SCJ vs. VOO

Last updated Jun 4, 2026

SCJ (iShares MSCI Japan Small Cap ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - SCJ is a Japan Equities fund tracking the MSCI Japan Small Cap Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SCJ returned 7.55%/yr vs 15.56%/yr for VOO. A 0.59 correlation means they provide meaningful diversification when combined. SCJ charges 0.49%/yr vs 0.03%/yr for VOO.

Performance

SCJ vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Japan Small Cap ETF (SCJ) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCJ achieves a 14.35% return, which is significantly higher than VOO's 10.91% return. Over the past 10 years, SCJ has underperformed VOO with an annualized return of 7.55%, while VOO has yielded a comparatively higher 15.56% annualized return.

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%

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

SCJ vs. VOO - 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%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between SCJ and VOO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.59

The correlation between SCJ and VOO shifts across timeframes, from 0.47 (1 year) to 0.59 (all time), reflecting how their relationship changes across market environments.

SCJ vs. VOO - Sectors Allocation Comparison

Sectors	SCJ	VOO
Industrials	28.9%	8.3%
Consumer Cyclical	14.6%	10.2%
Technology	11.2%	35.7%
Basic Materials	10.1%	1.8%
Financial Services	9.7%	11.6%
Real Estate	8.4%	1.9%
Consumer Defensive	6.8%	4.9%
Healthcare	4.4%	8.5%
Communication Services	2.9%	11.3%
Utilities	2.1%	2.4%
Energy	0.8%	3.5%

Return for Risk

SCJ vs. VOO — 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

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Japan Small Cap ETF (SCJ) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.88	2.39	-0.50
Sortino ratio: Return per unit of downside risk	2.67	3.25	-0.59
Omega ratio: Gain probability vs. loss probability	1.34	1.43	-0.10
Calmar ratio: Return relative to maximum drawdown	2.49	3.16	-0.67
Martin ratio: Return relative to average drawdown	8.42	14.73	-6.31
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. VOO - Sharpe Ratio Comparison

The current SCJ Sharpe Ratio is 1.88, which is comparable to the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of SCJ and VOO, 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	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.39	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.83	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.87	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.89	-0.58

Drawdowns

SCJ vs. VOO - Drawdown Comparison

The maximum SCJ drawdown since its inception was -43.52%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for SCJ and VOO.

Drawdown Indicators

	SCJ	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-43.52%	-33.99%	-9.53%
Max Drawdown (1Y) Largest decline over 1 year	-12.17%	-8.90%	-3.27%
Max Drawdown (3Y) Largest decline over 3 years	-12.43%	-18.69%	+6.26%
Max Drawdown (5Y) Largest decline over 5 years	-33.25%	-24.52%	-8.73%
Max Drawdown (10Y) Largest decline over 10 years	-38.87%	-33.99%	-4.88%
Current Drawdown Current decline from peak	-1.82%	-0.70%	-1.12%
Average Drawdown Average peak-to-trough decline	-10.38%	-3.69%	-6.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	1.91%	+1.68%

Volatility

SCJ vs. VOO - Volatility Comparison

iShares MSCI Japan Small Cap ETF (SCJ) has a higher volatility of 4.03% compared to Vanguard S&P 500 ETF (VOO) at 2.84%. This indicates that SCJ's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCJ	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	2.84%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	13.13%	8.90%	+4.23%
Volatility (1Y) Calculated over the trailing 1-year period	16.11%	11.80%	+4.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.81%	16.81%	-1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.29%	18.01%	-1.72%

SCJ vs. VOO - Expense Ratio Comparison

SCJ has a 0.49% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

SCJ vs. VOO - Dividend Comparison

SCJ's dividend yield for the trailing twelve months is around 2.75%, more than VOO's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both SCJ and VOO in my portfolio?

SCJ and VOO have a correlation of 0.47, 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 VOO?

SCJ has higher volatility (4.03%) compared to VOO (2.84%). In terms of maximum drawdown, SCJ dropped -43.52% vs VOO's -33.99%.

Which ETF is better, SCJ or VOO?

On 10-year performance, VOO leads with 15.56% vs 7.55% for SCJ. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCJ or VOO?

Over the 10-year period, VOO has performed better with a 15.56% return vs 7.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCJ or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.49% for SCJ.

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

SCJ has the higher dividend yield at 2.75%, compared with 1.03% for VOO.

What is the main difference between SCJ and VOO?

SCJ is categorized as Japan Equities, while VOO is S&P 500. SCJ tracks MSCI Japan Small Cap Index, while VOO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.49% for SCJ and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.39 vs 1.88), 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.