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^N225 vs. SCJ
Performance
Return for Risk
Drawdowns
Volatility

^N225 vs. SCJ

Last updated Aug 1, 2026
Documentation

^N225 (Nikkei 225) is an index, while SCJ (iShares MSCI Japan Small Cap ETF) is Japan Equities fund tracking the MSCI Japan Small Cap Index. Over the past 10 years, ^N225 returned 14.20%/yr vs 12.37%/yr for SCJ. Their 0.30 correlation means their historical movements had little consistent relationship.

Performance

^N225 vs. SCJ - Performance Comparison

The chart below illustrates the hypothetical performance of a ¥10,000 investment in Nikkei 225 (^N225) and iShares MSCI Japan Small Cap ETF (SCJ). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

^N225 is traded in JPY, while SCJ is traded in USD. To make them comparable, the SCJ values have been converted to JPY using the latest available exchange rates.

Returns By Period

In the year-to-date period, ^N225 achieves a 22.90% return, which is significantly higher than SCJ's 16.35% return. Over the past 10 years, ^N225 has outperformed SCJ with an annualized return of 14.20%, while SCJ has yielded a comparatively lower 12.37% annualized return.

^N225

1D
0.00%
1M
-11.29%
6M
16.02%
YTD
22.90%
1Y
51.64%
3Y*
22.72%
5Y*
17.79%
10Y*
14.20%
ALL TIME*
5.91%

SCJ

1D
-2.01%
1M
-3.91%
6M
11.64%
YTD
16.35%
1Y
34.35%
3Y*
21.13%
5Y*
15.96%
10Y*
12.37%
ALL TIME*
7.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

^N225

Nikkei 225
¥10.05T¥10.42T¥11.24T

SCJ

iShares MSCI Japan Small Cap ETF
¥678.39M¥765.35M¥852.82M

^N225 vs. SCJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
^N225
Nikkei 225		22.90%26.18%19.22%28.24%-9.37%4.91%16.01%18.20%-12.08%19.10%
SCJ
iShares MSCI Japan Small Cap ETF		16.35%29.20%15.39%21.75%-0.61%8.18%2.15%15.04%-19.36%26.74%

Correlation

The correlation between ^N225 and SCJ is 0.36, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.36

Correlation (3Y)
Balances recent behavior with more history.

0.32

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.35

Correlation (10Y)
Provides a long-term view across more market conditions.

0.33

Correlation (All Time)
Calculated using the full available price history since Dec 27, 2007

0.30

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Nikkei 225

iShares MSCI Japan Small Cap ETF

Often compared with ^N225:
^N225 vs. SPY^N225 vs. EWJ^N225 vs. S400.L^N225 vs. FJPNX^N225 vs. NFTY^N225 vs. EWA^N225 vs. ^GSPC
Often compared with SCJ:
SCJ vs. DFJSCJ vs. EWJSCJ vs. JPXNSCJ vs. FJSCXSCJ vs. EWUSSCJ vs. FLJPSCJ vs. QQQ

Return for Risk

^N225 vs. SCJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
^N225
^N225 Risk / Return Rank: 8989
Overall Rank
^N225 Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
^N225 Sortino Ratio Rank: 8787
Sortino Ratio Rank
^N225 Omega Ratio Rank: 8787
Omega Ratio Rank
^N225 Calmar Ratio Rank: 9393
Calmar Ratio Rank
^N225 Martin Ratio Rank: 9090
Martin Ratio Rank
SCJ
SCJ Risk / Return Rank: 6868
Overall Rank
SCJ Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
SCJ Sortino Ratio Rank: 7171
Sortino Ratio Rank
SCJ Omega Ratio Rank: 6868
Omega Ratio Rank
SCJ Calmar Ratio Rank: 6767
Calmar Ratio Rank
SCJ Martin Ratio Rank: 6363
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

^N225 vs. SCJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nikkei 225 (^N225) and iShares MSCI Japan Small Cap ETF (SCJ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

^N225SCJDifference
Sharpe ratioReturn per unit of total volatility
1.89
2.11

-0.22

Sortino ratioReturn per unit of downside risk
2.59
2.83

-0.24

Omega ratioGain probability vs. loss probability

1.32

1.36

-0.04

Calmar ratioReturn relative to maximum drawdown

3.50

3.26

+0.25

Martin ratioReturn relative to average drawdown

11.33

11.66

-0.33

^N225 vs. SCJ - Sharpe Ratio Comparison

The current ^N225 Sharpe Ratio is 1.89, which is comparable to the SCJ Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of ^N225 and SCJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

^N225 vs. SCJ - Drawdown Comparison

The maximum ^N225 drawdown since its inception was -81.87%, which is greater than SCJ's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for ^N225 and SCJ.

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Drawdown Indicators

^N225SCJDifference

Max Drawdown

Largest peak-to-trough decline

-81.87%

-49.52%

-32.35%

Max Drawdown (1Y)

Largest decline over 1 year

-15.11%

-10.37%

-4.74%

Max Drawdown (3Y)

Largest decline over 3 years

-26.26%

-14.98%

-11.28%

Max Drawdown (5Y)

Largest decline over 5 years

-26.26%

-17.94%

-8.32%

Max Drawdown (10Y)

Largest decline over 10 years

-31.80%

-40.74%

+8.94%

Current Drawdown

Current decline from peak

-14.51%

-6.02%

-8.49%

Average Drawdown

Average peak-to-trough decline

-35.56%

-13.56%

-22.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.61%

2.89%

+1.72%

Volatility

^N225 vs. SCJ - Volatility Comparison

Nikkei 225 (^N225) has a higher volatility of 9.26% compared to iShares MSCI Japan Small Cap ETF (SCJ) at 5.87%. This indicates that ^N225's price experiences larger fluctuations and is considered to be riskier than SCJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

^N225SCJDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.26%

5.87%

+3.39%

Volatility (6M)

Calculated over the trailing 6-month period

23.36%

12.99%

+10.37%

Volatility (1Y)

Calculated over the trailing 1-year period

28.09%

16.05%

+12.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.05%

15.74%

+7.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.98%

17.51%

+3.47%

Frequently Asked Questions

^N225 and SCJ have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

^N225 has higher volatility (9.26%) compared to SCJ (5.87%). In terms of maximum drawdown, ^N225 dropped -81.87% vs SCJ's -49.52%.

SCJ currently has the higher Sharpe Ratio (2.11 vs 1.89), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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