VEU.AX vs. HJPN.AX

Last updated Jul 16, 2026

VEU.AX (Vanguard All-World ex-US Shares Index ETF) and HJPN.AX (Betashares Japan Currency Hedged ETF) are both Global Equities funds - VEU.AX tracks the Vanguard All-World ex-US Shares Index Index while HJPN.AX tracks the Betashares Japan Currency Hedged Index. Both are passively managed. Over the past 10 years, VEU.AX returned 10.36%/yr vs 15.57%/yr for HJPN.AX. A 0.57 correlation means they provide meaningful diversification when combined.

Performance

VEU.AX vs. HJPN.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Vanguard All-World ex-US Shares Index ETF (VEU.AX) and Betashares Japan Currency Hedged ETF (HJPN.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEU.AX achieves a 8.18% return, which is significantly lower than HJPN.AX's 25.87% return. Over the past 10 years, VEU.AX has underperformed HJPN.AX with an annualized return of 10.36%, while HJPN.AX has yielded a comparatively higher 15.57% annualized return.

VEU.AX

• 1D: -0.73%
• 1M: -1.21%
• 6M: 4.42%
• YTD: 8.18%
• 1Y: 18.44%
• 3Y*: 17.07%
• 5Y*: 10.68%
• 10Y*: 10.36%

HJPN.AX

• 1D: -1.55%
• 1M: -0.07%
• 6M: 17.25%
• YTD: 25.87%
• 1Y: 56.07%
• 3Y*: 28.09%
• 5Y*: 19.88%
• 10Y*: 15.57%

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

VEU.AX vs. HJPN.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEU.AX Vanguard All-World ex-US Shares Index ETF	8.18%	23.17%	16.80%	14.76%	-8.44%	14.15%	2.08%	22.31%	-6.28%	15.86%
HJPN.AX Betashares Japan Currency Hedged ETF	25.87%	25.64%	24.96%	34.17%	-13.44%	16.18%	15.92%	16.79%	-21.05%	22.05%

Correlation

The correlation between VEU.AX and HJPN.AX is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since May 10, 2016	0.57

The correlation between VEU.AX and HJPN.AX shifts across timeframes, from 0.57 (all time) to 0.70 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VEU.AX vs. HJPN.AX — Risk / Return Rank

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

VEU.AX

VEU.AX Risk / Return Rank: 51
VEU.AX Sharpe Ratio Rank: 51
VEU.AX Sortino Ratio Rank: 52
VEU.AX Omega Ratio Rank: 57
VEU.AX Calmar Ratio Rank: 44
VEU.AX Martin Ratio Rank: 51

HJPN.AX

HJPN.AX Risk / Return Rank: 84
HJPN.AX Sharpe Ratio Rank: 81
HJPN.AX Sortino Ratio Rank: 81
HJPN.AX Omega Ratio Rank: 81
HJPN.AX Calmar Ratio Rank: 91
HJPN.AX Martin Ratio Rank: 86

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.

VEU.AX vs. HJPN.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard All-World ex-US Shares Index ETF (VEU.AX) and Betashares Japan Currency Hedged ETF (HJPN.AX). 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.

	VEU.AX	HJPN.AX	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.05	-0.59
Sortino ratio: Return per unit of downside risk	2.10	2.91	-0.81
Omega ratio: Gain probability vs. loss probability	1.29	1.38	-0.10
Calmar ratio: Return relative to maximum drawdown	1.83	4.62	-2.79
Martin ratio: Return relative to average drawdown	7.08	14.24	-7.16

VEU.AX vs. HJPN.AX - Sharpe Ratio Comparison

The current VEU.AX Sharpe Ratio is 1.46, which is comparable to the HJPN.AX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of VEU.AX and HJPN.AX, 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

VEU.AX vs. HJPN.AX - Drawdown Comparison

The maximum VEU.AX drawdown since its inception was -23.05%, smaller than the maximum HJPN.AX drawdown of -36.74%. Use the drawdown chart below to compare losses from any high point for VEU.AX and HJPN.AX.

Drawdown Indicators

	VEU.AX	HJPN.AX	Difference
Max Drawdown Largest peak-to-trough decline	-23.05%	-36.74%	+13.69%
Max Drawdown (1Y) Largest decline over 1 year	-9.87%	-11.86%	+1.99%
Max Drawdown (3Y) Largest decline over 3 years	-9.87%	-26.71%	+16.84%
Max Drawdown (5Y) Largest decline over 5 years	-18.46%	-26.71%	+8.25%
Max Drawdown (10Y) Largest decline over 10 years	-23.05%	-36.74%	+13.69%
Current Drawdown Current decline from peak	-2.39%	-4.46%	+2.07%
Average Drawdown Average peak-to-trough decline	-5.33%	-7.84%	+2.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	3.87%	-1.27%

Volatility

VEU.AX vs. HJPN.AX - Volatility Comparison

The current volatility for Vanguard All-World ex-US Shares Index ETF (VEU.AX) is 3.99%, while Betashares Japan Currency Hedged ETF (HJPN.AX) has a volatility of 7.36%. This indicates that VEU.AX experiences smaller price fluctuations and is considered to be less risky than HJPN.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEU.AX	HJPN.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	7.36%	-3.37%
Volatility (6M) Calculated over the trailing 6-month period	11.17%	19.77%	-8.60%
Volatility (1Y) Calculated over the trailing 1-year period	12.40%	26.67%	-14.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.20%	23.80%	-12.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.70%	20.99%	-9.29%

Dividends

VEU.AX vs. HJPN.AX - Dividend Comparison

VEU.AX's dividend yield for the trailing twelve months is around 2.65%, less than HJPN.AX's 5.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HJPN.AX Betashares Japan Currency Hedged ETF	5.93%	0.00%	5.68%	3.06%	8.35%	5.39%	0.00%	0.37%	2.46%	1.47%	0.11%	0.00%
VEU.AX Vanguard All-World ex-US Shares Index ETF	2.65%	3.11%	3.69%	4.26%	3.33%	3.09%	2.32%	3.17%	1.63%	0.87%	1.05%	1.21%

Frequently Asked Questions

Can I hold both VEU.AX and HJPN.AX in my portfolio?

VEU.AX and HJPN.AX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between VEU.AX and HJPN.AX?

VEU.AX tracks Vanguard All-World ex-US Shares Index Index, while HJPN.AX tracks Betashares Japan Currency Hedged Index. They also come from different issuers: Vanguard and BetaShares.