HEWJ vs. UGA
HEWJ (iShares Currency Hedged MSCI Japan ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, HEWJ returned 17.36%/yr vs 14.31%/yr for UGA. At a 0.15 correlation, their price movements are largely independent. HEWJ charges 0.49%/yr vs 0.75%/yr for UGA.
Performance
HEWJ vs. UGA - 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 UGA's 64.09% return. Over the past 10 years, HEWJ has outperformed UGA with an annualized return of 17.36%, while UGA has yielded a comparatively lower 14.31% 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%
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
HEWJ vs. UGA - 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% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between HEWJ and UGA is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2014 | 0.15 |
The correlation between HEWJ and UGA shifts across timeframes, from -0.16 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HEWJ vs. UGA — Risk / Return Rank
HEWJ
UGA
HEWJ vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +1.28 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.30 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 5.17 | 3.17 | +2.01 |
| Martin ratioReturn relative to average drawdown | 19.91 | 9.39 | +10.52 |
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Drawdowns
HEWJ vs. UGA - Drawdown Comparison
The maximum HEWJ drawdown since its inception was -31.53%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for HEWJ and UGA.
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Drawdown Indicators
| HEWJ | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.53% | -86.59% | +55.06% |
Max Drawdown (1Y)Largest decline over 1 year | -10.37% | -18.96% | +8.59% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | -26.68% | +5.78% |
Max Drawdown (5Y)Largest decline over 5 years | -20.90% | -38.11% | +17.21% |
Max Drawdown (10Y)Largest decline over 10 years | -31.53% | -75.89% | +44.36% |
Current DrawdownCurrent decline from peak | -4.63% | -18.05% | +13.42% |
Average DrawdownAverage peak-to-trough decline | -6.59% | -36.69% | +30.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 6.43% | -3.74% |
Volatility
HEWJ vs. UGA - Volatility Comparison
The current volatility for iShares Currency Hedged MSCI Japan ETF (HEWJ) is 8.10%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that HEWJ experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEWJ | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.10% | 9.24% | -1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 15.51% | 30.57% | -15.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.95% | 35.22% | -15.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.30% | 34.45% | -15.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.52% | 37.22% | -17.70% |
HEWJ vs. UGA - Expense Ratio Comparison
HEWJ has a 0.49% expense ratio, which is lower than UGA's 0.75% expense ratio.
Dividends
HEWJ vs. UGA - Dividend Comparison
HEWJ's dividend yield for the trailing twelve months is around 4.23%, while UGA has not paid dividends to shareholders.
| 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% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HEWJ and UGA have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to HEWJ (8.10%). In terms of maximum drawdown, HEWJ dropped -31.53% vs UGA's -86.59%.
On 10-year performance, HEWJ leads with 17.36% vs 14.31% for UGA. On fees, HEWJ is cheaper at 0.49% per year. On volatility, HEWJ has been the lower-risk option at 8.10%. 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 14.31%. 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 0.75% for UGA.
HEWJ has the higher dividend yield at 4.23%, compared with 0.00% for UGA.
HEWJ is categorized as Japan Equities, while UGA is Oil & Gas. HEWJ tracks MSCI Japan 100% Hedged to USD Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: iShares and Concierge Technologies. Their fees differ too: 0.49% for HEWJ and 0.75% for UGA.
HEWJ currently has the higher Sharpe Ratio (2.69 vs 1.73), 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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