EWJV vs. FJP

Last updated Jun 4, 2026

EWJV (iShares MSCI Japan Value ETF) and FJP (First Trust Japan AlphaDEX Fund) are both Japan Equities funds - EWJV tracks the MSCI Japan Value Index while FJP tracks the NASDAQ AlphaDEX Japan Index. Both are passively managed. Over the past 5 years, EWJV returned 13.51%/yr vs 10.81%/yr for FJP. A 0.78 correlation means they provide meaningful diversification when combined. EWJV charges 0.15%/yr vs 0.80%/yr for FJP.

Performance

EWJV vs. FJP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Japan Value ETF (EWJV) and First Trust Japan AlphaDEX Fund (FJP). 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 EWJV having a 14.97% return and FJP slightly lower at 14.28%.

EWJV

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

FJP

• 1D: 0.00%
• 1M: 2.90%
• YTD: 14.28%
• 6M: 15.85%
• 1Y: 33.53%
• 3Y*: 21.60%
• 5Y*: 10.81%
• 10Y*: 7.48%

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

EWJV vs. FJP - 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%
FJP First Trust Japan AlphaDEX Fund	14.28%	33.60%	5.80%	23.00%	-12.83%	-1.13%	3.60%	6.53%

Correlation

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

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

EWJV vs. FJP - Sectors Allocation Comparison

Sectors	EWJV	FJP
Financial Services	30.2%	5.6%
Industrials	23.9%	45.0%
Consumer Cyclical	13.8%	12.0%
Technology	9.4%	8.9%
Communication Services	6.3%	0.7%
Healthcare	4.3%	3.6%
Consumer Defensive	3.5%	0.8%
Real Estate	2.9%	3.5%
Energy	2.1%	4.2%
Basic Materials	2.0%	9.7%
Utilities	1.6%	6.1%

Return for Risk

EWJV vs. FJP — 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

FJP

FJP Risk / Return Rank: 46
FJP Sharpe Ratio Rank: 47
FJP Sortino Ratio Rank: 46
FJP Omega Ratio Rank: 46
FJP Calmar Ratio Rank: 47
FJP Martin Ratio Rank: 44

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. FJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan Value ETF (EWJV) and First Trust Japan AlphaDEX Fund (FJP). 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	FJP	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.63	+0.27
Sortino ratio: Return per unit of downside risk	2.72	2.28	+0.44
Omega ratio: Gain probability vs. loss probability	1.35	1.29	+0.06
Calmar ratio: Return relative to maximum drawdown	2.48	2.33	+0.14
Martin ratio: Return relative to average drawdown	7.52	7.20	+0.32
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. FJP - Sharpe Ratio Comparison

The current EWJV Sharpe Ratio is 1.90, which is comparable to the FJP Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of EWJV and FJP, 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	FJP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	1.63	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.53	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.40	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.32	+0.37

Drawdowns

EWJV vs. FJP - Drawdown Comparison

The maximum EWJV drawdown since its inception was -30.05%, smaller than the maximum FJP drawdown of -41.51%. Use the drawdown chart below to compare losses from any high point for EWJV and FJP.

Drawdown Indicators

	EWJV	FJP	Difference
Max Drawdown Largest peak-to-trough decline	-30.05%	-41.51%	+11.46%
Max Drawdown (1Y) Largest decline over 1 year	-14.74%	-14.43%	-0.31%
Max Drawdown (3Y) Largest decline over 3 years	-14.74%	-17.02%	+2.28%
Max Drawdown (5Y) Largest decline over 5 years	-25.39%	-31.88%	+6.49%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.51%	—
Current Drawdown Current decline from peak	-3.99%	-6.34%	+2.35%
Average Drawdown Average peak-to-trough decline	-6.19%	-11.46%	+5.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.85%	4.67%	+0.18%

Volatility

EWJV vs. FJP - Volatility Comparison

The current volatility for iShares MSCI Japan Value ETF (EWJV) is 3.96%, while First Trust Japan AlphaDEX Fund (FJP) has a volatility of 6.51%. This indicates that EWJV experiences smaller price fluctuations and is considered to be less risky than FJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWJV	FJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	6.51%	-2.55%
Volatility (6M) Calculated over the trailing 6-month period	14.55%	16.87%	-2.32%
Volatility (1Y) Calculated over the trailing 1-year period	19.22%	20.70%	-1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.01%	20.35%	-2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.53%	18.88%	-0.35%

EWJV vs. FJP - Expense Ratio Comparison

EWJV has a 0.15% expense ratio, which is lower than FJP's 0.80% expense ratio.

Dividends

EWJV vs. FJP - Dividend Comparison

EWJV's dividend yield for the trailing twelve months is around 4.66%, more than FJP's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
FJP First Trust Japan AlphaDEX Fund	2.49%	2.68%	3.18%	3.49%	2.21%	2.43%	0.99%	2.80%	1.54%	1.29%	1.46%	0.85%

Frequently Asked Questions

Can I hold both EWJV and FJP in my portfolio?

EWJV and FJP 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 is riskier, EWJV or FJP?

FJP has higher volatility (6.51%) compared to EWJV (3.96%). In terms of maximum drawdown, EWJV dropped -30.05% vs FJP's -41.51%.

Which ETF is better, EWJV or FJP?

On 5-year performance, EWJV leads with 13.51% vs 10.81% for FJP. 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 FJP?

Over the 5-year period, EWJV has performed better with a 13.51% return vs 10.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWJV or FJP?

EWJV is cheaper with a 0.15% expense ratio, compared with 0.80% for FJP.

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

EWJV has the higher dividend yield at 4.66%, compared with 2.49% for FJP.

What is the main difference between EWJV and FJP?

EWJV tracks MSCI Japan Value Index, while FJP tracks NASDAQ AlphaDEX Japan Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.15% for EWJV and 0.80% for FJP.

Which has better risk-adjusted returns?

EWJV currently has the higher Sharpe Ratio (1.90 vs 1.63), 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.