JAPN vs. SCJ

Last updated Jun 4, 2026

JAPN (Horizon Kinetics Japan Owner Operator ETF) and SCJ (iShares MSCI Japan Small Cap ETF) are both Japan Equities funds. JAPN is actively managed, while SCJ is passively managed. Over the past year, JAPN returned -16.72% vs 30.15% for SCJ. A 0.65 correlation means they provide meaningful diversification when combined. JAPN charges 0.85%/yr vs 0.49%/yr for SCJ.

Performance

JAPN vs. SCJ - 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 Small Cap ETF (SCJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JAPN achieves a -13.33% return, which is significantly lower than SCJ's 14.35% return.

JAPN

• 1D: -1.75%
• 1M: -2.99%
• YTD: -13.33%
• 6M: -13.01%
• 1Y: -16.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SCJ

• 1D: 0.36%
• 1M: 5.04%
• YTD: 14.35%
• 6M: 16.37%
• 1Y: 30.15%
• 3Y*: 17.70%
• 5Y*: 7.36%
• 10Y*: 7.55%

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

JAPN vs. SCJ - Yearly Performance Comparison

	2026 (YTD)	2025
JAPN Horizon Kinetics Japan Owner Operator ETF	-13.33%	2.80%
SCJ iShares MSCI Japan Small Cap ETF	14.35%	18.58%

Correlation

The correlation between JAPN and SCJ is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (All Time) Calculated using the full available price history since May 14, 2025	0.65

The correlation between JAPN and SCJ has been stable across timeframes, ranging from 0.65 to 0.65 - a consistent structural relationship.

Return for Risk

JAPN vs. SCJ — Risk / Return Rank

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

JAPN

JAPN Risk / Return Rank: 2
JAPN Sharpe Ratio Rank: 2
JAPN Sortino Ratio Rank: 3
JAPN Omega Ratio Rank: 2
JAPN Calmar Ratio Rank: 3
JAPN Martin Ratio Rank: 2

SCJ

SCJ Risk / Return Rank: 53
SCJ Sharpe Ratio Rank: 55
SCJ Sortino Ratio Rank: 55
SCJ Omega Ratio Rank: 54
SCJ Calmar Ratio Rank: 50
SCJ Martin Ratio Rank: 50

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.

JAPN vs. SCJ - 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 Small Cap ETF (SCJ). 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.

	JAPN	SCJ	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	1.88	-2.78
Sortino ratio: Return per unit of downside risk	-1.18	2.67	-3.85
Omega ratio: Gain probability vs. loss probability	0.86	1.34	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.70	2.49	-3.19
Martin ratio: Return relative to average drawdown	-1.34	8.42	-9.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JAPN vs. SCJ - Sharpe Ratio Comparison

The current JAPN Sharpe Ratio is -0.90, which is lower than the SCJ Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of JAPN and SCJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JAPN	SCJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	1.88	-2.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.47	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.46	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	0.30	-0.85

Drawdowns

JAPN vs. SCJ - Drawdown Comparison

The maximum JAPN drawdown since its inception was -23.94%, smaller than the maximum SCJ drawdown of -43.52%. Use the drawdown chart below to compare losses from any high point for JAPN and SCJ.

Drawdown Indicators

	JAPN	SCJ	Difference
Max Drawdown Largest peak-to-trough decline	-23.94%	-43.52%	+19.58%
Max Drawdown (1Y) Largest decline over 1 year	-23.94%	-12.17%	-11.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.43%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.25%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.87%	—
Current Drawdown Current decline from peak	-22.90%	-1.82%	-21.08%
Average Drawdown Average peak-to-trough decline	-9.47%	-10.38%	+0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.54%	3.59%	+8.95%

Volatility

JAPN vs. SCJ - Volatility Comparison

Horizon Kinetics Japan Owner Operator ETF (JAPN) has a higher volatility of 4.33% compared to iShares MSCI Japan Small Cap ETF (SCJ) at 4.03%. This indicates that JAPN's price experiences larger fluctuations and is considered to be riskier than SCJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JAPN	SCJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	4.03%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	15.41%	13.13%	+2.28%
Volatility (1Y) Calculated over the trailing 1-year period	18.77%	16.11%	+2.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.24%	15.81%	+3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.24%	16.29%	+2.95%

JAPN vs. SCJ - Expense Ratio Comparison

JAPN has a 0.85% expense ratio, which is higher than SCJ's 0.49% expense ratio.

Dividends

JAPN vs. SCJ - Dividend Comparison

JAPN's dividend yield for the trailing twelve months is around 0.28%, less than SCJ's 2.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JAPN Horizon Kinetics Japan Owner Operator ETF	0.28%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SCJ iShares MSCI Japan Small Cap ETF	2.75%	3.14%	1.79%	1.99%	1.18%	1.87%	0.89%	1.85%	1.44%	1.45%	2.73%	1.53%

Frequently Asked Questions

Can I hold both JAPN and SCJ in my portfolio?

JAPN and SCJ have a correlation of 0.65, 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 SCJ?

JAPN has higher volatility (4.33%) compared to SCJ (4.03%). In terms of maximum drawdown, JAPN dropped -23.94% vs SCJ's -43.52%.

Which ETF is better, JAPN or SCJ?

On 1-year performance, SCJ leads with 30.15% vs -16.72% for JAPN. On fees, SCJ is cheaper at 0.49% per year. On volatility, SCJ has been the lower-risk option at 4.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JAPN or SCJ?

Over the 1-year period, SCJ has performed better with a 30.15% return vs -16.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JAPN or SCJ?

SCJ is cheaper with a 0.49% expense ratio, compared with 0.85% for JAPN.

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

SCJ has the higher dividend yield at 2.75%, compared with 0.28% for JAPN.

What is the main difference between JAPN and SCJ?

They also come from different issuers: Horizon and iShares. Their fees differ too: 0.85% for JAPN and 0.49% for SCJ.

Which has better risk-adjusted returns?

SCJ currently has the higher Sharpe Ratio (1.88 vs -0.90), 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.