SCJ vs. FJP

Last updated Jun 4, 2026

SCJ (iShares MSCI Japan Small Cap ETF) and FJP (First Trust Japan AlphaDEX Fund) are both Japan Equities funds - SCJ tracks the MSCI Japan Small Cap Index while FJP tracks the NASDAQ AlphaDEX Japan Index. Both are passively managed. Over the past 10 years, SCJ returned 7.55%/yr vs 7.48%/yr for FJP. A 0.79 correlation means they provide meaningful diversification when combined. SCJ charges 0.49%/yr vs 0.80%/yr for FJP.

Performance

SCJ vs. FJP - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with SCJ having a 14.35% return and FJP slightly lower at 14.28%. Both investments have delivered pretty close results over the past 10 years, with SCJ having a 7.55% annualized return and FJP not far behind at 7.48%.

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%

FJP

• 1D: 0.00%
• 1M: 2.90%
• YTD: 14.28%
• 6M: 15.85%
• 1Y: 33.53%
• 3Y*: 21.60%
• 5Y*: 10.81%
• 10Y*: 7.48%

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

SCJ vs. FJP - 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%
FJP First Trust Japan AlphaDEX Fund	14.28%	33.60%	5.80%	23.00%	-12.83%	-1.13%	3.60%	7.72%	-18.60%	27.63%

Correlation

The correlation between SCJ and FJP is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Apr 27, 2011	0.79

The correlation between SCJ and FJP has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.

SCJ vs. FJP - Sectors Allocation Comparison

Sectors	SCJ	FJP
Industrials	28.9%	45.0%
Consumer Cyclical	14.6%	12.0%
Technology	11.2%	8.9%
Basic Materials	10.1%	9.7%
Financial Services	9.7%	5.6%
Real Estate	8.4%	3.5%
Consumer Defensive	6.8%	0.8%
Healthcare	4.4%	3.6%
Communication Services	2.9%	0.7%
Utilities	2.1%	6.1%
Energy	0.8%	4.2%

Return for Risk

SCJ vs. FJP — 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

FJP

FJP Risk / Return Rank: 46
FJP Sharpe Ratio Rank: 47
FJP Sortino Ratio Rank: 46
FJP Omega Ratio Rank: 46
FJP Calmar Ratio Rank: 47
FJP Martin Ratio Rank: 44

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. FJP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan Small Cap ETF (SCJ) and First Trust Japan AlphaDEX Fund (FJP). 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	FJP	Difference
Sharpe ratio Return per unit of total volatility	1.88	1.63	+0.25
Sortino ratio Return per unit of downside risk	2.67	2.28	+0.38
Omega ratio Gain probability vs. loss probability	1.34	1.29	+0.05
Calmar ratio Return relative to maximum drawdown	2.49	2.33	+0.16
Martin ratio Return relative to average drawdown	8.42	7.20	+1.22
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. FJP - Sharpe Ratio Comparison

The current SCJ Sharpe Ratio is 1.88, which is comparable to the FJP Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of SCJ and FJP, 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	FJP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	1.63	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.53	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.40	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.32	-0.02

Drawdowns

SCJ vs. FJP - Drawdown Comparison

The maximum SCJ drawdown since its inception was -43.52%, roughly equal to the maximum FJP drawdown of -41.51%. Use the drawdown chart below to compare losses from any high point for SCJ and FJP.

Drawdown Indicators

	SCJ	FJP	Difference
Max Drawdown Largest peak-to-trough decline	-43.52%	-41.51%	-2.01%
Max Drawdown (1Y) Largest decline over 1 year	-12.17%	-14.43%	+2.26%
Max Drawdown (3Y) Largest decline over 3 years	-12.43%	-17.02%	+4.59%
Max Drawdown (5Y) Largest decline over 5 years	-33.25%	-31.88%	-1.37%
Max Drawdown (10Y) Largest decline over 10 years	-38.87%	-41.51%	+2.64%
Current Drawdown Current decline from peak	-1.82%	-6.34%	+4.52%
Average Drawdown Average peak-to-trough decline	-10.38%	-11.46%	+1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	4.67%	-1.08%

Volatility

SCJ vs. FJP - Volatility Comparison

The current volatility for iShares MSCI Japan Small Cap ETF (SCJ) is 4.03%, while First Trust Japan AlphaDEX Fund (FJP) has a volatility of 6.51%. This indicates that SCJ experiences smaller price fluctuations and is considered to be less risky than FJP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCJ	FJP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	6.51%	-2.48%
Volatility (6M) Calculated over the trailing 6-month period	13.13%	16.87%	-3.74%
Volatility (1Y) Calculated over the trailing 1-year period	16.11%	20.70%	-4.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.81%	20.35%	-4.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.29%	18.88%	-2.59%

SCJ vs. FJP - Expense Ratio Comparison

SCJ has a 0.49% expense ratio, which is lower than FJP's 0.80% expense ratio.

Dividends

SCJ vs. FJP - Dividend Comparison

SCJ's dividend yield for the trailing twelve months is around 2.75%, more than FJP's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FJP First Trust Japan AlphaDEX Fund	2.49%	2.68%	3.18%	3.49%	2.21%	2.43%	0.99%	2.80%	1.54%	1.29%	1.46%	0.85%
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 FJP in my portfolio?

SCJ and FJP have a correlation of 0.88, 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 FJP?

FJP has higher volatility (6.51%) compared to SCJ (4.03%). In terms of maximum drawdown, SCJ dropped -43.52% vs FJP's -41.51%.

Which ETF is better, SCJ or FJP?

On 10-year performance, SCJ leads with 7.55% vs 7.48% for FJP. On fees, SCJ is cheaper at 0.49% per year. On volatility, SCJ has been the lower-risk option at 4.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCJ or FJP?

Over the 10-year period, SCJ has performed better with a 7.55% return vs 7.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCJ or FJP?

SCJ is cheaper with a 0.49% expense ratio, compared with 0.80% for FJP.

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

SCJ has the higher dividend yield at 2.75%, compared with 2.49% for FJP.

What is the main difference between SCJ and FJP?

SCJ tracks MSCI Japan Small Cap Index, while FJP tracks NASDAQ AlphaDEX Japan Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.49% for SCJ and 0.80% for FJP.

Which has better risk-adjusted returns?

SCJ currently has the higher Sharpe Ratio (1.88 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.