HEWJ vs. STPZ
HEWJ (iShares Currency Hedged MSCI Japan ETF) and STPZ (PIMCO 1-5 Year US TIPS Index ETF) are both exchange-traded funds - HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index, while STPZ is a Inflation-Protected Bonds fund tracking the ICE BofA US Inflation-Linked Treasury (1-5 Y). Both are passively managed. Over the past 10 years, HEWJ returned 17.36%/yr vs 2.78%/yr for STPZ. At a correlation of -0.11, they often move in opposite directions. HEWJ charges 0.49%/yr vs 0.20%/yr for STPZ.
Performance
HEWJ vs. STPZ - Performance Comparison
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Returns By Period
In the year-to-date period, HEWJ achieves a 20.65% return, which is significantly higher than STPZ's 1.01% return. Over the past 10 years, HEWJ has outperformed STPZ with an annualized return of 17.36%, while STPZ has yielded a comparatively lower 2.78% 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%
STPZ
- 1D
- 0.06%
- 1M
- -0.36%
- YTD
- 1.01%
- 6M
- 1.22%
- 1Y
- 3.26%
- 3Y*
- 4.81%
- 5Y*
- 2.83%
- 10Y*
- 2.78%
HEWJ vs. STPZ - 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% |
STPZ PIMCO 1-5 Year US TIPS Index ETF | 1.01% | 6.40% | 4.30% | 4.28% | -4.49% | 5.64% | 5.44% | 4.83% | 0.04% | 0.51% |
Correlation
The correlation between HEWJ and STPZ is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2014 | -0.11 |
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Return for Risk
HEWJ vs. STPZ — Risk / Return Rank
HEWJ
STPZ
HEWJ vs. STPZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and PIMCO 1-5 Year US TIPS Index ETF (STPZ). 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 | STPZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.01 | ||
| Sortino ratioReturn per unit of downside risk | +1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.32 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 5.17 | 3.51 | +1.67 |
| Martin ratioReturn relative to average drawdown | 19.91 | 10.76 | +9.15 |
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Drawdowns
HEWJ vs. STPZ - Drawdown Comparison
The maximum HEWJ drawdown since its inception was -31.53%, which is greater than STPZ's maximum drawdown of -6.77%. Use the drawdown chart below to compare losses from any high point for HEWJ and STPZ.
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Drawdown Indicators
| HEWJ | STPZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.53% | -6.77% | -24.76% |
Max Drawdown (1Y)Largest decline over 1 year | -10.37% | -0.93% | -9.44% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | -1.35% | -19.55% |
Max Drawdown (5Y)Largest decline over 5 years | -20.90% | -6.70% | -14.20% |
Max Drawdown (10Y)Largest decline over 10 years | -31.53% | -6.77% | -24.76% |
Current DrawdownCurrent decline from peak | -4.63% | -0.87% | -3.76% |
Average DrawdownAverage peak-to-trough decline | -6.59% | -1.30% | -5.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 0.30% | +2.39% |
Volatility
HEWJ vs. STPZ - Volatility Comparison
iShares Currency Hedged MSCI Japan ETF (HEWJ) has a higher volatility of 8.10% compared to PIMCO 1-5 Year US TIPS Index ETF (STPZ) at 0.82%. This indicates that HEWJ's price experiences larger fluctuations and is considered to be riskier than STPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEWJ | STPZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.10% | 0.82% | +7.28% |
Volatility (6M)Calculated over the trailing 6-month period | 15.51% | 1.39% | +14.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.95% | 1.95% | +18.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.30% | 3.29% | +16.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.52% | 2.99% | +16.53% |
HEWJ vs. STPZ - Expense Ratio Comparison
HEWJ has a 0.49% expense ratio, which is higher than STPZ's 0.20% expense ratio.
Dividends
HEWJ vs. STPZ - Dividend Comparison
HEWJ's dividend yield for the trailing twelve months is around 4.23%, more than STPZ's 4.14% 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% |
STPZ PIMCO 1-5 Year US TIPS Index ETF | 4.14% | 3.65% | 1.97% | 1.63% | 5.88% | 3.65% | 1.86% | 1.76% | 2.23% | 1.51% | 0.65% | 0.49% |
Frequently Asked Questions
HEWJ and STPZ have a correlation of -0.13, 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 STPZ (0.82%). In terms of maximum drawdown, HEWJ dropped -31.53% vs STPZ's -6.77%.
On 10-year performance, HEWJ leads with 17.36% vs 2.78% for STPZ. On fees, STPZ is cheaper at 0.20% per year. On volatility, STPZ has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HEWJ has performed better with a 17.36% return vs 2.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
STPZ is cheaper with a 0.20% expense ratio, compared with 0.49% for HEWJ.
HEWJ has the higher dividend yield at 4.23%, compared with 4.14% for STPZ.
HEWJ is categorized as Japan Equities, while STPZ is Inflation-Protected Bonds. HEWJ tracks MSCI Japan 100% Hedged to USD Index, while STPZ tracks ICE BofA US Inflation-Linked Treasury (1-5 Y). They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.49% for HEWJ and 0.20% for STPZ.
HEWJ currently has the higher Sharpe Ratio (2.69 vs 1.68), 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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