EWJV vs. DFJ

Last updated Aug 2, 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 15.16%/yr vs 10.25%/yr for DFJ. Their 0.79 correlation means they have sometimes moved together and sometimes differently. 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 18.63% return, which is significantly higher than DFJ's 12.43% return.

EWJV

• 1D: -0.93%
• 1M: 3.26%
• 6M: 10.80%
• YTD: 18.63%
• 1Y: 38.59%
• 3Y*: 23.29%
• 5Y*: 15.16%
• 10Y*: —
• ALL TIME*: 12.77%

DFJ

• 1D: -0.21%
• 1M: -0.56%
• 6M: 5.79%
• YTD: 12.43%
• 1Y: 23.77%
• 3Y*: 18.59%
• 5Y*: 10.25%
• 10Y*: 8.80%
• ALL TIME*: 5.90%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFJ WisdomTree Japan SmallCap Dividend Fund	$4.27M	$3.89M	$3.95M
EWJV iShares MSCI Japan Value ETF	$8.65M	$10.31M	$8.29M

EWJV vs. DFJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EWJV iShares MSCI Japan Value ETF	18.63%	33.96%	11.59%	23.60%	-6.02%	5.48%	2.41%	9.40%
DFJ WisdomTree Japan SmallCap Dividend Fund	12.43%	31.90%	2.80%	21.81%	-9.00%	0.38%	1.29%	10.31%

Correlation

The correlation between EWJV and DFJ is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.78
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (All Time) Calculated using the full available price history since Mar 7, 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	34.3%	13.8%
Industrials	19.7%	26.8%
Consumer Cyclical	12.8%	15.9%
Communication Services	7.6%	1.3%
Technology	7.0%	13.2%
Basic Materials	4.2%	13.8%
Consumer Defensive	4.0%	7.1%
Healthcare	3.8%	3.7%
Real Estate	3.2%	2.7%
Energy	1.7%	0.3%
Utilities	1.4%	1.5%

Return for Risk

EWJV vs. DFJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EWJV

EWJV Risk / Return Rank: 81
EWJV Sharpe Ratio Rank: 88
EWJV Sortino Ratio Rank: 87
EWJV Omega Ratio Rank: 86
EWJV Calmar Ratio Rank: 78
EWJV Martin Ratio Rank: 66

DFJ

DFJ Risk / Return Rank: 60
DFJ Sharpe Ratio Rank: 66
DFJ Sortino Ratio Rank: 66
DFJ Omega Ratio Rank: 61
DFJ Calmar Ratio Rank: 58
DFJ Martin Ratio Rank: 47

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

	EWJV	DFJ	Difference
Sharpe ratio: Return per unit of total volatility	2.11	1.51	+0.60
Sortino ratio: Return per unit of downside risk	2.91	2.18	+0.73
Omega ratio: Gain probability vs. loss probability	1.38	1.26	+0.11
Calmar ratio: Return relative to maximum drawdown	2.75	2.04	+0.72
Martin ratio: Return relative to average drawdown	8.02	5.39	+2.63

EWJV vs. DFJ - Sharpe Ratio Comparison

The current EWJV Sharpe Ratio is 2.11, which is higher than the DFJ Sharpe Ratio of 1.51. 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.

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	-0.94%	-4.04%	+3.10%
Average Drawdown Average peak-to-trough decline	-6.14%	-11.10%	+4.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.05%	4.91%	+0.14%

Volatility

EWJV vs. DFJ - Volatility Comparison

iShares MSCI Japan Value ETF (EWJV) and WisdomTree Japan SmallCap Dividend Fund (DFJ) have volatilities of 6.05% and 6.34%, 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	6.05%	6.34%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	15.73%	14.82%	+0.91%
Volatility (1Y) Calculated over the trailing 1-year period	19.21%	17.57%	+1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.13%	16.11%	+2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.57%	17.00%	+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 4.79%, more than DFJ's 2.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFJ WisdomTree Japan SmallCap Dividend Fund	2.61%	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	4.79%	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 (6.34%) compared to EWJV (6.05%). 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 15.16% vs 10.25% for DFJ. On fees, EWJV is cheaper at 0.15% per year. On volatility, EWJV has been the lower-risk option at 6.05%. 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 15.16% return vs 10.25%. 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 4.79%, compared with 2.61% 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 (2.11 vs 1.51), 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.