JPYUSD=X vs. EWJ
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 -4.48%/yr vs 9.56%/yr for EWJ. At a correlation of -0.09, they often move in opposite directions.
Performance
JPYUSD=X vs. EWJ - Performance Comparison
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Returns By Period
In the year-to-date period, JPYUSD=X achieves a -3.09% return, which is significantly lower than EWJ's 15.32% return. Over the past 10 years, JPYUSD=X has underperformed EWJ with an annualized return of -4.48%, while EWJ has yielded a comparatively higher 9.56% annualized return.
JPYUSD=X
- 1D
- -0.08%
- 1M
- -1.70%
- YTD
- -3.09%
- 6M
- -3.57%
- 1Y
- -10.34%
- 3Y*
- -3.84%
- 5Y*
- -7.28%
- 10Y*
- -4.48%
EWJ
- 1D
- -0.15%
- 1M
- 1.64%
- YTD
- 15.32%
- 6M
- 14.95%
- 1Y
- 32.80%
- 3Y*
- 18.37%
- 5Y*
- 8.80%
- 10Y*
- 9.56%
JPYUSD=X vs. EWJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPYUSD=X JPY/USD | -3.09% | 0.33% | -10.26% | -7.04% | -12.23% | -10.24% | 5.18% | 0.86% | 2.82% | 3.91% |
EWJ iShares MSCI Japan ETF | 15.32% | 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 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
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 25, 2007 | -0.09 |
The correlation between JPYUSD=X and EWJ shifts across timeframes, from -0.09 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
JPYUSD=X vs. EWJ — Risk / Return Rank
JPYUSD=X
EWJ
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.
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.
| JPYUSD=X | EWJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.72 | ||
| Sortino ratioReturn per unit of downside risk | -3.91 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.30 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 2.42 | -3.17 |
| Martin ratioReturn relative to average drawdown | -1.12 | 8.12 | -9.24 |
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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.
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Drawdown Indicators
| JPYUSD=X | EWJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.96% | -60.93% | +7.97% |
Max Drawdown (1Y)Largest decline over 1 year | -11.31% | -13.59% | +2.28% |
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 DrawdownCurrent decline from peak | -52.94% | -4.50% | -48.44% |
Average DrawdownAverage peak-to-trough decline | -27.01% | -21.70% | -5.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.41% | 4.05% | +2.36% |
Volatility
JPYUSD=X vs. EWJ - Volatility Comparison
The current volatility for JPY/USD (JPYUSD=X) is 0.73%, while iShares MSCI Japan ETF (EWJ) has a volatility of 8.05%. 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.
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Volatility by Period
| JPYUSD=X | EWJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 8.05% | -7.32% |
Volatility (6M)Calculated over the trailing 6-month period | 4.83% | 16.66% | -11.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.47% | 20.71% | -13.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.55% | 18.50% | -8.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.76% | 17.33% | -8.57% |
Frequently Asked Questions
JPYUSD=X and EWJ have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWJ has higher volatility (8.05%) compared to JPYUSD=X (0.73%). In terms of maximum drawdown, JPYUSD=X dropped -52.96% vs EWJ's -60.93%.
EWJ currently has the higher Sharpe Ratio (1.59 vs -1.13), 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.
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