HEWJ vs. OPPJ
HEWJ (iShares Currency Hedged MSCI Japan ETF) and OPPJ (WisdomTree Japan Opportunities ETF) are both Japan Equities funds - HEWJ tracks the MSCI Japan 100% Hedged to USD Index while OPPJ tracks the WisdomTree Japan Opportunities Index. Both are passively managed. Over the past 10 years, HEWJ returned 17.36%/yr vs 18.38%/yr for OPPJ. Their correlation of 0.85 suggests significant overlap in exposure. HEWJ charges 0.49%/yr vs 0.58%/yr for OPPJ.
Performance
HEWJ vs. OPPJ - Performance Comparison
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Returns By Period
In the year-to-date period, HEWJ achieves a 20.65% return, which is significantly lower than OPPJ's 26.34% return. Over the past 10 years, HEWJ has underperformed OPPJ with an annualized return of 17.36%, while OPPJ has yielded a comparatively higher 18.38% annualized 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%
OPPJ
- 1D
- -4.11%
- 1M
- 0.60%
- YTD
- 26.34%
- 6M
- 27.22%
- 1Y
- 63.54%
- 3Y*
- 34.64%
- 5Y*
- 25.28%
- 10Y*
- 18.38%
HEWJ vs. OPPJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HEWJ iShares Currency Hedged MSCI Japan ETF | 20.65% | 30.25% | 24.80% | 36.21% | -4.39% | 12.79% | 10.29% | 20.79% | -14.68% | 21.47% |
OPPJ WisdomTree Japan Opportunities ETF | 26.34% | 37.08% | 20.70% | 38.96% | 5.02% | 11.66% | -3.22% | 18.24% | -18.69% | 29.56% |
Correlation
The correlation between HEWJ and OPPJ is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2014 | 0.85 |
The correlation between HEWJ and OPPJ has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.
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Return for Risk
HEWJ vs. OPPJ — Risk / Return Rank
HEWJ
OPPJ
HEWJ vs. OPPJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and WisdomTree Japan Opportunities ETF (OPPJ). 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 | OPPJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.51 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 5.17 | 6.50 | -1.33 |
| Martin ratioReturn relative to average drawdown | 19.91 | 21.87 | -1.95 |
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Drawdowns
HEWJ vs. OPPJ - Drawdown Comparison
The maximum HEWJ drawdown since its inception was -31.53%, smaller than the maximum OPPJ drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for HEWJ and OPPJ.
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Drawdown Indicators
| HEWJ | OPPJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.53% | -39.30% | +7.77% |
Max Drawdown (1Y)Largest decline over 1 year | -10.37% | -9.82% | -0.55% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | -16.49% | -4.41% |
Max Drawdown (5Y)Largest decline over 5 years | -20.90% | -16.49% | -4.41% |
Max Drawdown (10Y)Largest decline over 10 years | -31.53% | -39.30% | +7.77% |
Current DrawdownCurrent decline from peak | -4.63% | -4.13% | -0.50% |
Average DrawdownAverage peak-to-trough decline | -6.59% | -6.48% | -0.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 2.92% | -0.23% |
Volatility
HEWJ vs. OPPJ - Volatility Comparison
iShares Currency Hedged MSCI Japan ETF (HEWJ) has a higher volatility of 8.10% compared to WisdomTree Japan Opportunities ETF (OPPJ) at 7.39%. This indicates that HEWJ's price experiences larger fluctuations and is considered to be riskier than OPPJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEWJ | OPPJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.10% | 7.39% | +0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 15.51% | 16.54% | -1.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.95% | 20.67% | -0.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.30% | 18.25% | +1.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.52% | 19.59% | -0.07% |
HEWJ vs. OPPJ - Expense Ratio Comparison
HEWJ has a 0.49% expense ratio, which is lower than OPPJ's 0.58% expense ratio.
Dividends
HEWJ vs. OPPJ - Dividend Comparison
HEWJ's dividend yield for the trailing twelve months is around 4.23%, more than OPPJ's 1.50% 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% |
OPPJ WisdomTree Japan Opportunities ETF | 1.50% | 1.78% | 4.02% | 2.71% | 2.63% | 2.96% | 3.04% | 2.17% | 2.06% | 1.53% | 1.66% | 3.61% |
Frequently Asked Questions
HEWJ and OPPJ have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HEWJ has higher volatility (8.10%) compared to OPPJ (7.39%). In terms of maximum drawdown, HEWJ dropped -31.53% vs OPPJ's -39.30%.
On 10-year performance, OPPJ leads with 18.38% vs 17.36% for HEWJ. On fees, HEWJ is cheaper at 0.49% per year. On volatility, OPPJ has been the lower-risk option at 7.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, OPPJ has performed better with a 18.38% return vs 17.36%. 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 0.58% for OPPJ.
HEWJ has the higher dividend yield at 4.23%, compared with 1.50% for OPPJ.
HEWJ tracks MSCI Japan 100% Hedged to USD Index, while OPPJ tracks WisdomTree Japan Opportunities Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.49% for HEWJ and 0.58% for OPPJ.
OPPJ currently has the higher Sharpe Ratio (3.09 vs 2.69), 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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