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EWJ vs. EPP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWJ vs. EPP

Last updated Jun 5, 2026

EWJ (iShares MSCI Japan ETF) and EPP (iShares MSCI Pacific ex Japan ETF) are both exchange-traded funds - EWJ is a Japan Equities fund tracking the MSCI Japan Index, while EPP is a Asia Pacific Equities fund tracking the MSCI Pacific ex-Japan Index. Both are passively managed. Over the past 10 years, EWJ returned 9.28%/yr vs 7.43%/yr for EPP. A 0.65 correlation means they provide meaningful diversification when combined. EWJ charges 0.49%/yr vs 0.48%/yr for EPP.

Performance

EWJ vs. EPP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Japan ETF (EWJ) and iShares MSCI Pacific ex Japan ETF (EPP). 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 16.58% return, which is significantly higher than EPP's 9.00% return. Over the past 10 years, EWJ has outperformed EPP with an annualized return of 9.28%, while EPP has yielded a comparatively lower 7.43% annualized return.

EWJ

1D
0.20%
1M
5.46%
YTD
16.58%
6M
16.78%
1Y
32.89%
3Y*
18.51%
5Y*
8.84%
10Y*
9.28%

EPP

1D
-0.52%
1M
-0.56%
YTD
9.00%
6M
9.86%
1Y
15.94%
3Y*
13.26%
5Y*
4.54%
10Y*
7.43%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWJ vs. EPP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWJ
iShares MSCI Japan ETF		16.58%25.84%7.03%20.29%-17.72%1.16%15.40%19.34%-14.10%24.27%
EPP
iShares MSCI Pacific ex Japan ETF		9.00%19.70%4.76%5.76%-6.59%4.26%6.04%18.30%-10.78%26.05%

Correlation

The correlation between EWJ and EPP is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.66

Correlation (3Y)
Calculated over the trailing 3-year period

0.63

Correlation (5Y)
Calculated over the trailing 5-year period

0.68

Correlation (10Y)
Calculated over the trailing 10-year period

0.68

Correlation (All Time)
Calculated using the full available price history since Oct 29, 2001

0.65

The correlation between EWJ and EPP has been stable across timeframes, ranging from 0.63 to 0.68 - a consistent structural relationship.

EWJ vs. EPP - Sectors Allocation Comparison

Sectors
EWJ
EPP

Industrials

26.0%
8.6%

Technology

19.1%
1.1%

Financial Services

17.5%
46.0%

Consumer Cyclical

12.2%
6.0%

Communication Services

7.9%
2.7%

Healthcare

6.3%
3.7%

Consumer Defensive

3.6%
3.0%

Basic Materials

3.0%
14.6%

Real Estate

2.3%
7.8%

Utilities

1.1%
3.6%

Energy

1.1%
2.9%

Industrials

EWJ
26.0%
EPP
8.6%

Technology

EWJ
19.1%
EPP
1.1%

Financial Services

EWJ
17.5%
EPP
46.0%

Consumer Cyclical

EWJ
12.2%
EPP
6.0%

Communication Services

EWJ
7.9%
EPP
2.7%

Healthcare

EWJ
6.3%
EPP
3.7%

Consumer Defensive

EWJ
3.6%
EPP
3.0%

Basic Materials

EWJ
3.0%
EPP
14.6%

Real Estate

EWJ
2.3%
EPP
7.8%

Utilities

EWJ
1.1%
EPP
3.6%

Energy

EWJ
1.1%
EPP
2.9%

Compare stocks, funds, or ETFs

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iShares MSCI Japan ETF

iShares MSCI Pacific ex Japan ETF

Often compared with EWJ:
EWJ vs. DXJEWJ vs. ^N225EWJ vs. EWJVEWJ vs. EWYEWJ vs. FLJPEWJ vs. HEWJEWJ vs. JPXN
Often compared with EPP:
EPP vs. EWTEPP vs. AAXJEPP vs. BBAXEPP vs. EWHEPP vs. AIAEPP vs. EWYEPP vs. VPL

Return for Risk

EWJ vs. EPP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWJ
EWJ Risk / Return Rank: 5151
Overall Rank
EWJ Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
EWJ Sortino Ratio Rank: 5151
Sortino Ratio Rank
EWJ Omega Ratio Rank: 5252
Omega Ratio Rank
EWJ Calmar Ratio Rank: 5050
Calmar Ratio Rank
EWJ Martin Ratio Rank: 5050
Martin Ratio Rank
EPP
EPP Risk / Return Rank: 3333
Overall Rank
EPP Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
EPP Sortino Ratio Rank: 3030
Sortino Ratio Rank
EPP Omega Ratio Rank: 3030
Omega Ratio Rank
EPP Calmar Ratio Rank: 3737
Calmar Ratio Rank
EPP Martin Ratio Rank: 3737
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EWJ vs. EPP - Risk-Adjusted Trends Comparison

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

EWJEPPDifference
Sharpe ratioReturn per unit of total volatility
1.70
1.10

+0.59

Sortino ratioReturn per unit of downside risk
2.45
1.61

+0.84

Omega ratioGain probability vs. loss probability

1.32

1.20

+0.12

Calmar ratioReturn relative to maximum drawdown

2.43

1.82

+0.61

Martin ratioReturn relative to average drawdown

8.23

5.72

+2.51

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWJ vs. EPP - Sharpe Ratio Comparison

The current EWJ Sharpe Ratio is 1.70, which is higher than the EPP Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of EWJ and EPP, 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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Sharpe Ratios by Period

EWJEPPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.70

1.10

+0.59

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.49

0.26

+0.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.39

+0.15

Sharpe Ratio (All Time)

Calculated using the full available price history

0.11

0.39

-0.27

Drawdowns

EWJ vs. EPP - Drawdown Comparison

The maximum EWJ drawdown since its inception was -60.93%, smaller than the maximum EPP drawdown of -66.01%. Use the drawdown chart below to compare losses from any high point for EWJ and EPP.

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Drawdown Indicators

EWJEPPDifference

Max Drawdown

Largest peak-to-trough decline

-60.93%

-66.01%

+5.08%

Max Drawdown (1Y)

Largest decline over 1 year

-13.59%

-8.79%

-4.80%

Max Drawdown (3Y)

Largest decline over 3 years

-14.68%

-19.29%

+4.61%

Max Drawdown (5Y)

Largest decline over 5 years

-33.14%

-26.31%

-6.83%

Max Drawdown (10Y)

Largest decline over 10 years

-33.14%

-39.30%

+6.16%

Current Drawdown

Current decline from peak

0.00%

-3.30%

+3.30%

Average Drawdown

Average peak-to-trough decline

-21.74%

-10.62%

-11.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.01%

2.79%

+1.22%

Volatility

EWJ vs. EPP - Volatility Comparison

The current volatility for iShares MSCI Japan ETF (EWJ) is 4.21%, while iShares MSCI Pacific ex Japan ETF (EPP) has a volatility of 4.53%. This indicates that EWJ experiences smaller price fluctuations and is considered to be less risky than EPP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWJEPPDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.21%

4.53%

-0.32%

Volatility (6M)

Calculated over the trailing 6-month period

15.02%

11.95%

+3.07%

Volatility (1Y)

Calculated over the trailing 1-year period

19.49%

14.52%

+4.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.23%

17.40%

+0.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.27%

19.11%

-1.84%

EWJ vs. EPP - Expense Ratio Comparison

EWJ has a 0.49% expense ratio, which is higher than EPP's 0.48% expense ratio.

Dividends

EWJ vs. EPP - Dividend Comparison

EWJ's dividend yield for the trailing twelve months is around 3.88%, more than EPP's 3.46% yield.

PositionTTM20252024202320222021202020192018201720162015
EPP
iShares MSCI Pacific ex Japan ETF		3.46%3.77%3.81%4.10%4.37%4.58%2.28%3.89%5.00%4.15%3.96%4.90%
EWJ
iShares MSCI Japan ETF		3.88%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 EPP have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EPP has higher volatility (4.53%) compared to EWJ (4.21%). In terms of maximum drawdown, EWJ dropped -60.93% vs EPP's -66.01%.

On 10-year performance, EWJ leads with 9.28% vs 7.43% for EPP. On fees, EPP is cheaper at 0.48% per year. On volatility, EWJ has been the lower-risk option at 4.21%. 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 9.28% return vs 7.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EPP is cheaper with a 0.48% expense ratio, compared with 0.49% for EWJ.

EWJ has the higher dividend yield at 3.88%, compared with 3.46% for EPP.

EWJ is categorized as Japan Equities, while EPP is Asia Pacific Equities. EWJ tracks MSCI Japan Index, while EPP tracks MSCI Pacific ex-Japan Index. Their fees differ too: 0.49% for EWJ and 0.48% for EPP.

EWJ currently has the higher Sharpe Ratio (1.70 vs 1.10), 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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