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 +13.3% compared to +8.6%

EWJ vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	EWJ(ETF)	SPY(ETF)
Net Assets	$18B	$652B
Expense Ratio	0.49%	0.09%
Max Drawdown	62.18%	56.47%
Sharpe Ratio	1.40	2.07
5Y Beta	0.86	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	27.21%	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	N/A	22.35%
P/S Ratio	N/A	3.55
P/B Ratio	N/A	5.29

Net Assets

EWJ

$18B

Winner

SPY

$652B

Expense Ratio

EWJ

0.49%

Winner

SPY

0.09%

Max Drawdown

EWJ

62.18%

Winner

SPY

56.47%

Sharpe Ratio

EWJ

1.40

Winner

SPY

2.07

5Y Beta

Winner

EWJ

0.86

SPY

1.00

P/E Ratio

EWJ

N/A

SPY

28.24

Forward P/E

EWJ

N/A

SPY

21.85

5Y Dividends CAGR

Winner

EWJ

27.21%

SPY

5.43%

5Y EPS CAGR

EWJ

N/A

SPY

25.79%

Debt to Equity

EWJ

N/A

SPY

22.35%

P/S Ratio

EWJ

N/A

SPY

3.55

P/B Ratio

EWJ

N/A

SPY

5.29

EWJ vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	EWJ	SPY
1 month	+3.14%	+9.11%
3 months	+1.02%	+6.59%
6 months	+14.91%	+10.56%
1 year	+34.32%	+32.04%
5 years(CAGR)	+8.56%	+13.35%
10 years(CAGR)	+9.37%	+15.49%
Max(CAGR)	+3.22%	+8.50%

EWJ

+3.14%

Winner

SPY

+9.11%

EWJ

+1.02%

Winner

SPY

+6.59%

Winner

EWJ

+14.91%

SPY

+10.56%

Winner

EWJ

+34.32%

SPY

+32.04%

5Y(CAGR)

EWJ

+8.56%

Winner

SPY

+13.35%

10Y(CAGR)

EWJ

+9.37%

Winner

SPY

+15.49%

Max(CAGR)

EWJ

+3.22%

Winner

SPY

+8.50%

EWJ vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	EWJ	SPY
2026	+13.39%	+8.27%
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	+4.41%	+13.59%
2015	+8.97%	+1.31%
2014	-4.66%	+14.56%
2013	+22.93%	+29.00%
2012	+7.10%	+14.17%
2011	-15.57%	+0.85%
2010	+10.75%	+13.14%
2009	+2.60%	+22.67%
2008	-26.64%	-36.25%
2007	-5.43%	+5.32%
2006	+2.59%	+13.85%
2005	+25.83%	+5.32%
2004	+13.03%	+10.75%
2003	+36.18%	+24.18%
2002	-10.32%	-22.42%
2001	-29.91%	-10.13%
2000	-29.46%	-8.84%
1999	+12.29%	+8.61%

EWJ vs SPY Drawdown Comparison

The maximum drawdown for EWJ was -60.95%, occurring on Apr 25, 2003. Recovery took 4319 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 -1.86%.

Rank	EWJ	SPY
#1	-60.95% Mar 31, 2000 - Jun 2, 2017	-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 - Mar 20, 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 23, 1999	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-4.77% Jun 27, 2025 - Jul 23, 2025	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-4.19% Jan 14, 2021 - Feb 8, 2021	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between EWJ and SPY is 0.94 which considered as a very strong positive correlation - the stocks move almost identically together.

0.94

-101

Dividend Comparison (1999 - 2026)

EWJ vs SPY dividend yield comparison.

Year	EWJ	SPY
2026	0.00%	0.24%
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	1.95%	2.03%
2015	1.27%	2.06%
2014	1.32%	1.87%
2013	1.11%	1.81%
2012	1.94%	2.18%
2011	2.13%	2.05%
2010	1.30%	1.80%
2009	1.42%	1.95%
2008	1.40%	3.02%
2007	1.04%	1.85%
2006	0.70%	1.73%
2005	0.43%	1.73%
2004	0.39%	1.82%
2003	0.02%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	4.08%	1.15%
1999	0.67%	0.24%