HEWJ vs IVV
iShares Currency Hedged MSCI Japan ETF vs iShares Core S&P 500 ETF
Quick Verdict
IVV has a lower expense ratio. HEWJ delivered stronger 1-year returns. IVV offers more diversification with 508 holdings.
Side-by-Side Comparison
| Metric | HEWJ | IVV | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.03% | |
| AUM | $769M | $907.0B | |
| Dividend Yield | 4.14% | 1.10% | |
| Holdings | 178 | 508 | |
| YTD Return | +20.55% | +13.22% | |
| 1Y Return | +36.77% | +21.62% | |
| 3Y Return (annualized) | +28.72% | +22.17% | |
| 5Y Return (annualized) | +22.40% | +13.42% | |
| Volatility (annualized) | 14.9% | 15.1% | |
| Max Drawdown | -34.1% | -56.5% | |
| Fund Family | iShares by BlackRock (US) | iShares by BlackRock (US) | |
| Category | Equity | Equity | |
| Inception | Jan 31, 2014 | May 15, 2000 |
HEWJ vs IVV Performance
iShares Currency Hedged MSCI Japan ETF (HEWJ) is a ETF from iShares by BlackRock (US) and iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US). Over the past year HEWJ returned +36.77% while IVV returned +21.62%. Year to date, HEWJ is up 20.55% versus a gain of 13.22% for IVV.
Over three years, HEWJ compounded at +28.72% per year against +22.17% for IVV; over five years the annualized figures are +22.40% and +13.42% respectively. Across the full 13-year window we track, HEWJ has the edge at +12.79% annualized vs +7.02%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 14.9% for HEWJ. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -34.1% for HEWJ and -56.5% for IVV. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.64. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
HEWJ charges 0.50% per year while IVV charges 0.03%. On a $10,000 position that is $50 vs $3 annually, a gap of $47 per year that compounds over a long holding period. On income, HEWJ currently yields 4.14% against 1.10% for IVV.
Holdings Overlap
HEWJ and IVV share 1 holdings out of 673 unique holdings combined, representing a 0.1% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in HEWJ | Weight in IVV | Difference |
|---|---|---|---|
| XTSLA | 0.10% | 0.15% | 0.05% |
Frequently Asked Questions
Which is cheaper, HEWJ or IVV?
HEWJ has an expense ratio of 0.50% while IVV charges 0.03%. IVV is the cheaper option. On a $10,000 investment, that is $47 per year of difference.
Which performed better, HEWJ or IVV?
Over the past year HEWJ returned +36.77% vs +21.62% for IVV, so HEWJ leads on 1-year performance. Over the longest common window we track (13 years), HEWJ annualized +12.79% vs +7.02% for IVV. Past performance does not guarantee future results.
Which is riskier, HEWJ or IVV?
IVV has been the more volatile fund at 15.1% annualized versus 14.9% for HEWJ. Worst drawdown: HEWJ -34.1% vs IVV -56.5%.
Should I hold both HEWJ and IVV?
HEWJ and IVV have a monthly-return correlation of 0.64, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between HEWJ and IVV?
HEWJ and IVV share 1 common holdings with a 0.1% weight overlap. Combined, they hold 673 unique securities.
Which pays a higher dividend, HEWJ or IVV?
HEWJ yields 4.14% while IVV yields 1.10%, so HEWJ currently pays the higher dividend yield.
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