PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
HEWJ vs. ZSP.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEWJ vs. ZSP.TO

Last updated Jun 13, 2026

HEWJ (iShares Currency Hedged MSCI Japan ETF) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index, while ZSP.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, HEWJ returned 16.75%/yr vs 15.12%/yr for ZSP.TO. At a 0.50 correlation, their price movements are largely independent. HEWJ charges 0.49%/yr vs 0.09%/yr for ZSP.TO.

Performance

HEWJ vs. ZSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI Japan ETF (HEWJ) and BMO S&P 500 Index ETF (ZSP.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Different Trading Currencies

HEWJ is traded in USD, while ZSP.TO is traded in CAD. To make them comparable, the ZSP.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 19.23% return, which is significantly higher than ZSP.TO's 8.69% return. Over the past 10 years, HEWJ has outperformed ZSP.TO with an annualized return of 16.75%, while ZSP.TO has yielded a comparatively lower 15.12% annualized return.

HEWJ

1D
1.06%
1M
1.27%
YTD
19.23%
6M
19.96%
1Y
51.07%
3Y*
27.23%
5Y*
21.19%
10Y*
16.75%

ZSP.TO

1D
0.45%
1M
-0.16%
YTD
8.69%
6M
9.38%
1Y
24.69%
3Y*
20.80%
5Y*
12.99%
10Y*
15.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HEWJ vs. ZSP.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HEWJ
iShares Currency Hedged MSCI Japan ETF		19.23%30.25%24.80%36.21%-4.39%12.79%10.29%20.79%-14.68%21.47%
ZSP.TO
BMO S&P 500 Index ETF		8.69%17.73%24.53%26.31%-17.88%27.60%18.42%30.05%-4.73%21.85%

Correlation

The correlation between HEWJ and ZSP.TO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.47

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

0.50

Correlation (All Time)
Calculated using the full available price history since Feb 5, 2014

0.50

The correlation between HEWJ and ZSP.TO has been stable across timeframes, ranging from 0.47 to 0.50 - a consistent structural relationship.

HEWJ vs. ZSP.TO - Sectors Allocation Comparison

Sectors
HEWJ
ZSP.TO

Industrials

26.0%
8.2%

Technology

19.1%
36.2%

Financial Services

17.6%
11.9%

Consumer Cyclical

12.2%
10.1%

Communication Services

7.9%
10.9%

Healthcare

6.2%
8.4%

Consumer Defensive

3.6%
4.8%

Basic Materials

3.0%
1.8%

Real Estate

2.3%
1.9%

Utilities

1.1%
2.3%

Energy

1.1%
3.5%

Industrials

HEWJ
26.0%
ZSP.TO
8.2%

Technology

HEWJ
19.1%
ZSP.TO
36.2%

Financial Services

HEWJ
17.6%
ZSP.TO
11.9%

Consumer Cyclical

HEWJ
12.2%
ZSP.TO
10.1%

Communication Services

HEWJ
7.9%
ZSP.TO
10.9%

Healthcare

HEWJ
6.2%
ZSP.TO
8.4%

Consumer Defensive

HEWJ
3.6%
ZSP.TO
4.8%

Basic Materials

HEWJ
3.0%
ZSP.TO
1.8%

Real Estate

HEWJ
2.3%
ZSP.TO
1.9%

Utilities

HEWJ
1.1%
ZSP.TO
2.3%

Energy

HEWJ
1.1%
ZSP.TO
3.5%

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

BMO S&P 500 Index ETF

Often compared with HEWJ:
HEWJ vs. EWJHEWJ vs. EWJVHEWJ vs. DBJPHEWJ vs. FLJHHEWJ vs. HEFAHEWJ vs. DXJHEWJ vs. BBJP
Often compared with ZSP.TO:
ZSP.TO vs. VOOZSP.TO vs. XSP.TOZSP.TO vs. ZCN.TOZSP.TO vs. XUS.TOZSP.TO vs. ZEQT.TOZSP.TO vs. VSP.TOZSP.TO vs. ZQQ.TO

Return for Risk

HEWJ vs. ZSP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HEWJ
HEWJ Risk / Return Rank: 9090
Overall Rank
HEWJ Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 8989
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 8888
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 9090
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 9191
Martin Ratio Rank
ZSP.TO
ZSP.TO Risk / Return Rank: 7979
Overall Rank
ZSP.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
ZSP.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
ZSP.TO Omega Ratio Rank: 8383
Omega Ratio Rank
ZSP.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
ZSP.TO Martin Ratio Rank: 7474
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. ZSP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI Japan ETF (HEWJ) and BMO S&P 500 Index ETF (ZSP.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.

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.

HEWJZSP.TODifference
Sharpe ratioReturn per unit of total volatility
2.67
1.92

+0.74

Sortino ratioReturn per unit of downside risk
3.62
2.61

+1.01

Omega ratioGain probability vs. loss probability

1.48

1.35

+0.12

Calmar ratioReturn relative to maximum drawdown

4.95

2.72

+2.22

Martin ratioReturn relative to average drawdown

19.13

11.64

+7.49

HEWJ vs. ZSP.TO - Sharpe Ratio Comparison

The current HEWJ Sharpe Ratio is 2.67, which is higher than the ZSP.TO Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of HEWJ and ZSP.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.

Loading charts...

Drawdowns

HEWJ vs. ZSP.TO - Drawdown Comparison

The maximum HEWJ drawdown since its inception was -31.53%, roughly equal to the maximum ZSP.TO drawdown of -33.11%. Use the drawdown chart below to compare losses from any high point for HEWJ and ZSP.TO.

Loading charts...

Drawdown Indicators

HEWJZSP.TODifference

Max Drawdown

Largest peak-to-trough decline

-31.53%

-33.11%

+1.58%

Max Drawdown (1Y)

Largest decline over 1 year

-10.37%

-9.11%

-1.26%

Max Drawdown (3Y)

Largest decline over 3 years

-20.90%

-18.80%

-2.10%

Max Drawdown (5Y)

Largest decline over 5 years

-20.90%

-24.35%

+3.45%

Max Drawdown (10Y)

Largest decline over 10 years

-31.53%

-33.11%

+1.58%

Current Drawdown

Current decline from peak

-1.27%

-2.52%

+1.25%

Average Drawdown

Average peak-to-trough decline

-6.60%

-3.85%

-2.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.68%

2.13%

+0.55%

Volatility

HEWJ vs. ZSP.TO - Volatility Comparison

iShares Currency Hedged MSCI Japan ETF (HEWJ) has a higher volatility of 5.95% compared to BMO S&P 500 Index ETF (ZSP.TO) at 4.55%. This indicates that HEWJ's price experiences larger fluctuations and is considered to be riskier than ZSP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

HEWJZSP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.95%

4.55%

+1.40%

Volatility (6M)

Calculated over the trailing 6-month period

14.54%

9.83%

+4.71%

Volatility (1Y)

Calculated over the trailing 1-year period

19.25%

12.90%

+6.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.16%

16.16%

+3.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.67%

17.54%

+2.13%

HEWJ vs. ZSP.TO - Expense Ratio Comparison

HEWJ has a 0.49% expense ratio, which is higher than ZSP.TO's 0.09% expense ratio.

Dividends

HEWJ vs. ZSP.TO - Dividend Comparison

HEWJ's dividend yield for the trailing twelve months is around 4.28%, more than ZSP.TO's 0.76% yield.

PositionTTM20252024202320222021202020192018201720162015
HEWJ
iShares Currency Hedged MSCI Japan ETF		4.28%5.10%2.20%2.02%47.68%2.03%1.20%2.78%1.37%1.21%1.88%3.25%
ZSP.TO
BMO S&P 500 Index ETF		0.76%0.82%0.94%1.33%1.44%1.15%1.45%1.48%1.68%1.68%2.23%1.60%

Frequently Asked Questions

HEWJ and ZSP.TO have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZSP.TO is cheaper with a 0.09% expense ratio, compared with 0.49% for HEWJ.

HEWJ is categorized as Japan Equities, while ZSP.TO is S&P 500. HEWJ tracks MSCI Japan 100% Hedged to USD Index, while ZSP.TO tracks S&P 500 Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.49% for HEWJ and 0.09% for ZSP.TO.

Portfolio Optimizer

Find the right allocation for HEWJ and ZSP.TO

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