IJPIX vs. DXJ

Last updated Aug 1, 2026

IJPIX (VY JPMorgan Emerging Markets Equity Portfolio) and DXJ (WisdomTree Japan Hedged Equity Fund) are both funds - IJPIX is a Emerging Markets Equities fund managed by Voya, while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Over the past 10 years, IJPIX returned 9.20%/yr vs 19.00%/yr for DXJ. Their 0.56 correlation means they have sometimes moved together and sometimes differently. IJPIX charges 1.51%/yr vs 0.48%/yr for DXJ.

Performance

IJPIX vs. DXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VY JPMorgan Emerging Markets Equity Portfolio (IJPIX) and WisdomTree Japan Hedged Equity Fund (DXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with IJPIX having a 20.55% return and DXJ slightly higher at 21.25%. Over the past 10 years, IJPIX has underperformed DXJ with an annualized return of 9.20%, while DXJ has yielded a comparatively higher 19.00% annualized return.

IJPIX

• 1D: 3.97%
• 1M: -4.52%
• 6M: 9.35%
• YTD: 20.55%
• 1Y: 41.72%
• 3Y*: 18.37%
• 5Y*: 4.77%
• 10Y*: 9.20%
• ALL TIME*: 6.83%

DXJ

• 1D: -0.73%
• 1M: -0.63%
• 6M: 14.45%
• YTD: 21.25%
• 1Y: 49.27%
• 3Y*: 30.10%
• 5Y*: 27.38%
• 10Y*: 19.00%
• ALL TIME*: 9.44%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DXJ WisdomTree Japan Hedged Equity Fund	$66.09M	$60.67M	$58.46M
IJPIX VY JPMorgan Emerging Markets Equity Portfolio	$0.00	$0.00	$0.00

IJPIX vs. DXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IJPIX VY JPMorgan Emerging Markets Equity Portfolio	20.55%	38.95%	1.91%	6.58%	-26.16%	-10.00%	33.28%	31.72%	-16.76%	43.11%
DXJ WisdomTree Japan Hedged Equity Fund	21.25%	32.78%	29.83%	42.04%	5.96%	17.99%	3.94%	18.94%	-19.78%	22.81%

Correlation

The correlation between IJPIX and DXJ is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (3Y) Balances recent behavior with more history.	0.40
Correlation (5Y) Shows whether the relationship held over a longer period.	0.46
Correlation (10Y) Provides a long-term view across more market conditions.	0.50
Correlation (All Time) Calculated using the full available price history since Jun 16, 2006	0.56

The correlation between IJPIX and DXJ shifts across timeframes, from 0.40 (3 years) to 0.56 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IJPIX vs. DXJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IJPIX

IJPIX Risk / Return Rank: 77
IJPIX Sharpe Ratio Rank: 76
IJPIX Sortino Ratio Rank: 67
IJPIX Omega Ratio Rank: 73
IJPIX Calmar Ratio Rank: 87
IJPIX Martin Ratio Rank: 84

DXJ

DXJ Risk / Return Rank: 93
DXJ Sharpe Ratio Rank: 94
DXJ Sortino Ratio Rank: 92
DXJ Omega Ratio Rank: 93
DXJ Calmar Ratio Rank: 92
DXJ Martin Ratio Rank: 92

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IJPIX vs. DXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VY JPMorgan Emerging Markets Equity Portfolio (IJPIX) 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.

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.

	IJPIX	DXJ	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.61	-0.78
Sortino ratio: Return per unit of downside risk	2.35	3.40	-1.05
Omega ratio: Gain probability vs. loss probability	1.33	1.46	-0.13
Calmar ratio: Return relative to maximum drawdown	3.14	4.30	-1.16
Martin ratio: Return relative to average drawdown	10.78	16.08	-5.30

IJPIX vs. DXJ - Sharpe Ratio Comparison

The current IJPIX Sharpe Ratio is 1.83, which is comparable to the DXJ Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of IJPIX 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.

Drawdowns

IJPIX vs. DXJ - Drawdown Comparison

The maximum IJPIX drawdown since its inception was -64.21%, which is greater than DXJ's maximum drawdown of -49.63%. Use the drawdown chart below to compare losses from any high point for IJPIX and DXJ.

Drawdown Indicators

	IJPIX	DXJ	Difference
Max Drawdown Largest peak-to-trough decline	-64.21%	-49.63%	-14.58%
Max Drawdown (1Y) Largest decline over 1 year	-14.50%	-10.98%	-3.52%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-22.19%	+6.77%
Max Drawdown (5Y) Largest decline over 5 years	-44.11%	-22.19%	-21.92%
Max Drawdown (10Y) Largest decline over 10 years	-49.88%	-39.14%	-10.74%
Current Drawdown Current decline from peak	-11.11%	-3.40%	-7.71%
Average Drawdown Average peak-to-trough decline	-20.04%	-14.24%	-5.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	2.93%	+1.14%

Volatility

IJPIX vs. DXJ - Volatility Comparison

VY JPMorgan Emerging Markets Equity Portfolio (IJPIX) has a higher volatility of 10.33% compared to WisdomTree Japan Hedged Equity Fund (DXJ) at 6.07%. This indicates that IJPIX'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

	IJPIX	DXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.33%	6.07%	+4.26%
Volatility (6M) Calculated over the trailing 6-month period	22.03%	14.35%	+7.68%
Volatility (1Y) Calculated over the trailing 1-year period	24.86%	18.07%	+6.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.32%	19.07%	+1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.95%	19.93%	+0.02%

IJPIX vs. DXJ - Expense Ratio Comparison

IJPIX has a 1.51% expense ratio, which is higher than DXJ's 0.48% expense ratio.

Dividends

IJPIX vs. DXJ - Dividend Comparison

IJPIX's dividend yield for the trailing twelve months is around 20.80%, more than DXJ's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXJ WisdomTree Japan Hedged Equity Fund	0.97%	1.29%	3.48%	3.44%	3.02%	2.64%	2.53%	2.47%	2.92%	2.30%	1.98%	5.95%
IJPIX VY JPMorgan Emerging Markets Equity Portfolio	20.80%	25.88%	0.82%	1.67%	42.85%	8.66%	5.75%	5.37%	0.66%	0.40%	1.15%	9.47%

Frequently Asked Questions

Can I hold both IJPIX and DXJ in my portfolio?

IJPIX and DXJ have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IJPIX or DXJ?

IJPIX has higher volatility (10.33%) compared to DXJ (6.07%). In terms of maximum drawdown, IJPIX dropped -64.21% vs DXJ's -49.63%.

Which has better risk-adjusted returns?

DXJ currently has the higher Sharpe Ratio (2.61 vs 1.83), 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.