EWX vs HEWJ

Comparison between STATE STREET(R) SPDR(R) S&P(R) EMERGING MARKETS SMALL CAP ETF (EWX, ETF) and ISHARES CURRENCY HEDGED MSCI JAPAN ETF (HEWJ, ETF).

5-Year PerformanceHEWJ has outperformed EWX, delivering a return of +20.7% compared to +6.3%

EWX vs HEWJ - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	EWX(ETF)	HEWJ(ETF)
Net Assets	$717M	$715M
Expense Ratio	0.65%	0.49%
Max Drawdown	63.90%	37.42%
Sharpe Ratio	1.17	2.00
5Y Beta	0.62	1.00
5Y Dividends CAGR	9.64%	30.82%

Net Assets

Winner

EWX

$717M

HEWJ

$715M

Expense Ratio

EWX

0.65%

Winner

HEWJ

0.49%

Max Drawdown

EWX

63.90%

Winner

HEWJ

37.42%

Sharpe Ratio

EWX

1.17

Winner

HEWJ

2.00

5Y Beta

Winner

EWX

0.62

HEWJ

1.00

5Y Dividends CAGR

EWX

9.64%

Winner

HEWJ

30.82%

EWX vs HEWJ - Holdings Comparison

EWX and HEWJ have 1 common holdings. Overlap is -312.72%

EWX's top 25 holdings weight is 6.38%. HEWJ's top 25 holdings weight is 100.01%.

Rank	EWX	HEWJ
#1	n/a (n/a) - 1.21%	JPY/USD PURCHASED (n/a) - 313.84%
#2	n/a (n/a) - 0.98%	ISHARES MSCI JAPAN ETF (EWJ) - 100.22%
#3	GULF NAVIGATION HOLDING PJSC (n/a) - 0.23%	BLACKROCK CASH FUNDS TREASURY SL AGENCY (n/a) - 1.07%
#4	PAN AFRICAN RESOURCES PLC (PAFRF) - 0.22%	USD CASH (n/a) - 0.05%
#5	INARI AMERTRON BHD (n/a) - 0.20%	CASH OFFSET (n/a) - -2.45%
#6	REDEFINE PROPERTIES LTD (n/a) - 0.19%	JPY/USD SOLD (n/a) - -312.72%
#7	ADVANCED ECHEM MATERIALS CO LTD (n/a) - 0.19%	N/A
#8	LINGBAO GOLD GROUP CO LTD CLASS H (n/a) - 0.19%	N/A
#9	PRECISION TSUGAMI (CHINA) CORP LTD (n/a) - 0.18%	N/A
#10	BRAVA ENERGIA SA ORDINARY SHARES (n/a) - 0.18%	N/A
#11	ORBIA ADVANCE CORP SAB DE CV (n/a) - 0.18%	N/A
#12	PIXART IMAGING INC (n/a) - 0.18%	N/A
#13	n/a (n/a) - 0.18%	N/A
#14	PRIMAX ELECTRONICS LTD (n/a) - 0.18%	N/A
#15	NETCARE LTD (n/a) - 0.18%	N/A
#16	MOKINGRAN JEWELLERY GROUP CO LTD (n/a) - 0.18%	N/A
#17	MOTUS HOLDINGS LTD ORDINARY SHARES (n/a) - 0.18%	N/A
#18	CENTURY IRON AND STEEL INDUSTRIAL CO LTD (n/a) - 0.18%	N/A
#19	NATIONAL INDUSTRIES GROUP HOLDING SAK (n/a) - 0.17%	N/A
#20	BLACK SESAME INTERNATIONAL HOLDING LTD (n/a) - 0.17%	N/A
#21	n/a (n/a) - 0.17%	N/A
#22	QISDA CORP (n/a) - 0.17%	N/A
#23	WINWAY TECHNOLOGY CO LTD ORDINARY SHARES (n/a) - 0.17%	N/A
#24	BIT DIGITAL INC ORDINARY SHARES (BTBT) - 0.16%	N/A
#25	n/a (n/a) - 0.16%	N/A
Total Holdings	2744	6

EWX vs HEWJ - Historical Returns

Returns include dividend reinvestment.

Period	EWX	HEWJ
1 month	-2.83%	+3.49%
3 months	+8.73%	+8.27%
6 months	+11.52%	+18.09%
1 year	+22.06%	+49.43%
5 years(CAGR)	+6.30%	+20.66%
10 years(CAGR)	+9.26%	+15.90%
Max(CAGR)	+4.43%	+13.96%

EWX

-2.83%

Winner

HEWJ

+3.49%

Winner

EWX

+8.73%

HEWJ

+8.27%

EWX

+11.52%

Winner

HEWJ

+18.09%

EWX

+22.06%

Winner

HEWJ

+49.43%

5Y(CAGR)

EWX

+6.30%

Winner

HEWJ

+20.66%

10Y(CAGR)

EWX

+9.26%

Winner

HEWJ

+15.90%

Max(CAGR)

EWX

+4.43%

Winner

HEWJ

+13.96%

EWX vs HEWJ - Annual Returns (2008 - 2026)

Returns include dividend reinvestment.

Year	EWX	HEWJ
2026	+8.50%	+15.66%
2025	+16.17%	+30.04%
2024	+7.64%	+25.12%
2023	+17.12%	+35.83%
2022	-15.32%	-4.22%
2021	+16.66%	+14.41%
2020	+13.04%	+9.12%
2019	+14.58%	+20.80%
2018	-19.74%	-14.88%
2017	+32.53%	+19.55%
2016	+10.04%	+1.29%
2015	-11.76%	+8.29%
2014	+0.87%	+20.54%
2013	+0.15%	N/A
2012	+23.85%	N/A
2011	-30.79%	N/A
2010	+19.60%	N/A
2009	+92.49%	N/A
2008	-53.20%	N/A

EWX vs HEWJ Drawdown Comparison

The maximum drawdown for EWX was -63.90%, occurring on Nov 20, 2008. Recovery took 583 trading sessions.

The maximum drawdown for HEWJ was -31.53%, occurring on Mar 16, 2020. Recovery took 192 trading sessions.

The current EWX drawdown is -5.11%. The current HEWJ drawdown is -3.50%.

Rank	EWX	HEWJ
#1	-63.90% May 19, 2008 - Sep 13, 2010	-31.53% Feb 6, 2020 - Nov 9, 2020
#2	-42.99% Jan 26, 2018 - Dec 28, 2020	-29.57% Aug 10, 2015 - Oct 10, 2017
#3	-34.12% Jan 5, 2011 - Sep 5, 2014	-21.57% Jan 23, 2018 - Feb 6, 2020
#4	-31.87% Sep 5, 2014 - Jul 14, 2017	-20.90% Jul 10, 2024 - Jun 27, 2025
#5	-24.67% Jul 12, 2021 - Apr 9, 2024	-16.03% Sep 13, 2021 - Nov 25, 2022
#6	-21.36% Oct 7, 2024 - Jul 3, 2025	-11.19% Sep 26, 2014 - Oct 31, 2014
#7	-9.20% Jul 12, 2024 - Sep 24, 2024	-10.37% Feb 25, 2026 - May 8, 2026
#8	-7.98% Feb 25, 2026 - Apr 13, 2026	-8.93% Jun 1, 2015 - Aug 10, 2015
#9	-6.48% Nov 4, 2010 - Jan 3, 2011	-8.77% Dec 5, 2014 - Feb 13, 2015
#10	-5.85% Apr 28, 2021 - May 28, 2021	-8.12% Nov 25, 2022 - Mar 3, 2023
#11	-5.11% May 26, 2026 - Jun 5, 2026	-7.89% Mar 6, 2014 - Jun 4, 2014
#12	-4.99% Sep 17, 2025 - Jan 9, 2026	-7.45% Sep 19, 2023 - Nov 17, 2023
#13	-4.85% Apr 9, 2024 - May 2, 2024	-7.23% Mar 8, 2023 - Apr 17, 2023
#14	-4.38% May 11, 2026 - May 26, 2026	-6.97% Apr 5, 2021 - Sep 2, 2021
#15	-3.93% May 20, 2024 - Jul 3, 2024	-5.17% Mar 21, 2024 - May 20, 2024

Correlation

Correlation between EWX and HEWJ is 0.94 which considered as a very strong positive correlation - the stocks move almost identically together.

0.94

-101

Dividend Comparison (2008 - 2025)

EWX vs HEWJ dividend yield comparison.

Year	EWX	HEWJ
2025	2.91%	5.10%
2024	2.90%	2.20%
2023	2.32%	2.02%
2022	3.00%	47.68%
2021	2.77%	2.03%
2020	2.24%	1.20%
2019	2.73%	2.78%
2018	3.26%	1.37%
2017	2.30%	1.21%
2016	2.46%	1.88%
2015	3.04%	3.25%
2014	2.74%	2.15%
2013	2.33%	0.00%
2012	2.27%	0.00%
2011	5.58%	0.00%
2010	3.03%	0.00%
2009	1.79%	0.00%
2008	0.85%	0.00%