PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
JPYUSD=X vs. EWJ
Performance
Return for Risk
Drawdowns
Volatility

JPYUSD=X vs. EWJ

Last updated Jun 4, 2026

JPYUSD=X (JPY/USD) is a currency, while EWJ (iShares MSCI Japan ETF) is Japan Equities fund tracking the MSCI Japan Index. Over the past 10 years, JPYUSD=X returned -3.98%/yr vs 9.37%/yr for EWJ. At a correlation of -0.09, they often move in opposite directions.

Performance

JPYUSD=X vs. EWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPY/USD (JPYUSD=X) and iShares MSCI Japan ETF (EWJ). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, JPYUSD=X achieves a -2.00% return, which is significantly lower than EWJ's 16.35% return. Over the past 10 years, JPYUSD=X has underperformed EWJ with an annualized return of -3.98%, while EWJ has yielded a comparatively higher 9.37% annualized return.

JPYUSD=X

1D
-0.17%
1M
-1.69%
YTD
-2.00%
6M
-2.90%
1Y
-9.92%
3Y*
-4.34%
5Y*
-7.29%
10Y*
-3.98%

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)

JPYUSD=X vs. EWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
JPYUSD=X
JPY/USD		-2.00%0.33%-10.26%-7.04%-12.23%-10.24%5.18%0.86%2.82%3.91%
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 JPYUSD=X and EWJ is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.37

Correlation (3Y)
Calculated over the trailing 3-year period

0.24

Correlation (5Y)
Calculated over the trailing 5-year period

0.25

Correlation (10Y)
Calculated over the trailing 10-year period

0.09

Correlation (All Time)
Calculated using the full available price history since Jul 2, 2007

-0.09

The correlation between JPYUSD=X and EWJ shifts across timeframes, from -0.09 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

JPY/USD

iShares MSCI Japan ETF

Often compared with JPYUSD=X:
JPYUSD=X vs. BTC-USDJPYUSD=X vs. YCSJPYUSD=X vs. EURUSD=XJPYUSD=X vs. SPYJPYUSD=X vs. DXJJPYUSD=X vs. ^TNXJPYUSD=X vs. VDE
Often compared with EWJ:
EWJ vs. DXJEWJ vs. ^N225EWJ vs. EWJVEWJ vs. EWYEWJ vs. FLJPEWJ vs. HEWJEWJ vs. JPXN

Return for Risk

JPYUSD=X vs. EWJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JPYUSD=X
JPYUSD=X Risk / Return Rank: 1414
Overall Rank
JPYUSD=X Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
JPYUSD=X Sortino Ratio Rank: 1010
Sortino Ratio Rank
JPYUSD=X Omega Ratio Rank: 1111
Omega Ratio Rank
JPYUSD=X Calmar Ratio Rank: 1818
Calmar Ratio Rank
JPYUSD=X Martin Ratio Rank: 1919
Martin Ratio Rank
EWJ
EWJ Risk / Return Rank: 4848
Overall Rank
EWJ Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
EWJ Sortino Ratio Rank: 4848
Sortino Ratio Rank
EWJ Omega Ratio Rank: 4949
Omega Ratio Rank
EWJ Calmar Ratio Rank: 4848
Calmar Ratio Rank
EWJ Martin Ratio Rank: 4848
Martin Ratio Rank
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.

JPYUSD=X vs. EWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPY/USD (JPYUSD=X) 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.

JPYUSD=XEWJDifference

Sharpe ratio

Return per unit of total volatility

-1.06

1.68

-2.74

Sortino ratio

Return per unit of downside risk

-1.55

2.43

-3.98

Omega ratio

Gain probability vs. loss probability

0.83

1.31

-0.48

Calmar ratio

Return relative to maximum drawdown

-0.73

2.40

-3.14

Martin ratio

Return relative to average drawdown

-1.08

8.14

-9.22

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPYUSD=X vs. EWJ - Sharpe Ratio Comparison

The current JPYUSD=X Sharpe Ratio is -1.06, which is lower than the EWJ Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of JPYUSD=X 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.

Loading charts...

Sharpe Ratios by Period

JPYUSD=XEWJDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.06

1.68

-2.74

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.70

0.48

-1.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.42

0.54

-0.97

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.13

0.11

-0.24

Drawdowns

JPYUSD=X vs. EWJ - Drawdown Comparison

The maximum JPYUSD=X drawdown since its inception was -52.96%, smaller than the maximum EWJ drawdown of -60.93%. Use the drawdown chart below to compare losses from any high point for JPYUSD=X and EWJ.

Loading charts...

Drawdown Indicators

JPYUSD=XEWJDifference

Max Drawdown

Largest peak-to-trough decline

-52.96%

-60.93%

+7.97%

Max Drawdown (1Y)

Largest decline over 1 year

-11.01%

-13.59%

+2.58%

Max Drawdown (3Y)

Largest decline over 3 years

-14.63%

-14.68%

+0.05%

Max Drawdown (5Y)

Largest decline over 5 years

-32.59%

-33.14%

+0.55%

Max Drawdown (10Y)

Largest decline over 10 years

-38.21%

-33.14%

-5.07%

Current Drawdown

Current decline from peak

-52.41%

-0.03%

-52.38%

Average Drawdown

Average peak-to-trough decline

-26.83%

-21.74%

-5.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.96%

4.01%

+1.95%

Volatility

JPYUSD=X vs. EWJ - Volatility Comparison

The current volatility for JPY/USD (JPYUSD=X) is 0.74%, while iShares MSCI Japan ETF (EWJ) has a volatility of 4.33%. This indicates that JPYUSD=X experiences smaller price fluctuations and is considered to be less risky than EWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

JPYUSD=XEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.74%

4.33%

-3.59%

Volatility (6M)

Calculated over the trailing 6-month period

5.57%

15.02%

-9.45%

Volatility (1Y)

Calculated over the trailing 1-year period

7.65%

19.53%

-11.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.57%

18.23%

-8.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.91%

17.27%

-8.36%

Frequently Asked Questions

JPYUSD=X and EWJ have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWJ has higher volatility (4.33%) compared to JPYUSD=X (0.74%). In terms of maximum drawdown, JPYUSD=X dropped -52.96% vs EWJ's -60.93%.

EWJ currently has the higher Sharpe Ratio (1.68 vs -1.06), 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.

Portfolio Optimizer

Find the right allocation for JPYUSD=X and EWJ

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer