HJPNX vs. EWJ
HJPNX (Hennessy Japan Fund) and EWJ (iShares MSCI Japan ETF) are both Japan Equities funds. Over the past 10 years, HJPNX returned 10.28%/yr vs 9.57%/yr for EWJ. A 0.78 correlation means they provide meaningful diversification when combined. HJPNX charges 1.44%/yr vs 0.49%/yr for EWJ.
Performance
HJPNX vs. EWJ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HJPNX achieves a 22.71% return, which is significantly higher than EWJ's 15.50% return. Over the past 10 years, HJPNX has outperformed EWJ with an annualized return of 10.28%, while EWJ has yielded a comparatively lower 9.57% annualized return.
HJPNX
- 1D
- -0.69%
- 1M
- 6.36%
- YTD
- 22.71%
- 6M
- 21.66%
- 1Y
- 38.90%
- 3Y*
- 21.31%
- 5Y*
- 8.32%
- 10Y*
- 10.28%
EWJ
- 1D
- -4.35%
- 1M
- 1.79%
- YTD
- 15.50%
- 6M
- 14.93%
- 1Y
- 34.33%
- 3Y*
- 18.43%
- 5Y*
- 8.93%
- 10Y*
- 9.57%
HJPNX vs. EWJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HJPNX Hennessy Japan Fund | 22.71% | 14.58% | 18.72% | 22.90% | -30.65% | -3.08% | 25.52% | 18.04% | -6.57% | 32.04% |
EWJ iShares MSCI Japan ETF | 15.50% | 25.84% | 7.03% | 20.29% | -17.72% | 1.16% | 15.40% | 19.34% | -14.10% | 24.27% |
Correlation
The correlation between HJPNX and EWJ is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2003 | 0.78 |
The correlation between HJPNX and EWJ shifts across timeframes, from 0.78 (all time) to 0.89 (5 years), 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
HJPNX vs. EWJ — Risk / Return Rank
HJPNX
EWJ
HJPNX vs. EWJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hennessy Japan Fund (HJPNX) and iShares MSCI Japan ETF (EWJ). 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.
| HJPNX | EWJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.31 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 2.54 | +0.27 |
| Martin ratioReturn relative to average drawdown | 9.46 | 8.52 | +0.93 |
Loading charts...
Drawdowns
HJPNX vs. EWJ - Drawdown Comparison
The maximum HJPNX drawdown since its inception was -59.65%, roughly equal to the maximum EWJ drawdown of -60.93%. Use the drawdown chart below to compare losses from any high point for HJPNX and EWJ.
Loading charts...
Drawdown Indicators
| HJPNX | EWJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.65% | -60.93% | +1.28% |
Max Drawdown (1Y)Largest decline over 1 year | -14.18% | -13.59% | -0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -20.06% | -14.68% | -5.38% |
Max Drawdown (5Y)Largest decline over 5 years | -44.72% | -33.14% | -11.58% |
Max Drawdown (10Y)Largest decline over 10 years | -44.72% | -33.14% | -11.58% |
Current DrawdownCurrent decline from peak | -0.69% | -4.35% | +3.66% |
Average DrawdownAverage peak-to-trough decline | -15.54% | -21.70% | +6.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.20% | 4.04% | +0.16% |
Volatility
HJPNX vs. EWJ - Volatility Comparison
The current volatility for Hennessy Japan Fund (HJPNX) is 6.54%, while iShares MSCI Japan ETF (EWJ) has a volatility of 8.05%. This indicates that HJPNX experiences smaller price fluctuations and is considered to be less risky than EWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HJPNX | EWJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.54% | 8.05% | -1.51% |
Volatility (6M)Calculated over the trailing 6-month period | 17.24% | 16.67% | +0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.08% | 20.71% | +2.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.15% | 18.50% | +2.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.86% | 17.33% | +1.53% |
HJPNX vs. EWJ - Expense Ratio Comparison
HJPNX has a 1.44% expense ratio, which is higher than EWJ's 0.49% expense ratio.
Dividends
HJPNX vs. EWJ - Dividend Comparison
HJPNX's dividend yield for the trailing twelve months is around 10.45%, more than EWJ's 3.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWJ iShares MSCI Japan ETF | 3.84% | 4.52% | 2.34% | 2.03% | 1.23% | 2.08% | 1.04% | 2.03% | 1.71% | 1.25% | 1.95% | 1.27% |
HJPNX Hennessy Japan Fund | 10.45% | 12.83% | 5.80% | 5.87% | 0.00% | 0.89% | 0.00% | 0.13% | 0.04% | 0.02% | 0.00% | 0.00% |
Frequently Asked Questions
HJPNX and EWJ have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWJ has higher volatility (8.05%) compared to HJPNX (6.54%). In terms of maximum drawdown, HJPNX dropped -59.65% vs EWJ's -60.93%.
HJPNX currently has the higher Sharpe Ratio (1.73 vs 1.67), 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 HJPNX and EWJ
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