EWJ vs SPY
Comparison between ISHARES MSCI JAPAN ETF (EWJ, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceSPY has outperformed EWJ, delivering a return of +13.2% compared to +9.1%
EWJ vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
EWJ
$21B
Winner
SPY
$784B
Expense Ratio
EWJ
0.49%
Winner
SPY
0.09%
Max Drawdown
EWJ
62.18%
Winner
SPY
56.47%
Sharpe Ratio
EWJ
1.37
Winner
SPY
1.54
5Y Beta
Winner
EWJ
0.88
SPY
1.00
P/E Ratio
EWJ
N/A
SPY
27.62
Forward P/E
EWJ
N/A
SPY
21.11
5Y Dividends CAGR
Winner
EWJ
28.08%
SPY
6.00%
5Y EPS CAGR
EWJ
N/A
SPY
25.30%
Debt to Equity
EWJ
N/A
SPY
31.11%
P/S Ratio
EWJ
N/A
SPY
3.49
P/B Ratio
EWJ
N/A
SPY
5.30
EWJ vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
Winner
EWJ
+1.78%
SPY
-1.37%
3M
EWJ
+11.60%
Winner
SPY
+12.22%
6M
Winner
EWJ
+14.92%
SPY
+7.20%
1Y
Winner
EWJ
+34.37%
SPY
+23.58%
5Y(CAGR)
EWJ
+9.14%
Winner
SPY
+13.19%
10Y(CAGR)
EWJ
+9.12%
Winner
SPY
+15.12%
Max(CAGR)
EWJ
+2.70%
Winner
SPY
+8.44%
EWJ vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | EWJ | SPY |
|---|---|---|
| 2026 | +14.65% | +7.95% |
| 2025 | +26.06% | +18.00% |
| 2024 | +8.03% | +25.59% |
| 2023 | +19.75% | +26.72% |
| 2022 | -17.81% | -18.64% |
| 2021 | +2.38% | +30.52% |
| 2020 | +14.21% | +17.28% |
| 2019 | +18.51% | +31.09% |
| 2018 | -14.61% | -5.24% |
| 2017 | +23.26% | +20.78% |
| 2016 | +3.80% | +13.59% |
| 2015 | +7.97% | +1.31% |
| 2014 | -5.56% | +14.56% |
| 2013 | +21.87% | +29.00% |
| 2012 | +5.49% | +14.17% |
| 2011 | -16.85% | +0.85% |
| 2010 | +9.59% | +13.14% |
| 2009 | +1.50% | +22.67% |
| 2008 | -27.35% | -36.25% |
| 2007 | -6.16% | +5.32% |
| 2006 | +2.04% | +13.85% |
| 2005 | +25.43% | +5.32% |
| 2004 | +12.69% | +10.75% |
| 2003 | +36.16% | +24.18% |
| 2002 | -10.32% | -22.42% |
| 2001 | -29.91% | -10.13% |
| 2000 | -31.13% | -8.84% |
| 1999 | +11.68% | +8.61% |
EWJ vs SPY Drawdown Comparison
The maximum drawdown for EWJ was -61.87%, occurring on Apr 25, 2003. Recovery took 4468 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current EWJ drawdown is -4.35%. The current SPY drawdown is -3.18%.
| Rank | EWJ | SPY |
|---|---|---|
| #1 | -61.87% Mar 31, 2000 - Jan 4, 2018 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -33.13% Sep 15, 2021 - Mar 6, 2024 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -30.69% Jan 26, 2018 - Nov 9, 2020 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -14.67% Sep 26, 2024 - Apr 29, 2025 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -13.59% Feb 11, 2026 - Jun 4, 2026 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -13.00% Dec 31, 1999 - Mar 31, 2000 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -12.21% Jul 16, 2024 - Aug 23, 2024 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -8.95% Feb 16, 2021 - Sep 3, 2021 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -7.43% Mar 21, 2024 - Jul 12, 2024 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -5.90% Oct 6, 2025 - Oct 20, 2025 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -5.75% Nov 12, 2025 - Dec 15, 2025 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -5.39% Aug 30, 2024 - Sep 26, 2024 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -5.14% Nov 26, 1999 - Dec 28, 1999 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -5.14% Jun 4, 2026 - Jun 15, 2026 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -4.77% Jun 27, 2025 - Jul 23, 2025 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between EWJ and SPY is 0.92 which considered as a very strong positive correlation - the stocks move almost identically together.
0.92
-101
Dividend Comparison (1999 - 2026)
EWJ vs SPY dividend yield comparison.
| Year | EWJ | SPY |
|---|---|---|
| 2026 | 0.54% | 0.50% |
| 2025 | 4.52% | 1.07% |
| 2024 | 2.34% | 1.21% |
| 2023 | 2.03% | 1.40% |
| 2022 | 1.23% | 1.65% |
| 2021 | 2.08% | 1.20% |
| 2020 | 1.04% | 1.52% |
| 2019 | 2.03% | 1.75% |
| 2018 | 1.71% | 2.04% |
| 2017 | 1.25% | 1.80% |
| 2016 | 1.38% | 2.03% |
| 2015 | 0.32% | 2.06% |
| 2014 | 0.33% | 1.87% |
| 2013 | 0.28% | 1.81% |
| 2012 | 0.48% | 2.18% |
| 2011 | 0.53% | 2.05% |
| 2010 | 0.32% | 1.80% |
| 2009 | 0.35% | 1.95% |
| 2008 | 0.35% | 3.02% |
| 2007 | 0.26% | 1.85% |
| 2006 | 0.18% | 1.73% |
| 2005 | 0.11% | 1.73% |
| 2004 | 0.10% | 1.82% |
| 2003 | 0.00% | 1.47% |
| 2002 | 0.00% | 1.70% |
| 2001 | 0.00% | 1.25% |
| 2000 | 1.02% | 1.15% |
| 1999 | 0.17% | 0.24% |
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