SCJ vs. CJP.NEO

Last updated Jun 4, 2026

SCJ (iShares MSCI Japan Small Cap ETF) and CJP.NEO (iShares Japan Fundamental Index ETF (CAD-Hedged)) are both Japan Equities funds from iShares - SCJ tracks the MSCI Japan Small Cap Index while CJP.NEO tracks the FTSE RAFI Japan Canadian Dollar Hedged Index. Both are passively managed. Over the past 10 years, SCJ returned 7.55%/yr vs 15.32%/yr for CJP.NEO. A 0.62 correlation means they provide meaningful diversification when combined. SCJ charges 0.49%/yr vs 0.71%/yr for CJP.NEO.

Performance

SCJ vs. CJP.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Japan Small Cap ETF (SCJ) and iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP.NEO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SCJ is traded in USD, while CJP.NEO is traded in CAD. To make them comparable, the CJP.NEO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SCJ achieves a 14.35% return, which is significantly lower than CJP.NEO's 17.82% return. Over the past 10 years, SCJ has underperformed CJP.NEO with an annualized return of 7.55%, while CJP.NEO has yielded a comparatively higher 15.32% annualized return.

SCJ

• 1D: 0.36%
• 1M: 5.04%
• YTD: 14.35%
• 6M: 16.37%
• 1Y: 30.15%
• 3Y*: 17.70%
• 5Y*: 7.36%
• 10Y*: 7.55%

CJP.NEO

• 1D: 0.06%
• 1M: 7.14%
• YTD: 17.82%
• 6M: 23.71%
• 1Y: 49.27%
• 3Y*: 28.76%
• 5Y*: 19.51%
• 10Y*: 15.32%

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

SCJ vs. CJP.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCJ iShares MSCI Japan Small Cap ETF	14.35%	29.58%	3.41%	13.22%	-12.75%	-2.95%	7.46%	16.16%	-17.17%	31.61%
CJP.NEO iShares Japan Fundamental Index ETF (CAD-Hedged)	17.82%	36.93%	16.73%	38.10%	-3.26%	19.06%	2.18%	18.77%	-23.77%	29.71%

Correlation

The correlation between SCJ and CJP.NEO is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since May 6, 2009	0.62

The correlation between SCJ and CJP.NEO has been stable across timeframes, ranging from 0.62 to 0.67 - a consistent structural relationship.

Return for Risk

SCJ vs. CJP.NEO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SCJ

SCJ Risk / Return Rank: 53
SCJ Sharpe Ratio Rank: 55
SCJ Sortino Ratio Rank: 55
SCJ Omega Ratio Rank: 54
SCJ Calmar Ratio Rank: 50
SCJ Martin Ratio Rank: 50

CJP.NEO

CJP.NEO Risk / Return Rank: 86
CJP.NEO Sharpe Ratio Rank: 87
CJP.NEO Sortino Ratio Rank: 85
CJP.NEO Omega Ratio Rank: 86
CJP.NEO Calmar Ratio Rank: 85
CJP.NEO Martin Ratio Rank: 85

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.

SCJ vs. CJP.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan Small Cap ETF (SCJ) and iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP.NEO). 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.

	SCJ	CJP.NEO	Difference
Sharpe ratio Return per unit of total volatility	1.88	2.67	-0.79
Sortino ratio Return per unit of downside risk	2.67	3.62	-0.95
Omega ratio Gain probability vs. loss probability	1.34	1.48	-0.14
Calmar ratio Return relative to maximum drawdown	2.49	4.13	-1.64
Martin ratio Return relative to average drawdown	8.42	15.66	-7.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SCJ vs. CJP.NEO - Sharpe Ratio Comparison

The current SCJ Sharpe Ratio is 1.88, which is comparable to the CJP.NEO Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of SCJ and CJP.NEO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SCJ	CJP.NEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.67	-0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.95	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.69	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.37	-0.07

Drawdowns

SCJ vs. CJP.NEO - Drawdown Comparison

The maximum SCJ drawdown since its inception was -43.52%, roughly equal to the maximum CJP.NEO drawdown of -45.01%. Use the drawdown chart below to compare losses from any high point for SCJ and CJP.NEO.

Drawdown Indicators

	SCJ	CJP.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-43.52%	-45.01%	+1.49%
Max Drawdown (1Y) Largest decline over 1 year	-12.17%	-12.00%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-12.43%	-21.79%	+9.36%
Max Drawdown (5Y) Largest decline over 5 years	-33.25%	-21.79%	-11.46%
Max Drawdown (10Y) Largest decline over 10 years	-38.87%	-45.01%	+6.14%
Current Drawdown Current decline from peak	-1.82%	0.00%	-1.82%
Average Drawdown Average peak-to-trough decline	-10.38%	-13.36%	+2.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	3.16%	+0.43%

Volatility

SCJ vs. CJP.NEO - Volatility Comparison

iShares MSCI Japan Small Cap ETF (SCJ) has a higher volatility of 4.03% compared to iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP.NEO) at 3.29%. This indicates that SCJ's price experiences larger fluctuations and is considered to be riskier than CJP.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCJ	CJP.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	3.29%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	13.13%	13.49%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	16.11%	18.53%	-2.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.81%	20.70%	-4.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.29%	22.36%	-6.07%

SCJ vs. CJP.NEO - Expense Ratio Comparison

SCJ has a 0.49% expense ratio, which is lower than CJP.NEO's 0.71% expense ratio.

Dividends

SCJ vs. CJP.NEO - Dividend Comparison

SCJ's dividend yield for the trailing twelve months is around 2.75%, more than CJP.NEO's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CJP.NEO iShares Japan Fundamental Index ETF (CAD-Hedged)	1.24%	1.48%	1.71%	1.24%	1.96%	1.56%	1.97%	2.42%	2.38%	1.48%	0.97%	0.84%
SCJ iShares MSCI Japan Small Cap ETF	2.75%	3.14%	1.79%	1.99%	1.18%	1.87%	0.89%	1.85%	1.44%	1.45%	2.73%	1.53%

Frequently Asked Questions

Can I hold both SCJ and CJP.NEO in my portfolio?

SCJ and CJP.NEO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SCJ or CJP.NEO?

On fees, SCJ is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SCJ or CJP.NEO?

SCJ is cheaper with a 0.49% expense ratio, compared with 0.71% for CJP.NEO.

What is the main difference between SCJ and CJP.NEO?

SCJ tracks MSCI Japan Small Cap Index, while CJP.NEO tracks FTSE RAFI Japan Canadian Dollar Hedged Index. Their fees differ too: 0.49% for SCJ and 0.71% for CJP.NEO.