HEWJ vs EWX

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

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

HEWJ vs EWX - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

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

Net Assets

HEWJ

$715M

Winner

EWX

$717M

Expense Ratio

Winner

HEWJ

0.49%

EWX

0.65%

Max Drawdown

Winner

HEWJ

37.42%

EWX

63.90%

Sharpe Ratio

Winner

HEWJ

2.00

EWX

1.17

5Y Beta

HEWJ

1.00

Winner

EWX

0.62

5Y Dividends CAGR

Winner

HEWJ

30.82%

EWX

9.64%

HEWJ vs EWX - Holdings Comparison

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

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

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

HEWJ vs EWX - Historical Returns

Returns include dividend reinvestment.

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

Winner

HEWJ

+3.49%

EWX

-2.83%

HEWJ

+8.27%

Winner

EWX

+8.73%

Winner

HEWJ

+18.09%

EWX

+11.52%

Winner

HEWJ

+49.43%

EWX

+22.06%

5Y(CAGR)

Winner

HEWJ

+20.66%

EWX

+6.30%

10Y(CAGR)

Winner

HEWJ

+15.90%

EWX

+9.26%

Max(CAGR)

Winner

HEWJ

+13.96%

EWX

+4.43%

HEWJ vs EWX - Annual Returns (2008 - 2026)

Returns include dividend reinvestment.

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

HEWJ vs EWX Drawdown Comparison

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

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

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

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

Correlation

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

0.94

-101

Dividend Comparison (2008 - 2025)

HEWJ vs EWX dividend yield comparison.

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