iShares Currency Hedged MSCI Japan ETF
$65.59−0.28 (−0.43%)
- 1.02%
- $656M
- +39.6%
- 3.96%
- 0.1M sh
- $65.98
- low $49.98high $67.27
The ETF.net HEWJ Grade
C
Score 42 out of 100
- 15 of 18
Score 42 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F6 out of 100Rank 17 of 18Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B56 out of 100Rank 8 of 18Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A84 out of 100Rank 3 of 18Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C50 out of 100Rank 12 of 18Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A78 out of 100Rank 3 of 18
Our read on HEWJ
CJapanese stocks with the yen taken out of the equation. Since 2014, HEWJ has tracked MSCI's 100% USD-hedged Japan index, so what drives the fund is the Japanese market, not the currency.
The fund seeks to track an index of Japanese equities while reducing the effect of yen currency fluctuations.
Why people hold it
- The hedge is built into the mandate: it follows the MSCI Japan 100% Hedged to USD Index, which aims to strip yen-versus-dollar moves out of the result.
- Launched in January 2014 under the iShares banner, so this is a long-running hedged-Japan wrapper rather than a recent launch chasing a theme.
- A clean single-country mandate: Japanese equities, nothing else blended in, with distributions paid quarterly.
Worth knowing
- Cost is the sticking point: a 1.02% expense ratio sits well above the typical Japan fund, and Franklin's hedged rival FLJH lists 0.09%.
- A hedge cuts both ways. Removing yen weakness also removes the lift a strengthening yen would otherwise give a dollar-based holder.
- Everything rides on one market. Japan-only exposure means no cushion from other regions when Japanese equities wobble.
HEWJ Holdings
- Stocks
- 171
- 30%
- 8306.T
Sectors
- Industrials24.0%
- Information Technology20.1%
- Financials18.6%
- Consumer Discretionary14.4%
- Communication6.9%
- Health Care5.2%
- Materials3.8%
- Consumer Staples3.5%
- Real Estate1.7%
- Energy0.9%
- Utilities0.9%
Geography
- United States100.00%
HEWJ Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
HEWJ$13,955
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | HEWJ |
|---|---|
| Year to date | +25.7% |
| 1 month | +2.5% |
| 3 months | +1.8% |
| 1 year | +39.6% |
| 3 years | +28.1% |
| 5 years | +22.1% |
| 10 years | +16.6% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | HEWJ |
|---|---|---|
| 2026 YTD | +25.7% | |
| 2025 | +30.2% | |
| 2024 | +24.8% | |
| 2023 | +36.2% | |
| 2022 | −4.0% | |
| 2021 | +12.8% | |
| 2020 | +10.3% |
HEWJ in the news
HEWJ Dividends
- 3.96%
- $2.61
- $0.35 per share
- Twice a year
Distribution history
HEWJ Risk
- 12.0%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 1.76
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −20.9%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.41
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
HEWJ Cost
1.02%
HEWJ1.02%
- The middle half of Japan funds
- Median 0.54%
16 of the 18 Japan funds charge less.
Other funds in Japan
- CFJPFirst Trust Japan AlphaDEX FundExpense ratio 0.80%1 year return +28.2%
- CJPYLazard Japanese Equity ETFExpense ratio 0.60%1 year return +31.2%
- CJPANMatthews Japan Active ETF JPANExpense ratio 0.79%1 year return +29.7%
- CNBJPNeuberger Berman Japan Equity ETFExpense ratio 1.92%1 year return +28.1%
- FJAPNListed Funds Trust - Horizon Kinetics Japan Owner Operator ETFExpense ratio 0.85%1 year return −4.1%