IHI vs. DXJ

Last updated Jun 9, 2026

IHI (iShares U.S. Medical Devices ETF) and DXJ (WisdomTree Japan Hedged Equity Fund) are both exchange-traded funds - IHI is a Health & Biotech Equities fund tracking the Dow Jones U.S. Select Medical Equipment Index, while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Both are passively managed. Over the past 10 years, IHI returned 8.79%/yr vs 18.23%/yr for DXJ. A 0.50 correlation means they provide meaningful diversification when combined. IHI charges 0.43%/yr vs 0.48%/yr for DXJ.

Performance

IHI vs. DXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Medical Devices ETF (IHI) and WisdomTree Japan Hedged Equity Fund (DXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IHI achieves a -19.71% return, which is significantly lower than DXJ's 17.86% return. Over the past 10 years, IHI has underperformed DXJ with an annualized return of 8.79%, while DXJ has yielded a comparatively higher 18.23% annualized return.

IHI

• 1D: -0.44%
• 1M: 1.73%
• YTD: -19.71%
• 6M: -19.80%
• 1Y: -19.39%
• 3Y*: -1.88%
• 5Y*: -2.08%
• 10Y*: 8.79%

DXJ

• 1D: 0.39%
• 1M: 2.00%
• YTD: 17.86%
• 6M: 21.01%
• 1Y: 51.36%
• 3Y*: 31.77%
• 5Y*: 25.93%
• 10Y*: 18.23%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IHI vs. DXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IHI iShares U.S. Medical Devices ETF	-19.71%	6.88%	8.62%	3.24%	-19.80%	21.03%	24.17%	32.75%	15.45%	30.81%
DXJ WisdomTree Japan Hedged Equity Fund	17.86%	32.78%	29.83%	42.04%	5.96%	17.99%	3.94%	18.94%	-19.78%	22.81%

Correlation

The correlation between IHI and DXJ is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jun 19, 2006	0.50

Over the past year, the correlation between IHI and DXJ has dropped to 0.27 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.

IHI vs. DXJ - Sectors Allocation Comparison

Sectors	IHI	DXJ
Healthcare	100.0%	6.8%
Industrials	0.2%	27.4%
Basic Materials	-	8.5%
Communication Services	-	2.7%
Consumer Cyclical	-	15.6%
Consumer Defensive	-	4.7%
Energy	-	1.7%
Financial Services	-	18.3%
Real Estate	-	-
Technology	-	12.9%
Utilities	-	0.1%

Return for Risk

IHI vs. DXJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IHI

IHI Risk / Return Rank: 1
IHI Sharpe Ratio Rank: 1
IHI Sortino Ratio Rank: 1
IHI Omega Ratio Rank: 1
IHI Calmar Ratio Rank: 3
IHI Martin Ratio Rank: 0

DXJ

DXJ Risk / Return Rank: 90
DXJ Sharpe Ratio Rank: 92
DXJ Sortino Ratio Rank: 91
DXJ Omega Ratio Rank: 90
DXJ Calmar Ratio Rank: 88
DXJ Martin Ratio Rank: 89

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.

IHI vs. DXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Medical Devices ETF (IHI) and WisdomTree Japan Hedged Equity Fund (DXJ). 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.

	IHI	DXJ	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	2.94	-4.09
Sortino ratio: Return per unit of downside risk	-1.60	3.96	-5.56
Omega ratio: Gain probability vs. loss probability	0.82	1.53	-0.71
Calmar ratio: Return relative to maximum drawdown	-0.75	4.70	-5.45
Martin ratio: Return relative to average drawdown	-1.85	18.34	-20.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IHI vs. DXJ - Sharpe Ratio Comparison

The current IHI Sharpe Ratio is -1.15, which is lower than the DXJ Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of IHI and DXJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IHI	DXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.15	2.94	-4.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.11	1.37	-1.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.91	-0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.42	+0.05

Drawdowns

IHI vs. DXJ - Drawdown Comparison

The maximum IHI drawdown since its inception was -49.65%, roughly equal to the maximum DXJ drawdown of -49.63%. Use the drawdown chart below to compare losses from any high point for IHI and DXJ.

Drawdown Indicators

	IHI	DXJ	Difference
Max Drawdown Largest peak-to-trough decline	-49.65%	-49.63%	-0.02%
Max Drawdown (1Y) Largest decline over 1 year	-26.11%	-10.98%	-15.13%
Max Drawdown (3Y) Largest decline over 3 years	-26.64%	-22.19%	-4.45%
Max Drawdown (5Y) Largest decline over 5 years	-33.12%	-22.19%	-10.93%
Max Drawdown (10Y) Largest decline over 10 years	-33.25%	-39.14%	+5.89%
Current Drawdown Current decline from peak	-24.19%	-2.06%	-22.13%
Average Drawdown Average peak-to-trough decline	-8.33%	-14.33%	+6.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.48%	2.81%	+7.67%

Volatility

IHI vs. DXJ - Volatility Comparison

iShares U.S. Medical Devices ETF (IHI) has a higher volatility of 7.01% compared to WisdomTree Japan Hedged Equity Fund (DXJ) at 4.19%. This indicates that IHI's price experiences larger fluctuations and is considered to be riskier than DXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IHI	DXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.01%	4.19%	+2.82%
Volatility (6M) Calculated over the trailing 6-month period	13.06%	13.33%	-0.27%
Volatility (1Y) Calculated over the trailing 1-year period	17.00%	17.58%	-0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.99%	19.00%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.80%	20.19%	-0.39%

IHI vs. DXJ - Expense Ratio Comparison

IHI has a 0.43% expense ratio, which is lower than DXJ's 0.48% expense ratio.

Dividends

IHI vs. DXJ - Dividend Comparison

IHI's dividend yield for the trailing twelve months is around 0.45%, less than DXJ's 1.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXJ WisdomTree Japan Hedged Equity Fund	1.10%	1.29%	3.48%	3.44%	3.02%	2.64%	2.53%	2.47%	2.92%	2.30%	1.98%	5.95%
IHI iShares U.S. Medical Devices ETF	0.45%	0.34%	0.46%	0.53%	0.45%	0.25%	0.25%	0.33%	0.26%	0.37%	0.55%	1.28%

Frequently Asked Questions

Can I hold both IHI and DXJ in my portfolio?

IHI and DXJ have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IHI or DXJ?

IHI has higher volatility (7.01%) compared to DXJ (4.19%). In terms of maximum drawdown, IHI dropped -49.65% vs DXJ's -49.63%.

Which ETF is better, IHI or DXJ?

On 10-year performance, DXJ leads with 18.23% vs 8.79% for IHI. On fees, IHI is cheaper at 0.43% per year. On volatility, DXJ has been the lower-risk option at 4.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IHI or DXJ?

Over the 10-year period, DXJ has performed better with a 18.23% return vs 8.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IHI or DXJ?

IHI is cheaper with a 0.43% expense ratio, compared with 0.48% for DXJ.

Which ETF pays a higher dividend yield, IHI or DXJ?

DXJ has the higher dividend yield at 1.10%, compared with 0.45% for IHI.

What is the main difference between IHI and DXJ?

IHI is categorized as Health & Biotech Equities, while DXJ is Japan Equities. IHI tracks Dow Jones U.S. Select Medical Equipment Index, while DXJ tracks WisdomTree Japan Hedged Equity Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.43% for IHI and 0.48% for DXJ.

Which has better risk-adjusted returns?

DXJ currently has the higher Sharpe Ratio (2.94 vs -1.15), 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.