EWJV vs. EFA

Last updated Jun 4, 2026

EWJV (iShares MSCI Japan Value ETF) and EFA (iShares MSCI EAFE ETF) are both exchange-traded funds - EWJV is a Japan Equities fund tracking the MSCI Japan Value Index, while EFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index (Net). Both are passively managed. Over the past 5 years, EWJV returned 13.51%/yr vs 8.29%/yr for EFA. A 0.70 correlation means they provide meaningful diversification when combined. EWJV charges 0.15%/yr vs 0.32%/yr for EFA.

Performance

EWJV vs. EFA - Performance Comparison

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

Returns By Period

In the year-to-date period, EWJV achieves a 14.97% return, which is significantly higher than EFA's 8.42% return.

EWJV

• 1D: 0.27%
• 1M: 6.48%
• YTD: 14.97%
• 6M: 18.88%
• 1Y: 36.33%
• 3Y*: 24.24%
• 5Y*: 13.51%
• 10Y*: —

EFA

• 1D: -0.86%
• 1M: 3.40%
• YTD: 8.42%
• 6M: 10.94%
• 1Y: 21.06%
• 3Y*: 16.44%
• 5Y*: 8.29%
• 10Y*: 9.11%

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

EWJV vs. EFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
EWJV iShares MSCI Japan Value ETF	14.97%	33.96%	11.59%	23.60%	-6.02%	5.48%	2.41%	10.48%
EFA iShares MSCI EAFE ETF	8.42%	31.55%	3.49%	18.36%	-14.39%	11.45%	7.60%	13.04%

Correlation

The correlation between EWJV and EFA is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Mar 8, 2019	0.70

The correlation between EWJV and EFA has been stable across timeframes, ranging from 0.70 to 0.75 - a consistent structural relationship.

EWJV vs. EFA - Sectors Allocation Comparison

Sectors	EWJV	EFA
Financial Services	30.2%	24.6%
Industrials	23.9%	19.9%
Consumer Cyclical	13.8%	7.6%
Technology	9.4%	10.4%
Communication Services	6.3%	4.5%
Healthcare	4.3%	10.6%
Consumer Defensive	3.5%	6.7%
Real Estate	2.9%	1.9%
Energy	2.1%	4.0%
Basic Materials	2.0%	5.9%
Utilities	1.6%	4.0%

Return for Risk

EWJV vs. EFA — Risk / Return Rank

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

EWJV

EWJV Risk / Return Rank: 52
EWJV Sharpe Ratio Rank: 55
EWJV Sortino Ratio Rank: 56
EWJV Omega Ratio Rank: 56
EWJV Calmar Ratio Rank: 49
EWJV Martin Ratio Rank: 45

EFA

EFA Risk / Return Rank: 39
EFA Sharpe Ratio Rank: 39
EFA Sortino Ratio Rank: 39
EFA Omega Ratio Rank: 38
EFA Calmar Ratio Rank: 37
EFA Martin Ratio Rank: 42

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. EFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan Value ETF (EWJV) and iShares MSCI EAFE ETF (EFA). 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	EFA	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.41	+0.49
Sortino ratio: Return per unit of downside risk	2.72	2.04	+0.68
Omega ratio: Gain probability vs. loss probability	1.35	1.26	+0.09
Calmar ratio: Return relative to maximum drawdown	2.48	1.85	+0.62
Martin ratio: Return relative to average drawdown	7.52	6.94	+0.58
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. EFA - Sharpe Ratio Comparison

The current EWJV Sharpe Ratio is 1.90, which is higher than the EFA Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of EWJV and EFA, 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	EFA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	1.41	+0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.51	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.31	+0.38

Drawdowns

EWJV vs. EFA - Drawdown Comparison

The maximum EWJV drawdown since its inception was -30.05%, smaller than the maximum EFA drawdown of -61.04%. Use the drawdown chart below to compare losses from any high point for EWJV and EFA.

Drawdown Indicators

	EWJV	EFA	Difference
Max Drawdown Largest peak-to-trough decline	-30.05%	-61.04%	+30.99%
Max Drawdown (1Y) Largest decline over 1 year	-14.74%	-11.42%	-3.32%
Max Drawdown (3Y) Largest decline over 3 years	-14.74%	-14.05%	-0.69%
Max Drawdown (5Y) Largest decline over 5 years	-25.39%	-29.53%	+4.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.19%	—
Current Drawdown Current decline from peak	-3.99%	-1.46%	-2.53%
Average Drawdown Average peak-to-trough decline	-6.19%	-11.93%	+5.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.85%	3.04%	+1.81%

Volatility

EWJV vs. EFA - Volatility Comparison

The current volatility for iShares MSCI Japan Value ETF (EWJV) is 3.96%, while iShares MSCI EAFE ETF (EFA) has a volatility of 4.98%. This indicates that EWJV experiences smaller price fluctuations and is considered to be less risky than EFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWJV	EFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	4.98%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	14.55%	12.51%	+2.04%
Volatility (1Y) Calculated over the trailing 1-year period	19.22%	15.05%	+4.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.01%	16.48%	+1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.53%	17.26%	+1.27%

EWJV vs. EFA - Expense Ratio Comparison

EWJV has a 0.15% expense ratio, which is lower than EFA's 0.32% expense ratio.

Dividends

EWJV vs. EFA - Dividend Comparison

EWJV's dividend yield for the trailing twelve months is around 4.66%, more than EFA's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EFA iShares MSCI EAFE ETF	3.12%	3.38%	3.24%	2.98%	2.69%	3.33%	2.13%	3.10%	3.39%	2.57%	3.07%	2.76%
EWJV iShares MSCI Japan Value ETF	4.66%	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 EFA in my portfolio?

EWJV and EFA have a correlation of 0.75, 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 EFA?

EFA has higher volatility (4.98%) compared to EWJV (3.96%). In terms of maximum drawdown, EWJV dropped -30.05% vs EFA's -61.04%.

Which ETF is better, EWJV or EFA?

On 5-year performance, EWJV leads with 13.51% vs 8.29% for EFA. On fees, EWJV is cheaper at 0.15% per year. On volatility, EWJV has been the lower-risk option at 3.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWJV or EFA?

Over the 5-year period, EWJV has performed better with a 13.51% return vs 8.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWJV or EFA?

EWJV is cheaper with a 0.15% expense ratio, compared with 0.32% for EFA.

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

EWJV has the higher dividend yield at 4.66%, compared with 3.12% for EFA.

What is the main difference between EWJV and EFA?

EWJV is categorized as Japan Equities, while EFA is Foreign Large Cap Equities. EWJV tracks MSCI Japan Value Index, while EFA tracks MSCI EAFE Index (Net). Their fees differ too: 0.15% for EWJV and 0.32% for EFA.

Which has better risk-adjusted returns?

EWJV currently has the higher Sharpe Ratio (1.90 vs 1.41), 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.