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XIU.TO vs. HEWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XIU.TO vs. HEWJ

Last updated Jun 13, 2026

XIU.TO (iShares S&P/TSX 60 Index ETF) and HEWJ (iShares Currency Hedged MSCI Japan ETF) are both exchange-traded funds - XIU.TO is a Canada Equities fund tracking the S&P/TSX 60 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, XIU.TO returned 13.04%/yr vs 17.77%/yr for HEWJ. A 0.51 correlation means they provide meaningful diversification when combined. XIU.TO charges 0.18%/yr vs 0.49%/yr for HEWJ.

Performance

XIU.TO vs. HEWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX 60 Index ETF (XIU.TO) and iShares Currency Hedged MSCI Japan ETF (HEWJ). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, XIU.TO achieves a 11.35% return, which is significantly lower than HEWJ's 21.77% return. Over the past 10 years, XIU.TO has underperformed HEWJ with an annualized return of 13.04%, while HEWJ has yielded a comparatively higher 17.77% annualized return.

XIU.TO

1D
0.62%
1M
4.37%
YTD
11.35%
6M
12.04%
1Y
32.43%
3Y*
22.94%
5Y*
14.53%
10Y*
13.04%

HEWJ

1D
1.35%
1M
3.42%
YTD
21.77%
6M
21.80%
1Y
54.62%
3Y*
29.18%
5Y*
24.77%
10Y*
17.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XIU.TO vs. HEWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XIU.TO
iShares S&P/TSX 60 Index ETF		11.35%28.89%20.73%11.85%-6.35%28.06%5.27%21.81%-7.82%9.58%
HEWJ
iShares Currency Hedged MSCI Japan ETF		21.77%24.30%35.36%32.97%1.66%12.74%7.67%15.81%-7.50%13.25%

Correlation

The correlation between XIU.TO and HEWJ is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.49

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

0.48

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

0.51

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

0.52

Correlation (All Time)
Calculated using the full available price history since Feb 5, 2014

0.51

The correlation between XIU.TO and HEWJ has been stable across timeframes, ranging from 0.48 to 0.52 - a consistent structural relationship.

XIU.TO vs. HEWJ - Sectors Allocation Comparison

Sectors
XIU.TO
HEWJ

Financial Services

39.4%
17.6%

Energy

18.6%
1.1%

Basic Materials

13.3%
3.0%

Technology

8.8%
19.1%

Industrials

7.9%
26.0%

Consumer Cyclical

4.1%
12.2%

Consumer Defensive

3.2%
3.6%

Utilities

2.6%
1.1%

Communication Services

2.0%
7.9%

Real Estate

0.2%
2.3%

Healthcare

-

6.2%

Financial Services

XIU.TO
39.4%
HEWJ
17.6%

Energy

XIU.TO
18.6%
HEWJ
1.1%

Basic Materials

XIU.TO
13.3%
HEWJ
3.0%

Technology

XIU.TO
8.8%
HEWJ
19.1%

Industrials

XIU.TO
7.9%
HEWJ
26.0%

Consumer Cyclical

XIU.TO
4.1%
HEWJ
12.2%

Consumer Defensive

XIU.TO
3.2%
HEWJ
3.6%

Utilities

XIU.TO
2.6%
HEWJ
1.1%

Communication Services

XIU.TO
2.0%
HEWJ
7.9%

Real Estate

XIU.TO
0.2%
HEWJ
2.3%

Healthcare

XIU.TO

-

HEWJ
6.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares S&P/TSX 60 Index ETF

iShares Currency Hedged MSCI Japan ETF

Often compared with XIU.TO:
XIU.TO vs. XIC.TOXIU.TO vs. ZCN.TOXIU.TO vs. XDIV.TOXIU.TO vs. XSP.TOXIU.TO vs. HXT.TOXIU.TO vs. SPYXIU.TO vs. XIT.TO
Often compared with HEWJ:
HEWJ vs. EWJHEWJ vs. EWJVHEWJ vs. DBJPHEWJ vs. FLJHHEWJ vs. HEFAHEWJ vs. DXJHEWJ vs. BBJP

Return for Risk

XIU.TO vs. HEWJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XIU.TO
XIU.TO Risk / Return Rank: 8989
Overall Rank
XIU.TO Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
XIU.TO Sortino Ratio Rank: 8989
Sortino Ratio Rank
XIU.TO Omega Ratio Rank: 8989
Omega Ratio Rank
XIU.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
XIU.TO Martin Ratio Rank: 9292
Martin Ratio Rank
HEWJ
HEWJ Risk / Return Rank: 9090
Overall Rank
HEWJ Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 8989
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 8888
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 9090
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 9191
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.

XIU.TO vs. HEWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX 60 Index ETF (XIU.TO) 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.

XIU.TOHEWJDifference
Sharpe ratioReturn per unit of total volatility
2.71
2.80

-0.10

Sortino ratioReturn per unit of downside risk
3.61
3.75

-0.15

Omega ratioGain probability vs. loss probability

1.49

1.48

+0.01

Calmar ratioReturn relative to maximum drawdown

4.26

5.41

-1.15

Martin ratioReturn relative to average drawdown

19.57

20.40

-0.82

XIU.TO vs. HEWJ - Sharpe Ratio Comparison

The current XIU.TO Sharpe Ratio is 2.71, which is comparable to the HEWJ Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of XIU.TO 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.

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Drawdowns

XIU.TO vs. HEWJ - Drawdown Comparison

The maximum XIU.TO drawdown since its inception was -46.98%, which is greater than HEWJ's maximum drawdown of -30.59%. Use the drawdown chart below to compare losses from any high point for XIU.TO and HEWJ.

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Drawdown Indicators

XIU.TOHEWJDifference

Max Drawdown

Largest peak-to-trough decline

-46.98%

-30.59%

-16.39%

Max Drawdown (1Y)

Largest decline over 1 year

-7.65%

-10.14%

+2.49%

Max Drawdown (3Y)

Largest decline over 3 years

-12.36%

-19.88%

+7.52%

Max Drawdown (5Y)

Largest decline over 5 years

-16.36%

-19.88%

+3.52%

Max Drawdown (10Y)

Largest decline over 10 years

-35.46%

-28.89%

-6.57%

Current Drawdown

Current decline from peak

-0.19%

-0.61%

+0.42%

Average Drawdown

Average peak-to-trough decline

-6.85%

-5.85%

-1.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.66%

2.69%

-1.03%

Volatility

XIU.TO vs. HEWJ - Volatility Comparison

The current volatility for iShares S&P/TSX 60 Index ETF (XIU.TO) is 4.06%, while iShares Currency Hedged MSCI Japan ETF (HEWJ) has a volatility of 6.17%. This indicates that XIU.TO 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.

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Volatility by Period

XIU.TOHEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.06%

6.17%

-2.11%

Volatility (6M)

Calculated over the trailing 6-month period

9.62%

14.97%

-5.35%

Volatility (1Y)

Calculated over the trailing 1-year period

12.03%

19.58%

-7.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.83%

20.20%

-7.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.02%

20.84%

-5.82%

XIU.TO vs. HEWJ - Expense Ratio Comparison

XIU.TO has a 0.18% expense ratio, which is lower than HEWJ's 0.49% expense ratio.

Dividends

XIU.TO vs. HEWJ - Dividend Comparison

XIU.TO's dividend yield for the trailing twelve months is around 2.18%, less than HEWJ's 4.28% yield.

PositionTTM20252024202320222021202020192018201720162015
HEWJ
iShares Currency Hedged MSCI Japan ETF		4.28%5.10%2.20%2.02%47.68%2.03%1.20%2.78%1.37%1.21%1.88%3.25%
XIU.TO
iShares S&P/TSX 60 Index ETF		2.18%2.39%2.92%3.16%3.02%2.43%3.03%2.87%3.18%2.58%2.65%3.19%

Frequently Asked Questions

XIU.TO and HEWJ have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XIU.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XIU.TO is cheaper with a 0.18% expense ratio, compared with 0.49% for HEWJ.

XIU.TO is categorized as Canada Equities, while HEWJ is Japan Equities. XIU.TO tracks S&P/TSX 60 Index, while HEWJ tracks MSCI Japan 100% Hedged to USD Index. Their fees differ too: 0.18% for XIU.TO and 0.49% for HEWJ.

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