MLPX vs. HEWJ

Last updated Jun 19, 2026

MLPX (Global X MLP & Energy Infrastructure ETF) and HEWJ (iShares Currency Hedged MSCI Japan ETF) are both exchange-traded funds - MLPX is a MLPs fund tracking the Solactive MLP & Energy Infrastructure Index, while HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index. Both are passively managed. Over the past 10 years, MLPX returned 12.12%/yr vs 17.30%/yr for HEWJ. At a 0.39 correlation, their price movements are largely independent. MLPX charges 0.45%/yr vs 0.49%/yr for HEWJ.

Performance

MLPX vs. HEWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MLP & Energy Infrastructure ETF (MLPX) and iShares Currency Hedged MSCI Japan ETF (HEWJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLPX achieves a 21.97% return, which is significantly lower than HEWJ's 25.28% return. Over the past 10 years, MLPX has underperformed HEWJ with an annualized return of 12.12%, while HEWJ has yielded a comparatively higher 17.30% annualized return.

MLPX

• 1D: 0.51%
• 1M: -6.92%
• YTD: 21.97%
• 6M: 24.86%
• 1Y: 22.58%
• 3Y*: 27.21%
• 5Y*: 21.17%
• 10Y*: 12.12%

HEWJ

• 1D: 2.28%
• 1M: 9.16%
• YTD: 25.28%
• 6M: 27.71%
• 1Y: 58.27%
• 3Y*: 29.10%
• 5Y*: 22.86%
• 10Y*: 17.30%

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

MLPX vs. HEWJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MLPX Global X MLP & Energy Infrastructure ETF	21.97%	4.96%	42.90%	15.77%	21.54%	39.63%	-20.32%	19.04%	-15.64%	-4.53%
HEWJ iShares Currency Hedged MSCI Japan ETF	25.28%	30.25%	24.80%	36.21%	-4.39%	12.79%	10.29%	20.79%	-14.68%	21.47%

Correlation

The correlation between MLPX and HEWJ is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Feb 5, 2014	0.39

The correlation between MLPX and HEWJ shifts across timeframes, from -0.00 (1 year) to 0.39 (all time), reflecting how their relationship changes across market environments.

MLPX vs. HEWJ - Sectors Allocation Comparison

Sectors	MLPX	HEWJ
Energy	99.6%	0.9%
Utilities	0.3%	0.9%
Basic Materials	-	3.9%
Communication Services	-	6.7%
Consumer Cyclical	-	11.1%
Consumer Defensive	-	3.2%
Financial Services	-	17.4%
Healthcare	-	5.7%
Industrials	-	23.5%
Real Estate	-	1.8%
Technology	-	23.3%

Return for Risk

MLPX vs. HEWJ — Risk / Return Rank

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

MLPX

MLPX Risk / Return Rank: 46
MLPX Sharpe Ratio Rank: 45
MLPX Sortino Ratio Rank: 43
MLPX Omega Ratio Rank: 40
MLPX Calmar Ratio Rank: 60
MLPX Martin Ratio Rank: 43

HEWJ

HEWJ Risk / Return Rank: 92
HEWJ Sharpe Ratio Rank: 93
HEWJ Sortino Ratio Rank: 92
HEWJ Omega Ratio Rank: 90
HEWJ Calmar Ratio Rank: 92
HEWJ Martin Ratio Rank: 93

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.

MLPX vs. HEWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MLP & Energy Infrastructure ETF (MLPX) 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.

	MLPX	HEWJ	Difference
Sharpe ratio: Return per unit of total volatility	1.48	3.02	-1.54
Sortino ratio: Return per unit of downside risk	2.08	4.03	-1.95
Omega ratio: Gain probability vs. loss probability	1.25	1.54	-0.28
Calmar ratio: Return relative to maximum drawdown	2.77	5.65	-2.87
Martin ratio: Return relative to average drawdown	6.72	21.85	-15.13

MLPX vs. HEWJ - Sharpe Ratio Comparison

The current MLPX Sharpe Ratio is 1.48, which is lower than the HEWJ Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of MLPX and HEWJ, 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

MLPX vs. HEWJ - Drawdown Comparison

The maximum MLPX drawdown since its inception was -70.67%, which is greater than HEWJ's maximum drawdown of -31.53%. Use the drawdown chart below to compare losses from any high point for MLPX and HEWJ.

Drawdown Indicators

	MLPX	HEWJ	Difference
Max Drawdown Largest peak-to-trough decline	-70.67%	-31.53%	-39.14%
Max Drawdown (1Y) Largest decline over 1 year	-8.18%	-10.37%	+2.19%
Max Drawdown (3Y) Largest decline over 3 years	-16.77%	-20.90%	+4.13%
Max Drawdown (5Y) Largest decline over 5 years	-19.72%	-20.90%	+1.18%
Max Drawdown (10Y) Largest decline over 10 years	-64.70%	-31.53%	-33.17%
Current Drawdown Current decline from peak	-6.92%	0.00%	-6.92%
Average Drawdown Average peak-to-trough decline	-16.59%	-6.59%	-10.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	2.68%	+0.69%

Volatility

MLPX vs. HEWJ - Volatility Comparison

The current volatility for Global X MLP & Energy Infrastructure ETF (MLPX) is 5.45%, while iShares Currency Hedged MSCI Japan ETF (HEWJ) has a volatility of 6.27%. This indicates that MLPX 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.

Volatility by Period

	MLPX	HEWJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.45%	6.27%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	11.69%	14.73%	-3.04%
Volatility (1Y) Calculated over the trailing 1-year period	15.32%	19.39%	-4.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.01%	19.18%	+0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.48%	19.68%	+6.80%

MLPX vs. HEWJ - Expense Ratio Comparison

MLPX has a 0.45% expense ratio, which is lower than HEWJ's 0.49% expense ratio.

Dividends

MLPX vs. HEWJ - Dividend Comparison

MLPX's dividend yield for the trailing twelve months is around 4.20%, more than HEWJ's 4.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEWJ iShares Currency Hedged MSCI Japan ETF	4.07%	5.10%	2.20%	2.02%	47.68%	2.03%	1.20%	2.78%	1.37%	1.21%	1.88%	3.25%
MLPX Global X MLP & Energy Infrastructure ETF	4.20%	4.88%	4.30%	5.22%	5.23%	5.98%	8.32%	5.78%	5.77%	4.36%	5.50%	4.81%

Frequently Asked Questions

Can I hold both MLPX and HEWJ in my portfolio?

MLPX and HEWJ have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLPX or HEWJ?

HEWJ has higher volatility (6.27%) compared to MLPX (5.45%). In terms of maximum drawdown, MLPX dropped -70.67% vs HEWJ's -31.53%.

Which ETF is better, MLPX or HEWJ?

On 10-year performance, HEWJ leads with 17.30% vs 12.12% for MLPX. On fees, MLPX is cheaper at 0.45% per year. On volatility, MLPX has been the lower-risk option at 5.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MLPX or HEWJ?

Over the 10-year period, HEWJ has performed better with a 17.30% return vs 12.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MLPX or HEWJ?

MLPX is cheaper with a 0.45% expense ratio, compared with 0.49% for HEWJ.

Which ETF pays a higher dividend yield, MLPX or HEWJ?

MLPX has the higher dividend yield at 4.20%, compared with 4.07% for HEWJ.

What is the main difference between MLPX and HEWJ?

MLPX is categorized as MLPs, while HEWJ is Japan Equities. MLPX tracks Solactive MLP & Energy Infrastructure Index, while HEWJ tracks MSCI Japan 100% Hedged to USD Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.45% for MLPX and 0.49% for HEWJ.

Which has better risk-adjusted returns?

HEWJ currently has the higher Sharpe Ratio (3.02 vs 1.48), 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.