FSJPX vs. EWJ
FSJPX (Fidelity SAI Japan Stock Index Fund) and EWJ (iShares MSCI Japan ETF) are both Japan Equities funds. Over the past 5 years, FSJPX returned 9.84%/yr vs 9.17%/yr for EWJ. Their 0.96 correlation means they have historically moved very closely together. FSJPX charges 0.11%/yr vs 0.49%/yr for EWJ.
Performance
FSJPX vs. EWJ - Performance Comparison
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Returns By Period
In the year-to-date period, FSJPX achieves a 16.58% return, which is significantly higher than EWJ's 15.05% return.
FSJPX
- 1D
- 4.31%
- 1M
- 0.95%
- 6M
- 9.89%
- YTD
- 16.58%
- 1Y
- 31.93%
- 3Y*
- 17.66%
- 5Y*
- 9.84%
- 10Y*
- —
- ALL TIME*
- 9.43%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $420.68M | $453.45M | $519.58M | |
| $0.00 | $0.00 | $0.00 |
FSJPX vs. EWJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FSJPX Fidelity SAI Japan Stock Index Fund | 16.58% | 26.39% | 7.19% | 20.25% | -17.02% | 1.16% |
EWJ iShares MSCI Japan ETF | 15.05% | 25.84% | 7.03% | 20.29% | -17.72% | 0.18% |
Correlation
The correlation between FSJPX and EWJ is 0.94, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.94 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (All Time) Calculated using the full available price history since May 27, 2021 | 0.96 |
The correlation between FSJPX and EWJ has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.
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Return for Risk
FSJPX vs. EWJ — Risk / Return Rank
FSJPX
EWJ
FSJPX vs. EWJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Japan Stock Index Fund (FSJPX) 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.
| FSJPX | EWJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.28 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 2.28 | +0.11 |
| Martin ratioReturn relative to average drawdown | 7.84 | 7.33 | +0.52 |
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Drawdowns
FSJPX vs. EWJ - Drawdown Comparison
The maximum FSJPX drawdown since its inception was -32.91%, smaller than the maximum EWJ drawdown of -60.93%. Use the drawdown chart below to compare losses from any high point for FSJPX and EWJ.
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Drawdown Indicators
| FSJPX | EWJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.91% | -60.93% | +28.02% |
Max Drawdown (1Y)Largest decline over 1 year | -13.59% | -13.59% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -15.45% | -14.68% | -0.77% |
Max Drawdown (5Y)Largest decline over 5 years | -32.91% | -33.14% | +0.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.14% | — |
Current DrawdownCurrent decline from peak | -3.77% | -4.72% | +0.95% |
Average DrawdownAverage peak-to-trough decline | -9.65% | -21.64% | +11.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.14% | 4.23% | -0.09% |
Volatility
FSJPX vs. EWJ - Volatility Comparison
Fidelity SAI Japan Stock Index Fund (FSJPX) and iShares MSCI Japan ETF (EWJ) have volatilities of 7.93% and 7.64%, 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.
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Volatility by Period
| FSJPX | EWJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.93% | 7.64% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 18.32% | 17.70% | +0.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.35% | 20.96% | +1.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.91% | 18.69% | +0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.73% | 17.45% | +1.28% |
FSJPX vs. EWJ - Expense Ratio Comparison
FSJPX has a 0.11% expense ratio, which is lower than EWJ's 0.49% expense ratio.
Dividends
FSJPX vs. EWJ - Dividend Comparison
FSJPX's dividend yield for the trailing twelve months is around 4.51%, more than EWJ's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
FSJPX Fidelity SAI Japan Stock Index Fund | 4.51% | 5.25% | 2.26% | 4.10% | 2.28% | 0.97% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, FSJPX and EWJ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
FSJPX has higher volatility (7.93%) compared to EWJ (7.64%). In terms of maximum drawdown, FSJPX dropped -32.91% vs EWJ's -60.93%.
EWJ currently has the higher Sharpe Ratio (1.48 vs 1.46), 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.
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