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ZJPN.TO vs. EWJV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZJPN.TO vs. EWJV

Last updated Jul 25, 2026
Documentation

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 19.39%/yr vs 25.87%/yr for EWJV. A 0.59 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.

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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

In the year-to-date period, ZJPN.TO achieves a 16.60% return, which is significantly lower than EWJV's 20.95% return.

ZJPN.TO

1D
0.57%
1M
-1.26%
6M
11.72%
YTD
16.60%
1Y
27.67%
3Y*
19.39%
5Y*
—
10Y*
—
ALL TIME*
14.60%

EWJV

1D
1.03%
1M
4.08%
6M
14.30%
YTD
20.95%
1Y
38.85%
3Y*
25.87%
5Y*
17.40%
10Y*
—
ALL TIME*
13.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

EWJV

iShares MSCI Japan Value ETF
CA$14.88MCA$13.96MCA$11.57M

ZJPN.TO

BMO Japan Index ETF
CA$311.88KCA$367.81KCA$320.86K

ZJPN.TO vs. EWJV - Yearly Performance Comparison

2026 (YTD)2025202420232022
ZJPN.TO
BMO Japan Index ETF		16.60%20.22%16.50%16.10%-2.80%
EWJV
iShares MSCI Japan Value ETF		20.95%27.85%21.04%20.66%-0.88%

Correlation

The correlation between ZJPN.TO and EWJV is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.77

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

0.74

Correlation (All Time)
Calculated using the full available price history since Jan 27, 2022

0.59

The correlation between ZJPN.TO and EWJV shifts across timeframes, from 0.59 (all time) to 0.77 (1 year), reflecting how their relationship changes across market environments.

ZJPN.TO vs. EWJV - Sectors Allocation Comparison

Sectors
ZJPN.TO
EWJV

Industrials

23.9%
19.6%

Technology

21.2%
7.7%

Financial Services

17.4%
33.7%

Consumer Cyclical

11.9%
12.5%

Communication Services

8.4%
8.4%

Healthcare

5.3%
3.7%

Consumer Defensive

3.7%
3.9%

Basic Materials

3.6%
4.0%

Real Estate

2.6%
3.2%

Utilities

1.2%
1.4%

Energy

0.8%
1.7%

Industrials

ZJPN.TO
23.9%
EWJV
19.6%

Technology

ZJPN.TO
21.2%
EWJV
7.7%

Financial Services

ZJPN.TO
17.4%
EWJV
33.7%

Consumer Cyclical

ZJPN.TO
11.9%
EWJV
12.5%

Communication Services

ZJPN.TO
8.4%
EWJV
8.4%

Healthcare

ZJPN.TO
5.3%
EWJV
3.7%

Consumer Defensive

ZJPN.TO
3.7%
EWJV
3.9%

Basic Materials

ZJPN.TO
3.6%
EWJV
4.0%

Real Estate

ZJPN.TO
2.6%
EWJV
3.2%

Utilities

ZJPN.TO
1.2%
EWJV
1.4%

Energy

ZJPN.TO
0.8%
EWJV
1.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Japan Index ETF

iShares MSCI Japan Value ETF

Often compared with ZJPN.TO:
ZJPN.TO vs. CJP.NEOZJPN.TO vs. VNP.TOZJPN.TO vs. ZCN.TOZJPN.TO vs. ZEA.TOZJPN.TO vs. XEI.TOZJPN.TO vs. XUS.TOZJPN.TO vs. JAPN.TO
Often compared with EWJV:
EWJV vs. EWJEWJV vs. DXJEWJV vs. FLJPEWJV vs. BBJPEWJV vs. HEWJEWJV vs. FLJHEWJV vs. DFJ

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: 6161
Overall Rank
ZJPN.TO Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
ZJPN.TO Sortino Ratio Rank: 6060
Sortino Ratio Rank
ZJPN.TO Omega Ratio Rank: 5959
Omega Ratio Rank
ZJPN.TO Calmar Ratio Rank: 6262
Calmar Ratio Rank
ZJPN.TO Martin Ratio Rank: 6262
Martin Ratio Rank
EWJV
EWJV Risk / Return Rank: 7171
Overall Rank
EWJV Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
EWJV Sortino Ratio Rank: 7878
Sortino Ratio Rank
EWJV Omega Ratio Rank: 7777
Omega Ratio Rank
EWJV Calmar Ratio Rank: 6666
Calmar Ratio Rank
EWJV Martin Ratio Rank: 5757
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.

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.

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.

ZJPN.TOEWJVDifference
Sharpe ratioReturn per unit of total volatility
1.40
2.00

-0.59

Sortino ratioReturn per unit of downside risk
2.02
2.75

-0.73

Omega ratioGain probability vs. loss probability

1.26

1.35

-0.09

Calmar ratioReturn relative to maximum drawdown

2.19

2.80

-0.61

Martin ratioReturn relative to average drawdown

7.41

8.61

-1.19

ZJPN.TO vs. EWJV - Sharpe Ratio Comparison

The current ZJPN.TO Sharpe Ratio is 1.40, which is comparable to the EWJV Sharpe Ratio of 2.00. 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.

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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 -26.83%. Use the drawdown chart below to compare losses from any high point for ZJPN.TO and EWJV.

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Drawdown Indicators

ZJPN.TOEWJVDifference

Max Drawdown

Largest peak-to-trough decline

-17.03%

-26.83%

+9.80%

Max Drawdown (1Y)

Largest decline over 1 year

-12.72%

-13.95%

+1.23%

Max Drawdown (3Y)

Largest decline over 3 years

-14.45%

-15.76%

+1.31%

Max Drawdown (5Y)

Largest decline over 5 years

—

-19.33%

—

Current Drawdown

Current decline from peak

-5.20%

-0.64%

-4.56%

Average Drawdown

Average peak-to-trough decline

-4.30%

-5.32%

+1.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.75%

4.53%

-0.78%

Volatility

ZJPN.TO vs. EWJV - Volatility Comparison

BMO Japan Index ETF (ZJPN.TO) and iShares MSCI Japan Value ETF (EWJV) have volatilities of 5.52% and 5.44%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZJPN.TOEWJVDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.52%

5.44%

+0.08%

Volatility (6M)

Calculated over the trailing 6-month period

15.87%

15.88%

-0.01%

Volatility (1Y)

Calculated over the trailing 1-year period

19.81%

19.55%

+0.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.23%

19.16%

-1.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.23%

19.50%

-2.27%

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 1.17%, less than EWJV's 4.83% yield.

PositionTTM2025202420232022202120202019
EWJV
iShares MSCI Japan Value ETF		4.83%5.35%4.10%3.32%2.71%2.46%1.96%4.29%
ZJPN.TO
BMO Japan Index ETF		1.17%1.44%1.79%2.05%1.97%0.00%0.00%0.00%

Frequently Asked Questions

ZJPN.TO and EWJV have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

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

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.

Portfolio Optimizer

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