HEWJ vs. WNTR
HEWJ (iShares Currency Hedged MSCI Japan ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index, while WNTR is a Derivative Income fund actively managed by YieldMax. HEWJ is passively managed, while WNTR is actively managed. Over the past year, HEWJ returned 45.11% vs 106.98% for WNTR. Their -0.31 correlation means they have often moved in opposite directions in the past. HEWJ charges 0.49%/yr vs 1.00%/yr for WNTR.
Performance
HEWJ vs. WNTR - Performance Comparison
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Returns By Period
In the year-to-date period, HEWJ achieves a 20.71% return, which is significantly higher than WNTR's 7.92% return.
HEWJ
- 1D
- 2.48%
- 1M
- -0.17%
- 6M
- 12.75%
- YTD
- 20.71%
- 1Y
- 45.11%
- 3Y*
- 28.13%
- 5Y*
- 21.79%
- 10Y*
- 16.67%
- ALL TIME*
- 14.05%
WNTR
- 1D
- -2.34%
- 1M
- 5.36%
- 6M
- 2.42%
- YTD
- 7.92%
- 1Y
- 106.98%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 44.62%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.73M | $2.71M | $4.09M | |
| $3.95M | $3.66M | $3.95M |
HEWJ vs. WNTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HEWJ iShares Currency Hedged MSCI Japan ETF | 20.71% | 27.79% |
WNTR YieldMax MSTR Short Option Income Strategy ETF | 7.92% | 52.78% |
Correlation
The correlation between HEWJ and WNTR is -0.30, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.30 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025 | -0.31 |
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Return for Risk
HEWJ vs. WNTR — Risk / Return Rank
HEWJ
WNTR
HEWJ vs. WNTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and YieldMax MSTR Short Option Income Strategy ETF (WNTR). 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 | WNTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.30 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 4.37 | 2.52 | +1.85 |
| Martin ratioReturn relative to average drawdown | 14.87 | 6.38 | +8.49 |
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Drawdowns
HEWJ vs. WNTR - Drawdown Comparison
The maximum HEWJ drawdown since its inception was -31.53%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for HEWJ and WNTR.
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Drawdown Indicators
| HEWJ | WNTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.53% | -42.65% | +11.12% |
Max Drawdown (1Y)Largest decline over 1 year | -10.37% | -42.65% | +32.28% |
Max Drawdown (3Y)Largest decline over 3 years | -20.90% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -20.90% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -31.53% | — | — |
Current DrawdownCurrent decline from peak | -4.58% | -11.95% | +7.37% |
Average DrawdownAverage peak-to-trough decline | -6.57% | -20.12% | +13.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.04% | 16.84% | -13.80% |
Volatility
HEWJ vs. WNTR - Volatility Comparison
The current volatility for iShares Currency Hedged MSCI Japan ETF (HEWJ) is 6.48%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 13.23%. This indicates that HEWJ experiences smaller price fluctuations and is considered to be less risky than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEWJ | WNTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.48% | 13.23% | -6.75% |
Volatility (6M)Calculated over the trailing 6-month period | 16.28% | 46.95% | -30.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.19% | 54.62% | -34.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.42% | 53.31% | -33.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.49% | 53.31% | -33.82% |
HEWJ vs. WNTR - Expense Ratio Comparison
HEWJ has a 0.49% expense ratio, which is lower than WNTR's 1.00% expense ratio.
Dividends
HEWJ vs. WNTR - Dividend Comparison
HEWJ's dividend yield for the trailing twelve months is around 4.12%, less than WNTR's 109.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEWJ iShares Currency Hedged MSCI Japan ETF | 4.12% | 5.10% | 2.20% | 2.02% | 47.68% | 2.03% | 1.20% | 2.78% | 1.37% | 1.21% | 1.88% | 3.25% |
WNTR YieldMax MSTR Short Option Income Strategy ETF | 109.83% | 58.56% | 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 WNTR have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WNTR has higher volatility (13.23%) compared to HEWJ (6.48%). In terms of maximum drawdown, HEWJ dropped -31.53% vs WNTR's -42.65%.
On 1-year performance, WNTR leads with 106.98% vs 45.11% for HEWJ. On fees, HEWJ is cheaper at 0.49% per year. On volatility, HEWJ has been the lower-risk option at 6.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, WNTR has performed better with a 106.98% return vs 45.11%. 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 1.00% for WNTR.
WNTR has the higher dividend yield at 109.83%, compared with 4.12% for HEWJ.
HEWJ is categorized as Japan Equities, while WNTR is Derivative Income. They also come from different issuers: iShares and YieldMax. Their fees differ too: 0.49% for HEWJ and 1.00% for WNTR.
HEWJ currently has the higher Sharpe Ratio (2.25 vs 1.97), 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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