HEWJ vs. NVDY
HEWJ (iShares Currency Hedged MSCI Japan ETF) and NVDY (YieldMax NVDA Option Income Strategy ETF) are both exchange-traded funds - HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index, while NVDY is a Derivative Income fund actively managed by YieldMax. HEWJ is passively managed, while NVDY is actively managed. Over the past 3 years, HEWJ returned 28.13%/yr vs 51.75%/yr for NVDY. Their 0.38 correlation means their historical movements had little consistent relationship. HEWJ charges 0.49%/yr vs 0.99%/yr for NVDY.
Performance
HEWJ vs. NVDY - 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 NVDY's 12.15% 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%
NVDY
- 1D
- 1.87%
- 1M
- 6.84%
- 6M
- 13.93%
- YTD
- 12.15%
- 1Y
- 19.43%
- 3Y*
- 51.75%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 57.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.73M | $2.71M | $4.09M | |
| $26.69M | $27.60M | $36.70M |
HEWJ vs. NVDY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HEWJ iShares Currency Hedged MSCI Japan ETF | 20.71% | 30.25% | 24.80% | 19.17% |
NVDY YieldMax NVDA Option Income Strategy ETF | 12.15% | 27.38% | 114.23% | 41.31% |
Correlation
The correlation between HEWJ and NVDY is 0.40, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.40 |
Correlation (3Y) Balances recent behavior with more history. | 0.38 |
Correlation (All Time) Calculated using the full available price history since May 11, 2023 | 0.38 |
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Return for Risk
HEWJ vs. NVDY — Risk / Return Rank
HEWJ
NVDY
HEWJ vs. NVDY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and YieldMax NVDA Option Income Strategy ETF (NVDY). 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 | NVDY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.58 | ||
| Sortino ratioReturn per unit of downside risk | +1.91 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.13 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 4.37 | 1.27 | +3.10 |
| Martin ratioReturn relative to average drawdown | 14.87 | 2.89 | +11.97 |
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Drawdowns
HEWJ vs. NVDY - Drawdown Comparison
The maximum HEWJ drawdown since its inception was -31.53%, smaller than the maximum NVDY drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for HEWJ and NVDY.
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Drawdown Indicators
| HEWJ | NVDY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.53% | -34.08% | +2.55% |
Max Drawdown (1Y)Largest decline over 1 year | -10.37% | -15.31% | +4.94% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | -34.08% | +13.18% |
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 | -4.58% | -7.41% | +2.83% |
Average DrawdownAverage peak-to-trough decline | -6.57% | -6.36% | -0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.04% | 6.74% | -3.70% |
Volatility
HEWJ vs. NVDY - Volatility Comparison
The current volatility for iShares Currency Hedged MSCI Japan ETF (HEWJ) is 6.48%, while YieldMax NVDA Option Income Strategy ETF (NVDY) has a volatility of 9.89%. This indicates that HEWJ experiences smaller price fluctuations and is considered to be less risky than NVDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEWJ | NVDY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.48% | 9.89% | -3.41% |
Volatility (6M)Calculated over the trailing 6-month period | 16.28% | 22.71% | -6.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.19% | 29.37% | -9.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.42% | 37.94% | -18.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.49% | 37.94% | -18.45% |
HEWJ vs. NVDY - Expense Ratio Comparison
HEWJ has a 0.49% expense ratio, which is lower than NVDY's 0.99% expense ratio.
Dividends
HEWJ vs. NVDY - Dividend Comparison
HEWJ's dividend yield for the trailing twelve months is around 4.12%, less than NVDY's 61.08% yield.
| 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% |
NVDY YieldMax NVDA Option Income Strategy ETF | 61.08% | 83.10% | 83.65% | 22.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HEWJ and NVDY have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVDY has higher volatility (9.89%) compared to HEWJ (6.48%). In terms of maximum drawdown, HEWJ dropped -31.53% vs NVDY's -34.08%.
On 3-year performance, NVDY leads with 51.75% vs 28.13% for HEWJ. On fees, HEWJ is cheaper at 0.49% 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 3-year period, NVDY has performed better with a 51.75% return vs 28.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HEWJ is cheaper with a 0.49% expense ratio, compared with 0.99% for NVDY.
NVDY has the higher dividend yield at 61.08%, compared with 4.12% for HEWJ.
HEWJ is categorized as Japan Equities, while NVDY is Derivative Income. They also come from different issuers: iShares and YieldMax. Their fees differ too: 0.49% for HEWJ and 0.99% for NVDY.
HEWJ currently has the higher Sharpe Ratio (2.25 vs 0.67), 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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