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QAN.AX vs. EWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QAN.AX vs. EWJ

Last updated Jun 5, 2026

QAN.AX (Qantas Airways Limited) is a stock, while EWJ (iShares MSCI Japan ETF) is Japan Equities fund tracking the MSCI Japan Index. Over the past 10 years, QAN.AX returned 14.62%/yr vs 9.42%/yr for EWJ. At a 0.06 correlation, their price movements are largely independent.

Performance

QAN.AX vs. EWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Qantas Airways Limited (QAN.AX) and iShares MSCI Japan ETF (EWJ). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

QAN.AX is traded in AUD, while EWJ is traded in USD. To make them comparable, the EWJ values have been converted to AUD using the latest available exchange rates.

Returns By Period

In the year-to-date period, QAN.AX achieves a -9.75% return, which is significantly lower than EWJ's 6.40% return. Over the past 10 years, QAN.AX has outperformed EWJ with an annualized return of 14.62%, while EWJ has yielded a comparatively lower 9.42% annualized return.

QAN.AX

1D
-0.11%
1M
6.89%
YTD
-9.75%
6M
-4.51%
1Y
-7.77%
3Y*
14.20%
5Y*
15.15%
10Y*
14.62%

EWJ

1D
-2.44%
1M
1.65%
YTD
6.40%
6M
5.94%
1Y
19.31%
3Y*
14.16%
5Y*
10.09%
10Y*
9.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QAN.AX vs. EWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QAN.AX
Qantas Airways Limited		-9.75%21.79%67.04%-10.65%19.96%3.30%-30.08%28.19%18.12%56.17%
EWJ
iShares MSCI Japan ETF		6.40%16.70%17.81%20.38%-12.29%7.09%5.27%19.89%-4.89%14.80%

Correlation

The correlation between QAN.AX and EWJ is -0.01, 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

-0.01

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

0.06

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

0.05

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

0.07

Correlation (All Time)
Calculated using the full available price history since Jul 4, 2007

0.06

Compare stocks, funds, or ETFs

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

Qantas Airways Limited

iShares MSCI Japan ETF

Often compared with QAN.AX:
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Often compared with EWJ:
EWJ vs. DXJEWJ vs. ^N225EWJ vs. EWJVEWJ vs. EWYEWJ vs. FLJPEWJ vs. HEWJEWJ vs. JPXN

Return for Risk

QAN.AX vs. EWJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QAN.AX
QAN.AX Risk / Return Rank: 2626
Overall Rank
QAN.AX Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
QAN.AX Sortino Ratio Rank: 2323
Sortino Ratio Rank
QAN.AX Omega Ratio Rank: 2424
Omega Ratio Rank
QAN.AX Calmar Ratio Rank: 3030
Calmar Ratio Rank
QAN.AX Martin Ratio Rank: 2929
Martin Ratio Rank
EWJ
EWJ Risk / Return Rank: 4545
Overall Rank
EWJ Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
EWJ Sortino Ratio Rank: 4444
Sortino Ratio Rank
EWJ Omega Ratio Rank: 4545
Omega Ratio Rank
EWJ Calmar Ratio Rank: 4545
Calmar Ratio Rank
EWJ Martin Ratio Rank: 4646
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.

QAN.AX vs. EWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Qantas Airways Limited (QAN.AX) 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.

QAN.AXEWJDifference
Sharpe ratioReturn per unit of total volatility
-0.34
1.18

-1.52

Sortino ratioReturn per unit of downside risk
-0.30
1.79

-2.09

Omega ratioGain probability vs. loss probability

0.96

1.22

-0.26

Calmar ratioReturn relative to maximum drawdown

-0.35

1.51

-1.86

Martin ratioReturn relative to average drawdown

-0.66

4.83

-5.49

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

QAN.AX vs. EWJ - Sharpe Ratio Comparison

The current QAN.AX Sharpe Ratio is -0.34, which is lower than the EWJ Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of QAN.AX 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.

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Sharpe Ratios by Period

QAN.AXEWJDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.34

1.18

-1.52

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.52

0.67

-0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

0.63

-0.18

Sharpe Ratio (All Time)

Calculated using the full available price history

0.26

0.30

-0.03

Drawdowns

QAN.AX vs. EWJ - Drawdown Comparison

The maximum QAN.AX drawdown since its inception was -81.91%, which is greater than EWJ's maximum drawdown of -46.86%. Use the drawdown chart below to compare losses from any high point for QAN.AX and EWJ.

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Drawdown Indicators

QAN.AXEWJDifference

Max Drawdown

Largest peak-to-trough decline

-81.91%

-46.86%

-35.05%

Max Drawdown (1Y)

Largest decline over 1 year

-29.51%

-12.85%

-16.66%

Max Drawdown (3Y)

Largest decline over 3 years

-29.51%

-12.85%

-16.66%

Max Drawdown (5Y)

Largest decline over 5 years

-30.29%

-24.61%

-5.68%

Max Drawdown (10Y)

Largest decline over 10 years

-70.36%

-24.61%

-45.75%

Current Drawdown

Current decline from peak

-20.86%

-2.98%

-17.88%

Average Drawdown

Average peak-to-trough decline

-27.46%

-15.00%

-12.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

15.54%

4.01%

+11.53%

Volatility

QAN.AX vs. EWJ - Volatility Comparison

Qantas Airways Limited (QAN.AX) has a higher volatility of 9.97% compared to iShares MSCI Japan ETF (EWJ) at 3.36%. This indicates that QAN.AX'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

QAN.AXEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.97%

3.36%

+6.61%

Volatility (6M)

Calculated over the trailing 6-month period

23.69%

12.73%

+10.96%

Volatility (1Y)

Calculated over the trailing 1-year period

30.56%

16.45%

+14.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

28.85%

15.13%

+13.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.67%

14.98%

+17.69%

Dividends

QAN.AX vs. EWJ - Dividend Comparison

QAN.AX's dividend yield for the trailing twelve months is around 5.05%, more than EWJ's 4.03% yield.

PositionTTM20252024202320222021202020192018201720162015
EWJ
iShares MSCI Japan ETF		4.03%4.52%2.34%2.03%1.23%2.08%1.04%2.03%1.71%1.25%1.95%1.27%
QAN.AX
Qantas Airways Limited		5.05%5.09%0.00%0.00%0.00%0.00%2.78%3.52%2.94%2.78%2.10%5.62%

Frequently Asked Questions

QAN.AX and EWJ have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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