EWJV vs. DFJ

Last updated Jun 3, 2026

EWJV (iShares MSCI Japan Value ETF) and DFJ (WisdomTree Japan SmallCap Dividend Fund) are both Japan Equities funds - EWJV tracks the MSCI Japan Value Index while DFJ tracks the WisdomTree Japan SmallCap Dividend Index. Both are passively managed. Over the past 5 years, EWJV returned 13.72%/yr vs 9.96%/yr for DFJ. A 0.79 correlation means they provide meaningful diversification when combined. EWJV charges 0.15%/yr vs 0.58%/yr for DFJ.

Performance

EWJV vs. DFJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Japan Value ETF (EWJV) and WisdomTree Japan SmallCap Dividend Fund (DFJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWJV achieves a 14.66% return, which is significantly higher than DFJ's 9.57% return.

EWJV

• 1D: 0.70%
• 1M: 5.90%
• YTD: 14.66%
• 6M: 18.25%
• 1Y: 34.51%
• 3Y*: 24.13%
• 5Y*: 13.72%
• 10Y*: —

DFJ

• 1D: 0.84%
• 1M: 2.11%
• YTD: 9.57%
• 6M: 13.00%
• 1Y: 26.25%
• 3Y*: 19.17%
• 5Y*: 9.96%
• 10Y*: 8.75%

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

EWJV vs. DFJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EWJV iShares MSCI Japan Value ETF	14.66%	33.96%	11.59%	23.60%	-6.02%	5.48%	2.41%	10.48%
DFJ WisdomTree Japan SmallCap Dividend Fund	9.57%	31.90%	2.80%	21.81%	-9.00%	0.38%	1.29%	11.89%

Correlation

The correlation between EWJV and DFJ is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Mar 8, 2019	0.79

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

EWJV vs. DFJ - Sectors Allocation Comparison

Sectors	EWJV	DFJ
Financial Services	30.2%	13.3%
Industrials	23.9%	27.0%
Consumer Cyclical	13.8%	16.1%
Technology	9.4%	12.6%
Communication Services	6.3%	1.5%
Healthcare	4.3%	4.1%
Consumer Defensive	3.5%	7.1%
Real Estate	2.9%	2.9%
Energy	2.1%	0.6%
Basic Materials	2.0%	13.3%
Utilities	1.6%	1.6%

Return for Risk

EWJV vs. DFJ — Risk / Return Rank

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

EWJV

EWJV Risk / Return Rank: 50
EWJV Sharpe Ratio Rank: 52
EWJV Sortino Ratio Rank: 53
EWJV Omega Ratio Rank: 53
EWJV Calmar Ratio Rank: 48
EWJV Martin Ratio Rank: 44

DFJ

DFJ Risk / Return Rank: 44
DFJ Sharpe Ratio Rank: 46
DFJ Sortino Ratio Rank: 46
DFJ Omega Ratio Rank: 44
DFJ Calmar Ratio Rank: 43
DFJ Martin Ratio Rank: 39

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.

EWJV vs. DFJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan Value ETF (EWJV) and WisdomTree Japan SmallCap Dividend Fund (DFJ). 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.

	EWJV	DFJ	Difference
Sharpe ratio Return per unit of total volatility	1.80	1.61	+0.19
Sortino ratio Return per unit of downside risk	2.60	2.30	+0.30
Omega ratio Gain probability vs. loss probability	1.33	1.28	+0.05
Calmar ratio Return relative to maximum drawdown	2.43	2.17	+0.26
Martin ratio Return relative to average drawdown	7.32	6.35	+0.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWJV vs. DFJ - Sharpe Ratio Comparison

The current EWJV Sharpe Ratio is 1.80, which is comparable to the DFJ Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of EWJV and DFJ, 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

	EWJV	DFJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	1.61	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.63	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.31	+0.38

Drawdowns

EWJV vs. DFJ - Drawdown Comparison

The maximum EWJV drawdown since its inception was -30.05%, smaller than the maximum DFJ drawdown of -46.00%. Use the drawdown chart below to compare losses from any high point for EWJV and DFJ.

Drawdown Indicators

	EWJV	DFJ	Difference
Max Drawdown Largest peak-to-trough decline	-30.05%	-46.00%	+15.95%
Max Drawdown (1Y) Largest decline over 1 year	-14.74%	-13.03%	-1.71%
Max Drawdown (3Y) Largest decline over 3 years	-14.74%	-13.03%	-1.71%
Max Drawdown (5Y) Largest decline over 5 years	-25.39%	-29.71%	+4.32%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.02%	—
Current Drawdown Current decline from peak	-4.25%	-6.48%	+2.23%
Average Drawdown Average peak-to-trough decline	-6.19%	-11.15%	+4.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.90%	4.46%	+0.44%

Volatility

EWJV vs. DFJ - Volatility Comparison

iShares MSCI Japan Value ETF (EWJV) and WisdomTree Japan SmallCap Dividend Fund (DFJ) have volatilities of 4.00% and 4.14%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWJV	DFJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	4.14%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	14.56%	13.47%	+1.09%
Volatility (1Y) Calculated over the trailing 1-year period	19.24%	16.45%	+2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.01%	15.89%	+2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.53%	16.96%	+1.57%

EWJV vs. DFJ - Expense Ratio Comparison

EWJV has a 0.15% expense ratio, which is lower than DFJ's 0.58% expense ratio.

Dividends

EWJV vs. DFJ - Dividend Comparison

EWJV's dividend yield for the trailing twelve months is around 4.67%, more than DFJ's 2.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFJ WisdomTree Japan SmallCap Dividend Fund	2.43%	2.68%	2.46%	2.43%	2.62%	2.07%	2.59%	2.24%	1.89%	1.60%	1.76%	1.23%
EWJV iShares MSCI Japan Value ETF	4.67%	5.35%	4.10%	3.32%	2.71%	2.46%	1.96%	4.29%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWJV and DFJ in my portfolio?

EWJV and DFJ have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWJV or DFJ?

DFJ has higher volatility (4.14%) compared to EWJV (4.00%). In terms of maximum drawdown, EWJV dropped -30.05% vs DFJ's -46.00%.

Which ETF is better, EWJV or DFJ?

On 5-year performance, EWJV leads with 13.72% vs 9.96% for DFJ. On fees, EWJV is cheaper at 0.15% per year. On volatility, EWJV has been the lower-risk option at 4.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWJV or DFJ?

Over the 5-year period, EWJV has performed better with a 13.72% return vs 9.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWJV or DFJ?

EWJV is cheaper with a 0.15% expense ratio, compared with 0.58% for DFJ.

Which ETF pays a higher dividend yield, EWJV or DFJ?

EWJV has the higher dividend yield at 4.67%, compared with 2.43% for DFJ.

What is the main difference between EWJV and DFJ?

EWJV tracks MSCI Japan Value Index, while DFJ tracks WisdomTree Japan SmallCap Dividend Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.15% for EWJV and 0.58% for DFJ.

Which has better risk-adjusted returns?

EWJV currently has the higher Sharpe Ratio (1.80 vs 1.61), 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.