HEWJ vs SPY
Comparison between ISHARES CURRENCY HEDGED MSCI JAPAN ETF (HEWJ, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceHEWJ has outperformed SPY, delivering a return of +20.7% compared to +13.3%
HEWJ vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
HEWJ
$715M
Winner
SPY
$735B
Expense Ratio
HEWJ
0.49%
Winner
SPY
0.09%
Max Drawdown
Winner
HEWJ
37.42%
SPY
56.47%
Sharpe Ratio
Winner
HEWJ
2.00
SPY
1.62
5Y Beta
Winner
HEWJ
1.00
SPY
1.00
P/E Ratio
HEWJ
N/A
SPY
28.99
Forward P/E
HEWJ
N/A
SPY
22.37
5Y Dividends CAGR
Winner
HEWJ
30.82%
SPY
5.43%
5Y EPS CAGR
HEWJ
N/A
SPY
26.05%
Debt to Equity
HEWJ
N/A
SPY
32.40%
P/S Ratio
HEWJ
N/A
SPY
3.74
P/B Ratio
HEWJ
N/A
SPY
5.61
HEWJ vs SPY - Holdings Comparison
HEWJ and SPY have 1 common holdings. Overlap is -312.72%
HEWJ's top 25 holdings weight is 100.01%. SPY's top 25 holdings weight is 52.37%.
| Rank | HEWJ | SPY |
|---|---|---|
| #1 | JPY/USD PURCHASED (n/a) - 313.84% | NVIDIA CORP (NVDA) - 8.10% |
| #2 | ISHARES MSCI JAPAN ETF (EWJ) - 100.22% | APPLE INC (AAPL) - 7.02% |
| #3 | BLACKROCK CASH FUNDS TREASURY SL AGENCY (n/a) - 1.07% | MICROSOFT CORP (MSFT) - 4.79% |
| #4 | USD CASH (n/a) - 0.05% | AMAZON.COM INC (AMZN) - 4.02% |
| #5 | CASH OFFSET (n/a) - -2.45% | ALPHABET INC CLASS A (GOOGL) - 3.51% |
| #6 | JPY/USD SOLD (n/a) - -312.72% | BROADCOM INC (AVGO) - 3.10% |
| #7 | N/A | ALPHABET INC CLASS C (GOOG) - 2.79% |
| #8 | N/A | META PLATFORMS INC CLASS A (META) - 2.08% |
| #9 | N/A | TESLA INC (TSLA) - 1.89% |
| #10 | N/A | MICRON TECHNOLOGY INC (MU) - 1.56% |
| #11 | N/A | BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.37% |
| #12 | N/A | ELI LILLY AND CO (LLY) - 1.31% |
| #13 | N/A | JPMORGAN CHASE & CO (JPM) - 1.28% |
| #14 | N/A | ADVANCED MICRO DEVICES INC (AMD) - 1.27% |
| #15 | N/A | EXXON MOBIL CORP (XOM) - 0.97% |
| #16 | N/A | INTEL CORP (INTC) - 0.90% |
| #17 | N/A | JOHNSON & JOHNSON (JNJ) - 0.86% |
| #18 | N/A | VISA INC CLASS A (V) - 0.85% |
| #19 | N/A | WALMART INC (WMT) - 0.81% |
| #20 | N/A | CISCO SYSTEMS INC (CSCO) - 0.72% |
| #21 | N/A | COSTCO WHOLESALE CORP (COST) - 0.69% |
| #22 | N/A | CATERPILLAR INC (CAT) - 0.66% |
| #23 | N/A | MASTERCARD INC CLASS A (MA) - 0.62% |
| #24 | N/A | LAM RESEARCH CORP (LRCX) - 0.62% |
| #25 | N/A | ABBVIE INC (ABBV) - 0.58% |
| Total Holdings | 6 | 505 |
HEWJ vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
Winner
HEWJ
+3.49%
SPY
+1.90%
3M
HEWJ
+8.27%
Winner
SPY
+8.55%
6M
Winner
HEWJ
+18.09%
SPY
+8.18%
1Y
Winner
HEWJ
+49.43%
SPY
+25.79%
5Y(CAGR)
Winner
HEWJ
+20.66%
SPY
+13.32%
10Y(CAGR)
Winner
HEWJ
+15.90%
SPY
+15.19%
Max(CAGR)
Winner
HEWJ
+13.96%
SPY
+8.47%
HEWJ vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | HEWJ | SPY |
|---|---|---|
| 2026 | +15.66% | +8.26% |
| 2025 | +30.04% | +18.00% |
| 2024 | +25.12% | +25.59% |
| 2023 | +35.83% | +26.72% |
| 2022 | -4.22% | -18.64% |
| 2021 | +14.41% | +30.52% |
| 2020 | +9.12% | +17.28% |
| 2019 | +20.80% | +31.09% |
| 2018 | -14.88% | -5.24% |
| 2017 | +19.55% | +20.78% |
| 2016 | +1.29% | +13.59% |
| 2015 | +8.29% | +1.31% |
| 2014 | +20.54% | +14.56% |
| 2013 | N/A | +29.00% |
| 2012 | N/A | +14.17% |
| 2011 | N/A | +0.85% |
| 2010 | N/A | +13.14% |
| 2009 | N/A | +22.67% |
| 2008 | N/A | -36.25% |
| 2007 | N/A | +5.32% |
| 2006 | N/A | +13.85% |
| 2005 | N/A | +5.32% |
| 2004 | N/A | +10.75% |
| 2003 | N/A | +24.18% |
| 2002 | N/A | -22.42% |
| 2001 | N/A | -10.13% |
| 2000 | N/A | -8.84% |
| 1999 | N/A | +8.61% |
HEWJ vs SPY Drawdown Comparison
The maximum drawdown for HEWJ was -31.53%, occurring on Mar 16, 2020. Recovery took 192 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current HEWJ drawdown is -3.50%. The current SPY drawdown is -2.90%.
| Rank | HEWJ | SPY |
|---|---|---|
| #1 | -31.53% Feb 6, 2020 - Nov 9, 2020 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -29.57% Aug 10, 2015 - Oct 10, 2017 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -21.57% Jan 23, 2018 - Feb 6, 2020 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -20.90% Jul 10, 2024 - Jun 27, 2025 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -16.03% Sep 13, 2021 - Nov 25, 2022 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -11.19% Sep 26, 2014 - Oct 31, 2014 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -10.37% Feb 25, 2026 - May 8, 2026 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -8.93% Jun 1, 2015 - Aug 10, 2015 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -8.77% Dec 5, 2014 - Feb 13, 2015 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -8.12% Nov 25, 2022 - Mar 3, 2023 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -7.89% Mar 6, 2014 - Jun 4, 2014 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -7.45% Sep 19, 2023 - Nov 17, 2023 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -7.23% Mar 8, 2023 - Apr 17, 2023 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -6.97% Apr 5, 2021 - Sep 2, 2021 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -5.17% Mar 21, 2024 - May 20, 2024 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between HEWJ and SPY is 0.96 which considered as a very strong positive correlation - the stocks move almost identically together.
0.96
-101
Dividend Comparison (1999 - 2026)
HEWJ vs SPY dividend yield comparison.
| Year | HEWJ | SPY |
|---|---|---|
| 2026 | 0.00% | 0.24% |
| 2025 | 5.10% | 1.07% |
| 2024 | 2.20% | 1.21% |
| 2023 | 2.02% | 1.40% |
| 2022 | 47.68% | 1.65% |
| 2021 | 2.03% | 1.20% |
| 2020 | 1.20% | 1.52% |
| 2019 | 2.78% | 1.75% |
| 2018 | 1.37% | 2.04% |
| 2017 | 1.21% | 1.80% |
| 2016 | 1.88% | 2.03% |
| 2015 | 3.25% | 2.06% |
| 2014 | 2.15% | 1.87% |
| 2013 | 0.00% | 1.81% |
| 2012 | 0.00% | 2.18% |
| 2011 | 0.00% | 2.05% |
| 2010 | 0.00% | 1.80% |
| 2009 | 0.00% | 1.95% |
| 2008 | 0.00% | 3.02% |
| 2007 | 0.00% | 1.85% |
| 2006 | 0.00% | 1.73% |
| 2005 | 0.00% | 1.73% |
| 2004 | 0.00% | 1.82% |
| 2003 | 0.00% | 1.47% |
| 2002 | 0.00% | 1.70% |
| 2001 | 0.00% | 1.25% |
| 2000 | 0.00% | 1.15% |
| 1999 | 0.00% | 0.24% |
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