JPYUSD=X vs. EWJ

Last updated Apr 1, 2026

Compare and contrast key facts about JPY/USD (JPYUSD=X) and iShares MSCI Japan ETF (EWJ).

EWJ is a passively managed fund by iShares that tracks the performance of the MSCI Japan Index. It was launched on Mar 12, 1996.

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.

JPYUSD=X vs. EWJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPYUSD=X JPY/USD	-1.34%	0.33%	-10.26%	-7.04%	-12.23%	-10.24%	5.18%	0.86%	2.82%	3.91%
EWJ iShares MSCI Japan ETF	4.58%	25.84%	7.03%	20.29%	-17.72%	1.16%	15.40%	19.34%	-14.10%	24.27%

Returns By Period

In the year-to-date period, JPYUSD=X achieves a -1.34% return, which is significantly lower than EWJ's 4.58% return. Over the past 10 years, JPYUSD=X has underperformed EWJ with an annualized return of -3.46%, while EWJ has yielded a comparatively higher 8.78% annualized return.

JPYUSD=X

• 1D: 0.60%
• 1M: -1.44%
• YTD: -1.34%
• 6M: -6.87%
• 1Y: -5.56%
• 3Y*: -5.78%
• 5Y*: -6.98%
• 10Y*: -3.46%

EWJ

• 1D: 3.58%
• 1M: -8.59%
• YTD: 4.58%
• 6M: 9.21%
• 1Y: 28.81%
• 3Y*: 16.27%
• 5Y*: 6.62%
• 10Y*: 8.78%

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

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: 23
JPYUSD=X Sharpe Ratio Rank: 31
JPYUSD=X Sortino Ratio Rank: 31
JPYUSD=X Omega Ratio Rank: 32
JPYUSD=X Calmar Ratio Rank: 9
JPYUSD=X Martin Ratio Rank: 10

EWJ

EWJ Risk / Return Rank: 77
EWJ Sharpe Ratio Rank: 76
EWJ Sortino Ratio Rank: 78
EWJ Omega Ratio Rank: 74
EWJ Calmar Ratio Rank: 79
EWJ Martin Ratio Rank: 76

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=X	EWJ	Difference
Sharpe ratio Return per unit of total volatility	-0.50	1.32	-1.82
Sortino ratio Return per unit of downside risk	-0.66	1.92	-2.58
Omega ratio Gain probability vs. loss probability	0.92	1.26	-0.34
Calmar ratio Return relative to maximum drawdown	-0.81	2.03	-2.84
Martin ratio Return relative to average drawdown	-1.32	7.50	-8.82
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 -0.50, which is lower than the EWJ Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of JPYUSD=X and EWJ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	JPYUSD=X	EWJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.50	1.32	-1.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.68	0.37	-1.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.36	0.51	-0.87
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	0.10	-0.24

Correlation

The correlation between JPYUSD=X and EWJ is -0.10. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

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.

Drawdown Indicators

	JPYUSD=X	EWJ	Difference
Max Drawdown Largest peak-to-trough decline	-52.96%	-60.93%	+7.97%
Max Drawdown (1Y) Largest decline over 1 year	-12.14%	-13.59%	+1.45%
Max Drawdown (5Y) Largest decline over 5 years	-33.32%	-33.14%	-0.18%
Max Drawdown (10Y) Largest decline over 10 years	-38.21%	-33.14%	-5.07%
Current Drawdown Current decline from peak	-52.09%	-10.14%	-41.95%
Average Drawdown Average peak-to-trough decline	-26.37%	-21.84%	-4.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.49%	3.68%	+2.81%

Volatility

JPYUSD=X vs. EWJ - Volatility Comparison

The current volatility for JPY/USD (JPYUSD=X) is 2.38%, while iShares MSCI Japan ETF (EWJ) has a volatility of 9.41%. 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.

Volatility by Period

	JPYUSD=X	EWJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.38%	9.41%	-7.03%
Volatility (6M) Calculated over the trailing 6-month period	5.39%	14.87%	-9.48%
Volatility (1Y) Calculated over the trailing 1-year period	8.76%	21.87%	-13.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.52%	18.10%	-8.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.04%	17.31%	-8.27%