SCJ vs. EWJV

Last updated Jun 24, 2026

SCJ (iShares MSCI Japan Small Cap ETF) and EWJV (iShares MSCI Japan Value ETF) are both Japan Equities funds from iShares - SCJ tracks the MSCI Japan Small Cap Index while EWJV tracks the MSCI Japan Value Index. Both are passively managed. Over the past 5 years, SCJ returned 7.56%/yr vs 13.50%/yr for EWJV. A 0.79 correlation means they provide meaningful diversification when combined. SCJ charges 0.49%/yr vs 0.15%/yr for EWJV.

Performance

SCJ vs. EWJV - Performance Comparison

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

Returns By Period

In the year-to-date period, SCJ achieves a 14.43% return, which is significantly higher than EWJV's 12.37% return.

SCJ

• 1D: -1.98%
• 1M: 0.36%
• YTD: 14.43%
• 6M: 14.21%
• 1Y: 29.99%
• 3Y*: 18.07%
• 5Y*: 7.56%
• 10Y*: 7.94%

EWJV

• 1D: -3.02%
• 1M: -1.22%
• YTD: 12.37%
• 6M: 11.97%
• 1Y: 37.31%
• 3Y*: 22.92%
• 5Y*: 13.50%
• 10Y*: —

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

SCJ vs. EWJV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SCJ iShares MSCI Japan Small Cap ETF	14.43%	29.58%	3.41%	13.22%	-12.75%	-2.95%	7.46%	7.68%
EWJV iShares MSCI Japan Value ETF	12.37%	33.96%	11.59%	23.60%	-6.02%	5.48%	2.41%	9.40%

Correlation

The correlation between SCJ and EWJV is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Mar 7, 2019	0.79

The correlation between SCJ and EWJV has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

SCJ vs. EWJV - Sectors Allocation Comparison

Sectors	SCJ	EWJV
Industrials	27.0%	22.7%
Consumer Cyclical	15.2%	14.0%
Technology	13.9%	7.7%
Financial Services	10.0%	30.1%
Basic Materials	9.3%	3.3%
Real Estate	7.7%	3.2%
Consumer Defensive	6.3%	3.9%
Healthcare	5.3%	2.8%
Communication Services	2.8%	9.1%
Utilities	1.9%	1.5%
Energy	0.7%	1.8%

Return for Risk

SCJ vs. EWJV — Risk / Return Rank

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

SCJ

SCJ Risk / Return Rank: 55
SCJ Sharpe Ratio Rank: 57
SCJ Sortino Ratio Rank: 57
SCJ Omega Ratio Rank: 55
SCJ Calmar Ratio Rank: 53
SCJ Martin Ratio Rank: 51

EWJV

EWJV Risk / Return Rank: 56
EWJV Sharpe Ratio Rank: 59
EWJV Sortino Ratio Rank: 59
EWJV Omega Ratio Rank: 60
EWJV Calmar Ratio Rank: 54
EWJV Martin Ratio Rank: 47

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. EWJV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan Small Cap ETF (SCJ) and iShares MSCI Japan Value ETF (EWJV). 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.

	SCJ	EWJV	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.90	-0.08
Sortino ratio: Return per unit of downside risk	2.57	2.67	-0.11
Omega ratio: Gain probability vs. loss probability	1.32	1.35	-0.03
Calmar ratio: Return relative to maximum drawdown	2.48	2.54	-0.07
Martin ratio: Return relative to average drawdown	8.30	7.55	+0.75

SCJ vs. EWJV - Sharpe Ratio Comparison

The current SCJ Sharpe Ratio is 1.83, which is comparable to the EWJV Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of SCJ and EWJV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SCJ vs. EWJV - Drawdown Comparison

The maximum SCJ drawdown since its inception was -43.52%, which is greater than EWJV's maximum drawdown of -30.05%. Use the drawdown chart below to compare losses from any high point for SCJ and EWJV.

Drawdown Indicators

	SCJ	EWJV	Difference
Max Drawdown Largest peak-to-trough decline	-43.52%	-30.05%	-13.47%
Max Drawdown (1Y) Largest decline over 1 year	-12.17%	-14.74%	+2.57%
Max Drawdown (3Y) Largest decline over 3 years	-12.43%	-14.74%	+2.31%
Max Drawdown (5Y) Largest decline over 5 years	-33.25%	-25.39%	-7.86%
Max Drawdown (10Y) Largest decline over 10 years	-38.87%	—	—
Current Drawdown Current decline from peak	-1.98%	-6.17%	+4.19%
Average Drawdown Average peak-to-trough decline	-10.36%	-6.18%	-4.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.62%	4.96%	-1.34%

Volatility

SCJ vs. EWJV - Volatility Comparison

The current volatility for iShares MSCI Japan Small Cap ETF (SCJ) is 4.97%, while iShares MSCI Japan Value ETF (EWJV) has a volatility of 5.81%. This indicates that SCJ experiences smaller price fluctuations and is considered to be less risky than EWJV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCJ	EWJV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	5.81%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	13.57%	15.22%	-1.65%
Volatility (1Y) Calculated over the trailing 1-year period	16.49%	19.70%	-3.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.87%	18.07%	-2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.27%	18.57%	-2.30%

SCJ vs. EWJV - Expense Ratio Comparison

SCJ has a 0.49% expense ratio, which is higher than EWJV's 0.15% expense ratio.

Dividends

SCJ vs. EWJV - Dividend Comparison

SCJ's dividend yield for the trailing twelve months is around 2.80%, less than EWJV's 5.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWJV iShares MSCI Japan Value ETF	5.06%	5.35%	4.10%	3.32%	2.71%	2.46%	1.96%	4.29%	0.00%	0.00%	0.00%	0.00%
SCJ iShares MSCI Japan Small Cap ETF	2.80%	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 EWJV in my portfolio?

SCJ and EWJV have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCJ or EWJV?

EWJV has higher volatility (5.81%) compared to SCJ (4.97%). In terms of maximum drawdown, SCJ dropped -43.52% vs EWJV's -30.05%.

Which ETF is better, SCJ or EWJV?

On 5-year performance, EWJV leads with 13.50% vs 7.56% for SCJ. On fees, EWJV is cheaper at 0.15% per year. On volatility, SCJ has been the lower-risk option at 4.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCJ or EWJV?

Over the 5-year period, EWJV has performed better with a 13.50% return vs 7.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCJ or EWJV?

EWJV is cheaper with a 0.15% expense ratio, compared with 0.49% for SCJ.

Which ETF pays a higher dividend yield, SCJ or EWJV?

EWJV has the higher dividend yield at 5.06%, compared with 2.80% for SCJ.

What is the main difference between SCJ and EWJV?

SCJ tracks MSCI Japan Small Cap Index, while EWJV tracks MSCI Japan Value Index. Their fees differ too: 0.49% for SCJ and 0.15% for EWJV.

Which has better risk-adjusted returns?

EWJV currently has the higher Sharpe Ratio (1.90 vs 1.83), 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.