HEWJ vs. QYLD

Last updated Jun 25, 2026

HEWJ (iShares Currency Hedged MSCI Japan ETF) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both exchange-traded funds - HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index, while QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2. Both are passively managed. Over the past 10 years, HEWJ returned 17.39%/yr vs 9.97%/yr for QYLD. A 0.53 correlation means they provide meaningful diversification when combined. HEWJ charges 0.49%/yr vs 0.60%/yr for QYLD.

Performance

HEWJ vs. QYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Japan ETF (HEWJ) and Global X NASDAQ 100 Covered Call ETF (QYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEWJ achieves a 20.99% return, which is significantly higher than QYLD's 7.65% return. Over the past 10 years, HEWJ has outperformed QYLD with an annualized return of 17.39%, while QYLD has yielded a comparatively lower 9.97% annualized return.

HEWJ

• 1D: 0.28%
• 1M: 3.59%
• YTD: 20.99%
• 6M: 21.45%
• 1Y: 53.81%
• 3Y*: 28.51%
• 5Y*: 21.47%
• 10Y*: 17.39%

QYLD

• 1D: -0.22%
• 1M: 1.18%
• YTD: 7.65%
• 6M: 7.29%
• 1Y: 21.61%
• 3Y*: 13.90%
• 5Y*: 8.17%
• 10Y*: 9.97%

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

HEWJ vs. QYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEWJ iShares Currency Hedged MSCI Japan ETF	20.99%	30.25%	24.80%	36.21%	-4.39%	12.79%	10.29%	20.79%	-14.68%	21.47%
QYLD Global X NASDAQ 100 Covered Call ETF	7.65%	9.28%	19.35%	22.77%	-19.08%	10.41%	8.72%	22.69%	-3.07%	18.79%

Correlation

The correlation between HEWJ and QYLD is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Feb 5, 2014	0.53

The correlation between HEWJ and QYLD has been stable across timeframes, ranging from 0.52 to 0.56 - a consistent structural relationship.

HEWJ vs. QYLD - Sectors Allocation Comparison

Sectors	HEWJ	QYLD
Technology	23.5%	58.7%
Industrials	22.8%	2.6%
Financial Services	17.9%	0.2%
Consumer Cyclical	11.1%	11.4%
Communication Services	6.4%	14.3%
Healthcare	5.7%	3.7%
Basic Materials	3.9%	1.0%
Consumer Defensive	3.3%	6.4%
Real Estate	1.9%	0.1%
Utilities	1.0%	1.2%
Energy	0.9%	0.5%

Return for Risk

HEWJ vs. QYLD — Risk / Return Rank

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

HEWJ

HEWJ Risk / Return Rank: 90
HEWJ Sharpe Ratio Rank: 90
HEWJ Sortino Ratio Rank: 88
HEWJ Omega Ratio Rank: 88
HEWJ Calmar Ratio Rank: 91
HEWJ Martin Ratio Rank: 92

QYLD

QYLD Risk / Return Rank: 85
QYLD Sharpe Ratio Rank: 78
QYLD Sortino Ratio Rank: 79
QYLD Omega Ratio Rank: 89
QYLD Calmar Ratio Rank: 86
QYLD Martin Ratio Rank: 94

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. QYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and Global X NASDAQ 100 Covered Call ETF (QYLD). 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	QYLD	Difference
Sharpe ratio: Return per unit of total volatility	2.71	2.24	+0.47
Sortino ratio: Return per unit of downside risk	3.55	3.15	+0.40
Omega ratio: Gain probability vs. loss probability	1.49	1.50	-0.01
Calmar ratio: Return relative to maximum drawdown	5.21	4.37	+0.84
Martin ratio: Return relative to average drawdown	19.96	24.01	-4.05

HEWJ vs. QYLD - Sharpe Ratio Comparison

The current HEWJ Sharpe Ratio is 2.71, which is comparable to the QYLD Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of HEWJ and QYLD, 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. QYLD - Drawdown Comparison

The maximum HEWJ drawdown since its inception was -31.53%, which is greater than QYLD's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for HEWJ and QYLD.

Drawdown Indicators

	HEWJ	QYLD	Difference
Max Drawdown Largest peak-to-trough decline	-31.53%	-24.75%	-6.78%
Max Drawdown (1Y) Largest decline over 1 year	-10.37%	-4.97%	-5.40%
Max Drawdown (3Y) Largest decline over 3 years	-20.90%	-19.06%	-1.84%
Max Drawdown (5Y) Largest decline over 5 years	-20.90%	-24.61%	+3.71%
Max Drawdown (10Y) Largest decline over 10 years	-31.53%	-24.75%	-6.78%
Current Drawdown Current decline from peak	-4.36%	-2.32%	-2.04%
Average Drawdown Average peak-to-trough decline	-6.59%	-3.82%	-2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	0.90%	+1.80%

Volatility

HEWJ vs. QYLD - Volatility Comparison

iShares Currency Hedged MSCI Japan ETF (HEWJ) has a higher volatility of 8.10% compared to Global X NASDAQ 100 Covered Call ETF (QYLD) at 4.79%. This indicates that HEWJ's price experiences larger fluctuations and is considered to be riskier than QYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEWJ	QYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.10%	4.79%	+3.31%
Volatility (6M) Calculated over the trailing 6-month period	15.39%	8.45%	+6.94%
Volatility (1Y) Calculated over the trailing 1-year period	19.95%	9.69%	+10.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.30%	14.84%	+4.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.51%	15.55%	+3.96%

HEWJ vs. QYLD - Expense Ratio Comparison

HEWJ has a 0.49% expense ratio, which is lower than QYLD's 0.60% expense ratio.

Dividends

HEWJ vs. QYLD - Dividend Comparison

HEWJ's dividend yield for the trailing twelve months is around 4.22%, less than QYLD's 11.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEWJ iShares Currency Hedged MSCI Japan ETF	4.22%	5.10%	2.20%	2.02%	47.68%	2.03%	1.20%	2.78%	1.37%	1.21%	1.88%	3.25%
QYLD Global X NASDAQ 100 Covered Call ETF	11.71%	11.55%	12.50%	11.78%	13.75%	12.85%	11.16%	9.84%	12.44%	7.69%	9.15%	9.42%

Frequently Asked Questions

Can I hold both HEWJ and QYLD in my portfolio?

HEWJ and QYLD have a correlation of 0.53, 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 QYLD?

HEWJ has higher volatility (8.10%) compared to QYLD (4.79%). In terms of maximum drawdown, HEWJ dropped -31.53% vs QYLD's -24.75%.

Which ETF is better, HEWJ or QYLD?

On 10-year performance, HEWJ leads with 17.39% vs 9.97% for QYLD. On fees, HEWJ is cheaper at 0.49% per year. On volatility, QYLD has been the lower-risk option at 4.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEWJ or QYLD?

Over the 10-year period, HEWJ has performed better with a 17.39% return vs 9.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEWJ or QYLD?

HEWJ is cheaper with a 0.49% expense ratio, compared with 0.60% for QYLD.

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

QYLD has the higher dividend yield at 11.71%, compared with 4.22% for HEWJ.

What is the main difference between HEWJ and QYLD?

HEWJ is categorized as Japan Equities, while QYLD is Nasdaq-100. HEWJ tracks MSCI Japan 100% Hedged to USD Index, while QYLD tracks CBOE NASDAQ-100 Buy Write V2. They also come from different issuers: iShares and Global X. Their fees differ too: 0.49% for HEWJ and 0.60% for QYLD.

Which has better risk-adjusted returns?

HEWJ currently has the higher Sharpe Ratio (2.71 vs 2.24), 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.