The simple answer to the question would be yes. In general, the underlying returns should be similar, however, as you have pointed out there are a number of other factors that will affect returns.

While I have not looked at the specific companies quoted you do need to take into account a number of nuances that will affect ETFs.

These include:

1. The underlying currencies of the ETF as opposed to the country currency that they plot (is the fund in yen or dollar);
2. Whether the ETF is priced once per trading day (which mainly affects asset swap funds) or throughout the trading day;
3. What the underlying fund manager fees are;
4. Any tracking errors; and
5. Slippage due to pricing.

Looking at point number one in greater detail – offshore ETFs are available in different currencies and they can be either hedged or unhedged variations.

1. No currency hedging: priced in US dollar as opposed to yen, with subsequent currency volatility to take into account;
2. Currency hedged: priced in US dollar but with currency hedging – this removes the currency volatility but with a small cost to pay for the hedge;
3. ETF in the underlying fund currency – in this case, the yen.

So on the face of it picking an ETF should be simple, however, like other forms of investments not always easy. This is where a good financial advisor would earn their fee!