JPXN vs. EWJ

Last updated Jun 4, 2026

JPXN (iShares JPX-Nikkei 400 ETF) and EWJ (iShares MSCI Japan ETF) are both Japan Equities funds from iShares - JPXN tracks the JPX-Nikkei Index 400 while EWJ tracks the MSCI Japan Index. Both are passively managed. Over the past 10 years, JPXN returned 9.18%/yr vs 9.37%/yr for EWJ. Their correlation of 0.92 suggests significant overlap in exposure. JPXN charges 0.48%/yr vs 0.49%/yr for EWJ.

Performance

JPXN vs. EWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares JPX-Nikkei 400 ETF (JPXN) and iShares MSCI Japan ETF (EWJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with JPXN having a 15.72% return and EWJ slightly higher at 16.35%. Both investments have delivered pretty close results over the past 10 years, with JPXN having a 9.18% annualized return and EWJ not far ahead at 9.37%.

JPXN

• 1D: 0.13%
• 1M: 5.12%
• YTD: 15.72%
• 6M: 17.28%
• 1Y: 30.49%
• 3Y*: 17.85%
• 5Y*: 8.70%
• 10Y*: 9.18%

EWJ

• 1D: 0.38%
• 1M: 6.60%
• YTD: 16.35%
• 6M: 17.97%
• 1Y: 32.53%
• 3Y*: 18.29%
• 5Y*: 8.79%
• 10Y*: 9.37%

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

JPXN vs. EWJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPXN iShares JPX-Nikkei 400 ETF	15.72%	26.03%	6.48%	19.69%	-16.29%	0.16%	15.12%	19.40%	-14.87%	24.41%
EWJ iShares MSCI Japan ETF	16.35%	25.84%	7.03%	20.29%	-17.72%	1.16%	15.40%	19.34%	-14.10%	24.27%

Correlation

The correlation between JPXN and EWJ is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Oct 29, 2001	0.92

The correlation between JPXN and EWJ has been stable across timeframes, ranging from 0.92 to 0.99 - a consistent structural relationship.

JPXN vs. EWJ - Sectors Allocation Comparison

Sectors	JPXN	EWJ
Industrials	28.3%	26.0%
Technology	17.3%	19.1%
Financial Services	13.7%	17.5%
Consumer Cyclical	11.3%	12.2%
Communication Services	7.8%	7.9%
Healthcare	6.2%	6.3%
Basic Materials	5.0%	3.0%
Consumer Defensive	4.8%	3.6%
Real Estate	2.8%	2.3%
Utilities	1.6%	1.1%
Energy	1.4%	1.1%

Return for Risk

JPXN vs. EWJ — Risk / Return Rank

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

JPXN

JPXN Risk / Return Rank: 47
JPXN Sharpe Ratio Rank: 46
JPXN Sortino Ratio Rank: 47
JPXN Omega Ratio Rank: 47
JPXN Calmar Ratio Rank: 47
JPXN Martin Ratio Rank: 48

EWJ

EWJ Risk / Return Rank: 48
EWJ Sharpe Ratio Rank: 47
EWJ Sortino Ratio Rank: 48
EWJ Omega Ratio Rank: 49
EWJ Calmar Ratio Rank: 48
EWJ Martin Ratio Rank: 48

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.

JPXN vs. EWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares JPX-Nikkei 400 ETF (JPXN) 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.

	JPXN	EWJ	Difference
Sharpe ratio Return per unit of total volatility	1.63	1.68	-0.04
Sortino ratio Return per unit of downside risk	2.37	2.43	-0.06
Omega ratio Gain probability vs. loss probability	1.30	1.31	-0.01
Calmar ratio Return relative to maximum drawdown	2.34	2.40	-0.07
Martin ratio Return relative to average drawdown	8.14	8.14	0.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPXN vs. EWJ - Sharpe Ratio Comparison

The current JPXN Sharpe Ratio is 1.63, which is comparable to the EWJ Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of JPXN 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.

Sharpe Ratios by Period

	JPXN	EWJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	1.68	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.48	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.54	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.11	+0.15

Drawdowns

JPXN vs. EWJ - Drawdown Comparison

The maximum JPXN drawdown since its inception was -55.54%, smaller than the maximum EWJ drawdown of -60.93%. Use the drawdown chart below to compare losses from any high point for JPXN and EWJ.

Drawdown Indicators

	JPXN	EWJ	Difference
Max Drawdown Largest peak-to-trough decline	-55.54%	-60.93%	+5.39%
Max Drawdown (1Y) Largest decline over 1 year	-13.11%	-13.59%	+0.48%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	-14.68%	+0.73%
Max Drawdown (5Y) Largest decline over 5 years	-33.21%	-33.14%	-0.07%
Max Drawdown (10Y) Largest decline over 10 years	-33.21%	-33.14%	-0.07%
Current Drawdown Current decline from peak	-0.93%	-0.03%	-0.90%
Average Drawdown Average peak-to-trough decline	-15.06%	-21.74%	+6.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	4.01%	-0.25%

Volatility

JPXN vs. EWJ - Volatility Comparison

iShares JPX-Nikkei 400 ETF (JPXN) and iShares MSCI Japan ETF (EWJ) have volatilities of 4.31% and 4.33%, 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.

Volatility by Period

	JPXN	EWJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	4.33%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	14.69%	15.02%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	18.79%	19.53%	-0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	18.23%	-0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.06%	17.27%	-0.21%

JPXN vs. EWJ - Expense Ratio Comparison

JPXN has a 0.48% expense ratio, which is lower than EWJ's 0.49% expense ratio.

Dividends

JPXN vs. EWJ - Dividend Comparison

JPXN's dividend yield for the trailing twelve months is around 2.72%, less than EWJ's 3.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWJ iShares MSCI Japan ETF	3.89%	4.52%	2.34%	2.03%	1.23%	2.08%	1.04%	2.03%	1.71%	1.25%	1.95%	1.27%
JPXN iShares JPX-Nikkei 400 ETF	2.72%	3.14%	2.29%	2.57%	1.47%	2.63%	1.27%	1.92%	1.60%	1.50%	2.07%	1.32%

Frequently Asked Questions

Can I hold both JPXN and EWJ in my portfolio?

With a correlation of 0.98, JPXN 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.

Which is riskier, JPXN or EWJ?

EWJ has higher volatility (4.33%) compared to JPXN (4.31%). In terms of maximum drawdown, JPXN dropped -55.54% vs EWJ's -60.93%.

Which ETF is better, JPXN or EWJ?

On 10-year performance, EWJ leads with 9.37% vs 9.18% for JPXN. On fees, JPXN is cheaper at 0.48% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPXN or EWJ?

Over the 10-year period, EWJ has performed better with a 9.37% return vs 9.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPXN or EWJ?

JPXN is cheaper with a 0.48% expense ratio, compared with 0.49% for EWJ.

Which ETF pays a higher dividend yield, JPXN or EWJ?

EWJ has the higher dividend yield at 3.89%, compared with 2.72% for JPXN.

What is the main difference between JPXN and EWJ?

JPXN tracks JPX-Nikkei Index 400, while EWJ tracks MSCI Japan Index. Their fees differ too: 0.48% for JPXN and 0.49% for EWJ.

Which has better risk-adjusted returns?

EWJ currently has the higher Sharpe Ratio (1.68 vs 1.63), 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.