EWJ vs. VJPA.L

Last updated Jun 5, 2026

EWJ (iShares MSCI Japan ETF) and VJPA.L (Vanguard FTSE Japan UCITS ETF USD Acc) are both Japan Equities funds - EWJ tracks the MSCI Japan Index while VJPA.L tracks the FTSE Japan Index. Both are passively managed. Over the past 5 years, EWJ returned 8.84%/yr vs 8.91%/yr for VJPA.L. A 0.78 correlation means they provide meaningful diversification when combined. EWJ charges 0.49%/yr vs 0.15%/yr for VJPA.L.

Performance

EWJ vs. VJPA.L - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with EWJ having a 16.58% return and VJPA.L slightly lower at 15.94%.

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%

VJPA.L

• 1D: -0.19%
• 1M: 5.33%
• YTD: 15.94%
• 6M: 16.46%
• 1Y: 32.80%
• 3Y*: 18.65%
• 5Y*: 8.91%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EWJ vs. VJPA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EWJ iShares MSCI Japan ETF	16.58%	25.84%	7.03%	20.29%	-17.72%	1.16%	15.40%	4.62%
VJPA.L Vanguard FTSE Japan UCITS ETF USD Acc	15.94%	26.79%	6.72%	20.04%	-16.20%	0.35%	16.08%	4.51%

Correlation

The correlation between EWJ and VJPA.L is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Sep 27, 2019	0.78

The correlation between EWJ and VJPA.L has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.

EWJ vs. VJPA.L - Sectors Allocation Comparison

Sectors	EWJ	VJPA.L
Industrials	26.0%	26.6%
Technology	19.1%	17.4%
Financial Services	17.5%	15.9%
Consumer Cyclical	12.2%	12.8%
Communication Services	7.9%	7.1%
Healthcare	6.3%	5.9%
Consumer Defensive	3.6%	4.2%
Basic Materials	3.0%	4.3%
Real Estate	2.3%	3.4%
Utilities	1.1%	1.3%
Energy	1.1%	1.0%

Return for Risk

EWJ vs. VJPA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EWJ

EWJ Risk / Return Rank: 51
EWJ Sharpe Ratio Rank: 50
EWJ Sortino Ratio Rank: 51
EWJ Omega Ratio Rank: 52
EWJ Calmar Ratio Rank: 50
EWJ Martin Ratio Rank: 50

VJPA.L

VJPA.L Risk / Return Rank: 51
VJPA.L Sharpe Ratio Rank: 48
VJPA.L Sortino Ratio Rank: 52
VJPA.L Omega Ratio Rank: 51
VJPA.L Calmar Ratio Rank: 54
VJPA.L Martin Ratio Rank: 52

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. VJPA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan ETF (EWJ) and Vanguard FTSE Japan UCITS ETF USD Acc (VJPA.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.

	EWJ	VJPA.L	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.64	+0.06
Sortino ratio: Return per unit of downside risk	2.45	2.47	-0.02
Omega ratio: Gain probability vs. loss probability	1.32	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	2.43	2.65	-0.22
Martin ratio: Return relative to average drawdown	8.23	8.77	-0.54
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. VJPA.L - Sharpe Ratio Comparison

The current EWJ Sharpe Ratio is 1.70, which is comparable to the VJPA.L Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of EWJ and VJPA.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.

Sharpe Ratios by Period

	EWJ	VJPA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	1.64	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.50	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.55	-0.43

Drawdowns

EWJ vs. VJPA.L - Drawdown Comparison

The maximum EWJ drawdown since its inception was -60.93%, which is greater than VJPA.L's maximum drawdown of -32.06%. Use the drawdown chart below to compare losses from any high point for EWJ and VJPA.L.

Drawdown Indicators

	EWJ	VJPA.L	Difference
Max Drawdown Largest peak-to-trough decline	-60.93%	-32.06%	-28.87%
Max Drawdown (1Y) Largest decline over 1 year	-13.59%	-12.33%	-1.26%
Max Drawdown (3Y) Largest decline over 3 years	-14.68%	-14.01%	-0.67%
Max Drawdown (5Y) Largest decline over 5 years	-33.14%	-32.06%	-1.08%
Max Drawdown (10Y) Largest decline over 10 years	-33.14%	—	—
Current Drawdown Current decline from peak	0.00%	-0.19%	+0.19%
Average Drawdown Average peak-to-trough decline	-21.74%	-8.40%	-13.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	3.73%	+0.28%

Volatility

EWJ vs. VJPA.L - Volatility Comparison

The current volatility for iShares MSCI Japan ETF (EWJ) is 4.21%, while Vanguard FTSE Japan UCITS ETF USD Acc (VJPA.L) has a volatility of 4.47%. This indicates that EWJ experiences smaller price fluctuations and is considered to be less risky than VJPA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWJ	VJPA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	4.47%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	15.02%	16.32%	-1.30%
Volatility (1Y) Calculated over the trailing 1-year period	19.49%	19.95%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.23%	17.69%	+0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.27%	18.75%	-1.48%

EWJ vs. VJPA.L - Expense Ratio Comparison

EWJ has a 0.49% expense ratio, which is higher than VJPA.L's 0.15% expense ratio.

Dividends

EWJ vs. VJPA.L - Dividend Comparison

EWJ's dividend yield for the trailing twelve months is around 3.88%, while VJPA.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VJPA.L Vanguard FTSE Japan UCITS ETF USD Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWJ and VJPA.L in my portfolio?

EWJ and VJPA.L have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EWJ or VJPA.L?

On fees, VJPA.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EWJ or VJPA.L?

VJPA.L is cheaper with a 0.15% expense ratio, compared with 0.49% for EWJ.

What is the main difference between EWJ and VJPA.L?

EWJ tracks MSCI Japan Index, while VJPA.L tracks FTSE Japan Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.49% for EWJ and 0.15% for VJPA.L.