EWS vs. DFJ

Last updated Jun 13, 2026

EWS (iShares MSCI Singapore ETF) and DFJ (WisdomTree Japan SmallCap Dividend Fund) are both exchange-traded funds - EWS is a Asia Pacific Equities fund tracking the MSCI Singapore Index, while DFJ is a Japan Equities fund tracking the WisdomTree Japan SmallCap Dividend Index. Both are passively managed. Over the past 10 years, EWS returned 7.88%/yr vs 9.18%/yr for DFJ. A 0.54 correlation means they provide meaningful diversification when combined. EWS charges 0.50%/yr vs 0.58%/yr for DFJ.

Performance

EWS vs. DFJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Singapore ETF (EWS) 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, EWS achieves a 5.96% return, which is significantly lower than DFJ's 10.31% return. Over the past 10 years, EWS has underperformed DFJ with an annualized return of 7.88%, while DFJ has yielded a comparatively higher 9.18% annualized return.

EWS

• 1D: 0.07%
• 1M: 0.24%
• YTD: 5.96%
• 6M: 7.68%
• 1Y: 18.15%
• 3Y*: 20.28%
• 5Y*: 8.93%
• 10Y*: 7.88%

DFJ

• 1D: 0.31%
• 1M: -1.56%
• YTD: 10.31%
• 6M: 11.99%
• 1Y: 28.50%
• 3Y*: 18.53%
• 5Y*: 9.75%
• 10Y*: 9.18%

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

EWS vs. DFJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWS iShares MSCI Singapore ETF	5.96%	31.35%	22.10%	6.15%	-9.80%	5.47%	-8.47%	14.54%	-11.34%	34.78%
DFJ WisdomTree Japan SmallCap Dividend Fund	10.31%	31.90%	2.80%	21.81%	-9.00%	0.38%	1.29%	16.98%	-18.53%	32.14%

Correlation

The correlation between EWS and DFJ is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jun 16, 2006	0.54

The correlation between EWS and DFJ shifts across timeframes, from 0.41 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.

EWS vs. DFJ - Sectors Allocation Comparison

Sectors	EWS	DFJ
Financial Services	52.2%	13.3%
Industrials	18.1%	27.0%
Real Estate	8.6%	2.9%
Utilities	4.7%	1.6%
Consumer Defensive	4.6%	7.1%
Communication Services	4.2%	1.5%
Technology	4.0%	12.6%
Consumer Cyclical	3.5%	16.1%
Basic Materials	-	13.3%
Energy	-	0.6%
Healthcare	-	4.1%

Return for Risk

EWS vs. DFJ — Risk / Return Rank

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

EWS

EWS Risk / Return Rank: 39
EWS Sharpe Ratio Rank: 35
EWS Sortino Ratio Rank: 36
EWS Omega Ratio Rank: 35
EWS Calmar Ratio Rank: 51
EWS Martin Ratio Rank: 39

DFJ

DFJ Risk / Return Rank: 50
DFJ Sharpe Ratio Rank: 55
DFJ Sortino Ratio Rank: 55
DFJ Omega Ratio Rank: 52
DFJ Calmar Ratio Rank: 48
DFJ 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.

EWS vs. DFJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Singapore ETF (EWS) 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.

	EWS	DFJ	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.65	-0.50
Sortino ratio: Return per unit of downside risk	1.69	2.34	-0.65
Omega ratio: Gain probability vs. loss probability	1.21	1.29	-0.08
Calmar ratio: Return relative to maximum drawdown	2.24	2.11	+0.13
Martin ratio: Return relative to average drawdown	5.40	5.97	-0.56

EWS vs. DFJ - Sharpe Ratio Comparison

The current EWS Sharpe Ratio is 1.15, which is lower than the DFJ Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of EWS 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

EWS vs. DFJ - Drawdown Comparison

The maximum EWS drawdown since its inception was -75.13%, which is greater than DFJ's maximum drawdown of -46.00%. Use the drawdown chart below to compare losses from any high point for EWS and DFJ.

Drawdown Indicators

	EWS	DFJ	Difference
Max Drawdown Largest peak-to-trough decline	-75.13%	-46.00%	-29.13%
Max Drawdown (1Y) Largest decline over 1 year	-7.82%	-13.03%	+5.21%
Max Drawdown (3Y) Largest decline over 3 years	-16.34%	-13.03%	-3.31%
Max Drawdown (5Y) Largest decline over 5 years	-29.06%	-29.71%	+0.65%
Max Drawdown (10Y) Largest decline over 10 years	-40.84%	-40.02%	-0.82%
Current Drawdown Current decline from peak	-2.77%	-5.85%	+3.08%
Average Drawdown Average peak-to-trough decline	-21.98%	-11.15%	-10.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	4.61%	-1.38%

Volatility

EWS vs. DFJ - Volatility Comparison

iShares MSCI Singapore ETF (EWS) and WisdomTree Japan SmallCap Dividend Fund (DFJ) have volatilities of 5.05% and 4.87%, 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

	EWS	DFJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	4.87%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	13.79%	-1.68%
Volatility (1Y) Calculated over the trailing 1-year period	15.24%	16.68%	-1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.34%	15.94%	+1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	16.97%	+1.07%

EWS vs. DFJ - Expense Ratio Comparison

EWS has a 0.50% expense ratio, which is lower than DFJ's 0.58% expense ratio.

Dividends

EWS vs. DFJ - Dividend Comparison

EWS's dividend yield for the trailing twelve months is around 3.87%, more than DFJ's 2.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFJ WisdomTree Japan SmallCap Dividend Fund	2.41%	2.68%	2.46%	2.43%	2.62%	2.07%	2.59%	2.24%	1.89%	1.60%	1.76%	1.23%
EWS iShares MSCI Singapore ETF	3.87%	4.10%	4.28%	6.50%	2.56%	6.00%	2.68%	4.70%	4.21%	3.46%	3.96%	4.20%

Frequently Asked Questions

Can I hold both EWS and DFJ in my portfolio?

EWS and DFJ have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWS or DFJ?

EWS has higher volatility (5.05%) compared to DFJ (4.87%). In terms of maximum drawdown, EWS dropped -75.13% vs DFJ's -46.00%.

Which ETF is better, EWS or DFJ?

On 10-year performance, DFJ leads with 9.18% vs 7.88% for EWS. On fees, EWS is cheaper at 0.50% per year. On volatility, DFJ has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWS or DFJ?

Over the 10-year period, DFJ has performed better with a 9.18% return vs 7.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWS or DFJ?

EWS is cheaper with a 0.50% expense ratio, compared with 0.58% for DFJ.

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

EWS has the higher dividend yield at 3.87%, compared with 2.41% for DFJ.

What is the main difference between EWS and DFJ?

EWS is categorized as Asia Pacific Equities, while DFJ is Japan Equities. EWS tracks MSCI Singapore Index, while DFJ tracks WisdomTree Japan SmallCap Dividend Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.50% for EWS and 0.58% for DFJ.

Which has better risk-adjusted returns?

DFJ currently has the higher Sharpe Ratio (1.65 vs 1.15), 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.