iShares Currency Hedged MSCI Japan ETF (HEWJ) Performance
HEWJ total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +20.0% since Dec 31, 2025
- 1 year
- +26.3% total return
- 5 years
- +20.6% a year
- 10 years
- +15.9% a year
- Since first price
- +13.7% a year since 2014
HEWJ trailing returns vs SPY, QQQ, AGG
| Period | HEWJ total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −3.6% | −3.6% | −1.0% | −5.0% | +0.9% |
| 3 months | −0.4% | −0.4% | +3.2% | +1.9% | −0.4% |
| 6 months | +8.0% | +7.4% | +7.8% | +8.4% | −1.5% |
| YTD | +20.0% | +19.3% | +12.3% | +15.1% | −1.0% |
| 1 year | +26.3% | +20.5% | +14.4% | +15.9% | −1.1% |
| 3 years | +108.6%+27.8%/yr | +89.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +155.6%+20.6%/yr | +125.5% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +336.0%+15.9%/yr | +253.5% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| Since inceptionFeb 5, 2014 | +413.7%+13.7%/yr | +291.0% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: HEWJ vs SPY
From Feb 5, 2014: HEWJ grew to $51,366, SPY to $53,682.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
HEWJ returns by calendar year
8 of 11 full years positive. Best 2023 (+36.2%), worst 2018 (−14.7%). 2026 is year to date.
HEWJ annual returns table
| Year | HEWJ | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +20.0% | −10.4% | +12.3% | +15.1% | −1.0% |
| 2025 | +30.2% | −16.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +24.8% | −20.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +36.2% | −7.5% | +26.2% | +54.9% | +5.7% |
| 2022 | −4.4% | −14.7% | −18.2% | −32.6% | −13.0% |
| 2021 | +12.8% | −8.4% | +28.7% | +27.4% | −1.8% |
| 2020 | +10.3% | −31.5% | +18.3% | +48.6% | +7.5% |
| 2019 | +20.8% | −9.6% | +31.2% | +39.0% | +8.5% |
| 2018 | −14.7% | −21.6% | −4.6% | −0.1% | +0.1% |
| 2017 | +21.5% | −6.9% | +21.7% | +32.7% | +3.6% |
| 2016 | −1.0% | −20.2% | +12.0% | +7.1% | +2.4% |
| 2015 | +8.9% | −18.2% | +1.2% | +9.4% | +0.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
HEWJ largest drawdowns
Now 5.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 6, 2020 | −31.5% | Mar 16, 2020 | Nov 9, 2020 | 39 days | 9 months |
| Aug 10, 2015 | −29.6% | Jun 27, 2016 | Oct 10, 2017 | 11 months | 2.2 years |
| Jan 23, 2018 | −21.6% | Dec 24, 2018 | Feb 6, 2020 | 11 months | 2.0 years |
| Jul 10, 2024 | −20.9% | Aug 6, 2024 | Jun 27, 2025 | 27 days | 12 months |
| Sep 13, 2021 | −16.0% | Mar 8, 2022 | Nov 25, 2022 | 6 months | 1.2 years |
| Sep 26, 2014 | −11.2% | Oct 15, 2014 | Oct 31, 2014 | 19 days | 35 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
HEWJ risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2014 |
|---|---|---|---|---|
| Annualized return | +28.0% | +21.4% | +16.6% | +13.8% |
| Volatility (annualized) | 12.0% | 12.8% | 13.7% | 14.7% |
| Sharpe ratio | 1.77 | 1.32 | 1.03 | 0.84 |
| Sortino ratio | 3.88 | 2.52 | 1.70 | 1.30 |
| Best month | +9.1% | +9.1% | +10.3% | +10.3% |
| Worst month | −6.8% | −7.4% | −10.7% | −11.8% |
| Best 12 months | +51.8% | +51.8% | +51.8% | +51.8% |
| Worst 12 months | +2.0% | −6.1% | −14.7% | −23.9% |
| Positive months | 75% | 68% | 69% | 67% |
| Beta vs S&P 500 | 0.43 | 0.52 | 0.60 | — |
| Correlation with S&P 500 | 0.44 | 0.64 | 0.67 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
HEWJ rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 141 | −23.9% | +13.3% | +51.8% | 78% |
| 3-year (a year) | 117 | +0.3% | +9.7% | +33.2% | 100% |
| 5-year (a year) | 93 | −0.0% | +10.3% | +22.3% | 99% |
| 10-year (a year) | 33 | +8.9% | +11.8% | +17.2% | 100% |
Every holding period starting at a month-end since 2014. Returns for 3 years and longer are annualized.
HEWJ performance overview
iShares Currency Hedged MSCI Japan ETF (HEWJ) returned +26.3% over the past year and +15.9% a year over ten years, with distributions reinvested. Since its first recorded price in 2014 it has returned +13.7% a year, turning $10,000 into about $51,366. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −31.5%, from Feb 6, 2020 to Mar 16, 2020, and it took 8 months to get back to the old high. HEWJ finished 8 of its 11 full calendar years with a gain; the best year was 2023 (+36.2%) and the worst 2018 (−14.7%). Volatility has been 14.7% a year.
Related: HEWJ chart, HEWJ holdings, HEWJ dividends. See the HEWJ overview for the latest quote and fund facts.
HEWJ performance FAQ
What is the HEWJ return over the past year?
HEWJ returned +26.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 20.5%.
What is the average annual return of HEWJ?
HEWJ has returned +20.6% a year over 5 years, +15.9% a year over 10 years, +13.7% a year since February 5, 2014 (total return, distributions reinvested).
How much would $10,000 invested in HEWJ be worth?
$10,000 invested in HEWJ at its first recorded close on February 5, 2014 would be worth about $51,366 on October 23, 2026 with distributions reinvested.
What was the worst year for HEWJ?
The worst calendar year was 2018, with a total return of −14.7%. The best was 2023 at +36.2%.
What is the biggest drawdown of HEWJ?
The largest peak-to-trough decline was −31.5% between February 6, 2020 and March 16, 2020. It recovered to the old high on November 9, 2020, 8 months after the bottom.
How volatile is HEWJ?
Over the past 3 years HEWJ had an annualized volatility of 12.0% and a Sharpe ratio of 1.77 (excess return over 1–3 month T-bills per unit of risk).