DXJ vs JPXN: Grades, Fees and Holdings Compared

WisdomTree Japan Hedged Equity Fund

DXJBNYSE Arca

iShares JPX-Nikkei 400 ETF

JPXNANYSE Arca

Overlap

61.9%by weight

Expense ratio

DXJ0.48%JPXN0.48%

Avg volume · 30D

DXJ 49.5×the volume

DXJ814KJPXN16.5K

10Y return · a year

DXJ +9.2pt

DXJ+17.7%JPXN+8.5%

DXJ vs JPXN Performance

Nov 2, 2021 – Nov 2, 2026

+213.0%DXJ+53.6%JPXN

Expense ratio: DXJ 0.48%; JPXN 0.48%
Fund size: DXJ $7.05B; JPXN $166M
1Y total return: DXJ +30.6%, better; JPXN +18.1%
Yield (12M): DXJ No data; JPXN 2.73%
Holdings: DXJ 490; JPXN 402
Avg volume (30D): DXJ 814K sh, better; JPXN 16.5K sh
NAV per share: DXJ $58.90; JPXN $100.45
52W range

ETF.net Grade

Pillar letters and Scores for DXJ, JPXN, with each pillar’s weight
Pillar	DXJ	JPXN
Cost30% weight	B68	B68
Mission25% weight	Not scored	A100
Risk15% weight	B64Higher	C53
Tradability15% weight	C53	B64Higher
Holdings10% weight	C48	A82Higher
Durability5% weight	A80Higher	A70

Rank among Japan funds

How we build Categories ›

Same Category. DXJ and JPXN are both graded against the same 18 Japan funds, so their Grades compare head to head.

Japan⁠

Category · 18 funds

See all 18 ›

JPXN ranks 4th and DXJ 10th of 18 funds in the Japan Category.

Rank 1AFLJPFranklin FTSE Japan ETFScore 82
Rank 2ABBJPJPMorgan BetaBuilders Japan ETFScore 80
Rank 3AFLJHFranklin FTSE Japan Hedged ETFScore 75
Rank 4AJPXNiShares JPX-Nikkei 400 ETFScore 74
Rank 4ASCJiShares MSCI Japan Small-Cap ETFScore 74
Rank 9BDBJPXtrackers MSCI Japan Hedged Equity ETFScore 63
Rank 10BDXJWisdomTree Japan Hedged Equity FundScore 62
Rank 11BOPPJWisdomTree Japan Opportunities FundScore 57

Our read on each fund

ETF.net Research

DXJBWisdomTree Japan Hedged Equity Fund

JPXNAiShares JPX-Nikkei 400 ETF

In short

DXJ Japanese stocks with the yen taken out of the math. DXJ has run its hedged, dividend-screened index since 2006, pairing roughly 400 Japanese companies with a hedge against yen-dollar swings.

JPXN Most Japan ETFs just buy Tokyo. JPXN follows the JPX-Nikkei 400, an index that screens for profitability and shareholder-oriented practices, making it the corporate-reform cut of Japan rather than plain country beta.

Stated mandate

DXJ The fund seeks to track the WisdomTree Japan Hedged Equity Index, providing Japanese equity exposure while reducing the effect of yen-dollar currency movements.

JPXN JPXN seeks to follow an index of Japanese equities that applies profitability and shareholder-oriented practice screens. It is intended to provide targeted exposure to Japan as a single-country allocation.

Why people hold it

DXJ The hedge is the point: the index aims to strip out yen-dollar moves, so returns track Japanese share prices rather than the currency.
Costs 0.48% a year, a shade under the median for single-country Japan funds.
About 400 holdings picked through a dividend screen rather than a straight market-cap list, with cash paid out quarterly.
A multi-billion-dollar fund and one of the easier names in its Japan peer group to move in and out of.

JPXN The screen picks on capital discipline, not just size: about 400 Japanese companies filtered for profitability and shareholder-oriented management.
0.48% a year, a touch below the typical single-country Japan fund, which is unusual for a screened index rather than a plain market cap build.
Listed since 2001, it is one of the longer-running US-listed Japan funds, and it has tracked its stated index closely with no side bets.
Sits among the stronger implementations in a Japan single-country peer group that runs to well over a dozen funds.

Worth knowing

DXJ Hedging cuts both ways. If the yen strengthens against the dollar, you give up the lift an unhedged Japan fund would collect.
Cheaper hedged Japan exposure exists: FLJH runs at 0.09%.
The dividend screen means this won't mirror a standard Japan market-cap index, so sector and company weights sit differently.

JPXN Broad Japan trackers cost far less: FLJP at 0.09% and BBJP at 0.19%. The profitability and governance screen is what the extra fee buys.
It trades lightly next to the giant Japan funds, so bid-ask spreads matter more here than with the category heavyweights.
One country, one screen. Japanese equities only, so it moves with Japan's market and offers no cushion from other regions.

Full DXJ profile⁠

Full JPXN profile⁠

DXJ vs JPXN Holdings

How DXJ and JPXN differ

Overlap by weight

61.9%

Shared holdings make up 87.0% of DXJ and 77.8% of JPXN.

Level by level

Holdings216 in both61.9%
Sector11 Sectors89.3%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in DXJ and JPXN, widest gap first
Sector	More in DXJMore in JPXN	DXJ	JPXN
Financials	DXJ +6.8 points	21.3%	14.5%
Industrials	JPXN +3.5 points	25.3%	28.8%
Materials	DXJ +2.8 points	7.5%	4.7%
Real Estate	JPXN +2.4 points	0.0%	2.4%
Communication	JPXN +2.1 points	4.1%	6.2%
Utilities	JPXN +1.6 points	0.1%	1.7%
Technology	JPXN +1.3 points	13.4%	14.7%
Consumer Discretionary	DXJ +0.5 points	15.5%	15.0%
Health Care	DXJ +0.5 points	6.2%	5.7%
Energy	DXJ +0.3 points	1.6%	1.4%
Consumer Staples	Same weight	5.0%	5.0%

Country, concentration and asset class

Country by domicile

Country weights in DXJ and JPXN, widest gap first
Country	More in DXJMore in JPXN	DXJ	JPXN
Japan	Same weight	100.0%	100.0%

Outside the US: DXJ 100% developed, 0% emerging. JPXN 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

DXJ29.9%
JPXN17.6%

Securities held

DXJ487
JPXN398

Asset class

DXJ: Equity
JPXN: Equity

Holdings

Only in DXJ271
In both216
Only in JPXN182

Only in DXJ

271 securities, 11.9% of DXJ by weight

Takeda Pharmaceutical Co Ltd1.72%
Asahi Kasei Corp0.26%
Mitsubishi Chemical Holdings Corp0.21%
AGC Inc0.19%
Toyo Seikan Group Ltd0.17%
Nippon Express Holdings Co Ltd0.16%
Ricoh Co Ltd0.16%
Shiseido Co Ltd0.14%
Oji Holdings Corp0.12%
Sumitomo Chemical Co Ltd0.11%
THK Co Ltd0.11%
Nippon Mining Holdings Inc0.11%
Nippon Shokubai Co Ltd0.10%
Lixil Corp0.10%
JTEKT Corp0.10%
Zeon Corp0.09%
Sumitomo Rubber Industries Ltd0.09%
Mitsubishi Gas Chemical Co Inc0.09%
Nisshin Seifun Group Inc0.08%
Kaneka Corp0.08%
Sapporo Holdings Ltd0.08%
Koito Manufacturing Co Ltd0.08%
Kose Corp0.08%
Mitsubishi Logistics Corp0.08%
DIC Corp0.08%
Casio Computer Co Ltd0.08%
Sumitomo Heavy Industries Ltd0.07%
Hakuhodo DY Holdings Inc0.07%
Fuji Machine Mfg Co Ltd0.07%
Kuraray Co Ltd0.07%
Exedy Corp0.07%
Mitsubishi Materials Corp0.07%
Taiyo Yuden Co Ltd0.07%
Rohm Co Ltd0.07%
Omron Corp0.07%
Rengo Co Ltd0.07%
UBE Corp0.07%
NSK Ltd0.07%
Archion Corp0.07%
Mabuchi Motor Co0.07%
Kokusai Electric Corp0.07%
Nippon Kayaku Co Ltd0.07%
Ehime Bank Ltd/The0.06%
Toppan Printing Co Ltd0.06%
Toda Corp0.06%
Nippon Electric Glass0.06%
Nagase & Co Ltd0.06%
Lintec Corp0.06%
Alps Alpine Co Ltd0.06%
Fuji Seal Intl Inc0.06%

Only in JPXN

182 securities, 21.3% of JPXN by weight

Recruit Holdings Ltd2.65%
Softbank0.99%
Resona Holdings0.70%
Mitsubishi Estate Co Ltd0.59%
Mitsui Fudosan0.58%
Oriental Land0.55%
Central Japan Railway0.43%
Nippon Yusen0.41%
Kansai Electric Power0.37%
Daiwa House Industry0.34%
Daiwa Securities Group Inc0.34%
Nomura Research Institute0.34%
Secom0.33%
Japan Exchange Group0.32%
Shionogi0.31%
T&D Holdings0.31%
Sumitomo Realty & Development0.30%
Osaka Gas0.30%
Sumitomo Metal Mining0.27%
Chubu Electric Power Inc0.26%
Obic Ltd0.26%
Tokyo Gas Ltd0.25%
Taisei0.23%
Yokohama Financial Group0.22%
Chiba Bank0.21%
Pan Pacific International Holdings0.20%
Ly Corp0.20%
Subaru0.20%
Baycurrent Inc0.20%
Mebuki Financial Group Inc0.19%
West Japan Railway0.19%
Kawasaki Kisen Ltd0.19%
Mitsubishi Hc Capital Inc0.17%
Isetan Mitsukoshi Holdings0.17%
Nitori Holdings0.17%
Meiji Holdings Ltd0.16%
Dai Nippon Printing0.15%
Shimizu0.15%
Fukuoka Financial Group0.15%
Mcdonalds Holdings (Japan) Ltd0.15%
Hulic0.14%
Daito Trust Construction Ltd0.13%
Kyuden Holdings0.13%
Matsukiyokara0.13%
Otsuka Corp0.13%
Toho (Tokyo)0.13%
Tokyu0.12%
Gunma Bank0.12%
Tisi0.11%
Seibu Holdings0.11%

Weight gaps

The 100 widest of 216 Holdings in both funds.

Holding weights in DXJ and JPXN, widest gap first
Holding	More in DXJMore in JPXN	DXJ	JPXN
Toyota Motor Corp	DXJ +3.56 points	5.07%	1.51%
Mitsubishi UFJ Financial Group	DXJ +2.76 points	4.33%	1.57%
Sumitomo Mitsui Financial Group	DXJ +2.65 points	4.12%	1.47%
Tokyo Electron Ltd	DXJ +2.14 points	3.03%	0.89%
Softbank Corp	DXJ +1.04 points	2.13%	1.09%
Japan Tobacco Inc	DXJ +1.04 points	2.16%	1.12%
Mitsubishi Heavy Industries Ltd	JPXN +0.98 points	0.38%	1.36%
Nippon Telegraph & Telephone Corp	DXJ +0.93 points	2.18%	1.25%
Sony Group Corp	JPXN +0.91 points	0.84%	1.75%
Advantest Corp	DXJ +0.89 points	2.60%	1.71%
Hoya Corp	JPXN +0.82 points	0.46%	1.28%
Panasonic Holdings Corp	JPXN +0.75 points	0.44%	1.19%
Keyence Corp	JPXN +0.69 points	0.83%	1.52%
NEC Corp	JPXN +0.64 points	0.26%	0.90%
MS&AD Insurance Group Holdings Inc	DXJ +0.60 points	1.59%	0.99%
Mitsubishi Electric Corp	JPXN +0.59 points	0.55%	1.14%
Honda Motor Co Ltd	DXJ +0.55 points	1.50%	0.95%
Chugai Pharmaceutical Co Ltd	DXJ +0.55 points	1.12%	0.57%
Denso Corp	DXJ +0.53 points	0.95%	0.42%
Bridgestone Corp	DXJ +0.52 points	1.07%	0.55%
Fujitsu Ltd	JPXN +0.50 points	0.42%	0.92%
Fujikura Ltd	JPXN +0.51 points	0.31%	0.82%
Mizuho Financial Group Inc	DXJ +0.50 points	1.96%	1.46%
Tokio Marine Holdings Inc	DXJ +0.48 points	2.24%	1.76%
Mitsubishi Corp	DXJ +0.46 points	1.95%	1.49%
Astellas Pharma Inc	DXJ +0.44 points	1.07%	0.63%
Disco Corp	JPXN +0.42 points	0.20%	0.62%
ORIX Corp	DXJ +0.42 points	1.37%	0.95%
Canon Inc	DXJ +0.41 points	0.97%	0.56%
Asics Corp	JPXN +0.38 points	0.13%	0.51%
Ibiden Co Ltd	JPXN +0.35 points	0.17%	0.52%
Lasertec Corp	JPXN +0.35 points	0.12%	0.47%
Ajinomoto Co Inc	JPXN +0.35 points	0.28%	0.63%
Daikin Industries Ltd	JPXN +0.35 points	0.44%	0.79%
Shin-Etsu Chemical Co Ltd	JPXN +0.35 points	0.90%	1.25%
Hitachi Ltd	DXJ +0.35 points	2.01%	1.66%
TDK Corp	JPXN +0.34 points	0.25%	0.59%
Otsuka Holdings Co Ltd	JPXN +0.33 points	0.42%	0.75%
Sumitomo Corp	JPXN +0.33 points	0.85%	1.18%
SMC Corp/Japan	JPXN +0.31 points	0.22%	0.53%
IHI Corp	JPXN +0.28 points	0.09%	0.37%
Fanuc Ltd	JPXN +0.28 points	0.44%	0.72%
Marubeni Corp	JPXN +0.27 points	0.84%	1.11%
Sompo Holdings Inc	DXJ +0.25 points	1.14%	0.89%
Resonac Holdings Corp	JPXN +0.25 points	0.08%	0.33%
Fuji Film Holdings Corp	JPXN +0.19 points	0.40%	0.59%
Itochu Corp	JPXN +0.19 points	1.64%	1.83%
Renesas Electronics Corp	JPXN +0.19 points	0.54%	0.73%
Terumo Corp	JPXN +0.18 points	0.23%	0.41%
Inpex Corp	DXJ +0.18 points	0.67%	0.49%
Furukawa Electric Co Ltd	JPXN +0.17 points	0.10%	0.27%
Dai-ichi Life Holdings Inc	DXJ +0.16 points	1.06%	0.90%
Sekisui House Ltd	DXJ +0.16 points	0.44%	0.28%
ENEOS Holdings Inc	DXJ +0.15 points	0.71%	0.56%
Sumitomo Mitsui Trust Holdings	DXJ +0.15 points	0.79%	0.64%
Food & Life Companies Ltd	JPXN +0.14 points	0.05%	0.19%
Yokohama Rubber Co Ltd	DXJ +0.15 points	0.23%	0.08%
Konami Group	JPXN +0.14 points	0.19%	0.33%
SCREEN Holdings Co Ltd	JPXN +0.14 points	0.10%	0.24%
Komatsu Ltd	JPXN +0.14 points	0.64%	0.78%
Ryohin Keikaku Co Ltd	JPXN +0.13 points	0.15%	0.28%
Idemitsu Kosan Co Ltd	DXJ +0.13 points	0.29%	0.16%
Ebara Corp	JPXN +0.13 points	0.11%	0.24%
Koei Tecmo Holdings Co Ltd	DXJ +0.12 points	0.15%	0.03%
Capcom Co Ltd	JPXN +0.13 points	0.09%	0.21%
Persol Holdings Co Ltd	DXJ +0.13 points	0.20%	0.07%
Kubota Corp	JPXN +0.12 points	0.23%	0.35%
Daifuku Co Ltd	JPXN +0.11 points	0.13%	0.24%
ANA Holdings	JPXN +0.10 points	0.10%	0.20%
Kawasaki Heavy Industries Ltd	JPXN +0.11 points	0.13%	0.24%
Kyowa Kirin Co Ltd	DXJ +0.11 points	0.18%	0.07%
Shimano Inc	JPXN +0.10 points	0.16%	0.26%
Kajima Corp	DXJ +0.10 points	0.36%	0.26%
Hitachi Construction Machinery	DXJ +0.11 points	0.17%	0.06%
Olympus Corporation	JPXN +0.10 points	0.15%	0.25%
Aisin Co Ltd	DXJ +0.10 points	0.23%	0.13%
Isuzu Motors Ltd	DXJ +0.10 points	0.25%	0.15%
Sanrio Co Ltd	JPXN +0.10 points	0.09%	0.19%
Nippon Steel Corp	DXJ +0.09 points	0.57%	0.48%
Zensho Holdings Co Ltd	JPXN +0.10 points	0.06%	0.16%
Daiichi Sankyo Co Ltd	DXJ +0.10 points	0.74%	0.64%
Nissan Chemical Corp	DXJ +0.09 points	0.19%	0.10%
Niterra Co Ltd	DXJ +0.08 points	0.24%	0.16%
Mitsui Mining & Smelting Co Lt	JPXN +0.08 points	0.08%	0.16%
Nitto Denko Corp	JPXN +0.08 points	0.19%	0.27%
JFE Holdings Inc	DXJ +0.07 points	0.23%	0.16%
Kirin Holdings Co Ltd	DXJ +0.08 points	0.41%	0.33%
Toray Industries Inc	JPXN +0.08 points	0.13%	0.21%
Sumitomo Electric Industries Ltd	JPXN +0.07 points	0.64%	0.71%
Suntory Beverage & Food Ltd	DXJ +0.07 points	0.17%	0.10%
Shimadzu Corp	JPXN +0.07 points	0.10%	0.17%
Nexon Co Ltd	DXJ +0.07 points	0.22%	0.15%
Seven & I Holdings Co Ltd	DXJ +0.08 points	0.60%	0.52%
Makita Corp	DXJ +0.07 points	0.25%	0.18%
Suzuki Motor Corp	JPXN +0.07 points	0.41%	0.48%
SBI Holdings Inc/Japan	DXJ +0.07 points	0.30%	0.23%
Minebea Mitsumi Co Ltd	JPXN +0.06 points	0.08%	0.14%
Nomura Holdings Inc	DXJ +0.06 points	0.69%	0.63%
Hamamatsu Photonics KK	JPXN +0.06 points	0.03%	0.09%
Bandai Namco Holdings Inc	JPXN +0.06 points	0.36%	0.42%

All 441 DXJ holdings⁠All 398 JPXN holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DXJ vs JPXN Cost

Same expense ratio

$9,605

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DXJ 0.48%
$9,605
JPXN 0.48%
$9,605

Amount$10,000

Years30 years

Cost over time

DXJ 0.48%
JPXN 0.48%

Year by year

Year	DXJ	JPXN
10	$865	$865
20	$3,328	$3,328
30	$9,605	$9,605

Expense ratio

0.48%DXJ
0.48%JPXN

DXJ0.48%JPXN0.48%

0.09%1.92%

Middle half of Japan funds
Median 0.54%

DXJ 6th cheapest of 18 funds

JPXN 6th cheapest of 18 funds

DXJ vs JPXN Dividends

Last 12 months to Nov 2, 2026

Yield (12M): DXJ No data; JPXN 2.73%
Payout (12M): DXJ No data; JPXN $2.75
Last payment: DXJ $0.03; JPXN $0.64
Ex-dividend: DXJ Sep 25, 2026; JPXN Jun 15, 2026
Paid on: DXJ Sep 29, 2026; JPXN Jun 18, 2026
Frequency: DXJ Quarterly; JPXN Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

DXJQuarterly · 26 paymentsAll DXJ payments⁠

JPXNTwice a year · 19 paymentsAll JPXN payments⁠

DXJ vs JPXN Risk

Fall from peak · 5 years

DXJ
JPXN

Risk facts

VolatilityStd dev, 3 years: DXJ 12.4%JPXN 12.3%, better
Return per unit of riskSharpe ratio, 3 years: DXJ 1.71, betterJPXN 1.21
Worst fallMax drawdown, 5 years: DXJ −22.2%, betterJPXN −29.1%
Market sensitivityBeta, 5 years: DXJ 0.48JPXN 0.85; Market = 1

DXJ and JPXN in the news

All news⁠

Deep Dive
Hedged Japan funds rose 0.7% as the yen fell; VGK dropped 1.8%
Sep 20, 2026DXJ
Deep Dive
Unhedged Japan funds rose 0.3% on the yen; VGK fell 1.9% after the ECB hike
Sep 13, 2026DXJ
News
Japan wholesale prices rise 7.6%, confirming a Bank of Japan hike already priced for next week
Sep 11, 2026DXJ
Deep Dive
Unhedged Japan rose 2.5% on the yen; Europe funds slipped
Sep 5, 2026DXJ

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DXJ vs JPXN

In short

Stated mandate

Why people hold it