JPXN vs. SCJ

Last updated Jun 24, 2026

JPXN (iShares JPX-Nikkei 400 ETF) and SCJ (iShares MSCI Japan Small Cap ETF) are both Japan Equities funds from iShares - JPXN tracks the JPX-Nikkei Index 400 while SCJ tracks the MSCI Japan Small Cap Index. Both are passively managed. Over the past 10 years, JPXN returned 9.34%/yr vs 7.94%/yr for SCJ. Their correlation of 0.84 suggests significant overlap in exposure. JPXN charges 0.48%/yr vs 0.49%/yr for SCJ.

Performance

JPXN vs. SCJ - 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 Small Cap ETF (SCJ). 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 14.64% return and SCJ slightly lower at 14.43%. Over the past 10 years, JPXN has outperformed SCJ with an annualized return of 9.34%, while SCJ has yielded a comparatively lower 7.94% annualized return.

JPXN

• 1D: -3.58%
• 1M: 0.65%
• YTD: 14.64%
• 6M: 14.04%
• 1Y: 31.44%
• 3Y*: 17.87%
• 5Y*: 8.86%
• 10Y*: 9.34%

SCJ

• 1D: -1.98%
• 1M: 0.36%
• YTD: 14.43%
• 6M: 14.21%
• 1Y: 29.99%
• 3Y*: 18.07%
• 5Y*: 7.56%
• 10Y*: 7.94%

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

JPXN vs. SCJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPXN iShares JPX-Nikkei 400 ETF	14.64%	26.03%	6.48%	19.69%	-16.29%	0.16%	15.12%	19.40%	-14.87%	24.41%
SCJ iShares MSCI Japan Small Cap ETF	14.43%	29.58%	3.41%	13.22%	-12.75%	-2.95%	7.46%	16.16%	-17.17%	31.61%

Correlation

The correlation between JPXN and SCJ is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Dec 27, 2007	0.84

The correlation between JPXN and SCJ has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

JPXN vs. SCJ - Sectors Allocation Comparison

Sectors	JPXN	SCJ
Industrials	25.4%	27.0%
Technology	20.9%	13.9%
Financial Services	16.6%	10.0%
Consumer Cyclical	9.7%	15.2%
Communication Services	7.3%	2.8%
Healthcare	6.1%	5.3%
Basic Materials	4.3%	9.3%
Consumer Defensive	4.1%	6.3%
Real Estate	2.2%	7.7%
Utilities	1.4%	1.9%
Energy	1.1%	0.7%

Return for Risk

JPXN vs. SCJ — Risk / Return Rank

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

JPXN

JPXN Risk / Return Rank: 50
JPXN Sharpe Ratio Rank: 49
JPXN Sortino Ratio Rank: 48
JPXN Omega Ratio Rank: 49
JPXN Calmar Ratio Rank: 51
JPXN Martin Ratio Rank: 51

SCJ

SCJ Risk / Return Rank: 55
SCJ Sharpe Ratio Rank: 57
SCJ Sortino Ratio Rank: 57
SCJ Omega Ratio Rank: 55
SCJ Calmar Ratio Rank: 53
SCJ Martin Ratio Rank: 51

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. SCJ - 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 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.

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.

	JPXN	SCJ	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.83	-0.22
Sortino ratio: Return per unit of downside risk	2.28	2.57	-0.28
Omega ratio: Gain probability vs. loss probability	1.30	1.32	-0.03
Calmar ratio: Return relative to maximum drawdown	2.41	2.48	-0.07
Martin ratio: Return relative to average drawdown	8.30	8.30	-0.01

JPXN vs. SCJ - Sharpe Ratio Comparison

The current JPXN Sharpe Ratio is 1.61, which is comparable to the SCJ Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of JPXN 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.

Drawdowns

JPXN vs. SCJ - Drawdown Comparison

The maximum JPXN drawdown since its inception was -55.54%, which is greater than SCJ's maximum drawdown of -43.52%. Use the drawdown chart below to compare losses from any high point for JPXN and SCJ.

Drawdown Indicators

	JPXN	SCJ	Difference
Max Drawdown Largest peak-to-trough decline	-55.54%	-43.52%	-12.02%
Max Drawdown (1Y) Largest decline over 1 year	-13.11%	-12.17%	-0.94%
Max Drawdown (3Y) Largest decline over 3 years	-13.95%	-12.43%	-1.52%
Max Drawdown (5Y) Largest decline over 5 years	-33.21%	-33.25%	+0.04%
Max Drawdown (10Y) Largest decline over 10 years	-33.21%	-38.87%	+5.66%
Current Drawdown Current decline from peak	-3.58%	-1.98%	-1.60%
Average Drawdown Average peak-to-trough decline	-15.03%	-10.36%	-4.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.80%	3.62%	+0.18%

Volatility

JPXN vs. SCJ - Volatility Comparison

iShares JPX-Nikkei 400 ETF (JPXN) has a higher volatility of 6.91% compared to iShares MSCI Japan Small Cap ETF (SCJ) at 4.97%. This indicates that JPXN'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

	JPXN	SCJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.91%	4.97%	+1.94%
Volatility (6M) Calculated over the trailing 6-month period	15.85%	13.57%	+2.28%
Volatility (1Y) Calculated over the trailing 1-year period	19.63%	16.49%	+3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.89%	15.87%	+2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	16.27%	+0.77%

JPXN vs. SCJ - Expense Ratio Comparison

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

Dividends

JPXN vs. SCJ - Dividend Comparison

JPXN's dividend yield for the trailing twelve months is around 2.79%, which matches SCJ's 2.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPXN iShares JPX-Nikkei 400 ETF	2.79%	3.14%	2.29%	2.57%	1.47%	2.63%	1.27%	1.92%	1.60%	1.50%	2.07%	1.32%
SCJ iShares MSCI Japan Small Cap ETF	2.80%	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 JPXN and SCJ in my portfolio?

JPXN and SCJ have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPXN or SCJ?

JPXN has higher volatility (6.91%) compared to SCJ (4.97%). In terms of maximum drawdown, JPXN dropped -55.54% vs SCJ's -43.52%.

Which ETF is better, JPXN or SCJ?

On 10-year performance, JPXN leads with 9.34% vs 7.94% for SCJ. On fees, JPXN is cheaper at 0.48% per year. On volatility, SCJ has been the lower-risk option at 4.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPXN or SCJ?

Over the 10-year period, JPXN has performed better with a 9.34% return vs 7.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPXN or SCJ?

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

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

JPXN and SCJ have nearly identical dividend yields, around 2.79%.

What is the main difference between JPXN and SCJ?

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

Which has better risk-adjusted returns?

SCJ currently has the higher Sharpe Ratio (1.83 vs 1.61), 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.