PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
EWY vs. EWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWY vs. EWJ

Last updated Aug 2, 2026
Documentation

EWY (iShares MSCI South Korea ETF) and EWJ (iShares MSCI Japan ETF) are both exchange-traded funds - EWY is a South Korea Equities fund tracking the MSCI Korea Index, while EWJ is a Japan Equities fund tracking the MSCI Japan Index. Both are passively managed. Over the past 10 years, EWY returned 13.13%/yr vs 8.96%/yr for EWJ. Their 0.58 correlation means they have sometimes moved together and sometimes differently. EWY charges 0.59%/yr vs 0.49%/yr for EWJ.

Performance

EWY vs. EWJ - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, EWY achieves a 61.59% return, which is significantly higher than EWJ's 15.05% return. Over the past 10 years, EWY has outperformed EWJ with an annualized return of 13.13%, while EWJ has yielded a comparatively lower 8.96% annualized return.

EWY

1D
-2.55%
1M
-12.79%
6M
28.34%
YTD
61.59%
1Y
127.36%
3Y*
35.68%
5Y*
14.47%
10Y*
13.13%
ALL TIME*
9.64%

EWJ

1D
-0.96%
1M
-0.81%
6M
8.37%
YTD
15.05%
1Y
30.10%
3Y*
17.16%
5Y*
9.17%
10Y*
8.96%
ALL TIME*
2.61%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

EWJ

iShares MSCI Japan ETF
$420.68M$453.45M$519.58M

EWY

iShares MSCI South Korea ETF
$4.45B$4.55B$4.16B

EWY vs. EWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWY
iShares MSCI South Korea ETF		61.59%95.33%-20.48%19.05%-26.59%-7.58%39.43%7.97%-20.37%44.97%
EWJ
iShares MSCI Japan ETF		15.05%25.84%7.03%20.29%-17.72%1.16%15.40%19.34%-14.10%24.27%

Correlation

The correlation between EWY and EWJ is 0.61, 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.

0.61

Correlation (3Y)
Balances recent behavior with more history.

0.54

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.57

Correlation (10Y)
Provides a long-term view across more market conditions.

0.59

Correlation (All Time)
Calculated using the full available price history since May 12, 2000

0.58

The correlation between EWY and EWJ has been stable across timeframes, ranging from 0.54 to 0.61 - a consistent structural relationship.

EWY vs. EWJ - Sectors Allocation Comparison

Sectors
EWY
EWJ

Technology

54.1%
24.9%

Industrials

15.7%
22.9%

Financial Services

11.4%
17.6%

Consumer Cyclical

5.9%
11.2%

Healthcare

3.6%
5.3%

Communication Services

2.9%
8.1%

Basic Materials

2.2%
3.1%

Consumer Defensive

2.2%
3.4%

Energy

1.0%
0.8%

Utilities

0.4%
1.0%

Real Estate

-

1.9%

Technology

EWY
54.1%
EWJ
24.9%

Industrials

EWY
15.7%
EWJ
22.9%

Financial Services

EWY
11.4%
EWJ
17.6%

Consumer Cyclical

EWY
5.9%
EWJ
11.2%

Healthcare

EWY
3.6%
EWJ
5.3%

Communication Services

EWY
2.9%
EWJ
8.1%

Basic Materials

EWY
2.2%
EWJ
3.1%

Consumer Defensive

EWY
2.2%
EWJ
3.4%

Energy

EWY
1.0%
EWJ
0.8%

Utilities

EWY
0.4%
EWJ
1.0%

Real Estate

EWY

-

EWJ
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI South Korea ETF

iShares MSCI Japan ETF

Often compared with EWY:
EWY vs. FLKREWY vs. SPYEWY vs. KORUEWY vs. EWTEWY vs. QQQEWY vs. EWHEWY vs. FXI
Often compared with EWJ:
EWJ vs. DXJEWJ vs. ^N225EWJ vs. EWJVEWJ vs. FLJPEWJ vs. HEWJEWJ vs. JPXNEWJ vs. BBJP

Return for Risk

EWY vs. EWJ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWY
EWY Risk / Return Rank: 8686
Overall Rank
EWY Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
EWY Sortino Ratio Rank: 8080
Sortino Ratio Rank
EWY Omega Ratio Rank: 8484
Omega Ratio Rank
EWY Calmar Ratio Rank: 8888
Calmar Ratio Rank
EWY Martin Ratio Rank: 8787
Martin Ratio Rank
EWJ
EWJ Risk / Return Rank: 6464
Overall Rank
EWJ Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
EWJ Sortino Ratio Rank: 6363
Sortino Ratio Rank
EWJ Omega Ratio Rank: 6666
Omega Ratio Rank
EWJ Calmar Ratio Rank: 6666
Calmar Ratio Rank
EWJ Martin Ratio Rank: 6262
Martin Ratio Rank
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.

EWY vs. EWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Korea ETF (EWY) and iShares MSCI Japan ETF (EWJ). 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.

EWYEWJDifference
Sharpe ratioReturn per unit of total volatility
2.24
1.48

+0.75

Sortino ratioReturn per unit of downside risk
2.59
2.11

+0.48

Omega ratioGain probability vs. loss probability

1.36

1.28

+0.08

Calmar ratioReturn relative to maximum drawdown

3.55

2.28

+1.26

Martin ratioReturn relative to average drawdown

12.67

7.33

+5.34

EWY vs. EWJ - Sharpe Ratio Comparison

The current EWY Sharpe Ratio is 2.24, which is higher than the EWJ Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of EWY and EWJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

EWY vs. EWJ - Drawdown Comparison

The maximum EWY drawdown since its inception was -74.14%, which is greater than EWJ's maximum drawdown of -60.93%. Use the drawdown chart below to compare losses from any high point for EWY and EWJ.

Loading charts...

Drawdown Indicators

EWYEWJDifference

Max Drawdown

Largest peak-to-trough decline

-74.14%

-60.93%

-13.21%

Max Drawdown (1Y)

Largest decline over 1 year

-34.21%

-13.59%

-20.62%

Max Drawdown (3Y)

Largest decline over 3 years

-34.21%

-14.68%

-19.53%

Max Drawdown (5Y)

Largest decline over 5 years

-47.15%

-33.14%

-14.01%

Max Drawdown (10Y)

Largest decline over 10 years

-49.73%

-33.14%

-16.59%

Current Drawdown

Current decline from peak

-28.33%

-4.72%

-23.61%

Average Drawdown

Average peak-to-trough decline

-20.10%

-21.64%

+1.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.56%

4.23%

+5.33%

Volatility

EWY vs. EWJ - Volatility Comparison

iShares MSCI South Korea ETF (EWY) has a higher volatility of 22.08% compared to iShares MSCI Japan ETF (EWJ) at 7.64%. This indicates that EWY's price experiences larger fluctuations and is considered to be riskier than EWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

EWYEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

22.08%

7.64%

+14.44%

Volatility (6M)

Calculated over the trailing 6-month period

50.88%

17.70%

+33.18%

Volatility (1Y)

Calculated over the trailing 1-year period

54.29%

20.96%

+33.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

32.77%

18.69%

+14.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

29.38%

17.45%

+11.93%

EWY vs. EWJ - Expense Ratio Comparison

EWY has a 0.59% expense ratio, which is higher than EWJ's 0.49% expense ratio.

Dividends

EWY vs. EWJ - Dividend Comparison

EWY's dividend yield for the trailing twelve months is around 1.30%, less than EWJ's 3.86% yield.

PositionTTM20252024202320222021202020192018201720162015
EWJ
iShares MSCI Japan ETF		3.86%4.52%2.34%2.03%1.23%2.08%1.04%2.03%1.71%1.25%1.95%1.27%
EWY
iShares MSCI South Korea ETF		1.30%2.10%2.55%2.52%1.23%2.16%0.73%2.10%1.34%2.90%1.21%2.42%

Frequently Asked Questions

EWY and EWJ have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWY has higher volatility (22.08%) compared to EWJ (7.64%). In terms of maximum drawdown, EWY dropped -74.14% vs EWJ's -60.93%.

On 10-year performance, EWY leads with 13.13% vs 8.96% for EWJ. On fees, EWJ is cheaper at 0.49% per year. On volatility, EWJ has been the lower-risk option at 7.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWY has performed better with a 13.13% return vs 8.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWJ is cheaper with a 0.49% expense ratio, compared with 0.59% for EWY.

EWJ has the higher dividend yield at 3.86%, compared with 1.30% for EWY.

EWY is categorized as South Korea Equities, while EWJ is Japan Equities. EWY tracks MSCI Korea Index, while EWJ tracks MSCI Japan Index. Their fees differ too: 0.59% for EWY and 0.49% for EWJ.

EWY currently has the higher Sharpe Ratio (2.24 vs 1.48), 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.

Portfolio Optimizer

Find the right allocation for EWY and EWJ

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer