EWJ vs. JPY=X
EWJ (iShares MSCI Japan ETF) is Japan Equities fund tracking the MSCI Japan Index, while JPY=X (USD/JPY Exchange Rate) is a currency. Over the past 10 years, EWJ returned 9.08%/yr vs 0.07%/yr for JPY=X. Their -0.04 correlation means they have often moved in opposite directions in the past.
Performance
EWJ vs. JPY=X - Performance Comparison
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Different Trading Currencies
EWJ is traded in USD, while JPY=X is traded in JPY. To make them comparable, the JPY=X values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, EWJ achieves a 17.82% return, which is significantly higher than JPY=X's 0.21% return. Over the past 10 years, EWJ has outperformed JPY=X with an annualized return of 9.08%, while JPY=X has yielded a comparatively lower 0.07% 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%
JPY=X
- 1D
- 0.02%
- 1M
- -0.01%
- 6M
- 0.27%
- YTD
- 0.21%
- 1Y
- -0.10%
- 3Y*
- -0.18%
- 5Y*
- 0.10%
- 10Y*
- 0.07%
- ALL TIME*
- 0.03%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $398.96M | $430.07M | $517.76M | |
| $0.00 | $0.00 | $0.00 |
EWJ vs. JPY=X - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
JPY=X USD/JPY Exchange Rate | 0.21% | -0.04% | -0.38% | -1.09% | 1.39% | 0.15% | -0.37% | -0.48% | 0.50% | 0.88% |
Correlation
The correlation between EWJ and JPY=X is 0.22, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.22 |
Correlation (3Y) Balances recent behavior with more history. | 0.16 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.17 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.07 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2007 | -0.04 |
The correlation between EWJ and JPY=X shifts across timeframes, from -0.04 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EWJ vs. JPY=X — Risk / Return Rank
EWJ
JPY=X
EWJ vs. JPY=X - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan ETF (EWJ) and USD/JPY Exchange Rate (JPY=X). 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.
| EWJ | JPY=X | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.44 | ||
| Sortino ratioReturn per unit of downside risk | +1.96 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.02 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 2.30 | 0.20 | +2.10 |
| Martin ratioReturn relative to average drawdown | 7.35 | 0.33 | +7.02 |
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Drawdowns
EWJ vs. JPY=X - Drawdown Comparison
The maximum EWJ drawdown since its inception was -60.93%, which is greater than JPY=X's maximum drawdown of -17.90%. Use the drawdown chart below to compare losses from any high point for EWJ and JPY=X.
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Drawdown Indicators
| EWJ | JPY=X | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.93% | -17.90% | -43.03% |
Max Drawdown (1Y)Largest decline over 1 year | -13.59% | -2.83% | -10.76% |
Max Drawdown (3Y)Largest decline over 3 years | -14.68% | -4.09% | -10.59% |
Max Drawdown (5Y)Largest decline over 5 years | -33.14% | -5.86% | -27.28% |
Max Drawdown (10Y)Largest decline over 10 years | -33.14% | -5.86% | -27.28% |
Current DrawdownCurrent decline from peak | -2.43% | -14.59% | +12.16% |
Average DrawdownAverage peak-to-trough decline | -21.64% | -14.03% | -7.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.24% | 1.72% | +2.52% |
Volatility
EWJ vs. JPY=X - Volatility Comparison
iShares MSCI Japan ETF (EWJ) has a higher volatility of 7.54% compared to USD/JPY Exchange Rate (JPY=X) at 2.99%. This indicates that EWJ's price experiences larger fluctuations and is considered to be riskier than JPY=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EWJ | JPY=X | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.54% | 2.99% | +4.55% |
Volatility (6M)Calculated over the trailing 6-month period | 17.79% | 7.08% | +10.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.02% | 10.41% | +10.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.70% | 13.53% | +5.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.45% | 12.04% | +5.41% |
Frequently Asked Questions
EWJ and JPY=X have a correlation of 0.22, 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 JPY=X (2.99%). In terms of maximum drawdown, EWJ dropped -60.93% vs JPY=X's -17.90%.
EWJ currently has the higher Sharpe Ratio (1.49 vs 0.05), 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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