs 1.81), 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.