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SCJ vs. IWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SCJ vs. IWM

Last updated Aug 2, 2026
Documentation

SCJ (iShares MSCI Japan Small Cap ETF) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - SCJ is a Japan Equities fund tracking the MSCI Japan Small Cap Index, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 10 years, SCJ returned 7.48%/yr vs 10.70%/yr for IWM. Their 0.53 correlation means they have sometimes moved together and sometimes differently. SCJ charges 0.49%/yr vs 0.19%/yr for IWM.

Performance

SCJ vs. IWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Japan Small Cap ETF (SCJ) and iShares Russell 2000 ETF (IWM). 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 lower than IWM's 18.79% return. Over the past 10 years, SCJ has underperformed IWM with an annualized return of 7.48%, while IWM has yielded a comparatively higher 10.70% 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%

IWM

1D
-0.48%
1M
-2.14%
6M
12.62%
YTD
18.79%
1Y
36.90%
3Y*
15.11%
5Y*
6.99%
10Y*
10.70%
ALL TIME*
8.73%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

IWM

iShares Russell 2000 ETF
$6.67B$6.32B$7.45B

SCJ

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

SCJ vs. IWM - 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%
IWM
iShares Russell 2000 ETF		18.79%12.66%11.38%16.83%-20.48%14.54%20.03%25.39%-11.12%14.58%

Correlation

The correlation between SCJ and IWM is 0.48, which is low. Their historical price movements had little consistent relationship.

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

0.48

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

0.49

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

0.53

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

0.53

Correlation (All Time)
Calculated using the full available price history since Dec 27, 2007

0.53

The correlation between SCJ and IWM has been stable across timeframes, ranging from 0.48 to 0.53 - a consistent structural relationship.

SCJ vs. IWM - Sectors Allocation Comparison

Sectors
SCJ
IWM

Industrials

26.8%
13.7%

Consumer Cyclical

15.3%
9.2%

Technology

14.4%
13.6%

Financial Services

10.3%
18.3%

Basic Materials

9.0%
4.5%

Real Estate

7.5%
7.0%

Consumer Defensive

6.4%
2.8%

Healthcare

5.3%
20.0%

Communication Services

2.7%
2.0%

Utilities

1.8%
2.9%

Energy

0.6%
5.6%

Industrials

SCJ
26.8%
IWM
13.7%

Consumer Cyclical

SCJ
15.3%
IWM
9.2%

Technology

SCJ
14.4%
IWM
13.6%

Financial Services

SCJ
10.3%
IWM
18.3%

Basic Materials

SCJ
9.0%
IWM
4.5%

Real Estate

SCJ
7.5%
IWM
7.0%

Consumer Defensive

SCJ
6.4%
IWM
2.8%

Healthcare

SCJ
5.3%
IWM
20.0%

Communication Services

SCJ
2.7%
IWM
2.0%

Utilities

SCJ
1.8%
IWM
2.9%

Energy

SCJ
0.6%
IWM
5.6%

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 Russell 2000 ETF

Often compared with SCJ:
SCJ vs. DFJSCJ vs. ^N225SCJ vs. EWJSCJ vs. JPXNSCJ vs. FJSCXSCJ vs. EWUSSCJ vs. FLJP
Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. VOOIWM vs. IWNIWM vs. IWO

Return for Risk

SCJ vs. IWM — 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
IWM
IWM Risk / Return Rank: 7979
Overall Rank
IWM Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 7878
Sortino Ratio Rank
IWM Omega Ratio Rank: 7272
Omega Ratio Rank
IWM Calmar Ratio Rank: 8383
Calmar Ratio Rank
IWM Martin Ratio Rank: 8383
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. IWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan Small Cap ETF (SCJ) and iShares Russell 2000 ETF (IWM). 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.

SCJIWMDifference
Sharpe ratioReturn per unit of total volatility
1.63
1.77

-0.14

Sortino ratioReturn per unit of downside risk
2.30
2.51

-0.21

Omega ratioGain probability vs. loss probability

1.28

1.30

-0.01

Calmar ratioReturn relative to maximum drawdown

2.30

3.11

-0.80

Martin ratioReturn relative to average drawdown

7.49

11.02

-3.53

SCJ vs. IWM - Sharpe Ratio Comparison

The current SCJ Sharpe Ratio is 1.63, which is comparable to the IWM Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of SCJ and IWM, 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. IWM - Drawdown Comparison

The maximum SCJ drawdown since its inception was -43.52%, smaller than the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for SCJ and IWM.

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Drawdown Indicators

SCJIWMDifference

Max Drawdown

Largest peak-to-trough decline

-43.52%

-59.05%

+15.53%

Max Drawdown (1Y)

Largest decline over 1 year

-12.17%

-11.03%

-1.14%

Max Drawdown (3Y)

Largest decline over 3 years

-12.43%

-27.50%

+15.07%

Max Drawdown (5Y)

Largest decline over 5 years

-33.25%

-31.91%

-1.34%

Max Drawdown (10Y)

Largest decline over 10 years

-38.87%

-41.13%

+2.26%

Current Drawdown

Current decline from peak

-3.27%

-3.08%

-0.19%

Average Drawdown

Average peak-to-trough decline

-10.31%

-10.71%

+0.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.74%

3.11%

+0.63%

Volatility

SCJ vs. IWM - Volatility Comparison

iShares MSCI Japan Small Cap ETF (SCJ) has a higher volatility of 6.35% compared to iShares Russell 2000 ETF (IWM) at 3.82%. This indicates that SCJ's price experiences larger fluctuations and is considered to be riskier than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SCJIWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.35%

3.82%

+2.53%

Volatility (6M)

Calculated over the trailing 6-month period

14.53%

14.12%

+0.41%

Volatility (1Y)

Calculated over the trailing 1-year period

17.23%

19.41%

-2.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.02%

22.48%

-6.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.34%

23.01%

-6.67%

SCJ vs. IWM - Expense Ratio Comparison

SCJ has a 0.49% expense ratio, which is higher than IWM's 0.19% expense ratio.

Dividends

SCJ vs. IWM - Dividend Comparison

SCJ's dividend yield for the trailing twelve months is around 2.77%, more than IWM's 0.91% yield.

PositionTTM20252024202320222021202020192018201720162015
IWM
iShares Russell 2000 ETF		0.91%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%
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 IWM have a correlation of 0.48, 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 IWM (3.82%). In terms of maximum drawdown, SCJ dropped -43.52% vs IWM's -59.05%.

On 10-year performance, IWM leads with 10.70% vs 7.48% for SCJ. On fees, IWM is cheaper at 0.19% per year. On volatility, IWM has been the lower-risk option at 3.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWM has performed better with a 10.70% return vs 7.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWM is cheaper with a 0.19% expense ratio, compared with 0.49% for SCJ.

SCJ has the higher dividend yield at 2.77%, compared with 0.91% for IWM.

SCJ is categorized as Japan Equities, while IWM is Small Cap Blend Equities. SCJ tracks MSCI Japan Small Cap Index, while IWM tracks Russell 2000 Index. Their fees differ too: 0.49% for SCJ and 0.19% for IWM.

IWM currently has the higher Sharpe Ratio (1.77 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.

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