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XEU.TO vs. DXJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEU.TO vs. DXJ

Last updated Jun 4, 2026

XEU.TO (iShares MSCI Europe IMI Index ETF) and DXJ (WisdomTree Japan Hedged Equity Fund) are both exchange-traded funds - XEU.TO is a Europe Equities fund tracking the Morningstar Eur GR CAD, while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Both are passively managed. Over the past 10 years, XEU.TO returned 9.77%/yr vs 19.19%/yr for DXJ. At a 0.43 correlation, their price movements are largely independent. XEU.TO charges 0.28%/yr vs 0.48%/yr for DXJ.

Performance

XEU.TO vs. DXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Europe IMI Index ETF (XEU.TO) and WisdomTree Japan Hedged Equity Fund (DXJ). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XEU.TO is traded in CAD, while DXJ is traded in USD. To make them comparable, the DXJ values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XEU.TO achieves a 6.82% return, which is significantly lower than DXJ's 21.16% return. Over the past 10 years, XEU.TO has underperformed DXJ with an annualized return of 9.77%, while DXJ has yielded a comparatively higher 19.19% annualized return.

XEU.TO

1D
-0.82%
1M
5.05%
YTD
6.82%
6M
8.23%
1Y
18.70%
3Y*
17.08%
5Y*
10.84%
10Y*
9.77%

DXJ

1D
1.16%
1M
9.39%
YTD
21.16%
6M
23.88%
1Y
55.91%
3Y*
34.70%
5Y*
29.74%
10Y*
19.19%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEU.TO vs. DXJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XEU.TO
iShares MSCI Europe IMI Index ETF		6.82%29.40%9.36%17.36%-10.48%16.36%3.16%18.30%-8.11%18.48%
DXJ
WisdomTree Japan Hedged Equity Fund		21.16%26.69%40.98%38.91%13.51%16.92%2.18%13.10%-12.98%14.99%

Correlation

The correlation between XEU.TO and DXJ is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.44

Correlation (3Y)
Calculated over the trailing 3-year period

0.37

Correlation (5Y)
Calculated over the trailing 5-year period

0.37

Correlation (10Y)
Calculated over the trailing 10-year period

0.46

Correlation (All Time)
Calculated using the full available price history since Apr 24, 2014

0.43

XEU.TO vs. DXJ - Sectors Allocation Comparison

Sectors
XEU.TO
DXJ

Financial Services

22.5%
18.3%

Industrials

15.6%
27.4%

Healthcare

10.5%
6.8%

Technology

8.4%
12.9%

Consumer Defensive

8.0%
4.7%

Consumer Cyclical

6.5%
15.6%

Basic Materials

5.3%
8.5%

Energy

4.0%
1.7%

Utilities

3.5%
0.1%

Communication Services

3.3%
2.7%

Real Estate

1.4%

-

Financial Services

XEU.TO
22.5%
DXJ
18.3%

Industrials

XEU.TO
15.6%
DXJ
27.4%

Healthcare

XEU.TO
10.5%
DXJ
6.8%

Technology

XEU.TO
8.4%
DXJ
12.9%

Consumer Defensive

XEU.TO
8.0%
DXJ
4.7%

Consumer Cyclical

XEU.TO
6.5%
DXJ
15.6%

Basic Materials

XEU.TO
5.3%
DXJ
8.5%

Energy

XEU.TO
4.0%
DXJ
1.7%

Utilities

XEU.TO
3.5%
DXJ
0.1%

Communication Services

XEU.TO
3.3%
DXJ
2.7%

Real Estate

XEU.TO
1.4%
DXJ

-

Compare stocks, funds, or ETFs

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iShares MSCI Europe IMI Index ETF

WisdomTree Japan Hedged Equity Fund

Often compared with XEU.TO:
XEU.TO vs. XEH.TOXEU.TO vs. XEF.TOXEU.TO vs. VE.TOXEU.TO vs. VEAXEU.TO vs. HXS.TOXEU.TO vs. XUS.TOXEU.TO vs. XDIV.TO
Often compared with DXJ:
DXJ vs. EWJDXJ vs. EWJVDXJ vs. DXJSDXJ vs. FLJPDXJ vs. BBJPDXJ vs. VOODXJ vs. DBJP

Return for Risk

XEU.TO vs. DXJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEU.TO
XEU.TO Risk / Return Rank: 3535
Overall Rank
XEU.TO Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
XEU.TO Sortino Ratio Rank: 3636
Sortino Ratio Rank
XEU.TO Omega Ratio Rank: 3636
Omega Ratio Rank
XEU.TO Calmar Ratio Rank: 3232
Calmar Ratio Rank
XEU.TO Martin Ratio Rank: 3838
Martin Ratio Rank
DXJ
DXJ Risk / Return Rank: 8888
Overall Rank
DXJ Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
DXJ Sortino Ratio Rank: 8989
Sortino Ratio Rank
DXJ Omega Ratio Rank: 8888
Omega Ratio Rank
DXJ Calmar Ratio Rank: 8686
Calmar Ratio Rank
DXJ Martin Ratio Rank: 8787
Martin Ratio Rank
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.

XEU.TO vs. DXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe IMI Index ETF (XEU.TO) 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.

XEU.TODXJDifference
Sharpe ratioReturn per unit of total volatility
1.32
3.16

-1.83

Sortino ratioReturn per unit of downside risk
1.90
4.19

-2.29

Omega ratioGain probability vs. loss probability

1.24

1.57

-0.33

Calmar ratioReturn relative to maximum drawdown

1.57

5.26

-3.69

Martin ratioReturn relative to average drawdown

6.06

20.20

-14.14

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XEU.TO vs. DXJ - Sharpe Ratio Comparison

The current XEU.TO Sharpe Ratio is 1.32, which is lower than the DXJ Sharpe Ratio of 3.16. The chart below compares the historical Sharpe Ratios of XEU.TO 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.

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Sharpe Ratios by Period

XEU.TODXJDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.32

3.16

-1.83

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.74

1.64

-0.90

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

1.00

-0.39

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.71

-0.18

Drawdowns

XEU.TO vs. DXJ - Drawdown Comparison

The maximum XEU.TO drawdown since its inception was -32.02%, roughly equal to the maximum DXJ drawdown of -31.62%. Use the drawdown chart below to compare losses from any high point for XEU.TO and DXJ.

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Drawdown Indicators

XEU.TODXJDifference

Max Drawdown

Largest peak-to-trough decline

-32.02%

-31.62%

-0.40%

Max Drawdown (1Y)

Largest decline over 1 year

-11.94%

-10.68%

-1.26%

Max Drawdown (3Y)

Largest decline over 3 years

-14.62%

-21.02%

+6.40%

Max Drawdown (5Y)

Largest decline over 5 years

-26.96%

-21.02%

-5.94%

Max Drawdown (10Y)

Largest decline over 10 years

-32.02%

-31.41%

-0.61%

Current Drawdown

Current decline from peak

-1.74%

0.00%

-1.74%

Average Drawdown

Average peak-to-trough decline

-5.38%

-8.44%

+3.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.09%

2.78%

+0.31%

Volatility

XEU.TO vs. DXJ - Volatility Comparison

iShares MSCI Europe IMI Index ETF (XEU.TO) has a higher volatility of 5.16% compared to WisdomTree Japan Hedged Equity Fund (DXJ) at 3.65%. This indicates that XEU.TO'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.

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Volatility by Period

XEU.TODXJDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.16%

3.65%

+1.51%

Volatility (6M)

Calculated over the trailing 6-month period

11.85%

13.43%

-1.58%

Volatility (1Y)

Calculated over the trailing 1-year period

14.22%

17.80%

-3.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.72%

18.26%

-3.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.09%

19.33%

-3.24%

XEU.TO vs. DXJ - Expense Ratio Comparison

XEU.TO has a 0.28% expense ratio, which is lower than DXJ's 0.48% expense ratio.

Dividends

XEU.TO vs. DXJ - Dividend Comparison

XEU.TO's dividend yield for the trailing twelve months is around 2.31%, more than DXJ's 1.08% yield.

PositionTTM20252024202320222021202020192018201720162015
DXJ
WisdomTree Japan Hedged Equity Fund		1.08%1.29%3.48%3.44%3.02%2.64%2.53%2.47%2.92%2.30%1.98%5.95%
XEU.TO
iShares MSCI Europe IMI Index ETF		2.31%2.47%2.68%2.96%3.03%2.42%1.98%3.56%3.28%2.27%2.91%2.33%

Frequently Asked Questions

XEU.TO and DXJ have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEU.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEU.TO is cheaper with a 0.28% expense ratio, compared with 0.48% for DXJ.

XEU.TO is categorized as Europe Equities, while DXJ is Japan Equities. XEU.TO tracks Morningstar Eur GR CAD, while DXJ tracks WisdomTree Japan Hedged Equity Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.28% for XEU.TO and 0.48% for DXJ.

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