EWJ vs. XDJP.DE

Last updated Jun 4, 2026

EWJ (iShares MSCI Japan ETF) and XDJP.DE (Xtrackers Nikkei 225 UCITS ETF 1D) are both Japan Equities funds - EWJ tracks the MSCI Japan Index while XDJP.DE tracks the TOPIX TR JPY. Both are passively managed. Over the past 10 years, EWJ returned 9.37%/yr vs 12.55%/yr for XDJP.DE. A 0.75 correlation means they provide meaningful diversification when combined. EWJ charges 0.49%/yr vs 0.09%/yr for XDJP.DE.

Performance

EWJ vs. XDJP.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Japan ETF (EWJ) and Xtrackers Nikkei 225 UCITS ETF 1D (XDJP.DE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

EWJ is traded in USD, while XDJP.DE is traded in EUR. To make them comparable, the XDJP.DE values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EWJ achieves a 16.35% return, which is significantly lower than XDJP.DE's 32.39% return. Over the past 10 years, EWJ has underperformed XDJP.DE with an annualized return of 9.37%, while XDJP.DE has yielded a comparatively higher 12.55% annualized return.

EWJ

• 1D: 0.38%
• 1M: 6.60%
• YTD: 16.35%
• 6M: 17.97%
• 1Y: 32.53%
• 3Y*: 18.29%
• 5Y*: 8.79%
• 10Y*: 9.37%

XDJP.DE

• 1D: 1.22%
• 1M: 12.61%
• YTD: 32.39%
• 6M: 33.99%
• 1Y: 64.79%
• 3Y*: 24.99%
• 5Y*: 11.70%
• 10Y*: 12.55%

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

EWJ vs. XDJP.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWJ iShares MSCI Japan ETF	16.35%	25.84%	7.03%	20.29%	-17.72%	1.16%	15.40%	19.34%	-14.10%	24.27%
XDJP.DE Xtrackers Nikkei 225 UCITS ETF 1D	32.39%	31.23%	7.89%	21.75%	-19.97%	-4.83%	25.17%	22.19%	-9.46%	26.23%

Correlation

The correlation between EWJ and XDJP.DE is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Feb 26, 2013	0.75

The correlation between EWJ and XDJP.DE has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.

Return for Risk

EWJ vs. XDJP.DE — Risk / Return Rank

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

EWJ

EWJ Risk / Return Rank: 48
EWJ Sharpe Ratio Rank: 47
EWJ Sortino Ratio Rank: 48
EWJ Omega Ratio Rank: 49
EWJ Calmar Ratio Rank: 48
EWJ Martin Ratio Rank: 48

XDJP.DE

XDJP.DE Risk / Return Rank: 79
XDJP.DE Sharpe Ratio Rank: 80
XDJP.DE Sortino Ratio Rank: 83
XDJP.DE Omega Ratio Rank: 73
XDJP.DE Calmar Ratio Rank: 86
XDJP.DE Martin Ratio Rank: 75

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. XDJP.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan ETF (EWJ) and Xtrackers Nikkei 225 UCITS ETF 1D (XDJP.DE). 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	XDJP.DE	Difference
Sharpe ratio Return per unit of total volatility	1.68	2.59	-0.91
Sortino ratio Return per unit of downside risk	2.43	3.65	-1.22
Omega ratio Gain probability vs. loss probability	1.31	1.43	-0.12
Calmar ratio Return relative to maximum drawdown	2.40	4.28	-1.88
Martin ratio Return relative to average drawdown	8.14	13.90	-5.76
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. XDJP.DE - Sharpe Ratio Comparison

The current EWJ Sharpe Ratio is 1.68, which is lower than the XDJP.DE Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of EWJ and XDJP.DE, 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	XDJP.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	2.59	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.58	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.67	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.62	-0.50

Drawdowns

EWJ vs. XDJP.DE - Drawdown Comparison

The maximum EWJ drawdown since its inception was -60.93%, which is greater than XDJP.DE's maximum drawdown of -35.71%. Use the drawdown chart below to compare losses from any high point for EWJ and XDJP.DE.

Drawdown Indicators

	EWJ	XDJP.DE	Difference
Max Drawdown Largest peak-to-trough decline	-60.93%	-35.71%	-25.22%
Max Drawdown (1Y) Largest decline over 1 year	-13.59%	-15.06%	+1.47%
Max Drawdown (3Y) Largest decline over 3 years	-14.68%	-18.90%	+4.22%
Max Drawdown (5Y) Largest decline over 5 years	-33.14%	-33.85%	+0.71%
Max Drawdown (10Y) Largest decline over 10 years	-33.14%	-35.71%	+2.57%
Current Drawdown Current decline from peak	-0.03%	0.00%	-0.03%
Average Drawdown Average peak-to-trough decline	-21.74%	-8.14%	-13.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	4.65%	-0.64%

Volatility

EWJ vs. XDJP.DE - Volatility Comparison

The current volatility for iShares MSCI Japan ETF (EWJ) is 4.33%, while Xtrackers Nikkei 225 UCITS ETF 1D (XDJP.DE) has a volatility of 7.34%. This indicates that EWJ experiences smaller price fluctuations and is considered to be less risky than XDJP.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWJ	XDJP.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	7.34%	-3.01%
Volatility (6M) Calculated over the trailing 6-month period	15.02%	19.71%	-4.69%
Volatility (1Y) Calculated over the trailing 1-year period	19.53%	24.93%	-5.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.23%	20.03%	-1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.27%	18.62%	-1.35%

EWJ vs. XDJP.DE - Expense Ratio Comparison

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

Dividends

EWJ vs. XDJP.DE - Dividend Comparison

EWJ's dividend yield for the trailing twelve months is around 3.89%, more than XDJP.DE's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWJ iShares MSCI Japan ETF	3.89%	4.52%	2.34%	2.03%	1.23%	2.08%	1.04%	2.03%	1.71%	1.25%	1.95%	1.27%
XDJP.DE Xtrackers Nikkei 225 UCITS ETF 1D	1.02%	1.36%	1.38%	1.59%	2.60%	1.16%	1.14%	1.11%	1.28%	0.75%	0.89%	0.16%

Frequently Asked Questions

Can I hold both EWJ and XDJP.DE in my portfolio?

EWJ and XDJP.DE have a correlation of 0.77, 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 XDJP.DE?

On fees, XDJP.DE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EWJ or XDJP.DE?

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

What is the main difference between EWJ and XDJP.DE?

EWJ tracks MSCI Japan Index, while XDJP.DE tracks TOPIX TR JPY. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.49% for EWJ and 0.09% for XDJP.DE.