THD vs. DXJ

Last updated Jul 14, 2026

THD (iShares MSCI Thailand ETF) and DXJ (WisdomTree Japan Hedged Equity Fund) are both exchange-traded funds - THD is a Asia Pacific Equities fund tracking the MSCI Thailand Investable Market Index, while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Both are passively managed. Over the past 10 years, THD returned 2.94%/yr vs 18.62%/yr for DXJ. At a 0.42 correlation, their price movements are largely independent. THD charges 0.59%/yr vs 0.48%/yr for DXJ.

Performance

THD vs. DXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Thailand ETF (THD) 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, THD achieves a 24.07% return, which is significantly higher than DXJ's 22.23% return. Over the past 10 years, THD has underperformed DXJ with an annualized return of 2.94%, while DXJ has yielded a comparatively higher 18.62% annualized return.

THD

• 1D: -0.25%
• 1M: -0.67%
• 6M: 23.88%
• YTD: 24.07%
• 1Y: 44.59%
• 3Y*: 5.97%
• 5Y*: 2.34%
• 10Y*: 2.94%

DXJ

• 1D: -0.98%
• 1M: 2.95%
• 6M: 14.85%
• YTD: 22.23%
• 1Y: 54.82%
• 3Y*: 32.72%
• 5Y*: 27.03%
• 10Y*: 18.62%

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

THD vs. DXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THD iShares MSCI Thailand ETF	24.07%	2.36%	-2.21%	-12.63%	1.22%	1.87%	-9.89%	8.32%	-8.25%	31.45%
DXJ WisdomTree Japan Hedged Equity Fund	22.23%	32.78%	29.83%	42.04%	5.96%	17.99%	3.94%	18.94%	-19.78%	22.81%

Correlation

The correlation between THD and DXJ is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Apr 1, 2008	0.42

The correlation between THD and DXJ shifts across timeframes, from 0.26 (3 years) to 0.42 (all time), reflecting how their relationship changes across market environments.

THD vs. DXJ - Sectors Allocation Comparison

Sectors	THD	DXJ
Industrials	31.1%	27.4%
Energy	13.5%	1.7%
Financial Services	11.1%	18.3%
Communication Services	9.8%	2.3%
Consumer Defensive	7.5%	4.7%
Utilities	7.0%	0.1%
Healthcare	6.1%	6.8%
Real Estate	5.0%	-
Consumer Cyclical	4.7%	15.5%
Basic Materials	2.9%	8.5%
Technology	1.2%	13.4%

Return for Risk

THD vs. DXJ — Risk / Return Rank

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

THD

THD Risk / Return Rank: 74
THD Sharpe Ratio Rank: 78
THD Sortino Ratio Rank: 75
THD Omega Ratio Rank: 69
THD Calmar Ratio Rank: 81
THD Martin Ratio Rank: 68

DXJ

DXJ Risk / Return Rank: 94
DXJ Sharpe Ratio Rank: 95
DXJ Sortino Ratio Rank: 94
DXJ Omega Ratio Rank: 94
DXJ Calmar Ratio Rank: 93
DXJ 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.

THD vs. DXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Thailand ETF (THD) 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.

	THD	DXJ	Difference
Sharpe ratio: Return per unit of total volatility	1.97	3.02	-1.04
Sortino ratio: Return per unit of downside risk	2.68	3.93	-1.26
Omega ratio: Gain probability vs. loss probability	1.32	1.54	-0.22
Calmar ratio: Return relative to maximum drawdown	3.41	5.02	-1.60
Martin ratio: Return relative to average drawdown	9.81	19.10	-9.29

THD vs. DXJ - Sharpe Ratio Comparison

The current THD Sharpe Ratio is 1.97, which is lower than the DXJ Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of THD 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

THD vs. DXJ - Drawdown Comparison

The maximum THD drawdown since its inception was -64.22%, which is greater than DXJ's maximum drawdown of -49.63%. Use the drawdown chart below to compare losses from any high point for THD and DXJ.

Drawdown Indicators

	THD	DXJ	Difference
Max Drawdown Largest peak-to-trough decline	-64.22%	-49.63%	-14.59%
Max Drawdown (1Y) Largest decline over 1 year	-13.12%	-10.98%	-2.14%
Max Drawdown (3Y) Largest decline over 3 years	-34.11%	-22.19%	-11.92%
Max Drawdown (5Y) Largest decline over 5 years	-40.24%	-22.19%	-18.05%
Max Drawdown (10Y) Largest decline over 10 years	-49.32%	-39.14%	-10.18%
Current Drawdown Current decline from peak	-8.89%	-2.62%	-6.27%
Average Drawdown Average peak-to-trough decline	-18.23%	-14.27%	-3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.56%	2.88%	+1.68%

Volatility

THD vs. DXJ - Volatility Comparison

iShares MSCI Thailand ETF (THD) and WisdomTree Japan Hedged Equity Fund (DXJ) have volatilities of 6.87% and 6.56%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THD	DXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.87%	6.56%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	18.87%	14.47%	+4.40%
Volatility (1Y) Calculated over the trailing 1-year period	22.75%	18.30%	+4.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.00%	19.06%	+0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.59%	19.93%	+1.66%

THD vs. DXJ - Expense Ratio Comparison

THD has a 0.59% expense ratio, which is higher than DXJ's 0.48% expense ratio.

Dividends

THD vs. DXJ - Dividend Comparison

THD's dividend yield for the trailing twelve months is around 3.49%, more than DXJ's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXJ WisdomTree Japan Hedged Equity Fund	0.96%	1.29%	3.48%	3.44%	3.02%	2.64%	2.53%	2.47%	2.92%	2.30%	1.98%	5.95%
THD iShares MSCI Thailand ETF	3.49%	3.36%	3.15%	2.92%	2.41%	3.16%	2.31%	2.42%	2.57%	2.16%	2.61%	3.58%

Frequently Asked Questions

Can I hold both THD and DXJ in my portfolio?

THD and DXJ have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THD or DXJ?

THD has higher volatility (6.87%) compared to DXJ (6.56%). In terms of maximum drawdown, THD dropped -64.22% vs DXJ's -49.63%.

Which ETF is better, THD or DXJ?

On 10-year performance, DXJ leads with 18.62% vs 2.94% for THD. On fees, DXJ is cheaper at 0.48% per year. On volatility, DXJ has been the lower-risk option at 6.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THD or DXJ?

Over the 10-year period, DXJ has performed better with a 18.62% return vs 2.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THD or DXJ?

DXJ is cheaper with a 0.48% expense ratio, compared with 0.59% for THD.

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

THD has the higher dividend yield at 3.49%, compared with 0.96% for DXJ.

What is the main difference between THD and DXJ?

THD is categorized as Asia Pacific Equities, while DXJ is Japan Equities. THD tracks MSCI Thailand Investable Market Index, while DXJ tracks WisdomTree Japan Hedged Equity Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.59% for THD and 0.48% for DXJ.

Which has better risk-adjusted returns?

DXJ currently has the higher Sharpe Ratio (3.02 vs 1.97), 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.