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EWJ vs. JPYUSD=X
Performance
Return for Risk
Drawdowns
Volatility

EWJ vs. JPYUSD=X

Last updated Jun 6, 2026

EWJ (iShares MSCI Japan ETF) is Japan Equities fund tracking the MSCI Japan Index, while JPYUSD=X (JPY/USD) is a currency. Over the past 10 years, EWJ returned 8.81%/yr vs -3.93%/yr for JPYUSD=X. At a correlation of -0.09, they often move in opposite directions.

Performance

EWJ vs. JPYUSD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Japan ETF (EWJ) and JPY/USD (JPYUSD=X). 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 12.36% return, which is significantly higher than JPYUSD=X's -2.29% return. Over the past 10 years, EWJ has outperformed JPYUSD=X with an annualized return of 8.81%, while JPYUSD=X has yielded a comparatively lower -3.93% annualized return.

EWJ

1D
-3.62%
1M
-1.05%
YTD
12.36%
6M
12.44%
1Y
29.28%
3Y*
16.28%
5Y*
8.04%
10Y*
8.81%

JPYUSD=X

1D
-0.22%
1M
-2.53%
YTD
-2.29%
6M
-3.12%
1Y
-10.47%
3Y*
-4.50%
5Y*
-7.34%
10Y*
-3.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EWJ vs. JPYUSD=X - 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%24.27%
JPYUSD=X
JPY/USD		-2.29%0.33%-10.26%-7.04%-12.23%-10.24%5.18%0.86%2.82%3.91%

Correlation

The correlation between EWJ and JPYUSD=X is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.38

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

0.24

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

0.25

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

0.09

Correlation (All Time)
Calculated using the full available price history since Jul 4, 2007

-0.09

The correlation between EWJ and JPYUSD=X shifts across timeframes, from -0.09 (all time) to 0.38 (1 year), reflecting how their relationship changes across market environments.

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iShares MSCI Japan ETF

JPY/USD

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Often compared with JPYUSD=X:
JPYUSD=X vs. BTC-USDJPYUSD=X vs. YCSJPYUSD=X vs. EURUSD=XJPYUSD=X vs. SPYJPYUSD=X vs. DXJJPYUSD=X vs. ^TNXJPYUSD=X vs. VDE

Return for Risk

EWJ vs. JPYUSD=X — 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
JPYUSD=X
JPYUSD=X Risk / Return Rank: 99
Overall Rank
JPYUSD=X Sharpe Ratio Rank: 99
Sharpe Ratio Rank
JPYUSD=X Sortino Ratio Rank: 99
Sortino Ratio Rank
JPYUSD=X Omega Ratio Rank: 99
Omega Ratio Rank
JPYUSD=X Calmar Ratio Rank: 44
Calmar Ratio Rank
JPYUSD=X Martin Ratio Rank: 1313
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. JPYUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan ETF (EWJ) and JPY/USD (JPYUSD=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.

EWJJPYUSD=XDifference
Sharpe ratioReturn per unit of total volatility
1.48
-1.13

+2.61

Sortino ratioReturn per unit of downside risk
2.15
-1.66

+3.80

Omega ratioGain probability vs. loss probability

1.28

0.82

+0.46

Calmar ratioReturn relative to maximum drawdown

2.16

-0.80

+2.97

Martin ratioReturn relative to average drawdown

7.31

-1.19

+8.51

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. JPYUSD=X - Sharpe Ratio Comparison

The current EWJ Sharpe Ratio is 1.48, which is higher than the JPYUSD=X Sharpe Ratio of -1.13. The chart below compares the historical Sharpe Ratios of EWJ and JPYUSD=X, 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

EWJJPYUSD=XDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.48

-1.13

+2.61

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.44

-0.71

+1.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

-0.42

+0.93

Sharpe Ratio (All Time)

Calculated using the full available price history

0.11

-0.13

+0.24

Drawdowns

EWJ vs. JPYUSD=X - Drawdown Comparison

The maximum EWJ drawdown since its inception was -60.93%, which is greater than JPYUSD=X's maximum drawdown of -52.96%. Use the drawdown chart below to compare losses from any high point for EWJ and JPYUSD=X.

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Drawdown Indicators

EWJJPYUSD=XDifference

Max Drawdown

Largest peak-to-trough decline

-60.93%

-52.96%

-7.97%

Max Drawdown (1Y)

Largest decline over 1 year

-13.59%

-10.63%

-2.96%

Max Drawdown (3Y)

Largest decline over 3 years

-14.68%

-14.63%

-0.05%

Max Drawdown (5Y)

Largest decline over 5 years

-33.14%

-32.59%

-0.55%

Max Drawdown (10Y)

Largest decline over 10 years

-33.14%

-38.21%

+5.07%

Current Drawdown

Current decline from peak

-3.62%

-52.55%

+48.93%

Average Drawdown

Average peak-to-trough decline

-21.73%

-26.85%

+5.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.01%

6.01%

-2.00%

Volatility

EWJ vs. JPYUSD=X - Volatility Comparison

iShares MSCI Japan ETF (EWJ) has a higher volatility of 5.08% compared to JPY/USD (JPYUSD=X) at 0.68%. This indicates that EWJ's price experiences larger fluctuations and is considered to be riskier than JPYUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWJJPYUSD=XDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.08%

0.68%

+4.40%

Volatility (6M)

Calculated over the trailing 6-month period

15.50%

5.53%

+9.97%

Volatility (1Y)

Calculated over the trailing 1-year period

19.84%

7.56%

+12.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.29%

9.57%

+8.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.31%

8.90%

+8.41%

Frequently Asked Questions

EWJ and JPYUSD=X have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWJ has higher volatility (5.08%) compared to JPYUSD=X (0.68%). In terms of maximum drawdown, EWJ dropped -60.93% vs JPYUSD=X's -52.96%.

EWJ currently has the higher Sharpe Ratio (1.48 vs -1.13), 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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