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EWJ vs. DFJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWJ vs. DFJ

Last updated Aug 5, 2026
Documentation

EWJ (iShares MSCI Japan ETF) and DFJ (WisdomTree Japan SmallCap Dividend Fund) are both Japan Equities funds - EWJ tracks the MSCI Japan Index while DFJ tracks the WisdomTree Japan SmallCap Dividend Index. Both are passively managed. Over the past 10 years, EWJ returned 9.08%/yr vs 9.08%/yr for DFJ. Their correlation of 0.86 means they have usually moved in the same direction. EWJ charges 0.49%/yr vs 0.58%/yr for DFJ.

Performance

EWJ vs. DFJ - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWJ achieves a 17.82% return, which is significantly higher than DFJ's 15.49% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: EWJ at 9.08% and DFJ at 9.08%.

EWJ

1D
1.83%
1M
1.58%
6M
9.74%
YTD
17.82%
1Y
31.07%
3Y*
18.66%
5Y*
9.41%
10Y*
9.08%
ALL TIME*
2.68%

DFJ

1D
1.84%
1M
2.15%
6M
7.88%
YTD
15.49%
1Y
25.59%
3Y*
19.93%
5Y*
10.72%
10Y*
9.08%
ALL TIME*
6.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

DFJ

WisdomTree Japan SmallCap Dividend Fund
$3.69M$3.74M$3.99M

EWJ

iShares MSCI Japan ETF
$398.96M$430.07M$517.76M

EWJ vs. DFJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWJ
iShares MSCI Japan ETF		17.82%25.84%7.03%20.29%-17.72%1.16%15.40%19.34%-14.10%24.27%
DFJ
WisdomTree Japan SmallCap Dividend Fund		15.49%31.90%2.80%21.81%-9.00%0.38%1.29%16.98%-18.53%32.14%

Correlation

The correlation between EWJ and DFJ is 0.70, 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.

0.70

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

0.78

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

0.83

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

0.86

Correlation (All Time)
Calculated using the full available price history since Jun 16, 2006

0.86

The correlation between EWJ and DFJ shifts across timeframes, from 0.70 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

EWJ vs. DFJ - Sectors Allocation Comparison

Sectors
EWJ
DFJ

Technology

24.9%
13.2%

Industrials

22.9%
26.8%

Financial Services

17.6%
13.8%

Consumer Cyclical

11.2%
15.9%

Communication Services

8.1%
1.3%

Healthcare

5.3%
3.7%

Consumer Defensive

3.4%
7.1%

Basic Materials

3.1%
13.8%

Real Estate

1.9%
2.7%

Utilities

1.0%
1.5%

Energy

0.8%
0.3%

Technology

EWJ
24.9%
DFJ
13.2%

Industrials

EWJ
22.9%
DFJ
26.8%

Financial Services

EWJ
17.6%
DFJ
13.8%

Consumer Cyclical

EWJ
11.2%
DFJ
15.9%

Communication Services

EWJ
8.1%
DFJ
1.3%

Healthcare

EWJ
5.3%
DFJ
3.7%

Consumer Defensive

EWJ
3.4%
DFJ
7.1%

Basic Materials

EWJ
3.1%
DFJ
13.8%

Real Estate

EWJ
1.9%
DFJ
2.7%

Utilities

EWJ
1.0%
DFJ
1.5%

Energy

EWJ
0.8%
DFJ
0.3%

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 Japan ETF

WisdomTree Japan SmallCap Dividend Fund

Often compared with EWJ:
EWJ vs. DXJEWJ vs. ^N225EWJ vs. EWJVEWJ vs. EWYEWJ vs. FLJPEWJ vs. HEWJEWJ vs. JPXN
Often compared with DFJ:
DFJ vs. SCJDFJ vs. EWJVDFJ vs. DXJDFJ vs. DXJSDFJ vs. FJSCXDFJ vs. QQQDFJ vs. HJPSX

Return for Risk

EWJ vs. DFJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWJ
EWJ Risk / Return Rank: 5555
Overall Rank
EWJ Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
EWJ Sortino Ratio Rank: 5454
Sortino Ratio Rank
EWJ Omega Ratio Rank: 5656
Omega Ratio Rank
EWJ Calmar Ratio Rank: 5858
Calmar Ratio Rank
EWJ Martin Ratio Rank: 5656
Martin Ratio Rank
DFJ
DFJ Risk / Return Rank: 4949
Overall Rank
DFJ Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
DFJ Sortino Ratio Rank: 5454
Sortino Ratio Rank
DFJ Omega Ratio Rank: 4949
Omega Ratio Rank
DFJ Calmar Ratio Rank: 4949
Calmar Ratio Rank
DFJ Martin Ratio Rank: 4343
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.

EWJ vs. DFJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan ETF (EWJ) and WisdomTree Japan SmallCap Dividend Fund (DFJ). 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.

EWJDFJDifference
Sharpe ratioReturn per unit of total volatility
1.49
1.47

+0.02

Sortino ratioReturn per unit of downside risk
2.12
2.12

0.00

Omega ratioGain probability vs. loss probability

1.28

1.26

+0.02

Calmar ratioReturn relative to maximum drawdown

2.30

1.97

+0.32

Martin ratioReturn relative to average drawdown

7.35

5.22

+2.13

EWJ vs. DFJ - Sharpe Ratio Comparison

The current EWJ Sharpe Ratio is 1.49, which is comparable to the DFJ Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of EWJ and DFJ, 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

EWJ vs. DFJ - Drawdown Comparison

The maximum EWJ drawdown since its inception was -60.93%, which is greater than DFJ's maximum drawdown of -46.00%. Use the drawdown chart below to compare losses from any high point for EWJ and DFJ.

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Drawdown Indicators

EWJDFJDifference

Max Drawdown

Largest peak-to-trough decline

-60.93%

-46.00%

-14.93%

Max Drawdown (1Y)

Largest decline over 1 year

-13.59%

-13.03%

-0.56%

Max Drawdown (3Y)

Largest decline over 3 years

-14.68%

-13.03%

-1.65%

Max Drawdown (5Y)

Largest decline over 5 years

-33.14%

-29.71%

-3.43%

Max Drawdown (10Y)

Largest decline over 10 years

-33.14%

-40.02%

+6.88%

Current Drawdown

Current decline from peak

-2.43%

-1.43%

-1.00%

Average Drawdown

Average peak-to-trough decline

-21.64%

-11.10%

-10.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.24%

4.92%

-0.68%

Volatility

EWJ vs. DFJ - Volatility Comparison

iShares MSCI Japan ETF (EWJ) has a higher volatility of 7.54% compared to WisdomTree Japan SmallCap Dividend Fund (DFJ) at 6.64%. This indicates that EWJ's price experiences larger fluctuations and is considered to be riskier than DFJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWJDFJDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.54%

6.64%

+0.90%

Volatility (6M)

Calculated over the trailing 6-month period

17.79%

14.91%

+2.88%

Volatility (1Y)

Calculated over the trailing 1-year period

21.02%

17.55%

+3.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.70%

16.11%

+2.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.45%

17.01%

+0.44%

EWJ vs. DFJ - Expense Ratio Comparison

EWJ has a 0.49% expense ratio, which is lower than DFJ's 0.58% expense ratio.

Dividends

EWJ vs. DFJ - Dividend Comparison

EWJ's dividend yield for the trailing twelve months is around 3.77%, more than DFJ's 2.54% yield.

PositionTTM20252024202320222021202020192018201720162015
DFJ
WisdomTree Japan SmallCap Dividend Fund		2.54%2.68%2.46%2.43%2.62%2.07%2.59%2.24%1.89%1.60%1.76%1.23%
EWJ
iShares MSCI Japan ETF		3.77%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

EWJ and DFJ have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWJ has higher volatility (7.54%) compared to DFJ (6.64%). In terms of maximum drawdown, EWJ dropped -60.93% vs DFJ's -46.00%.

On 10-year performance, DFJ leads with 9.08% vs 9.08% for EWJ. On fees, EWJ is cheaper at 0.49% per year. On volatility, DFJ has been the lower-risk option at 6.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DFJ has performed better with a 9.08% return vs 9.08%. 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 0.58% for DFJ.

EWJ has the higher dividend yield at 3.77%, compared with 2.54% for DFJ.

EWJ tracks MSCI Japan Index, while DFJ tracks WisdomTree Japan SmallCap Dividend Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.49% for EWJ and 0.58% for DFJ.

EWJ currently has the higher Sharpe Ratio (1.49 vs 1.47), 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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