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EWJ vs. IEUR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWJ vs. IEUR

Last updated Aug 5, 2026
Documentation

EWJ (iShares MSCI Japan ETF) and IEUR (iShares Core MSCI Europe ETF) are both exchange-traded funds - EWJ is a Japan Equities fund tracking the MSCI Japan Index, while IEUR is a Europe Equities fund tracking the MSCI Europe Investable Market Index. Both are passively managed. Over the past 10 years, EWJ returned 9.08%/yr vs 10.04%/yr for IEUR. Their 0.70 correlation means they have sometimes moved together and sometimes differently. EWJ charges 0.49%/yr vs 0.09%/yr for IEUR.

Performance

EWJ vs. IEUR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Japan ETF (EWJ) and iShares Core MSCI Europe ETF (IEUR). 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 IEUR's 11.85% return. Over the past 10 years, EWJ has underperformed IEUR with an annualized return of 9.08%, while IEUR has yielded a comparatively higher 10.04% annualized return.

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%

IEUR

1D
1.01%
1M
2.53%
6M
6.50%
YTD
11.85%
1Y
23.81%
3Y*
17.70%
5Y*
9.07%
10Y*
10.04%
ALL TIME*
6.83%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EWJ

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

IEUR

iShares Core MSCI Europe ETF
$68.08M$56.67M$73.59M

EWJ vs. IEUR - 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%
IEUR
iShares Core MSCI Europe ETF		11.85%35.67%1.40%19.71%-15.90%16.71%5.31%24.95%-14.86%26.70%

Correlation

The correlation between EWJ and IEUR 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.

0.67

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

0.70

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

0.70

Correlation (All Time)
Calculated using the full available price history since Jun 12, 2014

0.70

The correlation between EWJ and IEUR has been stable across timeframes, ranging from 0.67 to 0.70 - a consistent structural relationship.

EWJ vs. IEUR - Sectors Allocation Comparison

Sectors
EWJ
IEUR

Technology

24.9%
9.1%

Industrials

22.9%
19.2%

Financial Services

17.6%
24.0%

Consumer Cyclical

11.2%
6.7%

Communication Services

8.1%
3.3%

Healthcare

5.3%
12.7%

Consumer Defensive

3.4%
8.2%

Basic Materials

3.1%
5.6%

Real Estate

1.9%
1.5%

Utilities

1.0%
4.3%

Energy

0.8%
4.9%

Technology

EWJ
24.9%
IEUR
9.1%

Industrials

EWJ
22.9%
IEUR
19.2%

Financial Services

EWJ
17.6%
IEUR
24.0%

Consumer Cyclical

EWJ
11.2%
IEUR
6.7%

Communication Services

EWJ
8.1%
IEUR
3.3%

Healthcare

EWJ
5.3%
IEUR
12.7%

Consumer Defensive

EWJ
3.4%
IEUR
8.2%

Basic Materials

EWJ
3.1%
IEUR
5.6%

Real Estate

EWJ
1.9%
IEUR
1.5%

Utilities

EWJ
1.0%
IEUR
4.3%

Energy

EWJ
0.8%
IEUR
4.9%

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

iShares Core MSCI Europe ETF

Often compared with EWJ:
EWJ vs. DXJEWJ vs. ^N225EWJ vs. EWJVEWJ vs. EWYEWJ vs. FLJPEWJ vs. HEWJEWJ vs. JPXN
Often compared with IEUR:
IEUR vs. VGKIEUR vs. IEVIEUR vs. FEZIEUR vs. IMEU.LIEUR vs. EZUIEUR vs. VOOIEUR vs. EFA

Return for Risk

EWJ vs. IEUR — 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
IEUR
IEUR Risk / Return Rank: 5454
Overall Rank
IEUR Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
IEUR Sortino Ratio Rank: 5757
Sortino Ratio Rank
IEUR Omega Ratio Rank: 5353
Omega Ratio Rank
IEUR Calmar Ratio Rank: 4949
Calmar Ratio Rank
IEUR Martin Ratio Rank: 5858
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. IEUR - Risk-Adjusted Trends Comparison

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

EWJIEURDifference
Sharpe ratioReturn per unit of total volatility
1.49
1.52

-0.03

Sortino ratioReturn per unit of downside risk
2.12
2.20

-0.09

Omega ratioGain probability vs. loss probability

1.28

1.27

+0.01

Calmar ratioReturn relative to maximum drawdown

2.30

1.99

+0.31

Martin ratioReturn relative to average drawdown

7.35

7.64

-0.29

EWJ vs. IEUR - Sharpe Ratio Comparison

The current EWJ Sharpe Ratio is 1.49, which is comparable to the IEUR Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of EWJ and IEUR, 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. IEUR - Drawdown Comparison

The maximum EWJ drawdown since its inception was -60.93%, which is greater than IEUR's maximum drawdown of -36.96%. Use the drawdown chart below to compare losses from any high point for EWJ and IEUR.

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Drawdown Indicators

EWJIEURDifference

Max Drawdown

Largest peak-to-trough decline

-60.93%

-36.96%

-23.97%

Max Drawdown (1Y)

Largest decline over 1 year

-13.59%

-12.04%

-1.55%

Max Drawdown (3Y)

Largest decline over 3 years

-14.68%

-14.25%

-0.43%

Max Drawdown (5Y)

Largest decline over 5 years

-33.14%

-32.75%

-0.39%

Max Drawdown (10Y)

Largest decline over 10 years

-33.14%

-36.96%

+3.82%

Current Drawdown

Current decline from peak

-2.43%

0.00%

-2.43%

Average Drawdown

Average peak-to-trough decline

-21.64%

-8.13%

-13.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.24%

3.12%

+1.12%

Volatility

EWJ vs. IEUR - Volatility Comparison

iShares MSCI Japan ETF (EWJ) has a higher volatility of 7.54% compared to iShares Core MSCI Europe ETF (IEUR) at 4.16%. This indicates that EWJ's price experiences larger fluctuations and is considered to be riskier than IEUR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWJIEURDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.54%

4.16%

+3.38%

Volatility (6M)

Calculated over the trailing 6-month period

17.79%

13.69%

+4.10%

Volatility (1Y)

Calculated over the trailing 1-year period

21.02%

15.78%

+5.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.70%

17.81%

+0.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.45%

18.23%

-0.78%

EWJ vs. IEUR - Expense Ratio Comparison

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

Dividends

EWJ vs. IEUR - Dividend Comparison

EWJ's dividend yield for the trailing twelve months is around 3.77%, more than IEUR's 3.07% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IEUR
iShares Core MSCI Europe ETF		3.07%2.97%3.54%3.17%3.05%2.88%2.13%3.26%3.76%2.64%3.19%2.79%

Frequently Asked Questions

EWJ and IEUR 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 IEUR (4.16%). In terms of maximum drawdown, EWJ dropped -60.93% vs IEUR's -36.96%.

On 10-year performance, IEUR leads with 10.04% vs 9.08% for EWJ. On fees, IEUR is cheaper at 0.09% per year. On volatility, IEUR has been the lower-risk option at 4.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IEUR has performed better with a 10.04% return vs 9.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EWJ has the higher dividend yield at 3.77%, compared with 3.07% for IEUR.

EWJ is categorized as Japan Equities, while IEUR is Europe Equities. EWJ tracks MSCI Japan Index, while IEUR tracks MSCI Europe Investable Market Index. Their fees differ too: 0.49% for EWJ and 0.09% for IEUR.

IEUR currently has the higher Sharpe Ratio (1.52 vs 1.49), 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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