PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EWJ vs. IJPN.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWJ vs. IJPN.L

Last updated Jun 5, 2026

EWJ (iShares MSCI Japan ETF) and IJPN.L (iShares MSCI Japan UCITS ETF (Dist)) are both Japan Equities funds from iShares - EWJ tracks the MSCI Japan Index while IJPN.L tracks the TOPIX TR JPY. Both are passively managed. Over the past 10 years, EWJ returned 9.28%/yr vs 9.68%/yr for IJPN.L. A 0.78 correlation means they provide meaningful diversification when combined. EWJ charges 0.49%/yr vs 0.59%/yr for IJPN.L.

Performance

EWJ vs. IJPN.L - Performance Comparison

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

Loading charts...

Different Trading Currencies

EWJ is traded in USD, while IJPN.L is traded in GBp. To make them comparable, the IJPN.L values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with EWJ having a 16.58% return and IJPN.L slightly lower at 16.54%. Both investments have delivered pretty close results over the past 10 years, with EWJ having a 9.28% annualized return and IJPN.L not far ahead at 9.68%.

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%

IJPN.L

1D
-0.30%
1M
5.33%
YTD
16.54%
6M
16.88%
1Y
33.69%
3Y*
19.17%
5Y*
9.35%
10Y*
9.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWJ vs. IJPN.L - 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%
IJPN.L
iShares MSCI Japan UCITS ETF (Dist)		16.54%27.09%7.57%20.04%-17.06%1.27%15.90%19.15%-13.63%24.06%

Correlation

The correlation between EWJ and IJPN.L is 0.86, 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

0.86

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

0.84

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

0.84

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

0.81

Correlation (All Time)
Calculated using the full available price history since Jul 3, 2007

0.78

The correlation between EWJ and IJPN.L has been stable across timeframes, ranging from 0.78 to 0.86 - a consistent structural relationship.

EWJ vs. IJPN.L - Sectors Allocation Comparison

Sectors
EWJ
IJPN.L

Industrials

26.0%
24.8%

Technology

19.1%
20.3%

Financial Services

17.5%
18.2%

Consumer Cyclical

12.2%
11.9%

Communication Services

7.9%
8.7%

Healthcare

6.3%
5.9%

Consumer Defensive

3.6%
3.5%

Basic Materials

3.0%
2.9%

Real Estate

2.3%
1.9%

Utilities

1.1%
1.0%

Energy

1.1%
1.0%

Industrials

EWJ
26.0%
IJPN.L
24.8%

Technology

EWJ
19.1%
IJPN.L
20.3%

Financial Services

EWJ
17.5%
IJPN.L
18.2%

Consumer Cyclical

EWJ
12.2%
IJPN.L
11.9%

Communication Services

EWJ
7.9%
IJPN.L
8.7%

Healthcare

EWJ
6.3%
IJPN.L
5.9%

Consumer Defensive

EWJ
3.6%
IJPN.L
3.5%

Basic Materials

EWJ
3.0%
IJPN.L
2.9%

Real Estate

EWJ
2.3%
IJPN.L
1.9%

Utilities

EWJ
1.1%
IJPN.L
1.0%

Energy

EWJ
1.1%
IJPN.L
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

iShares MSCI Japan UCITS ETF (Dist)

Often compared with EWJ:
EWJ vs. DXJEWJ vs. ^N225EWJ vs. EWJVEWJ vs. EWYEWJ vs. FLJPEWJ vs. HEWJEWJ vs. JPXN
Often compared with IJPN.L:
IJPN.L vs. CSJP.LIJPN.L vs. VJPU.LIJPN.L vs. ICHN.ASIJPN.L vs. WLDL.LIJPN.L vs. IWRD.ASIJPN.L vs. XESC.DEIJPN.L vs. EUE.L

Return for Risk

EWJ vs. IJPN.L — 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
IJPN.L
IJPN.L Risk / Return Rank: 6060
Overall Rank
IJPN.L Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
IJPN.L Sortino Ratio Rank: 5858
Sortino Ratio Rank
IJPN.L Omega Ratio Rank: 5959
Omega Ratio Rank
IJPN.L Calmar Ratio Rank: 6666
Calmar Ratio Rank
IJPN.L Martin Ratio Rank: 6060
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. IJPN.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan ETF (EWJ) and iShares MSCI Japan UCITS ETF (Dist) (IJPN.L). 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.

EWJIJPN.LDifference
Sharpe ratioReturn per unit of total volatility
1.70
1.65

+0.04

Sortino ratioReturn per unit of downside risk
2.45
2.46

-0.01

Omega ratioGain probability vs. loss probability

1.32

1.31

0.00

Calmar ratioReturn relative to maximum drawdown

2.43

2.53

-0.10

Martin ratioReturn relative to average drawdown

8.23

8.50

-0.27

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. IJPN.L - Sharpe Ratio Comparison

The current EWJ Sharpe Ratio is 1.70, which is comparable to the IJPN.L Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of EWJ and IJPN.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

EWJIJPN.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.70

1.65

+0.04

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.49

0.52

-0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.57

-0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.11

0.25

-0.13

Drawdowns

EWJ vs. IJPN.L - Drawdown Comparison

The maximum EWJ drawdown since its inception was -60.93%, which is greater than IJPN.L's maximum drawdown of -51.44%. Use the drawdown chart below to compare losses from any high point for EWJ and IJPN.L.

Loading charts...

Drawdown Indicators

EWJIJPN.LDifference

Max Drawdown

Largest peak-to-trough decline

-60.93%

-51.44%

-9.49%

Max Drawdown (1Y)

Largest decline over 1 year

-13.59%

-13.24%

-0.35%

Max Drawdown (3Y)

Largest decline over 3 years

-14.68%

-13.97%

-0.71%

Max Drawdown (5Y)

Largest decline over 5 years

-33.14%

-32.71%

-0.43%

Max Drawdown (10Y)

Largest decline over 10 years

-33.14%

-32.71%

-0.43%

Current Drawdown

Current decline from peak

0.00%

-0.30%

+0.30%

Average Drawdown

Average peak-to-trough decline

-21.74%

-13.40%

-8.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.01%

3.96%

+0.05%

Volatility

EWJ vs. IJPN.L - Volatility Comparison

The current volatility for iShares MSCI Japan ETF (EWJ) is 4.21%, while iShares MSCI Japan UCITS ETF (Dist) (IJPN.L) has a volatility of 4.51%. This indicates that EWJ experiences smaller price fluctuations and is considered to be less risky than IJPN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

EWJIJPN.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.21%

4.51%

-0.30%

Volatility (6M)

Calculated over the trailing 6-month period

15.02%

16.31%

-1.29%

Volatility (1Y)

Calculated over the trailing 1-year period

19.49%

20.29%

-0.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.23%

18.06%

+0.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.27%

17.07%

+0.20%

EWJ vs. IJPN.L - Expense Ratio Comparison

EWJ has a 0.49% expense ratio, which is lower than IJPN.L's 0.59% expense ratio.

Dividends

EWJ vs. IJPN.L - Dividend Comparison

EWJ's dividend yield for the trailing twelve months is around 3.88%, more than IJPN.L's 2.03% 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%
IJPN.L
iShares MSCI Japan UCITS ETF (Dist)		2.03%2.25%1.95%1.81%2.10%1.66%1.75%1.90%1.89%1.53%1.55%0.87%

Frequently Asked Questions

EWJ and IJPN.L have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, EWJ is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

EWJ is cheaper with a 0.49% expense ratio, compared with 0.59% for IJPN.L.

EWJ tracks MSCI Japan Index, while IJPN.L tracks TOPIX TR JPY. Their fees differ too: 0.49% for EWJ and 0.59% for IJPN.L.

Portfolio Optimizer

Find the right allocation for EWJ and IJPN.L

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer