(Bloomberg) -- One of the world’s biggest ETFs that invests in Japan is delivering a double dose of pain to foreign investors.

The $10.3 billion WisdomTree Japan Hedged Equity Fund, which buys stocks listed in Tokyo and shields them against fluctuations in the yen, has plunged 13% this year. That’s more than double losses in the $17.6 billion iShares MSCI Japan ETF, which doesn’t seek to protect against currency risk. With losses mounting, investors have fled for the exit, pulling $2.6 billion, tops among almost 2,000 U.S.-domiciled ETFs.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.