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SPG vs. EWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPG vs. EWJ

Last updated Jun 13, 2026

SPG (Simon Property Group, Inc.) is a stock, while EWJ (iShares MSCI Japan ETF) is Japan Equities fund tracking the MSCI Japan Index. Over the past 10 years, SPG returned 6.11%/yr vs 9.55%/yr for EWJ. At a 0.32 correlation, their price movements are largely independent.

Performance

SPG vs. EWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simon Property Group, Inc. (SPG) and iShares MSCI Japan ETF (EWJ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPG achieves a 21.01% return, which is significantly higher than EWJ's 14.83% return. Over the past 10 years, SPG has underperformed EWJ with an annualized return of 6.11%, while EWJ has yielded a comparatively higher 9.55% annualized return.

SPG

1D
1.95%
1M
10.71%
YTD
21.01%
6M
23.06%
1Y
46.24%
3Y*
32.01%
5Y*
16.57%
10Y*
6.11%

EWJ

1D
0.57%
1M
0.71%
YTD
14.83%
6M
14.50%
1Y
31.74%
3Y*
16.57%
5Y*
8.56%
10Y*
9.55%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPG vs. EWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPG
Simon Property Group, Inc.		21.01%12.94%26.92%29.24%-21.91%95.72%-38.64%-6.74%2.55%0.98%
EWJ
iShares MSCI Japan ETF		14.83%25.84%7.03%20.29%-17.72%1.16%15.40%19.34%-14.10%24.27%

Correlation

The correlation between SPG and EWJ is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.25

Correlation (3Y)
Calculated over the trailing 3-year period

0.32

Correlation (5Y)
Calculated over the trailing 5-year period

0.41

Correlation (10Y)
Calculated over the trailing 10-year period

0.36

Correlation (All Time)
Calculated using the full available price history since Apr 1, 1996

0.32

The correlation between SPG and EWJ shifts across timeframes, from 0.25 (1 year) to 0.41 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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Simon Property Group, Inc.

iShares MSCI Japan ETF

Often compared with SPG:
SPG vs. OSPG vs. VNQSPG vs. SPYSPG vs. VOOSPG vs. SCHDSPG vs. MASPG vs. ARE
Often compared with EWJ:
EWJ vs. DXJEWJ vs. ^N225EWJ vs. EWJVEWJ vs. EWYEWJ vs. FLJPEWJ vs. HEWJEWJ vs. JPXN

Return for Risk

SPG vs. EWJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPG
SPG Risk / Return Rank: 9191
Overall Rank
SPG Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
SPG Sortino Ratio Rank: 9292
Sortino Ratio Rank
SPG Omega Ratio Rank: 9090
Omega Ratio Rank
SPG Calmar Ratio Rank: 8989
Calmar Ratio Rank
SPG Martin Ratio Rank: 9393
Martin Ratio Rank
EWJ
EWJ Risk / Return Rank: 5151
Overall Rank
EWJ Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
EWJ Sortino Ratio Rank: 5252
Sortino Ratio Rank
EWJ Omega Ratio Rank: 5151
Omega Ratio Rank
EWJ Calmar Ratio Rank: 5151
Calmar Ratio Rank
EWJ Martin Ratio Rank: 5151
Martin Ratio Rank
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.

SPG vs. EWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simon Property Group, Inc. (SPG) and iShares MSCI Japan ETF (EWJ). 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.

SPGEWJDifference
Sharpe ratioReturn per unit of total volatility
2.39
1.52

+0.86

Sortino ratioReturn per unit of downside risk
3.34
2.21

+1.14

Omega ratioGain probability vs. loss probability

1.40

1.28

+0.12

Calmar ratioReturn relative to maximum drawdown

3.88

2.27

+1.61

Martin ratioReturn relative to average drawdown

14.03

7.62

+6.41

SPG vs. EWJ - Sharpe Ratio Comparison

The current SPG Sharpe Ratio is 2.39, which is higher than the EWJ Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of SPG and EWJ, 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

SPG vs. EWJ - Drawdown Comparison

The maximum SPG drawdown since its inception was -77.00%, which is greater than EWJ's maximum drawdown of -60.93%. Use the drawdown chart below to compare losses from any high point for SPG and EWJ.

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Drawdown Indicators

SPGEWJDifference

Max Drawdown

Largest peak-to-trough decline

-77.00%

-60.93%

-16.07%

Max Drawdown (1Y)

Largest decline over 1 year

-11.54%

-13.59%

+2.05%

Max Drawdown (3Y)

Largest decline over 3 years

-24.32%

-14.68%

-9.64%

Max Drawdown (5Y)

Largest decline over 5 years

-45.84%

-33.14%

-12.70%

Max Drawdown (10Y)

Largest decline over 10 years

-77.00%

-33.14%

-43.86%

Current Drawdown

Current decline from peak

0.00%

-1.51%

+1.51%

Average Drawdown

Average peak-to-trough decline

-13.83%

-21.72%

+7.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.18%

4.04%

-0.86%

Volatility

SPG vs. EWJ - Volatility Comparison

The current volatility for Simon Property Group, Inc. (SPG) is 5.43%, while iShares MSCI Japan ETF (EWJ) has a volatility of 6.31%. This indicates that SPG experiences smaller price fluctuations and is considered to be less risky than EWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPGEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.43%

6.31%

-0.88%

Volatility (6M)

Calculated over the trailing 6-month period

14.08%

15.96%

-1.88%

Volatility (1Y)

Calculated over the trailing 1-year period

18.76%

20.23%

-1.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.55%

18.38%

+8.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

37.08%

17.33%

+19.75%

Dividends

SPG vs. EWJ - Dividend Comparison

SPG's dividend yield for the trailing twelve months is around 4.02%, more than EWJ's 3.94% yield.

PositionTTM20252024202320222021202020192018201720162015
EWJ
iShares MSCI Japan ETF		3.94%4.52%2.34%2.03%1.23%2.08%1.04%2.03%1.71%1.25%1.95%1.27%
SPG
Simon Property Group, Inc.		4.02%4.62%4.70%5.22%5.87%3.66%7.04%5.57%4.70%4.16%3.66%3.11%

Frequently Asked Questions

SPG and EWJ have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWJ has higher volatility (6.31%) compared to SPG (5.43%). In terms of maximum drawdown, SPG dropped -77.00% vs EWJ's -60.93%.

SPG currently has the higher Sharpe Ratio (2.38 vs 1.52), 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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