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GDXJ vs. EWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GDXJ vs. EWJ

Last updated Jun 9, 2026

GDXJ (VanEck Junior Gold Miners ETF) and EWJ (iShares MSCI Japan ETF) are both exchange-traded funds - GDXJ is a Gold fund tracking the MVIS Global Junior Gold Miners Index, while EWJ is a Japan Equities fund tracking the MSCI Japan Index. Both are passively managed. Over the past 10 years, GDXJ returned 11.53%/yr vs 9.21%/yr for EWJ. At a 0.25 correlation, their price movements are largely independent. GDXJ charges 0.52%/yr vs 0.49%/yr for EWJ.

Performance

GDXJ vs. EWJ - Performance Comparison

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

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Returns By Period

In the year-to-date period, GDXJ achieves a -10.70% return, which is significantly lower than EWJ's 13.88% return. Over the past 10 years, GDXJ has outperformed EWJ with an annualized return of 11.53%, while EWJ has yielded a comparatively lower 9.21% annualized return.

GDXJ

1D
1.01%
1M
-19.25%
YTD
-10.70%
6M
-0.52%
1Y
50.65%
3Y*
42.13%
5Y*
15.86%
10Y*
11.53%

EWJ

1D
1.36%
1M
-0.29%
YTD
13.88%
6M
14.67%
1Y
30.27%
3Y*
17.05%
5Y*
8.50%
10Y*
9.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GDXJ vs. EWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GDXJ
VanEck Junior Gold Miners ETF		-10.70%172.28%15.67%7.12%-14.53%-21.25%30.40%40.44%-11.02%8.22%
EWJ
iShares MSCI Japan ETF		13.88%25.84%7.03%20.29%-17.72%1.16%15.40%19.34%-14.10%24.27%

Correlation

The correlation between GDXJ and EWJ 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

0.38

Correlation (5Y)
Calculated over the trailing 5-year period

0.39

Correlation (10Y)
Calculated over the trailing 10-year period

0.26

Correlation (All Time)
Calculated using the full available price history since Nov 11, 2009

0.25

The correlation between GDXJ and EWJ shifts across timeframes, from 0.25 (all time) to 0.41 (1 year), reflecting how their relationship changes across market environments.

GDXJ vs. EWJ - Sectors Allocation Comparison

Sectors
GDXJ
EWJ

Basic Materials

100.0%
3.0%

Communication Services

-

7.9%

Consumer Cyclical

-

12.2%

Consumer Defensive

-

3.6%

Energy

-

1.1%

Financial Services

-

17.5%

Healthcare

-

6.3%

Industrials

-

26.0%

Real Estate

-

2.3%

Technology

-

19.1%

Utilities

-

1.1%

Basic Materials

GDXJ
100.0%
EWJ
3.0%

Communication Services

GDXJ

-

EWJ
7.9%

Consumer Cyclical

GDXJ

-

EWJ
12.2%

Consumer Defensive

GDXJ

-

EWJ
3.6%

Energy

GDXJ

-

EWJ
1.1%

Financial Services

GDXJ

-

EWJ
17.5%

Healthcare

GDXJ

-

EWJ
6.3%

Industrials

GDXJ

-

EWJ
26.0%

Real Estate

GDXJ

-

EWJ
2.3%

Technology

GDXJ

-

EWJ
19.1%

Utilities

GDXJ

-

EWJ
1.1%

Compare stocks, funds, or ETFs

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

VanEck Junior Gold Miners ETF

iShares MSCI Japan ETF

Often compared with GDXJ:
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Often compared with EWJ:
EWJ vs. DXJEWJ vs. ^N225EWJ vs. EWJVEWJ vs. EWYEWJ vs. FLJPEWJ vs. HEWJEWJ vs. JPXN

Return for Risk

GDXJ vs. EWJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GDXJ
GDXJ Risk / Return Rank: 3131
Overall Rank
GDXJ Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
GDXJ Sortino Ratio Rank: 2929
Sortino Ratio Rank
GDXJ Omega Ratio Rank: 3333
Omega Ratio Rank
GDXJ Calmar Ratio Rank: 3232
Calmar Ratio Rank
GDXJ Martin Ratio Rank: 2929
Martin Ratio Rank
EWJ
EWJ Risk / Return Rank: 5050
Overall Rank
EWJ Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
EWJ Sortino Ratio Rank: 5050
Sortino Ratio Rank
EWJ Omega Ratio Rank: 5151
Omega Ratio Rank
EWJ Calmar Ratio Rank: 5050
Calmar Ratio Rank
EWJ Martin Ratio Rank: 4949
Martin Ratio Rank
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.

GDXJ vs. EWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Junior Gold Miners ETF (GDXJ) 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.

GDXJEWJDifference
Sharpe ratioReturn per unit of total volatility
1.00
1.53

-0.53

Sortino ratioReturn per unit of downside risk
1.45
2.21

-0.76

Omega ratioGain probability vs. loss probability

1.20

1.29

-0.09

Calmar ratioReturn relative to maximum drawdown

1.43

2.24

-0.81

Martin ratioReturn relative to average drawdown

3.72

7.56

-3.84

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDXJ vs. EWJ - Sharpe Ratio Comparison

The current GDXJ Sharpe Ratio is 1.00, which is lower than the EWJ Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of GDXJ 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.

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Sharpe Ratios by Period

GDXJEWJDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.00

1.53

-0.53

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.39

0.47

-0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.26

0.53

-0.27

Sharpe Ratio (All Time)

Calculated using the full available price history

0.05

0.11

-0.06

Drawdowns

GDXJ vs. EWJ - Drawdown Comparison

The maximum GDXJ drawdown since its inception was -88.66%, which is greater than EWJ's maximum drawdown of -60.93%. Use the drawdown chart below to compare losses from any high point for GDXJ and EWJ.

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Drawdown Indicators

GDXJEWJDifference

Max Drawdown

Largest peak-to-trough decline

-88.66%

-60.93%

-27.73%

Max Drawdown (1Y)

Largest decline over 1 year

-35.60%

-13.59%

-22.01%

Max Drawdown (3Y)

Largest decline over 3 years

-35.60%

-14.68%

-20.92%

Max Drawdown (5Y)

Largest decline over 5 years

-50.99%

-33.14%

-17.85%

Max Drawdown (10Y)

Largest decline over 10 years

-57.77%

-33.14%

-24.63%

Current Drawdown

Current decline from peak

-34.94%

-2.32%

-32.62%

Average Drawdown

Average peak-to-trough decline

-60.48%

-21.73%

-38.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

13.67%

4.02%

+9.65%

Volatility

GDXJ vs. EWJ - Volatility Comparison

VanEck Junior Gold Miners ETF (GDXJ) has a higher volatility of 17.66% compared to iShares MSCI Japan ETF (EWJ) at 5.21%. This indicates that GDXJ'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.

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Volatility by Period

GDXJEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

17.66%

5.21%

+12.45%

Volatility (6M)

Calculated over the trailing 6-month period

42.71%

15.51%

+27.20%

Volatility (1Y)

Calculated over the trailing 1-year period

50.84%

19.89%

+30.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

41.34%

18.31%

+23.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.15%

17.31%

+26.84%

GDXJ vs. EWJ - Expense Ratio Comparison

GDXJ has a 0.52% expense ratio, which is higher than EWJ's 0.49% expense ratio.

Dividends

GDXJ vs. EWJ - Dividend Comparison

GDXJ's dividend yield for the trailing twelve months is around 2.61%, less than EWJ's 3.97% yield.

PositionTTM20252024202320222021202020192018201720162015
EWJ
iShares MSCI Japan ETF		3.97%4.52%2.34%2.03%1.23%2.08%1.04%2.03%1.71%1.25%1.95%1.27%
GDXJ
VanEck Junior Gold Miners ETF		2.61%2.33%2.61%0.72%0.51%1.78%1.58%0.39%0.45%0.03%4.78%0.72%

Frequently Asked Questions

GDXJ and EWJ 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.

GDXJ has higher volatility (17.66%) compared to EWJ (5.21%). In terms of maximum drawdown, GDXJ dropped -88.66% vs EWJ's -60.93%.

On 10-year performance, GDXJ leads with 11.53% vs 9.21% for EWJ. On fees, EWJ is cheaper at 0.49% per year. On volatility, EWJ has been the lower-risk option at 5.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GDXJ has performed better with a 11.53% return vs 9.21%. 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 0.52% for GDXJ.

EWJ has the higher dividend yield at 3.97%, compared with 2.61% for GDXJ.

GDXJ is categorized as Gold, while EWJ is Japan Equities. GDXJ tracks MVIS Global Junior Gold Miners Index, while EWJ tracks MSCI Japan Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.52% for GDXJ and 0.49% for EWJ.

EWJ currently has the higher Sharpe Ratio (1.53 vs 1.00), 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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