SCJ vs. EWL

Last updated Jun 24, 2026

SCJ (iShares MSCI Japan Small Cap ETF) and EWL (iShares MSCI Switzerland ETF) are both exchange-traded funds - SCJ is a Japan Equities fund tracking the MSCI Japan Small Cap Index, while EWL is a Europe Equities fund tracking the MSCI Switzerland Index. Both are passively managed. Over the past 10 years, SCJ returned 7.94%/yr vs 10.25%/yr for EWL. A 0.55 correlation means they provide meaningful diversification when combined. SCJ charges 0.49%/yr vs 0.50%/yr for EWL.

Performance

SCJ vs. EWL - 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 Switzerland ETF (EWL). 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 EWL's 4.35% return. Over the past 10 years, SCJ has underperformed EWL with an annualized return of 7.94%, while EWL has yielded a comparatively higher 10.25% annualized 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%

EWL

• 1D: 0.38%
• 1M: -0.12%
• YTD: 4.35%
• 6M: 3.59%
• 1Y: 17.04%
• 3Y*: 12.55%
• 5Y*: 6.65%
• 10Y*: 10.25%

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

SCJ vs. EWL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCJ iShares MSCI Japan Small Cap ETF	14.43%	29.58%	3.41%	13.22%	-12.75%	-2.95%	7.46%	16.16%	-17.17%	31.61%
EWL iShares MSCI Switzerland ETF	4.35%	32.92%	-2.80%	17.67%	-18.89%	20.20%	11.80%	31.58%	-9.21%	23.34%

Correlation

The correlation between SCJ and EWL is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Dec 27, 2007	0.55

The correlation between SCJ and EWL has been stable across timeframes, ranging from 0.53 to 0.55 - a consistent structural relationship.

SCJ vs. EWL - Sectors Allocation Comparison

Sectors	SCJ	EWL
Industrials	27.0%	12.6%
Consumer Cyclical	15.2%	7.8%
Technology	13.9%	1.1%
Financial Services	10.0%	17.7%
Basic Materials	9.3%	7.4%
Real Estate	7.7%	0.9%
Consumer Defensive	6.3%	15.9%
Healthcare	5.3%	33.3%
Communication Services	2.8%	1.3%
Utilities	1.9%	0.4%
Energy	0.7%	-

Return for Risk

SCJ vs. EWL — 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

EWL

EWL Risk / Return Rank: 30
EWL Sharpe Ratio Rank: 31
EWL Sortino Ratio Rank: 31
EWL Omega Ratio Rank: 30
EWL Calmar Ratio Rank: 27
EWL Martin Ratio Rank: 30

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. EWL - 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 Switzerland ETF (EWL). 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	EWL	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.08	+0.74
Sortino ratio: Return per unit of downside risk	2.57	1.61	+0.96
Omega ratio: Gain probability vs. loss probability	1.32	1.19	+0.13
Calmar ratio: Return relative to maximum drawdown	2.48	1.27	+1.21
Martin ratio: Return relative to average drawdown	8.30	4.04	+4.26

SCJ vs. EWL - Sharpe Ratio Comparison

The current SCJ Sharpe Ratio is 1.83, which is higher than the EWL Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of SCJ and EWL, 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. EWL - Drawdown Comparison

The maximum SCJ drawdown since its inception was -43.52%, smaller than the maximum EWL drawdown of -51.62%. Use the drawdown chart below to compare losses from any high point for SCJ and EWL.

Drawdown Indicators

	SCJ	EWL	Difference
Max Drawdown Largest peak-to-trough decline	-43.52%	-51.62%	+8.10%
Max Drawdown (1Y) Largest decline over 1 year	-12.17%	-13.48%	+1.31%
Max Drawdown (3Y) Largest decline over 3 years	-12.43%	-13.48%	+1.05%
Max Drawdown (5Y) Largest decline over 5 years	-33.25%	-28.99%	-4.26%
Max Drawdown (10Y) Largest decline over 10 years	-38.87%	-28.99%	-9.88%
Current Drawdown Current decline from peak	-1.98%	-3.86%	+1.88%
Average Drawdown Average peak-to-trough decline	-10.36%	-11.08%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.62%	4.23%	-0.61%

Volatility

SCJ vs. EWL - Volatility Comparison

iShares MSCI Japan Small Cap ETF (SCJ) has a higher volatility of 4.97% compared to iShares MSCI Switzerland ETF (EWL) at 4.71%. This indicates that SCJ's price experiences larger fluctuations and is considered to be riskier than EWL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCJ	EWL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	4.71%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	13.57%	12.64%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	16.49%	15.86%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.87%	16.12%	-0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.27%	16.30%	-0.03%

SCJ vs. EWL - Expense Ratio Comparison

SCJ has a 0.49% expense ratio, which is lower than EWL's 0.50% expense ratio.

Dividends

SCJ vs. EWL - Dividend Comparison

SCJ's dividend yield for the trailing twelve months is around 2.80%, more than EWL's 1.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWL iShares MSCI Switzerland ETF	1.77%	1.71%	2.21%	2.12%	2.04%	1.73%	1.45%	1.85%	2.56%	2.05%	2.75%	2.58%
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 EWL in my portfolio?

SCJ and EWL have a correlation of 0.55, 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 EWL?

SCJ has higher volatility (4.97%) compared to EWL (4.71%). In terms of maximum drawdown, SCJ dropped -43.52% vs EWL's -51.62%.

Which ETF is better, SCJ or EWL?

On 10-year performance, EWL leads with 10.25% vs 7.94% for SCJ. On fees, SCJ is cheaper at 0.49% per year. On volatility, EWL has been the lower-risk option at 4.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCJ or EWL?

Over the 10-year period, EWL has performed better with a 10.25% return vs 7.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCJ or EWL?

SCJ is cheaper with a 0.49% expense ratio, compared with 0.50% for EWL.

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

SCJ has the higher dividend yield at 2.80%, compared with 1.77% for EWL.

What is the main difference between SCJ and EWL?

SCJ is categorized as Japan Equities, while EWL is Europe Equities. SCJ tracks MSCI Japan Small Cap Index, while EWL tracks MSCI Switzerland Index. Their fees differ too: 0.49% for SCJ and 0.50% for EWL.

Which has better risk-adjusted returns?

SCJ currently has the higher Sharpe Ratio (1.83 vs 1.08), 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.