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SCJ vs. DGRO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SCJ vs. DGRO

Last updated Aug 2, 2026
Documentation

SCJ (iShares MSCI Japan Small Cap ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - SCJ is a Japan Equities fund tracking the MSCI Japan Small Cap Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 10 years, SCJ returned 7.48%/yr vs 13.44%/yr for DGRO. Their 0.57 correlation means they have sometimes moved together and sometimes differently. SCJ charges 0.49%/yr vs 0.08%/yr for DGRO.

Performance

SCJ vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Japan Small Cap ETF (SCJ) and iShares Core Dividend Growth ETF (DGRO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SCJ achieves a 15.89% return, which is significantly higher than DGRO's 13.39% return. Over the past 10 years, SCJ has underperformed DGRO with an annualized return of 7.48%, while DGRO has yielded a comparatively higher 13.44% annualized return.

SCJ

1D
-0.74%
1M
-1.70%
6M
9.71%
YTD
15.89%
1Y
25.74%
3Y*
17.39%
5Y*
7.87%
10Y*
7.48%
ALL TIME*
6.06%

DGRO

1D
-0.28%
1M
0.97%
6M
9.59%
YTD
13.39%
1Y
24.21%
3Y*
16.30%
5Y*
11.08%
10Y*
13.44%
ALL TIME*
12.47%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DGRO

iShares Core Dividend Growth ETF
$103.52M$104.25M$110.17M

SCJ

iShares MSCI Japan Small Cap ETF
$4.19M$4.72M$5.32M

SCJ vs. DGRO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SCJ
iShares MSCI Japan Small Cap ETF		15.89%29.58%3.41%13.22%-12.75%-2.95%7.46%16.16%-17.17%31.61%
DGRO
iShares Core Dividend Growth ETF		13.39%15.69%16.62%10.47%-7.91%26.64%9.50%29.87%-2.38%23.00%

Correlation

The correlation between SCJ and DGRO is 0.44, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.44

Correlation (3Y)
Balances recent behavior with more history.

0.46

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.51

Correlation (10Y)
Provides a long-term view across more market conditions.

0.55

Correlation (All Time)
Calculated using the full available price history since Jun 12, 2014

0.57

The correlation between SCJ and DGRO shifts across timeframes, from 0.44 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

SCJ vs. DGRO - Sectors Allocation Comparison

Sectors
SCJ
DGRO

Industrials

26.8%
11.3%

Consumer Cyclical

15.3%
6.5%

Technology

14.4%
17.3%

Financial Services

10.3%
20.4%

Basic Materials

9.0%
2.5%

Real Estate

7.5%

-

Consumer Defensive

6.4%
11.9%

Healthcare

5.3%
17.9%

Communication Services

2.7%
0.1%

Utilities

1.8%
7.3%

Energy

0.6%
4.8%

Industrials

SCJ
26.8%
DGRO
11.3%

Consumer Cyclical

SCJ
15.3%
DGRO
6.5%

Technology

SCJ
14.4%
DGRO
17.3%

Financial Services

SCJ
10.3%
DGRO
20.4%

Basic Materials

SCJ
9.0%
DGRO
2.5%

Real Estate

SCJ
7.5%
DGRO

-

Consumer Defensive

SCJ
6.4%
DGRO
11.9%

Healthcare

SCJ
5.3%
DGRO
17.9%

Communication Services

SCJ
2.7%
DGRO
0.1%

Utilities

SCJ
1.8%
DGRO
7.3%

Energy

SCJ
0.6%
DGRO
4.8%

Compare stocks, funds, or ETFs

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

iShares MSCI Japan Small Cap ETF

iShares Core Dividend Growth ETF

Often compared with SCJ:
SCJ vs. DFJSCJ vs. ^N225SCJ vs. EWJSCJ vs. JPXNSCJ vs. FJSCXSCJ vs. EWUSSCJ vs. FLJP
Often compared with DGRO:
DGRO vs. SCHDDGRO vs. VIGDGRO vs. VYMDGRO vs. VOODGRO vs. DGRWDGRO vs. DIVODGRO vs. HDV

Return for Risk

SCJ vs. DGRO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SCJ
SCJ Risk / Return Rank: 6868
Overall Rank
SCJ Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
SCJ Sortino Ratio Rank: 7171
Sortino Ratio Rank
SCJ Omega Ratio Rank: 6868
Omega Ratio Rank
SCJ Calmar Ratio Rank: 6767
Calmar Ratio Rank
SCJ Martin Ratio Rank: 6363
Martin Ratio Rank
DGRO
DGRO Risk / Return Rank: 9191
Overall Rank
DGRO Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
DGRO Sortino Ratio Rank: 9393
Sortino Ratio Rank
DGRO Omega Ratio Rank: 9292
Omega Ratio Rank
DGRO Calmar Ratio Rank: 8888
Calmar Ratio Rank
DGRO Martin Ratio Rank: 9090
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SCJ vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan Small Cap ETF (SCJ) and iShares Core Dividend Growth ETF (DGRO). 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.

SCJDGRODifference
Sharpe ratioReturn per unit of total volatility
1.63
2.44

-0.81

Sortino ratioReturn per unit of downside risk
2.30
3.55

-1.25

Omega ratioGain probability vs. loss probability

1.28

1.45

-0.16

Calmar ratioReturn relative to maximum drawdown

2.30

3.61

-1.30

Martin ratioReturn relative to average drawdown

7.49

14.07

-6.58

SCJ vs. DGRO - Sharpe Ratio Comparison

The current SCJ Sharpe Ratio is 1.63, which is lower than the DGRO Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of SCJ and DGRO, 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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Drawdowns

SCJ vs. DGRO - Drawdown Comparison

The maximum SCJ drawdown since its inception was -43.52%, which is greater than DGRO's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for SCJ and DGRO.

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Drawdown Indicators

SCJDGRODifference

Max Drawdown

Largest peak-to-trough decline

-43.52%

-35.10%

-8.42%

Max Drawdown (1Y)

Largest decline over 1 year

-12.17%

-6.47%

-5.70%

Max Drawdown (3Y)

Largest decline over 3 years

-12.43%

-14.03%

+1.60%

Max Drawdown (5Y)

Largest decline over 5 years

-33.25%

-19.31%

-13.94%

Max Drawdown (10Y)

Largest decline over 10 years

-38.87%

-35.10%

-3.77%

Current Drawdown

Current decline from peak

-3.27%

-1.35%

-1.92%

Average Drawdown

Average peak-to-trough decline

-10.31%

-3.41%

-6.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.74%

1.66%

+2.08%

Volatility

SCJ vs. DGRO - Volatility Comparison

iShares MSCI Japan Small Cap ETF (SCJ) has a higher volatility of 6.35% compared to iShares Core Dividend Growth ETF (DGRO) at 3.21%. This indicates that SCJ's price experiences larger fluctuations and is considered to be riskier than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SCJDGRODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.35%

3.21%

+3.14%

Volatility (6M)

Calculated over the trailing 6-month period

14.53%

7.12%

+7.41%

Volatility (1Y)

Calculated over the trailing 1-year period

17.23%

9.61%

+7.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.02%

13.79%

+2.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.34%

16.58%

-0.24%

SCJ vs. DGRO - Expense Ratio Comparison

SCJ has a 0.49% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

SCJ vs. DGRO - Dividend Comparison

SCJ's dividend yield for the trailing twelve months is around 2.77%, more than DGRO's 1.89% yield.

PositionTTM20252024202320222021202020192018201720162015
DGRO
iShares Core Dividend Growth ETF		1.89%2.09%2.26%2.45%2.34%1.93%2.30%2.21%2.44%2.03%2.27%2.52%
SCJ
iShares MSCI Japan Small Cap ETF		2.77%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

SCJ and DGRO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SCJ has higher volatility (6.35%) compared to DGRO (3.21%). In terms of maximum drawdown, SCJ dropped -43.52% vs DGRO's -35.10%.

On 10-year performance, DGRO leads with 13.44% vs 7.48% for SCJ. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO has been the lower-risk option at 3.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DGRO has performed better with a 13.44% return vs 7.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DGRO is cheaper with a 0.08% expense ratio, compared with 0.49% for SCJ.

SCJ has the higher dividend yield at 2.77%, compared with 1.89% for DGRO.

SCJ is categorized as Japan Equities, while DGRO is Large Cap Growth Equities. SCJ tracks MSCI Japan Small Cap Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.49% for SCJ and 0.08% for DGRO.

DGRO currently has the higher Sharpe Ratio (2.44 vs 1.63), 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.

Portfolio Optimizer

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