iShares Currency Hedged MSCI Japan ETF (HEWJ) — Stock Correlations & Overview
Over the past year, HEWJ has moved most closely with DBJP, DXJ, FLJH. Explore the stocks most correlated and inversely correlated with HEWJ below, along with its price, financials, and company profile.
Stocks correlated with HEWJ
Correlation of daily returns. Higher positive values move with HEWJ; negative values move opposite it. Informational only, not investment advice.
Most correlated with HEWJ
| Symbol | Company | Correlation |
|---|---|---|
| DBJP | Xtrackers MSCI Japan Hedged Equity ETF | 0.97 |
| DXJ | WisdomTree Japan Hedged Equity Fund | 0.93 |
| FLJH | Franklin FTSE Japan Hedged ETF | 0.91 |
| BBJP | JPMorgan BetaBuilders Japan ETF | 0.91 |
| EZJ | ProShares Ultra MSCI Japan | 0.89 |
Most inversely correlated with HEWJ
| Symbol | Company | Correlation |
|---|---|---|
| EWV | ProShares Trust UltraShort MSCI Japan | -0.88 |
| EFU | ProShares Trust UltraShort MSCI EAFE | -0.72 |
| EUM | ProShares Trust Short MSCI Emerging Markets | -0.72 |
| EEV | ProShares Trust UltraShort MSCI Emerging Markets | -0.72 |
| EDZ | Direxion Daily MSCI Emerging Markets Bear 3X ETF | -0.71 |
Frequently asked questions about HEWJ correlations
- Which stocks are most correlated with HEWJ?
- Based on one year of daily returns, the stocks most correlated with iShares Currency Hedged MSCI Japan ETF (HEWJ) are DBJP (0.97), DXJ (0.93) and FLJH (0.91). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
- Which stocks are inversely correlated with HEWJ?
- Over the past year, the stocks most inversely correlated with iShares Currency Hedged MSCI Japan ETF (HEWJ) are EWV (-0.88), EFU (-0.72) and EUM (-0.72). A negative correlation means the two stocks have tended to move in opposite directions.
- What does a correlation of 0.8 mean for a stock?
- Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
- How are these HEWJ correlations calculated?
- We compute the correlation of daily returns between HEWJ and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.
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