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HEWJ vs. XIU.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEWJ vs. XIU.TO

Last updated Jun 9, 2026

HEWJ (iShares Currency Hedged MSCI Japan ETF) and XIU.TO (iShares S&P/TSX 60 Index ETF) are both exchange-traded funds - HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index, while XIU.TO is a Canada Equities fund tracking the S&P/TSX 60 Index. Both are passively managed. Over the past 10 years, HEWJ returned 16.30%/yr vs 11.74%/yr for XIU.TO. At a 0.47 correlation, their price movements are largely independent. HEWJ charges 0.49%/yr vs 0.18%/yr for XIU.TO.

Performance

HEWJ vs. XIU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Japan ETF (HEWJ) and iShares S&P/TSX 60 Index ETF (XIU.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

HEWJ is traded in USD, while XIU.TO is traded in CAD. To make them comparable, the XIU.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HEWJ achieves a 17.99% return, which is significantly higher than XIU.TO's 7.79% return. Over the past 10 years, HEWJ has outperformed XIU.TO with an annualized return of 16.30%, while XIU.TO has yielded a comparatively lower 11.74% annualized return.

HEWJ

1D
1.25%
1M
1.78%
YTD
17.99%
6M
19.77%
1Y
49.16%
3Y*
27.85%
5Y*
21.09%
10Y*
16.30%

XIU.TO

1D
0.04%
1M
0.31%
YTD
7.79%
6M
10.88%
1Y
28.64%
3Y*
20.84%
5Y*
11.17%
10Y*
11.74%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HEWJ vs. XIU.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HEWJ
iShares Currency Hedged MSCI Japan ETF		17.99%30.25%24.80%36.21%-4.39%12.79%10.29%20.79%-14.68%21.47%
XIU.TO
iShares S&P/TSX 60 Index ETF		7.73%35.06%11.31%14.58%-11.93%28.12%7.83%27.04%-14.97%17.54%

Correlation

The correlation between HEWJ and XIU.TO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.43

Correlation (3Y)
Calculated over the trailing 3-year period

0.47

Correlation (5Y)
Calculated over the trailing 5-year period

0.49

Correlation (10Y)
Calculated over the trailing 10-year period

0.49

Correlation (All Time)
Calculated using the full available price history since Feb 6, 2014

0.47

HEWJ vs. XIU.TO - Sectors Allocation Comparison

Sectors
HEWJ
XIU.TO

Industrials

26.0%
7.9%

Technology

19.1%
8.8%

Financial Services

17.6%
39.4%

Consumer Cyclical

12.2%
4.1%

Communication Services

7.9%
2.0%

Healthcare

6.2%

-

Consumer Defensive

3.6%
3.2%

Basic Materials

3.0%
13.3%

Real Estate

2.3%
0.2%

Utilities

1.1%
2.6%

Energy

1.1%
18.6%

Industrials

HEWJ
26.0%
XIU.TO
7.9%

Technology

HEWJ
19.1%
XIU.TO
8.8%

Financial Services

HEWJ
17.6%
XIU.TO
39.4%

Consumer Cyclical

HEWJ
12.2%
XIU.TO
4.1%

Communication Services

HEWJ
7.9%
XIU.TO
2.0%

Healthcare

HEWJ
6.2%
XIU.TO

-

Consumer Defensive

HEWJ
3.6%
XIU.TO
3.2%

Basic Materials

HEWJ
3.0%
XIU.TO
13.3%

Real Estate

HEWJ
2.3%
XIU.TO
0.2%

Utilities

HEWJ
1.1%
XIU.TO
2.6%

Energy

HEWJ
1.1%
XIU.TO
18.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Currency Hedged MSCI Japan ETF

iShares S&P/TSX 60 Index ETF

Often compared with HEWJ:
HEWJ vs. EWJHEWJ vs. EWJVHEWJ vs. DBJPHEWJ vs. FLJHHEWJ vs. HEFAHEWJ vs. DXJHEWJ vs. VOO
Often compared with XIU.TO:
XIU.TO vs. XIC.TOXIU.TO vs. ZCN.TOXIU.TO vs. XDIV.TOXIU.TO vs. XSP.TOXIU.TO vs. HXT.TOXIU.TO vs. SPYXIU.TO vs. XIT.TO

Return for Risk

HEWJ vs. XIU.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HEWJ
HEWJ Risk / Return Rank: 8787
Overall Rank
HEWJ Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 8787
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 8686
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 8888
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 8989
Martin Ratio Rank
XIU.TO
XIU.TO Risk / Return Rank: 8686
Overall Rank
XIU.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
XIU.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
XIU.TO Omega Ratio Rank: 8585
Omega Ratio Rank
XIU.TO Calmar Ratio Rank: 8484
Calmar Ratio Rank
XIU.TO Martin Ratio Rank: 9090
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HEWJ vs. XIU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and iShares S&P/TSX 60 Index ETF (XIU.TO). 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.

HEWJXIU.TODifference
Sharpe ratioReturn per unit of total volatility
2.61
2.25

+0.35

Sortino ratioReturn per unit of downside risk
3.55
3.03

+0.52

Omega ratioGain probability vs. loss probability

1.47

1.40

+0.08

Calmar ratioReturn relative to maximum drawdown

4.76

3.55

+1.21

Martin ratioReturn relative to average drawdown

18.61

15.31

+3.30

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEWJ vs. XIU.TO - Sharpe Ratio Comparison

The current HEWJ Sharpe Ratio is 2.61, which is comparable to the XIU.TO Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of HEWJ and XIU.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

HEWJXIU.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.61

2.25

+0.35

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.11

0.78

+0.33

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.83

0.72

+0.11

Sharpe Ratio (All Time)

Calculated using the full available price history

0.68

0.39

+0.29

Drawdowns

HEWJ vs. XIU.TO - Drawdown Comparison

The maximum HEWJ drawdown since its inception was -31.53%, smaller than the maximum XIU.TO drawdown of -59.23%. Use the drawdown chart below to compare losses from any high point for HEWJ and XIU.TO.

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Drawdown Indicators

HEWJXIU.TODifference

Max Drawdown

Largest peak-to-trough decline

-31.53%

-59.23%

+27.70%

Max Drawdown (1Y)

Largest decline over 1 year

-10.37%

-8.10%

-2.27%

Max Drawdown (3Y)

Largest decline over 3 years

-20.90%

-12.38%

-8.52%

Max Drawdown (5Y)

Largest decline over 5 years

-20.90%

-24.07%

+3.17%

Max Drawdown (10Y)

Largest decline over 10 years

-31.53%

-40.99%

+9.46%

Current Drawdown

Current decline from peak

-2.29%

-1.98%

-0.31%

Average Drawdown

Average peak-to-trough decline

-6.61%

-10.95%

+4.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.65%

1.88%

+0.77%

Volatility

HEWJ vs. XIU.TO - Volatility Comparison

iShares Currency Hedged MSCI Japan ETF (HEWJ) has a higher volatility of 5.17% compared to iShares S&P/TSX 60 Index ETF (XIU.TO) at 3.91%. This indicates that HEWJ's price experiences larger fluctuations and is considered to be riskier than XIU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HEWJXIU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.17%

3.91%

+1.26%

Volatility (6M)

Calculated over the trailing 6-month period

14.16%

9.99%

+4.17%

Volatility (1Y)

Calculated over the trailing 1-year period

18.99%

12.80%

+6.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.11%

14.47%

+4.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.68%

16.46%

+3.22%

HEWJ vs. XIU.TO - Expense Ratio Comparison

HEWJ has a 0.49% expense ratio, which is higher than XIU.TO's 0.18% expense ratio.

Dividends

HEWJ vs. XIU.TO - Dividend Comparison

HEWJ's dividend yield for the trailing twelve months is around 4.32%, more than XIU.TO's 2.21% yield.

PositionTTM20252024202320222021202020192018201720162015
HEWJ
iShares Currency Hedged MSCI Japan ETF		4.32%5.10%2.20%2.02%47.68%2.03%1.20%2.78%1.37%1.21%1.88%3.25%
XIU.TO
iShares S&P/TSX 60 Index ETF		2.21%2.39%2.92%3.16%3.02%2.43%3.03%2.87%3.18%2.58%2.65%3.19%

Frequently Asked Questions

HEWJ and XIU.TO have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XIU.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XIU.TO is cheaper with a 0.18% expense ratio, compared with 0.49% for HEWJ.

HEWJ is categorized as Japan Equities, while XIU.TO is Canada Equities. HEWJ tracks MSCI Japan 100% Hedged to USD Index, while XIU.TO tracks S&P/TSX 60 Index. Their fees differ too: 0.49% for HEWJ and 0.18% for XIU.TO.

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