HEWJ — iShares Currency Hedged MSCI Japan ETF

HEWJ Price Performance — Growth of $10,000

Value of a $10,000 investment in HEWJ over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

HEWJ Drawdown

The "underwater" chart: HEWJ's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The iShares Currency Hedged MSCI Japan ETF (HEWJ) is a Single Country - Developed fund issued by iShares with $653 million in assets under management. It holds a B grade (68.4/100) and ranks 9 of 18 within its category, placing it at #147 of 458 tracked ETFs overall. The fund’s 0.49% expense ratio sits slightly below the category median of 0.5%, while its 3.70% dividend yield exceeds the peer average of 3.49%. The ETF’s structure is fully concentrated, with its top 10 holdings representing 100.0% of assets, primarily consisting of the iShares MSCI Japan ETF.

HEWJ has delivered a 1-year return of +26.79%, significantly outperforming the category median of +15.82%, though recent short-term momentum has softened with declines over the last day, week, and month. The fund’s price of $62.87 sits at 71.2% of its 52-week range, reflecting a strong year-to-date gain of +19.04% and a 3-year return of +108.33%. Despite this long-term strength, the 1-month period saw a -2.95% drop, indicating a divergence between recent volatility and historical growth. The ETFValuer grade has remained unchanged at B across the last 35 tracked days, and price history is available for 3.0 years.

With a beta of 0.44, the fund exhibits lower sensitivity to market movements compared to the broader market, contributing to its Moderate annualized volatility of 19.40%. A Sharpe ratio of 1.12 suggests efficient risk-adjusted returns, while the maximum drawdown of -20.90% highlights the extent of its historical peak-to-trough decline. Liquidity is supported by an average daily volume of 68,060 shares, providing adequate trading activity for investors. These metrics collectively describe a fund that has managed downside risk effectively relative to its returns over the tracked period.

AI-generated summary based on the data on this page.

HEWJ Top Holdings

Holdings as of 2026-08-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 100.0% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how HEWJ's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With HEWJ

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with HEWJ's top 10 — INDA overlaps most, holding 1 of the same companies as HEWJ's top 10 (0.0% of HEWJ's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.96% (as of 2026-10-22) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 19.03 (as of 2026-10-22) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.75% (as of 2026-09-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

HEWJ Liquidity, Domicile & Tax Treatment

Liquidity: Average daily volume is 68K/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $653M provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: HEWJ is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

HEWJ Performance History

How HEWJ Compares to Other Single Country - Developed ETFs