HEWJ vs. SDCI
HEWJ (iShares Currency Hedged MSCI Japan ETF) and SDCI (USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund) are both exchange-traded funds - HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index, while SDCI is a Commodities fund tracking the SummerHaven Dynamic Commodity Index Total Return. Both are passively managed. Over the past 5 years, HEWJ returned 21.50%/yr vs 19.28%/yr for SDCI. At a 0.15 correlation, their price movements are largely independent. HEWJ charges 0.49%/yr vs 0.60%/yr for SDCI.
Performance
HEWJ vs. SDCI - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with HEWJ having a 20.65% return and SDCI slightly lower at 19.77%.
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%
SDCI
- 1D
- -0.43%
- 1M
- -7.26%
- YTD
- 19.77%
- 6M
- 17.11%
- 1Y
- 25.06%
- 3Y*
- 20.23%
- 5Y*
- 19.28%
- 10Y*
- —
HEWJ vs. SDCI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
HEWJ iShares Currency Hedged MSCI Japan ETF | 20.65% | 30.25% | 24.80% | 36.21% | -4.39% | 12.79% | 10.29% | 20.79% | -13.51% |
SDCI USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 19.77% | 17.60% | 17.91% | -0.88% | 33.23% | 36.52% | -10.61% | -2.36% | -13.91% |
Correlation
The correlation between HEWJ and SDCI is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since May 3, 2018 | 0.15 |
The correlation between HEWJ and SDCI shifts across timeframes, from -0.05 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HEWJ vs. SDCI — Risk / Return Rank
HEWJ
SDCI
HEWJ vs. SDCI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI). 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 | SDCI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.19 | ||
| Sortino ratioReturn per unit of downside risk | +1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.26 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 5.17 | 2.54 | +2.64 |
| Martin ratioReturn relative to average drawdown | 19.91 | 8.69 | +11.22 |
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Drawdowns
HEWJ vs. SDCI - Drawdown Comparison
The maximum HEWJ drawdown since its inception was -31.53%, smaller than the maximum SDCI drawdown of -45.79%. Use the drawdown chart below to compare losses from any high point for HEWJ and SDCI.
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Drawdown Indicators
| HEWJ | SDCI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.53% | -45.79% | +14.26% |
Max Drawdown (1Y)Largest decline over 1 year | -10.37% | -9.92% | -0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | -11.96% | -8.94% |
Max Drawdown (5Y)Largest decline over 5 years | -20.90% | -18.55% | -2.35% |
Max Drawdown (10Y)Largest decline over 10 years | -31.53% | — | — |
Current DrawdownCurrent decline from peak | -4.63% | -9.92% | +5.29% |
Average DrawdownAverage peak-to-trough decline | -6.59% | -11.55% | +4.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 2.90% | -0.21% |
Volatility
HEWJ vs. SDCI - Volatility Comparison
iShares Currency Hedged MSCI Japan ETF (HEWJ) has a higher volatility of 8.10% compared to USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) at 3.14%. This indicates that HEWJ's price experiences larger fluctuations and is considered to be riskier than SDCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEWJ | SDCI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.10% | 3.14% | +4.96% |
Volatility (6M)Calculated over the trailing 6-month period | 15.51% | 14.30% | +1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.95% | 16.91% | +3.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.30% | 18.37% | +0.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.52% | 17.05% | +2.47% |
HEWJ vs. SDCI - Expense Ratio Comparison
HEWJ has a 0.49% expense ratio, which is lower than SDCI's 0.60% expense ratio.
Dividends
HEWJ vs. SDCI - Dividend Comparison
HEWJ's dividend yield for the trailing twelve months is around 4.23%, more than SDCI's 3.07% 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% |
SDCI USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 3.07% | 3.68% | 5.92% | 3.46% | 33.49% | 19.26% | 0.20% | 0.93% | 0.68% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HEWJ and SDCI have a correlation of -0.05, 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 SDCI (3.14%). In terms of maximum drawdown, HEWJ dropped -31.53% vs SDCI's -45.79%.
On 5-year performance, HEWJ leads with 21.50% vs 19.28% for SDCI. On fees, HEWJ is cheaper at 0.49% per year. On volatility, SDCI has been the lower-risk option at 3.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HEWJ has performed better with a 21.50% return vs 19.28%. 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 0.60% for SDCI.
HEWJ has the higher dividend yield at 4.23%, compared with 3.07% for SDCI.
HEWJ is categorized as Japan Equities, while SDCI is Commodities. HEWJ tracks MSCI Japan 100% Hedged to USD Index, while SDCI tracks SummerHaven Dynamic Commodity Index Total Return. They also come from different issuers: iShares and USCF Investments. Their fees differ too: 0.49% for HEWJ and 0.60% for SDCI.
HEWJ currently has the higher Sharpe Ratio (2.69 vs 1.51), 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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