JPY vs. HEWJ
JPY (Lazard Japanese Equity ETF) and HEWJ (iShares Currency Hedged MSCI Japan ETF) are both Japan Equities funds. JPY is actively managed, while HEWJ is passively managed. Over the past year, JPY returned 32.63% vs 53.81% for HEWJ. Their correlation of 0.82 suggests significant overlap in exposure. JPY charges 0.60%/yr vs 0.49%/yr for HEWJ.
Performance
JPY vs. HEWJ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, JPY achieves a 14.49% return, which is significantly lower than HEWJ's 20.99% return.
JPY
- 1D
- -0.34%
- 1M
- 0.25%
- YTD
- 14.49%
- 6M
- 14.28%
- 1Y
- 32.63%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HEWJ
- 1D
- 0.28%
- 1M
- 3.59%
- YTD
- 20.99%
- 6M
- 21.45%
- 1Y
- 53.81%
- 3Y*
- 28.51%
- 5Y*
- 21.47%
- 10Y*
- 17.39%
JPY vs. HEWJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
JPY Lazard Japanese Equity ETF | 14.49% | 39.95% |
HEWJ iShares Currency Hedged MSCI Japan ETF | 20.99% | 50.93% |
Correlation
The correlation between JPY and HEWJ 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 (All Time) Calculated using the full available price history since Apr 7, 2025 | 0.82 |
The correlation between JPY and HEWJ has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.
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
JPY vs. HEWJ — Risk / Return Rank
JPY
HEWJ
JPY vs. HEWJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Lazard Japanese Equity ETF (JPY) and iShares Currency Hedged MSCI Japan ETF (HEWJ). 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.
| JPY | HEWJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.28 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.49 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.17 | 5.21 | -3.05 |
| Martin ratioReturn relative to average drawdown | 7.32 | 19.96 | -12.64 |
Loading charts...
Drawdowns
JPY vs. HEWJ - Drawdown Comparison
The maximum JPY drawdown since its inception was -15.13%, smaller than the maximum HEWJ drawdown of -31.53%. Use the drawdown chart below to compare losses from any high point for JPY and HEWJ.
Loading charts...
Drawdown Indicators
| JPY | HEWJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.13% | -31.53% | +16.40% |
Max Drawdown (1Y)Largest decline over 1 year | -15.13% | -10.37% | -4.76% |
Max Drawdown (3Y)Largest decline over 3 years | — | -20.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.90% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -31.53% | — |
Current DrawdownCurrent decline from peak | -3.56% | -4.36% | +0.80% |
Average DrawdownAverage peak-to-trough decline | -2.53% | -6.59% | +4.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.47% | 2.70% | +1.77% |
Volatility
JPY vs. HEWJ - Volatility Comparison
The current volatility for Lazard Japanese Equity ETF (JPY) is 5.98%, while iShares Currency Hedged MSCI Japan ETF (HEWJ) has a volatility of 8.10%. This indicates that JPY experiences smaller price fluctuations and is considered to be less risky than HEWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| JPY | HEWJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.98% | 8.10% | -2.12% |
Volatility (6M)Calculated over the trailing 6-month period | 15.65% | 15.39% | +0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.33% | 19.95% | +0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.18% | 19.30% | +1.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.18% | 19.51% | +1.67% |
JPY vs. HEWJ - Expense Ratio Comparison
JPY has a 0.60% expense ratio, which is higher than HEWJ's 0.49% expense ratio.
Dividends
JPY vs. HEWJ - Dividend Comparison
JPY's dividend yield for the trailing twelve months is around 1.21%, less than HEWJ's 4.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEWJ iShares Currency Hedged MSCI Japan ETF | 4.22% | 5.10% | 2.20% | 2.02% | 47.68% | 2.03% | 1.20% | 2.78% | 1.37% | 1.21% | 1.88% | 3.25% |
JPY Lazard Japanese Equity ETF | 1.21% | 2.38% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JPY and HEWJ 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.
HEWJ has higher volatility (8.10%) compared to JPY (5.98%). In terms of maximum drawdown, JPY dropped -15.13% vs HEWJ's -31.53%.
On 1-year performance, HEWJ leads with 53.81% vs 32.63% for JPY. On fees, HEWJ is cheaper at 0.49% per year. On volatility, JPY has been the lower-risk option at 5.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HEWJ has performed better with a 53.81% return vs 32.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HEWJ is cheaper with a 0.49% expense ratio, compared with 0.60% for JPY.
HEWJ has the higher dividend yield at 4.22%, compared with 1.21% for JPY.
They also come from different issuers: Lazard and iShares. Their fees differ too: 0.60% for JPY and 0.49% for HEWJ.
HEWJ currently has the higher Sharpe Ratio (2.71 vs 1.61), 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 JPY and HEWJ
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