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EWJ vs. FLJP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWJ vs. FLJP

Last updated Jun 7, 2026

EWJ (iShares MSCI Japan ETF) and FLJP (Franklin FTSE Japan ETF) are both Japan Equities funds - EWJ tracks the MSCI Japan Index while FLJP tracks the FTSE Japan RIC Capped Index. Both are passively managed. Over the past 5 years, EWJ returned 8.04%/yr vs 8.38%/yr for FLJP. With a 0.98 correlation, they move nearly in lockstep. EWJ charges 0.49%/yr vs 0.09%/yr for FLJP.

Performance

EWJ vs. FLJP - Performance Comparison

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

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Returns By Period

The year-to-date returns for both investments are quite close, with EWJ having a 12.36% return and FLJP slightly higher at 12.80%.

EWJ

1D
-3.62%
1M
-1.63%
YTD
12.36%
6M
12.44%
1Y
28.52%
3Y*
16.28%
5Y*
8.04%
10Y*
8.81%

FLJP

1D
-3.24%
1M
-1.50%
YTD
12.80%
6M
13.09%
1Y
29.36%
3Y*
16.84%
5Y*
8.38%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWJ vs. FLJP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWJ
iShares MSCI Japan ETF		12.36%25.84%7.03%20.29%-17.72%1.16%15.40%19.34%-14.10%1.94%
FLJP
Franklin FTSE Japan ETF		12.80%26.79%6.99%20.00%-16.57%0.99%15.76%18.99%-14.01%2.22%

Correlation

The correlation between EWJ and FLJP is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

0.99

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

0.99

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

0.99

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

0.98

The correlation between EWJ and FLJP has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

EWJ vs. FLJP - Sectors Allocation Comparison

Sectors
EWJ
FLJP

Industrials

26.0%
25.0%

Technology

19.1%
20.3%

Financial Services

17.5%
15.7%

Consumer Cyclical

12.2%
12.4%

Communication Services

7.9%
6.1%

Healthcare

6.3%
5.9%

Consumer Defensive

3.6%
3.9%

Basic Materials

3.0%
5.0%

Real Estate

2.3%
2.9%

Utilities

1.1%
1.2%

Energy

1.1%
0.9%

Industrials

EWJ
26.0%
FLJP
25.0%

Technology

EWJ
19.1%
FLJP
20.3%

Financial Services

EWJ
17.5%
FLJP
15.7%

Consumer Cyclical

EWJ
12.2%
FLJP
12.4%

Communication Services

EWJ
7.9%
FLJP
6.1%

Healthcare

EWJ
6.3%
FLJP
5.9%

Consumer Defensive

EWJ
3.6%
FLJP
3.9%

Basic Materials

EWJ
3.0%
FLJP
5.0%

Real Estate

EWJ
2.3%
FLJP
2.9%

Utilities

EWJ
1.1%
FLJP
1.2%

Energy

EWJ
1.1%
FLJP
0.9%

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 ETF

Often compared with EWJ:
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Often compared with FLJP:
FLJP vs. FLJHFLJP vs. EWJVFLJP vs. DXJFLJP vs. BBJPFLJP vs. JPXNFLJP vs. FLKRFLJP vs. VPL

Return for Risk

EWJ vs. FLJP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWJ
EWJ Risk / Return Rank: 4545
Overall Rank
EWJ Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
EWJ Sortino Ratio Rank: 4444
Sortino Ratio Rank
EWJ Omega Ratio Rank: 4545
Omega Ratio Rank
EWJ Calmar Ratio Rank: 4545
Calmar Ratio Rank
EWJ Martin Ratio Rank: 4646
Martin Ratio Rank
FLJP
FLJP Risk / Return Rank: 4848
Overall Rank
FLJP Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
FLJP Sortino Ratio Rank: 4747
Sortino Ratio Rank
FLJP Omega Ratio Rank: 4949
Omega Ratio Rank
FLJP Calmar Ratio Rank: 4747
Calmar Ratio Rank
FLJP Martin Ratio Rank: 4949
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. FLJP - Risk-Adjusted Trends Comparison

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

EWJFLJPDifference
Sharpe ratioReturn per unit of total volatility
1.48
1.57

-0.09

Sortino ratioReturn per unit of downside risk
2.15
2.26

-0.11

Omega ratioGain probability vs. loss probability

1.28

1.30

-0.02

Calmar ratioReturn relative to maximum drawdown

2.16

2.26

-0.10

Martin ratioReturn relative to average drawdown

7.31

7.88

-0.57

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. FLJP - Sharpe Ratio Comparison

The current EWJ Sharpe Ratio is 1.48, which is comparable to the FLJP Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of EWJ and FLJP, 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

EWJFLJPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.48

1.57

-0.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.44

0.47

-0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.11

0.43

-0.32

Drawdowns

EWJ vs. FLJP - Drawdown Comparison

The maximum EWJ drawdown since its inception was -60.93%, which is greater than FLJP's maximum drawdown of -32.49%. Use the drawdown chart below to compare losses from any high point for EWJ and FLJP.

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Drawdown Indicators

EWJFLJPDifference

Max Drawdown

Largest peak-to-trough decline

-60.93%

-32.49%

-28.44%

Max Drawdown (1Y)

Largest decline over 1 year

-13.59%

-13.30%

-0.29%

Max Drawdown (3Y)

Largest decline over 3 years

-14.68%

-14.17%

-0.51%

Max Drawdown (5Y)

Largest decline over 5 years

-33.14%

-32.49%

-0.65%

Max Drawdown (10Y)

Largest decline over 10 years

-33.14%

—

—

Current Drawdown

Current decline from peak

-3.62%

-3.24%

-0.38%

Average Drawdown

Average peak-to-trough decline

-21.73%

-9.36%

-12.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.01%

3.81%

+0.20%

Volatility

EWJ vs. FLJP - Volatility Comparison

iShares MSCI Japan ETF (EWJ) has a higher volatility of 5.08% compared to Franklin FTSE Japan ETF (FLJP) at 4.65%. This indicates that EWJ's price experiences larger fluctuations and is considered to be riskier than FLJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWJFLJPDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.08%

4.65%

+0.43%

Volatility (6M)

Calculated over the trailing 6-month period

15.50%

15.11%

+0.39%

Volatility (1Y)

Calculated over the trailing 1-year period

19.84%

19.17%

+0.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.29%

17.79%

+0.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.31%

17.82%

-0.51%

EWJ vs. FLJP - Expense Ratio Comparison

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

Dividends

EWJ vs. FLJP - Dividend Comparison

EWJ's dividend yield for the trailing twelve months is around 4.03%, less than FLJP's 4.56% yield.

PositionTTM20252024202320222021202020192018201720162015
EWJ
iShares MSCI Japan ETF		4.03%4.52%2.34%2.03%1.23%2.08%1.04%2.03%1.71%1.25%1.95%1.27%
FLJP
Franklin FTSE Japan ETF		4.56%5.15%4.56%3.00%1.92%2.40%1.51%2.26%1.50%0.10%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.99, EWJ and FLJP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

EWJ has higher volatility (5.08%) compared to FLJP (4.65%). In terms of maximum drawdown, EWJ dropped -60.93% vs FLJP's -32.49%.

On 5-year performance, FLJP leads with 8.38% vs 8.04% for EWJ. On fees, FLJP is cheaper at 0.09% per year. On volatility, FLJP has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FLJP has performed better with a 8.38% return vs 8.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

FLJP has the higher dividend yield at 4.56%, compared with 4.03% for EWJ.

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

FLJP currently has the higher Sharpe Ratio (1.57 vs 1.48), 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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