JPXN vs. EWJV

Last updated Jun 5, 2026

JPXN (iShares JPX-Nikkei 400 ETF) and EWJV (iShares MSCI Japan Value ETF) are both Japan Equities funds from iShares - JPXN tracks the JPX-Nikkei Index 400 while EWJV tracks the MSCI Japan Value Index. Both are passively managed. Over the past 5 years, JPXN returned 8.72%/yr vs 13.59%/yr for EWJV. Their correlation of 0.86 suggests significant overlap in exposure. JPXN charges 0.48%/yr vs 0.15%/yr for EWJV.

Performance

JPXN vs. EWJV - 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 Value ETF (EWJV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with JPXN having a 15.82% return and EWJV slightly lower at 15.35%.

JPXN

• 1D: 0.09%
• 1M: 4.27%
• YTD: 15.82%
• 6M: 16.06%
• 1Y: 30.74%
• 3Y*: 17.95%
• 5Y*: 8.72%
• 10Y*: 9.05%

EWJV

• 1D: 0.33%
• 1M: 5.56%
• YTD: 15.35%
• 6M: 17.73%
• 1Y: 37.16%
• 3Y*: 24.61%
• 5Y*: 13.59%
• 10Y*: —

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

JPXN vs. EWJV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
JPXN iShares JPX-Nikkei 400 ETF	15.82%	26.03%	6.48%	19.69%	-16.29%	0.16%	15.12%	13.03%
EWJV iShares MSCI Japan Value ETF	15.35%	33.96%	11.59%	23.60%	-6.02%	5.48%	2.41%	10.48%

Correlation

The correlation between JPXN and EWJV is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Mar 8, 2019	0.86

The correlation between JPXN and EWJV has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.

JPXN vs. EWJV - Sectors Allocation Comparison

Sectors	JPXN	EWJV
Industrials	28.3%	23.9%
Technology	17.3%	9.4%
Financial Services	13.7%	30.2%
Consumer Cyclical	11.3%	13.8%
Communication Services	7.8%	6.3%
Healthcare	6.2%	4.3%
Basic Materials	5.0%	2.0%
Consumer Defensive	4.8%	3.5%
Real Estate	2.8%	2.9%
Utilities	1.6%	1.6%
Energy	1.4%	2.1%

Return for Risk

JPXN vs. EWJV — Risk / Return Rank

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

JPXN

JPXN Risk / Return Rank: 49
JPXN Sharpe Ratio Rank: 49
JPXN Sortino Ratio Rank: 50
JPXN Omega Ratio Rank: 50
JPXN Calmar Ratio Rank: 49
JPXN Martin Ratio Rank: 50

EWJV

EWJV Risk / Return Rank: 55
EWJV Sharpe Ratio Rank: 58
EWJV Sortino Ratio Rank: 60
EWJV Omega Ratio Rank: 60
EWJV Calmar Ratio Rank: 52
EWJV Martin Ratio Rank: 47

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. EWJV - 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 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.

	JPXN	EWJV	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.95	-0.30
Sortino ratio: Return per unit of downside risk	2.39	2.77	-0.38
Omega ratio: Gain probability vs. loss probability	1.31	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	2.36	2.53	-0.18
Martin ratio: Return relative to average drawdown	8.20	7.69	+0.51
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. EWJV - Sharpe Ratio Comparison

The current JPXN Sharpe Ratio is 1.65, which is comparable to the EWJV Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of JPXN 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.

Sharpe Ratios by Period

	JPXN	EWJV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	1.95	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.76	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.69	-0.42

Drawdowns

JPXN vs. EWJV - Drawdown Comparison

The maximum JPXN drawdown since its inception was -55.54%, which is greater than EWJV's maximum drawdown of -30.05%. Use the drawdown chart below to compare losses from any high point for JPXN and EWJV.

Drawdown Indicators

	JPXN	EWJV	Difference
Max Drawdown Largest peak-to-trough decline	-55.54%	-30.05%	-25.49%
Max Drawdown (1Y) Largest decline over 1 year	-13.11%	-14.74%	+1.63%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	-14.74%	+0.79%
Max Drawdown (5Y) Largest decline over 5 years	-33.21%	-25.39%	-7.82%
Max Drawdown (10Y) Largest decline over 10 years	-33.21%	—	—
Current Drawdown Current decline from peak	-0.84%	-3.68%	+2.84%
Average Drawdown Average peak-to-trough decline	-15.06%	-6.19%	-8.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	4.85%	-1.09%

Volatility

JPXN vs. EWJV - Volatility Comparison

iShares JPX-Nikkei 400 ETF (JPXN) has a higher volatility of 4.26% compared to iShares MSCI Japan Value ETF (EWJV) at 3.85%. This indicates that JPXN'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

	JPXN	EWJV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	3.85%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	14.68%	14.55%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	18.76%	19.18%	-0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	18.01%	-0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.06%	18.52%	-1.46%

JPXN vs. EWJV - Expense Ratio Comparison

JPXN has a 0.48% expense ratio, which is higher than EWJV's 0.15% expense ratio.

Dividends

JPXN vs. EWJV - Dividend Comparison

JPXN's dividend yield for the trailing twelve months is around 2.71%, less than EWJV's 4.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWJV iShares MSCI Japan Value ETF	4.64%	5.35%	4.10%	3.32%	2.71%	2.46%	1.96%	4.29%	0.00%	0.00%	0.00%	0.00%
JPXN iShares JPX-Nikkei 400 ETF	2.71%	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 EWJV in my portfolio?

With a correlation of 0.92, JPXN and EWJV 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 EWJV?

JPXN has higher volatility (4.26%) compared to EWJV (3.85%). In terms of maximum drawdown, JPXN dropped -55.54% vs EWJV's -30.05%.

Which ETF is better, JPXN or EWJV?

On 5-year performance, EWJV leads with 13.59% vs 8.72% for JPXN. On fees, EWJV is cheaper at 0.15% per year. On volatility, EWJV has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPXN or EWJV?

Over the 5-year period, EWJV has performed better with a 13.59% return vs 8.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPXN or EWJV?

EWJV is cheaper with a 0.15% expense ratio, compared with 0.48% for JPXN.

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

EWJV has the higher dividend yield at 4.64%, compared with 2.71% for JPXN.

What is the main difference between JPXN and EWJV?

JPXN tracks JPX-Nikkei Index 400, while EWJV tracks MSCI Japan Value Index. Their fees differ too: 0.48% for JPXN and 0.15% for EWJV.

Which has better risk-adjusted returns?

EWJV currently has the higher Sharpe Ratio (1.95 vs 1.65), 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.