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EWA vs. EWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWA vs. EWJ

Last updated Aug 2, 2026
Documentation

EWA (iShares MSCI-Australia ETF) and EWJ (iShares MSCI Japan ETF) are both exchange-traded funds - EWA is a Australia Equities fund tracking the MSCI Australia Index, while EWJ is a Japan Equities fund tracking the MSCI Japan Index. Both are passively managed. Over the past 10 years, EWA returned 7.94%/yr vs 8.96%/yr for EWJ. Their 0.51 correlation means they have sometimes moved together and sometimes differently. EWA charges 0.50%/yr vs 0.49%/yr for EWJ.

Performance

EWA vs. EWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI-Australia ETF (EWA) and iShares MSCI Japan ETF (EWJ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EWA achieves a 13.60% return, which is significantly lower than EWJ's 15.05% return. Over the past 10 years, EWA has underperformed EWJ with an annualized return of 7.94%, while EWJ has yielded a comparatively higher 8.96% annualized return.

EWA

1D
-1.61%
1M
4.45%
6M
7.22%
YTD
13.60%
1Y
16.79%
3Y*
12.37%
5Y*
6.94%
10Y*
7.94%
ALL TIME*
7.65%

EWJ

1D
-0.96%
1M
-0.81%
6M
8.37%
YTD
15.05%
1Y
30.10%
3Y*
17.16%
5Y*
9.17%
10Y*
8.96%
ALL TIME*
2.61%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EWA

iShares MSCI-Australia ETF
$49.04M$53.99M$64.81M

EWJ

iShares MSCI Japan ETF
$420.68M$453.45M$519.58M

EWA vs. EWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWA
iShares MSCI-Australia ETF		13.60%13.35%1.60%13.81%-5.92%8.93%8.29%22.45%-12.04%19.88%
EWJ
iShares MSCI Japan ETF		15.05%25.84%7.03%20.29%-17.72%1.16%15.40%19.34%-14.10%24.27%

Correlation

The correlation between EWA and EWJ is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

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

0.62

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

0.62

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

0.66

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

0.66

Correlation (All Time)
Calculated using the full available price history since Apr 1, 1996

0.51

The correlation between EWA and EWJ shifts across timeframes, from 0.51 (all time) to 0.66 (5 years), reflecting how their relationship changes across market environments.

EWA vs. EWJ - Sectors Allocation Comparison

Sectors
EWA
EWJ

Financial Services

43.1%
17.6%

Basic Materials

23.7%
3.1%

Consumer Cyclical

7.0%
11.2%

Energy

5.2%
0.8%

Real Estate

4.8%
1.9%

Healthcare

4.7%
5.3%

Industrials

4.2%
22.9%

Consumer Defensive

3.9%
3.4%

Communication Services

1.8%
8.1%

Technology

0.8%
24.9%

Utilities

0.7%
1.0%

Financial Services

EWA
43.1%
EWJ
17.6%

Basic Materials

EWA
23.7%
EWJ
3.1%

Consumer Cyclical

EWA
7.0%
EWJ
11.2%

Energy

EWA
5.2%
EWJ
0.8%

Real Estate

EWA
4.8%
EWJ
1.9%

Healthcare

EWA
4.7%
EWJ
5.3%

Industrials

EWA
4.2%
EWJ
22.9%

Consumer Defensive

EWA
3.9%
EWJ
3.4%

Communication Services

EWA
1.8%
EWJ
8.1%

Technology

EWA
0.8%
EWJ
24.9%

Utilities

EWA
0.7%
EWJ
1.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI-Australia ETF

iShares MSCI Japan ETF

Often compared with EWA:
EWA vs. EWCEWA vs. FLAUEWA vs. EWOEWA vs. VOOEWA vs. ^N225EWA vs. SPYEWA vs. VPL
Often compared with EWJ:
EWJ vs. DXJEWJ vs. ^N225EWJ vs. EWJVEWJ vs. EWYEWJ vs. FLJPEWJ vs. HEWJEWJ vs. JPXN

Return for Risk

EWA vs. EWJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWA
EWA Risk / Return Rank: 3939
Overall Rank
EWA Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
EWA Sortino Ratio Rank: 3737
Sortino Ratio Rank
EWA Omega Ratio Rank: 3636
Omega Ratio Rank
EWA Calmar Ratio Rank: 4646
Calmar Ratio Rank
EWA Martin Ratio Rank: 3939
Martin Ratio Rank
EWJ
EWJ Risk / Return Rank: 6464
Overall Rank
EWJ Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
EWJ Sortino Ratio Rank: 6363
Sortino Ratio Rank
EWJ Omega Ratio Rank: 6666
Omega Ratio Rank
EWJ Calmar Ratio Rank: 6666
Calmar Ratio Rank
EWJ Martin Ratio Rank: 6262
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.

EWA vs. EWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI-Australia ETF (EWA) and iShares MSCI Japan ETF (EWJ). 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.

EWAEWJDifference
Sharpe ratioReturn per unit of total volatility
0.93
1.48

-0.55

Sortino ratioReturn per unit of downside risk
1.38
2.11

-0.73

Omega ratioGain probability vs. loss probability

1.17

1.28

-0.10

Calmar ratioReturn relative to maximum drawdown

1.63

2.28

-0.65

Martin ratioReturn relative to average drawdown

4.13

7.33

-3.19

EWA vs. EWJ - Sharpe Ratio Comparison

The current EWA Sharpe Ratio is 0.93, which is lower than the EWJ Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of EWA and EWJ, 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

EWA vs. EWJ - Drawdown Comparison

The maximum EWA drawdown since its inception was -66.98%, which is greater than EWJ's maximum drawdown of -60.93%. Use the drawdown chart below to compare losses from any high point for EWA and EWJ.

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Drawdown Indicators

EWAEWJDifference

Max Drawdown

Largest peak-to-trough decline

-66.98%

-60.93%

-6.05%

Max Drawdown (1Y)

Largest decline over 1 year

-10.01%

-13.59%

+3.58%

Max Drawdown (3Y)

Largest decline over 3 years

-21.91%

-14.68%

-7.23%

Max Drawdown (5Y)

Largest decline over 5 years

-24.87%

-33.14%

+8.27%

Max Drawdown (10Y)

Largest decline over 10 years

-45.54%

-33.14%

-12.40%

Current Drawdown

Current decline from peak

-1.68%

-4.72%

+3.04%

Average Drawdown

Average peak-to-trough decline

-11.29%

-21.64%

+10.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.95%

4.23%

-0.28%

Volatility

EWA vs. EWJ - Volatility Comparison

The current volatility for iShares MSCI-Australia ETF (EWA) is 4.58%, while iShares MSCI Japan ETF (EWJ) has a volatility of 7.64%. This indicates that EWA experiences smaller price fluctuations and is considered to be less risky than EWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWAEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.58%

7.64%

-3.06%

Volatility (6M)

Calculated over the trailing 6-month period

14.91%

17.70%

-2.79%

Volatility (1Y)

Calculated over the trailing 1-year period

17.56%

20.96%

-3.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.79%

18.69%

+1.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.49%

17.45%

+5.04%

EWA vs. EWJ - Expense Ratio Comparison

EWA has a 0.50% expense ratio, which is higher than EWJ's 0.49% expense ratio.

Dividends

EWA vs. EWJ - Dividend Comparison

EWA's dividend yield for the trailing twelve months is around 2.89%, less than EWJ's 3.86% yield.

PositionTTM20252024202320222021202020192018201720162015
EWA
iShares MSCI-Australia ETF		2.89%3.21%3.71%3.72%5.28%5.08%2.02%3.97%6.11%4.44%4.03%5.48%
EWJ
iShares MSCI Japan ETF		3.86%4.52%2.34%2.03%1.23%2.08%1.04%2.03%1.71%1.25%1.95%1.27%

Frequently Asked Questions

EWA and EWJ have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWJ has higher volatility (7.64%) compared to EWA (4.58%). In terms of maximum drawdown, EWA dropped -66.98% vs EWJ's -60.93%.

On 10-year performance, EWJ leads with 8.96% vs 7.94% for EWA. On fees, EWJ is cheaper at 0.49% per year. On volatility, EWA has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWJ has performed better with a 8.96% return vs 7.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWJ is cheaper with a 0.49% expense ratio, compared with 0.50% for EWA.

EWJ has the higher dividend yield at 3.86%, compared with 2.89% for EWA.

EWA is categorized as Australia Equities, while EWJ is Japan Equities. EWA tracks MSCI Australia Index, while EWJ tracks MSCI Japan Index. Their fees differ too: 0.50% for EWA and 0.49% for EWJ.

EWJ currently has the higher Sharpe Ratio (1.48 vs 0.93), 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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