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EWJ vs. FLJH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWJ vs. FLJH

Last updated Jun 5, 2026

EWJ (iShares MSCI Japan ETF) and FLJH (Franklin FTSE Japan Hedged ETF) are both Japan Equities funds - EWJ tracks the MSCI Japan Index while FLJH tracks the FTSE Japan RIC Capped Hedged to USD Net Tax Index. Both are passively managed. Over the past 5 years, EWJ returned 8.84%/yr vs 20.83%/yr for FLJH. A 0.79 correlation means they provide meaningful diversification when combined. EWJ charges 0.49%/yr vs 0.09%/yr for FLJH.

Performance

EWJ vs. FLJH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Japan ETF (EWJ) and Franklin FTSE Japan Hedged ETF (FLJH). 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 lower than FLJH's 20.41% 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%

FLJH

1D
0.09%
1M
7.06%
YTD
20.41%
6M
17.72%
1Y
48.16%
3Y*
28.28%
5Y*
20.83%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWJ vs. FLJH - 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%1.94%
FLJH
Franklin FTSE Japan Hedged ETF		20.41%25.26%25.89%36.02%-2.75%12.68%10.65%20.34%-14.66%1.26%

Correlation

The correlation between EWJ and FLJH is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.85

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

0.82

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

0.81

Correlation (All Time)
Calculated using the full available price history since Nov 7, 2017

0.79

The correlation between EWJ and FLJH has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

EWJ vs. FLJH - Sectors Allocation Comparison

Sectors
EWJ
FLJH

Industrials

26.0%
26.6%

Technology

19.1%
17.4%

Financial Services

17.5%
15.9%

Consumer Cyclical

12.2%
12.8%

Communication Services

7.9%
7.1%

Healthcare

6.3%
5.9%

Consumer Defensive

3.6%
4.2%

Basic Materials

3.0%
4.3%

Real Estate

2.3%
3.4%

Utilities

1.1%
1.3%

Energy

1.1%
1.0%

Industrials

EWJ
26.0%
FLJH
26.6%

Technology

EWJ
19.1%
FLJH
17.4%

Financial Services

EWJ
17.5%
FLJH
15.9%

Consumer Cyclical

EWJ
12.2%
FLJH
12.8%

Communication Services

EWJ
7.9%
FLJH
7.1%

Healthcare

EWJ
6.3%
FLJH
5.9%

Consumer Defensive

EWJ
3.6%
FLJH
4.2%

Basic Materials

EWJ
3.0%
FLJH
4.3%

Real Estate

EWJ
2.3%
FLJH
3.4%

Utilities

EWJ
1.1%
FLJH
1.3%

Energy

EWJ
1.1%
FLJH
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 Japan ETF

Franklin FTSE Japan Hedged ETF

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Often compared with FLJH:
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Return for Risk

EWJ vs. FLJH — 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
FLJH
FLJH Risk / Return Rank: 8484
Overall Rank
FLJH Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
FLJH Sortino Ratio Rank: 8484
Sortino Ratio Rank
FLJH Omega Ratio Rank: 8383
Omega Ratio Rank
FLJH Calmar Ratio Rank: 8484
Calmar Ratio Rank
FLJH Martin Ratio Rank: 8585
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. FLJH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan ETF (EWJ) and Franklin FTSE Japan Hedged ETF (FLJH). 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.

EWJFLJHDifference
Sharpe ratioReturn per unit of total volatility
1.70
2.70

-1.00

Sortino ratioReturn per unit of downside risk
2.45
3.70

-1.25

Omega ratioGain probability vs. loss probability

1.32

1.50

-0.18

Calmar ratioReturn relative to maximum drawdown

2.43

4.48

-2.05

Martin ratioReturn relative to average drawdown

8.23

17.57

-9.34

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. FLJH - Sharpe Ratio Comparison

The current EWJ Sharpe Ratio is 1.70, which is lower than the FLJH Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of EWJ and FLJH, 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

EWJFLJHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.70

2.70

-1.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.49

1.13

-0.64

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.11

0.75

-0.63

Drawdowns

EWJ vs. FLJH - Drawdown Comparison

The maximum EWJ drawdown since its inception was -60.93%, which is greater than FLJH's maximum drawdown of -31.51%. Use the drawdown chart below to compare losses from any high point for EWJ and FLJH.

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Drawdown Indicators

EWJFLJHDifference

Max Drawdown

Largest peak-to-trough decline

-60.93%

-31.51%

-29.42%

Max Drawdown (1Y)

Largest decline over 1 year

-13.59%

-10.80%

-2.79%

Max Drawdown (3Y)

Largest decline over 3 years

-14.68%

-20.39%

+5.71%

Max Drawdown (5Y)

Largest decline over 5 years

-33.14%

-20.39%

-12.75%

Max Drawdown (10Y)

Largest decline over 10 years

-33.14%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-21.74%

-5.31%

-16.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.01%

2.75%

+1.26%

Volatility

EWJ vs. FLJH - Volatility Comparison

iShares MSCI Japan ETF (EWJ) has a higher volatility of 4.21% compared to Franklin FTSE Japan Hedged ETF (FLJH) at 3.25%. This indicates that EWJ's price experiences larger fluctuations and is considered to be riskier than FLJH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWJFLJHDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.21%

3.25%

+0.96%

Volatility (6M)

Calculated over the trailing 6-month period

15.02%

13.38%

+1.64%

Volatility (1Y)

Calculated over the trailing 1-year period

19.49%

17.97%

+1.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.23%

18.51%

-0.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.27%

19.82%

-2.55%

EWJ vs. FLJH - Expense Ratio Comparison

EWJ has a 0.49% expense ratio, which is higher than FLJH's 0.09% expense ratio.

Dividends

EWJ vs. FLJH - Dividend Comparison

EWJ's dividend yield for the trailing twelve months is around 3.88%, more than FLJH's 3.24% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
FLJH
Franklin FTSE Japan Hedged ETF		3.24%3.90%5.06%25.59%26.67%1.29%0.00%0.00%5.92%0.10%0.00%0.00%

Frequently Asked Questions

EWJ and FLJH have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWJ has higher volatility (4.21%) compared to FLJH (3.25%). In terms of maximum drawdown, EWJ dropped -60.93% vs FLJH's -31.51%.

On 5-year performance, FLJH leads with 20.83% vs 8.84% for EWJ. On fees, FLJH is cheaper at 0.09% per year. On volatility, FLJH has been the lower-risk option at 3.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FLJH has performed better with a 20.83% return vs 8.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FLJH is cheaper with a 0.09% expense ratio, compared with 0.49% for EWJ.

EWJ has the higher dividend yield at 3.88%, compared with 3.24% for FLJH.

EWJ tracks MSCI Japan Index, while FLJH tracks FTSE Japan RIC Capped Hedged to USD Net Tax Index. They also come from different issuers: iShares and Franklin Templeton. Their fees differ too: 0.49% for EWJ and 0.09% for FLJH.

FLJH currently has the higher Sharpe Ratio (2.70 vs 1.70), 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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