HEWJ — iShares Currency Hedged MSCI Japan ETF
Single Country - Developed Ranked #86 of 458 tracked ETFs · Issued by iShares
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.
What If You'd Invested in HEWJ?
See what a lump sum in HEWJ would have grown to, with the option to add a regular monthly contribution on top. Figures use total returns — dividends are assumed reinvested.
Past performance doesn't predict future results. Assumes contributions on the first trading day of each month, no trading costs or taxes, and reinvested distributions. History is limited to the range published in the site's daily return data.
HEWJ Top Holdings
| # | Holding | % of Net Assets | Value |
|---|---|---|---|
| 1 | iShares, Inc - iShares MSCI Japan ETF | 98.48% | $618M |
| 2 | BlackRock Funds III: BlackRock Cash Funds: Institutional; SL Agency Shares | 27.73% | $174M |
| 3 | U S DOLLARS | 1.18% | $7M |
| 4 | U S DOLLARS | 0.27% | $2M |
| 5 | BlackRock Funds III: BlackRock Cash Funds: Treasury; SL Agency Shares | 0.11% | $1M |
| 6 | U S DOLLARS | 0.02% | $0M |
| 7 | U S DOLLARS | 0.01% | $0M |
| 8 | U S DOLLARS | 0.01% | $0M |
| 9 | U S DOLLARS | 0.00% | $0M |
| 10 | U S DOLLARS | 0.00% | $0M |
Holdings as of 2026-02-28 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 127.8% 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 — IEMG overlaps most, holding 1 of the same companies as HEWJ's top 10 (27.7% of HEWJ's assets).
| ETF | Name | Shared Companies | HEWJ Weight | Examples |
|---|---|---|---|---|
| IEMG | iShares Core MSCI Emerging Markets ETF | 1 | 27.7% | BlackRock Funds III: BlackRock Cash Funds: Institutional; SL Agency Shares |
| EEM | iShares MSCI Emerging Markets ETF | 1 | 27.7% | BlackRock Funds III: BlackRock Cash Funds: Institutional; SL Agency Shares |
| IDEV | iShares Core MSCI International Developed Markets ETF | 1 | 27.7% | BlackRock Funds III: BlackRock Cash Funds: Institutional; SL Agency Shares |
| ICLN | iShares Global Clean Energy ETF | 1 | 27.7% | BlackRock Funds III: BlackRock Cash Funds: Institutional; SL Agency Shares |
| IYZ | iShares U.S. Telecommunications ETF | 1 | 27.7% | BlackRock Funds III: BlackRock Cash Funds: Institutional; SL Agency Shares |
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: 4.71% (as of 2026-07-23) — 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): 18.70 (as of 2026-07-23) — 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: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.
What HEWJ's Fees Cost You
HEWJ charges an expense ratio of 0.49% a year, deducted automatically from the fund's value. Small percentages compound into real money — adjust the figures below to see the impact on your own numbers.
Assumes a constant gross return and no additional contributions — a simplification, but it isolates exactly what the expense ratio costs. Try the full fee calculator to model contributions and compare any two funds.
HEWJ Dividend Income Estimator
HEWJ currently yields 3.71%. Enter an amount to see the income that implies, or set a monthly income target to see the investment it would take.
Based on the fund's current trailing yield, which varies with price and distributions — treat it as an estimate, not a guarantee. Yields are not adjusted for tax.
HEWJ Liquidity, Domicile & Tax Treatment
Liquidity: Quoted bid/ask spread is 0.16% and average daily volume is 92K/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $725M 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
| Period | Return |
|---|---|
| 1-Day | +0.32% |
| 1-Week | +1.96% |
| 1-Month | -0.12% |
| 3-Month | +8.79% |
| 6-Month | +13.54% |
| YTD | +19.93% |
| 1-Year | +43.77% |
| 3-Year | +104.64% |
How HEWJ Compares to Other Single Country - Developed ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #22 | B+ |
EWP | iShares MSCI Spain ETF | +35.63% | 0.5% | $1.89B |
| #25 | B+ |
EWC | iShares MSCI Canada ETF | +26.94% | 0.5% | $5.96B |
| #33 | B+ |
DXJ | WisdomTree Japan Hedged Equity Fund | +48.57% | 0.48% | $7.08B |
| #80 | B |
FLJP | Franklin FTSE Japan ETF | +24.44% | 0.09% | $3.79B |
| #86 | B |
HEWJ | iShares Currency Hedged MSCI Japan ETF | +43.77% | 0.49% | $725M |
| #105 | B |
BBJP | JPMorgan BetaBuilders Japan ETF | +23.08% | 0.19% | $17.6B |
| #120 | B |
EWJ | iShares MSCI Japan ETF | +24.38% | 0.49% | $22.3B |
| #140 | B |
EWI | iShares MSCI Italy ETF | +24.66% | 0.5% | $796M |
| #148 | B |
EWU | iShares MSCI United Kingdom ETF | +19.39% | 0.5% | $3.67B |
| #159 | B |
EWS | iShares MSCI Singapore ETF | +20.72% | 0.5% | $922M |
| #190 | C |
EWN | iShares MSCI Netherlands ETF | +28.47% | 0.5% | $559M |
| #245 | C |
EIS | iShares MSCI Israel ETF | +25.63% | 0.59% | $898M |
| #328 | C |
EWL | iShares MSCI Switzerland ETF | +12.43% | 0.5% | $1.97B |
| #383 | D |
EWD | iShares MSCI Sweden ETF | +12.81% | 0.51% | $285M |
| #390 | D |
EWH | iShares MSCI Hong Kong ETF | +13.65% | 0.5% | $1.13B |
| #392 | D |
EWA | iShares MSCI Australia ETF | +10.45% | 0.5% | $1.45B |
| #399 | D |
EWG | iShares MSCI Germany ETF | -2.93% | 0.49% | $1.58B |
| #401 | D |
EWQ | iShares MSCI France ETF | +4.18% | 0.5% | $381M |