FEZ vs HEDJ: Grades, Fees and Holdings Compared

State Street SPDR EURO STOXX 50 ETF

FEZANYSE Arca

WisdomTree Europe Hedged Equity Fund

HEDJCNYSE Arca

Overlap

38.7%by weight

Expense ratio

FEZ −0.29pt a year

FEZ0.29%HEDJ0.58%

Avg volume · 30D

FEZ 19.4×the volume

FEZ888KHEDJ45.8K

10Y return · a year

FEZ+10.6%HEDJ+10.6%

FEZ vs HEDJ Performance

Nov 9, 2021 – Nov 9, 2026

+60.2%FEZ+62.9%HEDJ

Expense ratio: FEZ 0.29%, better; HEDJ 0.58%
Fund size: FEZ $4.13B; HEDJ $1.76B
1Y total return: FEZ +11.4%; HEDJ +14.2%, better
Yield (12M): FEZ 2.71%, better; HEDJ 1.78%
Holdings: FEZ 53; HEDJ 156
Avg volume (30D): FEZ 888K sh, better; HEDJ 45.8K sh
NAV per share: FEZ $65.41; HEDJ $56.82
52W range

ETF.net Grade

Pillar letters and Scores for FEZ, HEDJ, with each pillar’s weight
Pillar	FEZ	HEDJ
Cost30% weight	A72Higher	D30
Mission25% weight	A100	Not scored
Risk15% weight	C46	B62Higher
Tradability15% weight	B62Higher	C45
Holdings10% weight	C54	B57Higher
Durability5% weight	A75Higher	C52

Rank among Europe Region funds

How we build Categories ›

Same Category. FEZ 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 ›

FEZ ranks 3rd 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 4AFLEUFranklin FTSE Eurozone ETFScore 71
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

FEZAState Street SPDR EURO STOXX 50 ETF

HEDJCWisdomTree Europe Hedged Equity Fund

In short

FEZ Fifty eurozone blue chips, one ticker, running since 2002. FEZ is the long-standing US-listed route into the euro area's biggest companies, and it charges well below the typical index fund in its peer group.

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

FEZ The fund seeks to deliver total returns that generally correspond to the EURO STOXX 50 Index before fees and expenses.

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

Why people hold it

FEZ Charges 0.29% a year against a 0.45% median for index-tracking funds in its cohort.
Trading since 2002 and among the more actively traded names in its group, so the cost of getting in and out tends to be modest on top of the fee.
Simple job, plainly stated: match the EURO STOXX 50 Index before fees. About 50 holdings, quarterly distributions, no tilts or overlays bolted on.
A $1B-$5B fund from SPDR with a clean structural record and no red flags on the wrapper, which is rare staying power for a single-region equity product.

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

FEZ About 50 names in one currency bloc. That concentration puts it at the more volatile end of its peer group, and a few European mega-caps drive a lot of the result.
It's a regional slice, not a whole-market holding. Broad global trackers such as VT run 0.06% and reach far wider.
Returns arrive through euro-area shares, so the euro-dollar exchange rate is part of the ride for a US investor. Nothing in the mandate hedges it away.

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 FEZ profile⁠

Full HEDJ profile⁠

FEZ vs HEDJ Holdings

How FEZ and HEDJ differ

Overlap by weight

38.7%

Shared holdings make up 53.8% of FEZ and 51.9% of HEDJ.

Level by level

Holdings22 in both38.7%
Sector10 Sectors72.4%
Countryby domicile85.0%
Asset classStocks100%

Sector

Sector weights in FEZ and HEDJ, widest gap first
Sector	Gap	FEZ	HEDJ
Financials	FEZ +15.3 points	27.5%	12.2%
Consumer Staples	HEDJ +7.4 points	5.9%	13.3%
Health Care	HEDJ +5.8 points	5.9%	11.7%
Utilities	FEZ +5.5 points	5.9%	0.4%
Communication	HEDJ +4.6 points	2.0%	6.6%
Materials	HEDJ +4.4 points	3.9%	8.3%
Technology	FEZ +4.1 points	15.6%	11.5%
Consumer Discretionary	HEDJ +3.4 points	8.9%	12.3%
Energy	FEZ +2.6 points	5.3%	2.7%
Industrials	HEDJ +2.0 points	19.1%	21.1%

Country, concentration and asset class

Country by domicile

Country weights in FEZ and HEDJ, widest gap first
Country	Gap	FEZ	HEDJ
France	FEZ +5.4 points	29.9%	24.5%
Germany	FEZ +4.4 points	29.7%	25.3%
Italy	FEZ +4.0 points	7.7%	3.7%
Finland	HEDJ +3.6 points	0.8%	4.4%
Belgium	HEDJ +3.5 points	1.8%	5.3%
Netherlands	HEDJ +2.2 points	15.5%	17.7%
Spain	HEDJ +2.1 points	11.2%	13.3%
Sweden	FEZ +1.3 points	1.3%	0.0%
Other countries (8)	HEDJ +3.6 points	2.2%	5.8%

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

Concentration

Weight in the 10 largest Holdings

FEZ41.4%
HEDJ40.1%

Securities held

FEZ50
HEDJ153

Asset class

FEZ: Stocks
HEDJ: Stocks

Holdings

Only in FEZ28
In both22
Only in HEDJ131

Only in FEZ

28 securities, 45.9% of FEZ by weight

Totalenergies SE4.12%
Allianz SE Reg3.88%
Iberdrola SA3.18%
Banco Bilbao Vizcaya Argenta2.87%
Unicredit Spa2.62%
Intesa Sanpaolo2.18%
Bnp Paribas2.16%
Ing Groep NV1.87%
Axa SA1.78%
Enel Spa1.70%
Muenchener Rueckver AG Reg1.64%
Industria De Diseno Textil1.49%
Vinci SA1.40%
Deutsche Bank AG Registered1.36%
Deutsche Boerse AG1.35%
Nordea Bank Abp1.26%
Dhl AG1.24%
Argenx SE1.16%
Eni Spa1.15%
Prosus NV1.09%
Engie1.08%
Danone0.97%
Rheinmetall AG0.86%
Nokia Oyj0.86%
Compagnie De Saint Gobain0.83%
Mercedes Benz Group AG0.68%
Adyen NV0.65%
Bayerische Motoren Werke AG0.45%

Only in HEDJ

131 securities, 47.4% of HEDJ by weight

Banco Bilbao Vizcaya Argentaria SA4.50%
Hannover Rueckversicherung AG1.57%
Heineken NV1.52%
Universal Music Group NV1.39%
Koninklijke Philips Nv1.32%
Daimler Truck Holding Ag1.27%
Tenaris Sa1.27%
Siemens Healthineers Ag1.21%
Ferrovial Se1.13%
Kone Oyj1.11%
Wolters Kluwer1.06%
Amadeus IT Group SA1.01%
DSM-Firmenich AG0.94%
Talanx AG0.88%
Heineken Holding NV0.86%
Michelin (Cgde)0.82%
ACS Actividades de Construccion y Servivios SA0.77%
Mapfre SA0.75%
Ucb SA0.74%
Nokia OYJ0.74%
Aegon Ltd0.71%
Metso Corporation0.71%
Heidelberg Materials AG0.65%
Moncler SpA0.64%
Akzo Nobel0.62%
Kerry Group Plc A0.54%
Henkel AG & Co KGaA0.51%
Saipem Spa0.51%
Andritz AG0.50%
Wartsila Oyj0.47%
Continental AG0.46%
EDP Renovaveis SA0.46%
Pirelli & C SpA0.44%
Publicis Groupe0.43%
Evonik Industries AG0.40%
Davide Campari-Milano NV0.40%
STMicroelectronics NV0.40%
Hochtief AG0.40%
Syensqo Sa0.39%
Prysmian SpA0.38%
Konecranes Oyj0.37%
IMCD Group NV0.37%
Koninklijke Vopak NV0.35%
SBM Offshore NV0.35%
Fresenius Medical Care AG & Co0.35%
Brunello Cucinelli SpA0.35%
Valmet Corp0.33%
ASM International NV0.32%
Glanbia Plc0.29%
DiaSorin SpA0.28%

Weight gaps

All 22 Holdings in both funds, largest gap first.

Holding weights in FEZ and HEDJ, widest gap first
Holding	Gap	FEZ	HEDJ
Asml Holding NV	FEZ +5.42 points	8.82%	3.40%
Lvmh Moet Hennessy Louis Vui	HEDJ +2.86 points	2.27%	5.13%
Sanofi	HEDJ +2.67 points	2.12%	4.79%
Deutsche Telekom AG Reg	HEDJ +2.39 points	2.03%	4.42%
Anheuser Busch Inbev Sa/Nv	HEDJ +1.73 points	1.78%	3.51%
Sap SE	FEZ +1.67 points	4.80%	3.13%
Safran SA	FEZ +1.61 points	2.47%	0.86%
Siemens Energy AG	FEZ +1.46 points	2.17%	0.71%
L Oreal	HEDJ +1.23 points	2.44%	3.67%
Air Liquide SA	FEZ +1.06 points	2.71%	1.65%
Infineon Technologies AG	FEZ +0.98 points	1.35%	0.37%
Bayer AG Reg	FEZ +0.81 points	1.23%	0.42%
Basf SE	HEDJ +0.78 points	1.10%	1.88%
Siemens AG Reg	FEZ +0.75 points	4.38%	3.63%
Koninklijke Ahold Delhaize N	HEDJ +0.72 points	0.68%	1.40%
Airbus SE	FEZ +0.69 points	2.62%	1.93%
Schneider Electric SE	FEZ +0.40 points	2.99%	2.59%
Banco Santander SA	HEDJ +0.29 points	3.64%	3.93%
Hermes International	HEDJ +0.28 points	1.08%	1.36%
Essilorluxottica	HEDJ +0.21 points	1.38%	1.59%
Adidas AG	FEZ +0.19 points	0.71%	0.52%
Ferrari NV	FEZ +0.03 points	1.02%	0.99%

All 50 FEZ 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.

FEZ vs HEDJ Cost

Overpaying HEDJ vs FEZ

$5,501

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

FEZ 0.29%
$5,952
HEDJ 0.58%
$11,453

Amount$10,000

Years30 years

Cost over time

FEZ 0.29%
HEDJ 0.58%
Overpaying

Year by year

Year	FEZ	HEDJ	Overpaying
10	$527	$1,041	$514
20	$2,044	$3,986	$1,942
30	$5,952	$11,453	$5,501

Expense ratio

0.29%FEZ, cheaper
0.58%HEDJ

FEZ0.29%HEDJ0.58%

0.07%0.80%

Middle half of Europe Region funds
Median 0.51%

FEZ 4th cheapest of 12 funds

HEDJ 9th cheapest of 12 funds

FEZ vs HEDJ Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FEZ 2.71%, better; HEDJ 1.78%
Payout (12M): FEZ $1.83; HEDJ $1.03
Last payment: FEZ $0.11; HEDJ $0.05
Ex-dividend: FEZ Sep 21, 2026; HEDJ Sep 25, 2026
Paid on: FEZ Sep 23, 2026; HEDJ Sep 29, 2026
Frequency: FEZ Quarterly; HEDJ Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

FEZQuarterly · 39 paymentsAll FEZ payments⁠

HEDJTwice a year · 31 paymentsAll HEDJ payments⁠

FEZ vs HEDJ Risk

Fall from peak · 5 years

FEZ
HEDJ

Risk facts

VolatilityStd dev, 3 years: FEZ 14.3%HEDJ 11.4%, better
Return per unit of riskSharpe ratio, 3 years: FEZ 1.02, betterHEDJ 0.96
Worst fallMax drawdown, 5 years: FEZ −35.0%HEDJ −22.2%, better
Market sensitivityBeta, 5 years: FEZ 0.96HEDJ 0.75; Market = 1

FEZ and HEDJ in the news

All news⁠

News
ECB raises the deposit rate to 2.50% as energy inflation climbs to 14.3%
Sep 10, 2026FEZ
News
Volkswagen's job pledge runs to 2030. Four plants' future starts in 2031
Sep 10, 2026FEZ

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FEZ vs HEDJ

In short

Stated mandate

Why people hold it

Worth knowing

How FEZ and HEDJ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FEZ

Only in HEDJ

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

ECB raises the deposit rate to 2.50% as energy inflation climbs to 14.3%

Volkswagen's job pledge runs to 2030. Four plants' future starts in 2031

How FEZ and HEDJ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FEZ

Only in HEDJ

Weight gaps