JAPN vs. EWJV

Last updated Aug 4, 2026

JAPN (Horizon Kinetics Japan Owner Operator ETF) and EWJV (iShares MSCI Japan Value ETF) are both Japan Equities funds. JAPN is actively managed, while EWJV is passively managed. Over the past year, JAPN returned -8.72% vs 37.93% for EWJV. Their 0.57 correlation means they have sometimes moved together and sometimes differently. JAPN charges 0.85%/yr vs 0.15%/yr for EWJV.

Performance

JAPN vs. EWJV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Japan Owner Operator ETF (JAPN) and iShares MSCI Japan Value ETF (EWJV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JAPN achieves a -2.20% return, which is significantly lower than EWJV's 18.07% return.

JAPN

• 1D: 0.18%
• 1M: 8.13%
• 6M: 3.31%
• YTD: -2.20%
• 1Y: -8.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.67%

EWJV

• 1D: -0.47%
• 1M: 2.77%
• 6M: 10.10%
• YTD: 18.07%
• 1Y: 37.93%
• 3Y*: 23.60%
• 5Y*: 14.93%
• 10Y*: —
• ALL TIME*: 12.69%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EWJV iShares MSCI Japan Value ETF	$8.95M	$10.38M	$8.36M
JAPN Horizon Kinetics Japan Owner Operator ETF	$237.11K	$161.04K	$133.74K

JAPN vs. EWJV - Yearly Performance Comparison

	2026 (YTD)	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	-2.20%	3.10%
EWJV iShares MSCI Japan Value ETF	18.07%	20.62%

Correlation

The correlation between JAPN and EWJV is 0.57, 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.	0.57
Correlation (All Time) Calculated using the full available price history since May 13, 2025	0.57

The correlation between JAPN and EWJV has been stable across timeframes, ranging from 0.57 to 0.57 - a consistent structural relationship.

Return for Risk

JAPN vs. EWJV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JAPN

JAPN Risk / Return Rank: 6
JAPN Sharpe Ratio Rank: 5
JAPN Sortino Ratio Rank: 5
JAPN Omega Ratio Rank: 5
JAPN Calmar Ratio Rank: 6
JAPN Martin Ratio Rank: 7

EWJV

EWJV Risk / Return Rank: 76
EWJV Sharpe Ratio Rank: 84
EWJV Sortino Ratio Rank: 83
EWJV Omega Ratio Rank: 82
EWJV Calmar Ratio Rank: 72
EWJV Martin Ratio Rank: 61

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.

JAPN vs. EWJV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Japan Owner Operator ETF (JAPN) and iShares MSCI Japan Value ETF (EWJV). 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.

	JAPN	EWJV	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	1.99	-2.42
Sortino ratio: Return per unit of downside risk	-0.50	2.76	-3.26
Omega ratio: Gain probability vs. loss probability	0.94	1.36	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.37	2.59	-2.95
Martin ratio: Return relative to average drawdown	-0.59	7.52	-8.12

JAPN vs. EWJV - Sharpe Ratio Comparison

The current JAPN Sharpe Ratio is -0.43, which is lower than the EWJV Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of JAPN and EWJV, 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

JAPN vs. EWJV - Drawdown Comparison

The maximum JAPN drawdown since its inception was -23.94%, smaller than the maximum EWJV drawdown of -30.05%. Use the drawdown chart below to compare losses from any high point for JAPN and EWJV.

Drawdown Indicators

	JAPN	EWJV	Difference
Max Drawdown Largest peak-to-trough decline	-23.94%	-30.05%	+6.11%
Max Drawdown (1Y) Largest decline over 1 year	-23.94%	-14.74%	-9.20%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.74%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.39%	—
Current Drawdown Current decline from peak	-13.01%	-1.41%	-11.60%
Average Drawdown Average peak-to-trough decline	-10.71%	-6.14%	-4.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.73%	5.05%	+9.68%

Volatility

JAPN vs. EWJV - Volatility Comparison

Horizon Kinetics Japan Owner Operator ETF (JAPN) has a higher volatility of 6.62% compared to iShares MSCI Japan Value ETF (EWJV) at 5.92%. This indicates that JAPN's price experiences larger fluctuations and is considered to be riskier than EWJV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAPN	EWJV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.62%	5.92%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	16.88%	15.73%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	20.17%	19.22%	+0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.81%	18.13%	+1.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.81%	18.57%	+1.24%

JAPN vs. EWJV - Expense Ratio Comparison

JAPN has a 0.85% expense ratio, which is higher than EWJV's 0.15% expense ratio.

Dividends

JAPN vs. EWJV - Dividend Comparison

JAPN's dividend yield for the trailing twelve months is around 0.25%, less than EWJV's 4.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
EWJV iShares MSCI Japan Value ETF	4.81%	5.35%	4.10%	3.32%	2.71%	2.46%	1.96%	4.29%
JAPN Horizon Kinetics Japan Owner Operator ETF	0.25%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JAPN and EWJV in my portfolio?

JAPN and EWJV have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JAPN or EWJV?

JAPN has higher volatility (6.62%) compared to EWJV (5.92%). In terms of maximum drawdown, JAPN dropped -23.94% vs EWJV's -30.05%.

Which ETF is better, JAPN or EWJV?

On 1-year performance, EWJV leads with 37.93% vs -8.72% for JAPN. On fees, EWJV is cheaper at 0.15% per year. On volatility, EWJV has been the lower-risk option at 5.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JAPN or EWJV?

Over the 1-year period, EWJV has performed better with a 37.93% return vs -8.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JAPN or EWJV?

EWJV is cheaper with a 0.15% expense ratio, compared with 0.85% for JAPN.

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

EWJV has the higher dividend yield at 4.81%, compared with 0.25% for JAPN.

What is the main difference between JAPN and EWJV?

They also come from different issuers: Horizon and iShares. Their fees differ too: 0.85% for JAPN and 0.15% for EWJV.

Which has better risk-adjusted returns?

EWJV currently has the higher Sharpe Ratio (1.99 vs -0.43), 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.