ZJPN.TO vs. EWJV

Last updated Jun 4, 2026

ZJPN.TO (BMO Japan Index ETF) and EWJV (iShares MSCI Japan Value ETF) are both Japan Equities funds - ZJPN.TO tracks the Solactive GBS Japan Large & Mid Cap Index while EWJV tracks the MSCI Japan Value Index. Both are passively managed. Over the past 3 years, ZJPN.TO returned 19.11%/yr vs 25.68%/yr for EWJV. A 0.68 correlation means they provide meaningful diversification when combined. ZJPN.TO charges 0.39%/yr vs 0.15%/yr for EWJV.

Performance

ZJPN.TO vs. EWJV - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Japan Index ETF (ZJPN.TO) and iShares MSCI Japan Value ETF (EWJV). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZJPN.TO is traded in CAD, while EWJV is traded in USD. To make them comparable, the EWJV values have been converted to CAD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with ZJPN.TO having a 16.83% return and EWJV slightly lower at 16.44%.

ZJPN.TO

• 1D: 0.94%
• 1M: 8.50%
• YTD: 16.83%
• 6M: 16.80%
• 1Y: 31.72%
• 3Y*: 19.11%
• 5Y*: —
• 10Y*: —

EWJV

• 1D: 0.68%
• 1M: 8.61%
• YTD: 16.44%
• 6M: 18.42%
• 1Y: 38.08%
• 3Y*: 25.68%
• 5Y*: 16.76%
• 10Y*: —

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

ZJPN.TO vs. EWJV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ZJPN.TO BMO Japan Index ETF	16.83%	19.62%	16.50%	16.10%	-2.46%
EWJV iShares MSCI Japan Value ETF	16.44%	27.82%	21.18%	20.88%	-1.40%

Correlation

The correlation between ZJPN.TO and EWJV is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jan 28, 2022	0.68

The correlation between ZJPN.TO and EWJV shifts across timeframes, from 0.68 (all time) to 0.83 (1 year), reflecting how their relationship changes across market environments.

ZJPN.TO vs. EWJV - Sectors Allocation Comparison

Sectors	ZJPN.TO	EWJV
Industrials	26.2%	23.9%
Technology	17.6%	9.4%
Financial Services	15.9%	30.2%
Consumer Cyclical	12.7%	13.8%
Communication Services	8.6%	6.3%
Healthcare	6.1%	4.3%
Consumer Defensive	3.9%	3.5%
Basic Materials	3.6%	2.0%
Real Estate	3.2%	2.9%
Utilities	1.3%	1.6%
Energy	0.9%	2.1%

Return for Risk

ZJPN.TO vs. EWJV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZJPN.TO

ZJPN.TO Risk / Return Rank: 50
ZJPN.TO Sharpe Ratio Rank: 49
ZJPN.TO Sortino Ratio Rank: 51
ZJPN.TO Omega Ratio Rank: 49
ZJPN.TO Calmar Ratio Rank: 51
ZJPN.TO Martin Ratio Rank: 52

EWJV

EWJV Risk / Return Rank: 52
EWJV Sharpe Ratio Rank: 55
EWJV Sortino Ratio Rank: 56
EWJV Omega Ratio Rank: 56
EWJV Calmar Ratio Rank: 49
EWJV Martin Ratio Rank: 45

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.

ZJPN.TO vs. EWJV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Japan Index ETF (ZJPN.TO) and iShares MSCI Japan Value ETF (EWJV). 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.

	ZJPN.TO	EWJV	Difference
Sharpe ratio: Return per unit of total volatility	1.67	2.06	-0.39
Sortino ratio: Return per unit of downside risk	2.45	2.89	-0.45
Omega ratio: Gain probability vs. loss probability	1.31	1.38	-0.07
Calmar ratio: Return relative to maximum drawdown	2.51	2.72	-0.21
Martin ratio: Return relative to average drawdown	8.78	8.53	+0.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZJPN.TO vs. EWJV - Sharpe Ratio Comparison

The current ZJPN.TO Sharpe Ratio is 1.67, which is comparable to the EWJV Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of ZJPN.TO and EWJV, 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

	ZJPN.TO	EWJV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	2.06	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.79	+0.10

Drawdowns

ZJPN.TO vs. EWJV - Drawdown Comparison

The maximum ZJPN.TO drawdown since its inception was -17.03%, smaller than the maximum EWJV drawdown of -25.67%. Use the drawdown chart below to compare losses from any high point for ZJPN.TO and EWJV.

Drawdown Indicators

	ZJPN.TO	EWJV	Difference
Max Drawdown Largest peak-to-trough decline	-17.03%	-25.67%	+8.64%
Max Drawdown (1Y) Largest decline over 1 year	-12.72%	-14.08%	+1.36%
Max Drawdown (3Y) Largest decline over 3 years	-14.45%	-15.09%	+0.64%
Max Drawdown (5Y) Largest decline over 5 years	—	-19.10%	—
Current Drawdown Current decline from peak	0.00%	-2.00%	+2.00%
Average Drawdown Average peak-to-trough decline	-4.36%	-5.45%	+1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.63%	4.51%	-0.88%

Volatility

ZJPN.TO vs. EWJV - Volatility Comparison

BMO Japan Index ETF (ZJPN.TO) has a higher volatility of 4.75% compared to iShares MSCI Japan Value ETF (EWJV) at 3.97%. This indicates that ZJPN.TO's price experiences larger fluctuations and is considered to be riskier than EWJV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZJPN.TO	EWJV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	3.97%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	14.75%	14.26%	+0.49%
Volatility (1Y) Calculated over the trailing 1-year period	19.10%	18.62%	+0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.03%	16.34%	+0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.03%	16.87%	+0.16%

ZJPN.TO vs. EWJV - Expense Ratio Comparison

ZJPN.TO has a 0.39% expense ratio, which is higher than EWJV's 0.15% expense ratio.

Dividends

ZJPN.TO vs. EWJV - Dividend Comparison

ZJPN.TO's dividend yield for the trailing twelve months is around 1.18%, less than EWJV's 4.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
EWJV iShares MSCI Japan Value ETF	4.66%	5.35%	4.10%	3.32%	2.71%	2.46%	1.96%	4.29%
ZJPN.TO BMO Japan Index ETF	1.18%	1.45%	1.79%	2.05%	1.97%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZJPN.TO and EWJV in my portfolio?

ZJPN.TO and EWJV have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZJPN.TO or EWJV?

On fees, EWJV is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZJPN.TO or EWJV?

EWJV is cheaper with a 0.15% expense ratio, compared with 0.39% for ZJPN.TO.

What is the main difference between ZJPN.TO and EWJV?

ZJPN.TO tracks Solactive GBS Japan Large & Mid Cap Index, while EWJV tracks MSCI Japan Value Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.39% for ZJPN.TO and 0.15% for EWJV.