HEWJ vs. UUP
HEWJ (iShares Currency Hedged MSCI Japan ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, HEWJ returned 17.18%/yr vs 3.22%/yr for UUP. At a 0.06 correlation, their price movements are largely independent. HEWJ charges 0.49%/yr vs 0.75%/yr for UUP.
Performance
HEWJ vs. UUP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HEWJ achieves a 21.75% return, which is significantly higher than UUP's 3.48% return. Over the past 10 years, HEWJ has outperformed UUP with an annualized return of 17.18%, while UUP has yielded a comparatively lower 3.22% annualized return.
HEWJ
- 1D
- 2.12%
- 1M
- 5.32%
- YTD
- 21.75%
- 6M
- 21.73%
- 1Y
- 55.27%
- 3Y*
- 27.88%
- 5Y*
- 21.43%
- 10Y*
- 17.18%
UUP
- 1D
- 0.07%
- 1M
- 0.72%
- YTD
- 3.48%
- 6M
- 3.56%
- 1Y
- 6.46%
- 3Y*
- 4.54%
- 5Y*
- 5.73%
- 10Y*
- 3.22%
HEWJ vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HEWJ iShares Currency Hedged MSCI Japan ETF | 21.75% | 30.25% | 24.80% | 36.21% | -4.39% | 12.79% | 10.29% | 20.79% | -14.68% | 21.47% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.48% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between HEWJ and UUP is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2014 | 0.06 |
The correlation between HEWJ and UUP shifts across timeframes, from -0.15 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HEWJ vs. UUP — Risk / Return Rank
HEWJ
UUP
HEWJ vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and Invesco DB US Dollar Index Bullish Fund (UUP). 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 | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.80 | ||
| Sortino ratioReturn per unit of downside risk | +2.30 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.19 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 5.35 | 1.78 | +3.58 |
| Martin ratioReturn relative to average drawdown | 20.71 | 4.74 | +15.96 |
Loading charts...
Drawdowns
HEWJ vs. UUP - Drawdown Comparison
The maximum HEWJ drawdown since its inception was -31.53%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for HEWJ and UUP.
Loading charts...
Drawdown Indicators
| HEWJ | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.53% | -22.19% | -9.34% |
Max Drawdown (1Y)Largest decline over 1 year | -10.37% | -3.65% | -6.72% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | -10.05% | -10.85% |
Max Drawdown (5Y)Largest decline over 5 years | -20.90% | -10.37% | -10.53% |
Max Drawdown (10Y)Largest decline over 10 years | -31.53% | -14.24% | -17.29% |
Current DrawdownCurrent decline from peak | 0.00% | -3.10% | +3.10% |
Average DrawdownAverage peak-to-trough decline | -6.60% | -8.91% | +2.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.68% | 1.37% | +1.31% |
Volatility
HEWJ vs. UUP - Volatility Comparison
iShares Currency Hedged MSCI Japan ETF (HEWJ) has a higher volatility of 6.19% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.19%. This indicates that HEWJ's price experiences larger fluctuations and is considered to be riskier than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HEWJ | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.19% | 1.19% | +5.00% |
Volatility (6M)Calculated over the trailing 6-month period | 14.67% | 4.21% | +10.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.36% | 6.03% | +13.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.19% | 7.22% | +11.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.68% | 6.96% | +12.72% |
HEWJ vs. UUP - Expense Ratio Comparison
HEWJ has a 0.49% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
HEWJ vs. UUP - Dividend Comparison
HEWJ's dividend yield for the trailing twelve months is around 4.19%, more than UUP's 3.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEWJ iShares Currency Hedged MSCI Japan ETF | 4.19% | 5.10% | 2.20% | 2.02% | 47.68% | 2.03% | 1.20% | 2.78% | 1.37% | 1.21% | 1.88% | 3.25% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.31% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% | 0.00% | 0.00% |
Frequently Asked Questions
HEWJ and UUP have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HEWJ has higher volatility (6.19%) compared to UUP (1.19%). In terms of maximum drawdown, HEWJ dropped -31.53% vs UUP's -22.19%.
On 10-year performance, HEWJ leads with 17.18% vs 3.22% for UUP. On fees, HEWJ is cheaper at 0.49% per year. On volatility, UUP has been the lower-risk option at 1.19%. 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 17.18% return vs 3.22%. 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 UUP.
HEWJ has the higher dividend yield at 4.19%, compared with 3.31% for UUP.
HEWJ is categorized as Japan Equities, while UUP is Currency. HEWJ tracks MSCI Japan 100% Hedged to USD Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.49% for HEWJ and 0.75% for UUP.
HEWJ currently has the higher Sharpe Ratio (2.87 vs 1.08), 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.
Find the right allocation for HEWJ and UUP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer