EZU vs HEDJ: Grades, Fees and Holdings Compared

iShares MSCI Eurozone ETF

EZUACboe

WisdomTree Europe Hedged Equity Fund

HEDJCNYSE Arca

Overlap

42.2%by weight

Expense ratio

EZU −0.08pt a year

EZU0.50%HEDJ0.58%

Avg volume · 30D

EZU 21.8×the volume

EZU999KHEDJ45.8K

10Y return · a year

HEDJ +0.6pt

EZU+10.0%HEDJ+10.6%

EZU vs HEDJ Performance

Nov 9, 2021 – Nov 9, 2026

+52.6%EZU+62.9%HEDJ

Expense ratio: EZU 0.50%, better; HEDJ 0.58%
Fund size: EZU $9.14B; HEDJ $1.76B
1Y total return: EZU +12.8%; HEDJ +14.2%, better
Yield (12M): EZU 2.71%, better; HEDJ 1.78%
Holdings: EZU 219; HEDJ 156
Avg volume (30D): EZU 999K sh, better; HEDJ 45.8K sh
NAV per share: EZU $65.57; HEDJ $56.82
52W range

ETF.net Grade

Pillar letters and Scores for EZU, HEDJ, with each pillar’s weight
Pillar	EZU	HEDJ
Cost30% weight	B59Higher	D30
Mission25% weight	A100	Not scored
Risk15% weight	C50	B62Higher
Tradability15% weight	A97Higher	C45
Holdings10% weight	A70Higher	B57
Durability5% weight	A81Higher	C52

Rank among Europe Region funds

How we build Categories ›

Same Category. EZU and HEDJ are both graded against the same 12 Europe Region funds, so their Grades compare head to head.

Europe Region⁠

Category · 12 funds

See all 12 ›

EZU ranks 2nd and HEDJ 9th of 12 funds in the Europe Region Category.

Rank 1ASPEUState Street SPDR Portfolio Europe ETFScore 85
Rank 2AEZUiShares MSCI Eurozone ETFScore 75
Rank 3AFEZState Street SPDR EURO STOXX 50 ETFScore 72
Rank 8BEWDiShares MSCI Sweden ETFScore 59
Rank 9CHEDJWisdomTree Europe Hedged Equity FundScore 44
Rank 10CFGMFirst Trust Germany AlphaDEX FundScore 41

Our read on each fund

ETF.net Research

EZUAiShares MSCI Eurozone ETF

HEDJCWisdomTree Europe Hedged Equity Fund

In short

EZU Europe minus the UK, Switzerland and the Nordics. EZU holds only developed countries that use the euro, about 220 large and mid caps, and it has been doing that job since 2000.

HEDJ Less a bet on Europe's economy than on Europe's exporters. HEDJ owns euro-traded dividend payers that earn most of their money elsewhere, then hedges the euro out of the picture, leaving the stocks and not the exchange rate.

Stated mandate

EZU The fund seeks to track an index of large- and mid-cap equities from developed countries that use the euro, providing diversified Eurozone equity exposure.

HEDJ The fund seeks exposure to European equities while hedging fluctuations between the U.S. dollar and the euro.

Why people hold it

EZU The euro-only cut of Europe: the MSCI EMU index covers large and mid caps in developed countries inside the currency union, so no UK, Swiss or Nordic names ride along.msci.com
Trading since 2000 and now a multi-billion-dollar, actively traded fund, one of the established ways to own the Eurozone through a single US-listed ticker.
Roughly 220 stocks reaching about 85% of the euro bloc's free-float market value: the whole currency union, not a country or sector wager.msci.com
Tracking is the strong suit here. It has followed its benchmark closely, which is most of the job description for a plain index wrapper.

HEDJ Every holding must draw at least half its revenue from outside Europe, so the basket rides global demand more than the domestic European economy.wisdomtree.com wisdomtree.com 2
Currency forwards neutralize euro-versus-dollar swings, so what shows up in a US account is the stock move, not the FX move.wisdomtree.com
Dividend-weighted rather than cap-weighted: roughly 140 euro-listed payers, each above $1 billion in market value, sized by the dividends they actually pay.wisdomtree.com wisdomtree.com 2
Trading since 2009 and now a multi-billion-dollar fund, it is the long-running standard-bearer for hedged Europe and sits in the upper half of its regional peer group.

Worth knowing

EZU 0.50% a year sits above the 0.45% median for index wrappers in its group and far above global one-fund options like VT at 0.06%.
Currency comes with the package. The euro's moves against the dollar flow straight into your dollar return; iShares runs HEZU on the same index for the hedged version.ishares.com
Large and mid caps only. Eurozone small caps and non-euro Europe (UK, Switzerland) sit outside the mandate by design.msci.com

HEDJ The hedge cuts both ways. Euro strength does not flow through to dollar returns, and the forward contracts carry a cost tied to rate differences between the two currencies.wisdomtree.com
At 0.58%, the fee runs a touch above the peer-group median, and plainer regional options cost less (Global X's DAX charges 0.20%).
Euro-traded names only, so UK and Swiss listings are off the menu, and the exporter screen narrows Europe to about 140 stocks rather than a broad sweep.wisdomtree.com

Full EZU profile⁠

Full HEDJ profile⁠

EZU vs HEDJ Holdings

How EZU and HEDJ differ

Overlap by weight

42.2%

Shared holdings make up 86.1% of HEDJ and 50.1% of EZU.

Level by level

Holdings76 in both42.2%
Sector11 Sectors74.0%
Countryby domicile88.7%
Asset classStocks100%

Sector

Sector weights in EZU and HEDJ, widest gap first
Sector	Gap	EZU	HEDJ
Financials	EZU +14.5 points	26.7%	12.2%
Consumer Staples	HEDJ +7.2 points	6.1%	13.3%
Utilities	EZU +6.7 points	7.1%	0.4%
Health Care	HEDJ +4.9 points	6.8%	11.7%
Consumer Discretionary	HEDJ +4.2 points	8.1%	12.3%
Materials	HEDJ +3.9 points	4.4%	8.3%
Communication	HEDJ +3.4 points	3.2%	6.6%
Technology	EZU +2.7 points	14.2%	11.5%
Industrials	HEDJ +2.4 points	18.7%	21.1%
Energy	EZU +1.5 points	4.2%	2.7%
Real Estate	EZU +0.6 points	0.6%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in EZU and HEDJ, widest gap first
Country	Gap	EZU	HEDJ
Italy	EZU +5.7 points	9.4%	3.7%
France	EZU +3.7 points	28.2%	24.5%
United States	HEDJ +2.8 points	0.0%	2.8%
Netherlands	HEDJ +2.3 points	15.4%	17.7%
Belgium	HEDJ +1.8 points	3.5%	5.3%
Spain	HEDJ +1.7 points	11.6%	13.3%
Finland	HEDJ +1.1 points	3.3%	4.4%
Germany	EZU +1.0 points	26.3%	25.3%
Other countries (7)	HEDJ +0.6 points	2.4%	3.0%

Outside the US: EZU 100% developed, 0% emerging. HEDJ 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

EZU29.0%
HEDJ40.1%

Securities held

EZU215
HEDJ153

Asset class

EZU: Stocks
HEDJ: Stocks

Holdings

Only in EZU139
In both76
Only in HEDJ77

Only in EZU

139 securities, 49.6% of EZU by weight

Allianz2.63%
Totalenergies2.37%
Iberdrola2.15%
Unicredit1.60%
Bnp Paribas SA1.40%
Intesa Sanpaolo1.34%
Ing Groep1.27%
Enel1.13%
Muenchener Rueckversicherungs-Gese1.11%
Axa SA1.07%
Industria De Diseno Textil SA0.99%
Deutsche Boerse AG0.89%
Deutsche Bank AG0.83%
Dhl AG0.82%
Vinci SA0.80%
Argenx0.78%
Nordea Bank0.77%
Eni0.70%
Ferrari0.69%
Prosus NV Class N0.69%
Engie SA0.66%
E.on N0.66%
Danone SA0.65%
Caixabank SA0.63%
Societe Generale SA0.63%
Rheinmetall AG0.58%
Rwe AG0.57%
Erste Group Bank AG0.53%
Repsol0.51%
Compagnie De Saint Gobain SA0.51%
Assicurazioni Generali0.49%
Orange SA0.43%
Mercedes-Benz Group N AG0.43%
Kbc Groep0.41%
Abn Amro Bank NV0.39%
Ferrovial NV0.38%
Adyen0.37%
Stmicroelectronics0.37%
Aercap Holdings0.37%
Nebius NV Class A0.36%
Arcelormittal SA0.36%
Sampo Class A0.36%
Aib Group PLC0.36%
Commerzbank AG0.35%
Fresenius N0.34%
Banca Monte Dei Paschi Di Siena Sp0.33%
Aena Sme SA0.33%
Nn Group0.32%
Coca Cola Europacific Partners PLC0.32%
Thales SA0.31%

Only in HEDJ

77 securities, 13.2% of HEDJ by weight

Ferrovial Se1.13%
Ferrari NV0.99%
Saipem Spa0.51%
Andritz AG0.50%
Pirelli & C SpA0.44%
Davide Campari-Milano NV0.40%
STMicroelectronics NV0.40%
Konecranes Oyj0.37%
IMCD Group NV0.37%
Koninklijke Vopak NV0.35%
SBM Offshore NV0.35%
Brunello Cucinelli SpA0.35%
Valmet Corp0.33%
Glanbia Plc0.29%
DiaSorin SpA0.28%
Reply SpA0.28%
Grifols SA0.28%
Maire Tecnimont Spa0.27%
Arcadis NV0.26%
Acerinox SA0.23%
Fluidra SA0.23%
Puig Brands Sa-B0.20%
Schaeffler Ag0.20%
Brembo N.V.0.19%
Huhtamaki Oyj0.19%
CIE Automotive SA0.18%
Azelis Group Nv0.18%
Ebro Foods SA0.18%
Carel Industries Spa0.17%
Cargotec Oyj-B Share0.16%
Elecnor SA0.15%
Solvay SA0.15%
Viscofan SA0.15%
Kemira Oyj0.15%
Melexis NV0.15%
Hbx Group International Plc0.12%
Kalmar Oyj-B Share0.12%
Bekaert SA0.12%
Havas Nv0.11%
Fagron0.11%
Prosegur Cia de Seguridad SA0.10%
Gestamp Automocion Sa0.10%
Csm0.09%
Intercos Spa0.09%
FAES Farma SA0.09%
Mota Engil SGPS Sa0.09%
Fuchs Petrolub Se0.09%
El.En. Spa0.08%
Krones AG0.07%
D'Amico International Shippi0.07%

Weight gaps

All 76 Holdings in both funds, largest gap first.

Holding weights in EZU and HEDJ, widest gap first
Holding	Gap	EZU	HEDJ
Asml Holding	EZU +4.24 points	7.64%	3.40%
Lvmh	HEDJ +3.58 points	1.55%	5.13%
Sanofi SA	HEDJ +3.39 points	1.40%	4.79%
Deutsche Telekom N AG	HEDJ +3.07 points	1.35%	4.42%
Banco Bilbao Vizcaya Argentaria	HEDJ +2.55 points	1.95%	4.50%
Anheuser-Busch Inbev SA	HEDJ +2.47 points	1.04%	3.51%
Loreal SA	HEDJ +2.02 points	1.65%	3.67%
Banco Santander	HEDJ +1.59 points	2.34%	3.93%
Hannover Rueck	HEDJ +1.30 points	0.27%	1.57%
Heineken NV	HEDJ +1.17 points	0.34%	1.52%
Basf N	HEDJ +1.16 points	0.72%	1.88%
Tenaris SA	HEDJ +1.14 points	0.13%	1.27%
Universal Music Group	HEDJ +1.11 points	0.28%	1.39%
Koninklijke Philips	HEDJ +0.99 points	0.33%	1.32%
Daimler Truck Holding E AG	HEDJ +0.99 points	0.28%	1.27%
Siemens Healthineers AG	HEDJ +0.98 points	0.23%	1.21%
Koninklijke Ahold Delhaize	HEDJ +0.94 points	0.46%	1.40%
Kone	HEDJ +0.83 points	0.28%	1.11%
Talanx AG	HEDJ +0.76 points	0.12%	0.88%
Wolters Kluwer	HEDJ +0.75 points	0.31%	1.06%
Essilorluxottica SA	HEDJ +0.73 points	0.86%	1.59%
Heineken Holding NV	HEDJ +0.71 points	0.15%	0.86%
Siemens N AG	HEDJ +0.71 points	2.92%	3.63%
Safran SA	EZU +0.70 points	1.56%	0.86%
Mapfre SA	HEDJ +0.69 points	0.06%	0.75%
Siemens Energy N AG	EZU +0.69 points	1.40%	0.71%
Schneider Electric	HEDJ +0.66 points	1.93%	2.59%
Dsm Firmenich AG	HEDJ +0.66 points	0.28%	0.94%
Hermes International	HEDJ +0.64 points	0.72%	1.36%
Amadeus It Group	HEDJ +0.62 points	0.39%	1.01%
Aegon	HEDJ +0.57 points	0.14%	0.71%
Infineon Technologies AG	EZU +0.55 points	0.92%	0.37%
Metso Corporation	HEDJ +0.54 points	0.17%	0.71%
Acs Actividades De Construccion Y	HEDJ +0.53 points	0.24%	0.77%
Michelin	HEDJ +0.50 points	0.32%	0.82%
Moncler	HEDJ +0.49 points	0.15%	0.64%
Akzo Nobel NV	HEDJ +0.47 points	0.15%	0.62%
Bayer AG	EZU +0.42 points	0.84%	0.42%
Henkel AG	HEDJ +0.41 points	0.10%	0.51%
Edp Renewables SA	HEDJ +0.39 points	0.07%	0.46%
Continental AG	HEDJ +0.34 points	0.12%	0.46%
Evonik Industries AG	HEDJ +0.32 points	0.08%	0.40%
Hochtief AG	HEDJ +0.32 points	0.08%	0.40%
Syensqo NV	HEDJ +0.31 points	0.08%	0.39%
Kerry Group PLC	HEDJ +0.30 points	0.24%	0.54%
Heidelberg Materials AG	HEDJ +0.30 points	0.35%	0.65%
Legrand SA	EZU +0.29 points	0.51%	0.22%
Wartsila	HEDJ +0.28 points	0.19%	0.47%
Fresenius Medical Care AG	HEDJ +0.23 points	0.12%	0.35%
Nokia	HEDJ +0.20 points	0.54%	0.74%
Ucb SA	HEDJ +0.20 points	0.54%	0.74%
Knorr Bremse AG	HEDJ +0.18 points	0.09%	0.27%
Mtu Aero Engines Holding AG	EZU +0.15 points	0.29%	0.14%
Lair Liquide Societe Anonyme Pour	EZU +0.14 points	1.79%	1.65%
Asm International NV	EZU +0.15 points	0.47%	0.32%
Airbus Group	HEDJ +0.14 points	1.79%	1.93%
Sap	EZU +0.15 points	3.28%	3.13%
Brenntag	HEDJ +0.12 points	0.11%	0.23%
Be Semiconductor Industries NV	HEDJ +0.12 points	0.16%	0.28%
Beiersdorf AG	HEDJ +0.09 points	0.12%	0.21%
Adidas N AG	HEDJ +0.09 points	0.43%	0.52%
Qiagen	EZU +0.07 points	0.14%	0.07%
Publicis Groupe	HEDJ +0.07 points	0.36%	0.43%
Accor SA	EZU +0.05 points	0.14%	0.09%
Prysmian	EZU +0.05 points	0.43%	0.38%
Sartorius Stedim Biotech SA	HEDJ +0.05 points	0.10%	0.15%
Merck	EZU +0.05 points	0.29%	0.24%
Bureau Veritas SA	EZU +0.05 points	0.15%	0.10%
Dassault Systemes	EZU +0.04 points	0.27%	0.23%
Symrise AG	HEDJ +0.03 points	0.20%	0.23%
Biomerieux SA	HEDJ +0.01 points	0.06%	0.07%
Rexel SA	EZU +0.02 points	0.12%	0.10%
Ipsen SA	HEDJ +0.01 points	0.08%	0.09%
Gea Group AG	HEDJ +0.01 points	0.16%	0.17%
Nemetschek	EZU +0.01 points	0.06%	0.05%
Sodexo SA	Same weight	0.07%	0.07%

All 215 EZU holdings⁠All 135 HEDJ 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.

EZU vs HEDJ Cost

Overpaying HEDJ vs EZU

$1,474

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

EZU 0.50%
$9,979
HEDJ 0.58%
$11,453

Amount$10,000

Years30 years

Cost over time

EZU 0.50%
HEDJ 0.58%
Overpaying

Year by year

Year	EZU	HEDJ	Overpaying
10	$900	$1,041	$141
20	$3,460	$3,986	$526
30	$9,979	$11,453	$1,474

Expense ratio

0.50%EZU, cheaper
0.58%HEDJ

EZU0.50%HEDJ0.58%

0.07%0.80%

Middle half of Europe Region funds
Median 0.51%

EZU 5th cheapest of 12 funds

HEDJ 9th cheapest of 12 funds

EZU vs HEDJ Dividends

Last 12 months to Nov 9, 2026

Yield (12M): EZU 2.71%, better; HEDJ 1.78%
Payout (12M): EZU $1.84; HEDJ $1.03
Last payment: EZU $1.23; HEDJ $0.05
Ex-dividend: EZU Jun 15, 2026; HEDJ Sep 25, 2026
Paid on: EZU Jun 18, 2026; HEDJ Sep 29, 2026
Frequency: EZU Twice a year; HEDJ Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

EZUTwice a year · 20 paymentsAll EZU payments⁠

HEDJTwice a year · 31 paymentsAll HEDJ payments⁠

EZU vs HEDJ Risk

Fall from peak · 5 years

EZU
HEDJ

Risk facts

VolatilityStd dev, 3 years: EZU 13.9%HEDJ 11.4%, better
Return per unit of riskSharpe ratio, 3 years: EZU 1.06, betterHEDJ 0.96
Worst fallMax drawdown, 5 years: EZU −35.9%HEDJ −22.2%, better
Market sensitivityBeta, 5 years: EZU 0.92HEDJ 0.75; Market = 1

EZU and HEDJ in the news

All news⁠

Deep Dive
Hedged Japan funds rose 0.7% as the yen fell; VGK dropped 1.8%
Sep 20, 2026EZU
News
Von der Leyen puts a €1 billion-a-day China deficit and a minerals buyer on the table
Sep 16, 2026EZU
Deep Dive
Unhedged Japan funds rose 0.3% on the yen; VGK fell 1.9% after the ECB hike
Sep 13, 2026EZU
News
ECB raises the deposit rate to 2.50% as energy inflation climbs to 14.3%
Sep 10, 2026EZU
Deep Dive
Unhedged Japan rose 2.5% on the yen; Europe funds slipped
Sep 5, 2026EZU

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EZU vs HEDJ

In short

Stated mandate

Why people hold it