KO vs. EWJ
KO (The Coca-Cola Company) is a stock, while EWJ (iShares MSCI Japan ETF) is Japan Equities fund tracking the MSCI Japan Index. Over the past 10 years, KO returned 9.55%/yr vs 9.55%/yr for EWJ. At a 0.27 correlation, their price movements are largely independent.
Performance
KO vs. EWJ - Performance Comparison
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Returns By Period
In the year-to-date period, KO achieves a 18.99% return, which is significantly higher than EWJ's 14.83% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: KO at 9.55% and EWJ at 9.55%.
KO
- 1D
- 0.11%
- 1M
- 2.23%
- YTD
- 18.99%
- 6M
- 17.96%
- 1Y
- 18.86%
- 3Y*
- 14.33%
- 5Y*
- 11.29%
- 10Y*
- 9.55%
EWJ
- 1D
- 0.57%
- 1M
- 0.71%
- YTD
- 14.83%
- 6M
- 14.50%
- 1Y
- 31.74%
- 3Y*
- 16.57%
- 5Y*
- 8.56%
- 10Y*
- 9.55%
KO vs. EWJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KO The Coca-Cola Company | 18.99% | 15.60% | 8.88% | -4.43% | 10.61% | 11.37% | 2.47% | 20.60% | 6.77% | 14.38% |
EWJ iShares MSCI Japan ETF | 14.83% | 25.84% | 7.03% | 20.29% | -17.72% | 1.16% | 15.40% | 19.34% | -14.10% | 24.27% |
Correlation
The correlation between KO and EWJ is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 1996 | 0.27 |
The correlation between KO and EWJ shifts across timeframes, from -0.02 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
KO vs. EWJ — Risk / Return Rank
KO
EWJ
KO vs. EWJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Coca-Cola Company (KO) 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.
| KO | EWJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.28 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 2.27 | -0.01 |
| Martin ratioReturn relative to average drawdown | 4.51 | 7.62 | -3.11 |
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Drawdowns
KO vs. EWJ - Drawdown Comparison
The maximum KO drawdown since its inception was -68.23%, which is greater than EWJ's maximum drawdown of -60.93%. Use the drawdown chart below to compare losses from any high point for KO and EWJ.
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Drawdown Indicators
| KO | EWJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.23% | -60.93% | -7.30% |
Max Drawdown (1Y)Largest decline over 1 year | -7.87% | -13.59% | +5.72% |
Max Drawdown (3Y)Largest decline over 3 years | -16.26% | -14.68% | -1.58% |
Max Drawdown (5Y)Largest decline over 5 years | -17.27% | -33.14% | +15.87% |
Max Drawdown (10Y)Largest decline over 10 years | -36.99% | -33.14% | -3.85% |
Current DrawdownCurrent decline from peak | -1.16% | -1.51% | +0.35% |
Average DrawdownAverage peak-to-trough decline | -16.09% | -21.72% | +5.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.98% | 4.04% | -0.06% |
Volatility
KO vs. EWJ - Volatility Comparison
The Coca-Cola Company (KO) has a higher volatility of 6.70% compared to iShares MSCI Japan ETF (EWJ) at 6.31%. This indicates that KO's price experiences larger fluctuations and is considered to be riskier 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
| KO | EWJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.70% | 6.31% | +0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 12.87% | 15.96% | -3.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.73% | 20.23% | -3.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.18% | 18.38% | -2.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.24% | 17.33% | +0.91% |
Dividends
KO vs. EWJ - Dividend Comparison
KO's dividend yield for the trailing twelve months is around 2.49%, less than EWJ's 3.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWJ iShares MSCI Japan ETF | 3.94% | 4.52% | 2.34% | 2.03% | 1.23% | 2.08% | 1.04% | 2.03% | 1.71% | 1.25% | 1.95% | 1.27% |
KO The Coca-Cola Company | 1.88% | 2.92% | 3.12% | 3.12% | 2.77% | 2.84% | 2.99% | 2.89% | 3.29% | 3.23% | 3.38% | 3.07% |
Frequently Asked Questions
KO and EWJ have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KO has higher volatility (6.70%) compared to EWJ (6.31%). In terms of maximum drawdown, KO dropped -68.23% vs EWJ's -60.93%.
EWJ currently has the higher Sharpe Ratio (1.52 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.
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