JPY vs. DFJ

Last updated Aug 2, 2026

JPY (Lazard Japanese Equity ETF) and DFJ (WisdomTree Japan SmallCap Dividend Fund) are both Japan Equities funds. JPY is actively managed, while DFJ is passively managed. Over the past year, JPY returned 32.90% vs 23.77% for DFJ. Their 0.73 correlation means they have sometimes moved together and sometimes differently. JPY charges 0.60%/yr vs 0.58%/yr for DFJ.

Performance

JPY vs. DFJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lazard Japanese Equity ETF (JPY) and WisdomTree Japan SmallCap Dividend Fund (DFJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPY achieves a 17.35% return, which is significantly higher than DFJ's 12.43% return.

JPY

• 1D: -0.99%
• 1M: 0.13%
• 6M: 11.59%
• YTD: 17.35%
• 1Y: 32.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 45.86%

DFJ

• 1D: -0.21%
• 1M: -0.56%
• 6M: 5.79%
• YTD: 12.43%
• 1Y: 23.77%
• 3Y*: 18.59%
• 5Y*: 10.25%
• 10Y*: 8.80%
• ALL TIME*: 5.90%

*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)
DFJ WisdomTree Japan SmallCap Dividend Fund	$4.27M	$3.89M	$3.95M
JPY Lazard Japanese Equity ETF	$117.81K	$120.64K	$196.88K

JPY vs. DFJ - Yearly Performance Comparison

	2026 (YTD)	2025
JPY Lazard Japanese Equity ETF	17.35%	39.95%
DFJ WisdomTree Japan SmallCap Dividend Fund	12.43%	36.41%

Correlation

The correlation between JPY and DFJ is 0.72, 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.	0.72
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.73

The correlation between JPY and DFJ has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.

Return for Risk

JPY vs. DFJ — Risk / Return Rank

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

JPY

JPY Risk / Return Rank: 68
JPY Sharpe Ratio Rank: 73
JPY Sortino Ratio Rank: 71
JPY Omega Ratio Rank: 73
JPY Calmar Ratio Rank: 63
JPY Martin Ratio Rank: 62

DFJ

DFJ Risk / Return Rank: 60
DFJ Sharpe Ratio Rank: 66
DFJ Sortino Ratio Rank: 66
DFJ Omega Ratio Rank: 61
DFJ Calmar Ratio Rank: 58
DFJ Martin Ratio Rank: 47

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.

JPY vs. DFJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard Japanese Equity ETF (JPY) and WisdomTree Japan SmallCap Dividend Fund (DFJ). 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.

	JPY	DFJ	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.51	+0.17
Sortino ratio: Return per unit of downside risk	2.33	2.18	+0.16
Omega ratio: Gain probability vs. loss probability	1.30	1.26	+0.04
Calmar ratio: Return relative to maximum drawdown	2.23	2.04	+0.19
Martin ratio: Return relative to average drawdown	7.53	5.39	+2.14

JPY vs. DFJ - Sharpe Ratio Comparison

The current JPY Sharpe Ratio is 1.68, which is comparable to the DFJ Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of JPY and DFJ, 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

JPY vs. DFJ - Drawdown Comparison

The maximum JPY drawdown since its inception was -15.13%, smaller than the maximum DFJ drawdown of -46.00%. Use the drawdown chart below to compare losses from any high point for JPY and DFJ.

Drawdown Indicators

	JPY	DFJ	Difference
Max Drawdown Largest peak-to-trough decline	-15.13%	-46.00%	+30.87%
Max Drawdown (1Y) Largest decline over 1 year	-15.13%	-13.03%	-2.10%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.71%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.02%	—
Current Drawdown Current decline from peak	-1.98%	-4.04%	+2.06%
Average Drawdown Average peak-to-trough decline	-2.52%	-11.10%	+8.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.46%	4.91%	-0.45%

Volatility

JPY vs. DFJ - Volatility Comparison

Lazard Japanese Equity ETF (JPY) and WisdomTree Japan SmallCap Dividend Fund (DFJ) have volatilities of 6.16% and 6.34%, 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

	JPY	DFJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.16%	6.34%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	16.09%	14.82%	+1.27%
Volatility (1Y) Calculated over the trailing 1-year period	20.03%	17.57%	+2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.02%	16.11%	+4.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.02%	17.00%	+4.02%

JPY vs. DFJ - Expense Ratio Comparison

JPY has a 0.60% expense ratio, which is higher than DFJ's 0.58% expense ratio.

Dividends

JPY vs. DFJ - Dividend Comparison

JPY's dividend yield for the trailing twelve months is around 1.18%, less than DFJ's 2.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFJ WisdomTree Japan SmallCap Dividend Fund	2.61%	2.68%	2.46%	2.43%	2.62%	2.07%	2.59%	2.24%	1.89%	1.60%	1.76%	1.23%
JPY Lazard Japanese Equity ETF	1.18%	2.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JPY and DFJ in my portfolio?

JPY and DFJ have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPY or DFJ?

DFJ has higher volatility (6.34%) compared to JPY (6.16%). In terms of maximum drawdown, JPY dropped -15.13% vs DFJ's -46.00%.

Which ETF is better, JPY or DFJ?

On 1-year performance, JPY leads with 32.90% vs 23.77% for DFJ. On fees, DFJ is cheaper at 0.58% per year. On volatility, JPY has been the lower-risk option at 6.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPY or DFJ?

Over the 1-year period, JPY has performed better with a 32.90% return vs 23.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPY or DFJ?

DFJ is cheaper with a 0.58% expense ratio, compared with 0.60% for JPY.

Which ETF pays a higher dividend yield, JPY or DFJ?

DFJ has the higher dividend yield at 2.61%, compared with 1.18% for JPY.

What is the main difference between JPY and DFJ?

They also come from different issuers: Lazard and WisdomTree. Their fees differ too: 0.60% for JPY and 0.58% for DFJ.

Which has better risk-adjusted returns?

JPY currently has the higher Sharpe Ratio (1.68 vs 1.51), 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.