iShares MSCI Japan ETF (EWJ)
$94.88−0.58%close of Oct 16, 2026
iShares MSCI Japan ETF (EWJ) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund holds stocks of large and mid sized companies in Japan. It charges 0.49% a year. From March 1996 to October 2026 it returned about 3.0% a year, and its worst drop was −58.9%.
Written by the Tactfolio research team. Fund facts checked October 16, 2026. Prices through October 16, 2026.
- Yearly fee
- 0.49%
- about $49 on $10,000
- 1-year return
- 21.3%
- to Oct 16, 2026
- Return per year
- 3.0%
- since March 1996
- Worst drop
- −58.9%
- since 1996
- Below its high
- −4.5%
- now
- Volatility
- 22.6%
- yearly swings
- Issuer
- iShares (BlackRock)
- Tracks
- MSCI Japan Index (Net)
- Started trading
- March 12, 1996
- Type
- International stocks, ETF
- Holdings
- 167 holdings as of October 15, 2026
- Expense ratio
- 0.49% a year
How has EWJ done since 1996?#
From March 1996 to October 2026, EWJ returned about 3.0% a year. The S&P 500 returned about 10.2% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $24,674 at the end, with every dividend reinvested.
| Period | EWJ | S&P 500 (SPY) |
|---|---|---|
| 1 month | −2.2% | 1.5% |
| 3 months | 3.2% | 1.9% |
| 6 months | 6.7% | 9.3% |
| Year to date | 18.1% | 12.8% |
| 1 year | 21.3% | 16.8% |
| 3 years per year | 20.1% | 22.0% |
| 5 years per year | 9.1% | 12.8% |
| 10 years per year | 8.9% | 15.4% |
| Since 1996 per year | 3.0% | 10.2% |
Periods longer than a year show the return per year (CAGR). Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.
EWJ returns by month and year#
EWJ rose in 201 of its 368 months (55%). Its best month was October 1998, at 21.1%. Its worst was August 1998, at −16.4%.
| Year | Total | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 18.1% | 6.2 | 7.8 | −8.6 | 5.5 | 4.3 | 0.9 | −0.9 | 3.8 | 1.7 | −2.6 | ||
| 2025 | 25.8% | 1.8 | 0.2 | 0.1 | 4.2 | 3.8 | 2.0 | −1.8 | 6.3 | 2.5 | 4.0 | −0.5 | 0.9 |
| 2024 | 7.0% | 3.2 | 4.4 | 3.2 | −5.7 | 2.5 | −0.3 | 4.0 | 1.4 | −0.6 | −4.8 | 2.4 | −2.2 |
| 2023 | 20.3% | 7.8 | −4.6 | 4.9 | 0.3 | 0.9 | 5.0 | 2.5 | −2.8 | −2.2 | −2.2 | 6.2 | 3.9 |
| 2022 | −17.7% | −4.3 | −1.8 | −2.1 | −8.1 | 1.7 | −7.4 | 6.3 | −4.6 | −8.8 | 2.3 | 11.6 | −2.2 |
| 2021 | 1.2% | −0.8 | 1.8 | 0.4 | −1.6 | 1.7 | −0.8 | −0.6 | 1.9 | 2.7 | −2.6 | −3.0 | 2.3 |
| 2020 | 15.4% | −2.5 | −8.3 | −6.7 | 4.8 | 7.1 | −0.1 | −1.1 | 6.8 | 1.8 | −1.4 | 10.6 | 5.3 |
| 2019 | 19.3% | 7.1 | 0.2 | 0.7 | 1.3 | −4.9 | 4.5 | −0.4 | −0.8 | 5.2 | 3.4 | 1.3 | 0.9 |
| 2018 | −14.1% | 5.0 | −3.0 | −0.6 | −0.1 | −1.5 | −2.3 | 1.1 | −0.5 | 3.5 | −8.9 | 0.9 | −7.7 |
| 2017 | 24.3% | 3.5 | 1.3 | 0.5 | 0.7 | 2.8 | 1.3 | 2.1 | −0.1 | 1.8 | 5.3 | 2.2 | 0.7 |
| 2016 | 2.8% | −5.1 | −5.3 | 4.8 | 0.1 | 3.2 | −1.7 | 4.9 | 1.8 | 2.1 | 0.7 | −1.2 | −0.9 |
| 2015 | 9.2% | 2.2 | 7.5 | 1.5 | 2.6 | 1.5 | −1.3 | 0.9 | −6.3 | −5.7 | 7.8 | 0.5 | −1.4 |
| 2014 | −6.2% | −6.7 | 2.5 | −2.4 | −2.2 | 4.5 | 4.7 | −0.3 | −1.7 | −0.2 | 2.5 | −3.6 | −2.7 |
| 2013 | 26.0% | 2.3 | 2.4 | 5.8 | 8.3 | −7.3 | 4.0 | 0.0 | −3.1 | 9.7 | −0.1 | 1.3 | 1.4 |
| 2012 | 9.2% | 4.8 | 4.6 | 1.9 | −4.3 | −8.7 | 6.9 | −4.5 | 0.8 | 1.2 | −1.2 | 3.0 | 5.6 |
| 2011 | −14.8% | 0.2 | 5.5 | −10.5 | 2.0 | −2.5 | 2.4 | 2.7 | −8.0 | −4.0 | −0.6 | 0.3 | −2.2 |
| 2010 | 13.6% | 1.0 | 1.0 | 5.0 | −0.5 | −8.5 | −2.6 | 4.7 | −2.6 | 5.4 | 1.3 | 2.5 | 7.0 |
| 2009 | 3.1% | −12.0 | −12.6 | 7.2 | 7.7 | 10.1 | 1.2 | 4.7 | 3.6 | −2.7 | −3.9 | 0.1 | 2.8 |
| 2008 | −27.0% | −4.3 | −1.5 | −1.3 | 7.4 | 2.0 | −7.5 | −3.8 | −4.9 | −6.6 | −15.6 | −3.8 | 11.5 |
| 2007 | −5.5% | 0.7 | 3.1 | −1.3 | −2.0 | 2.2 | −0.6 | −0.5 | −2.5 | 1.9 | 0.1 | −2.0 | −4.6 |
| 2006 | 5.9% | 3.7 | −1.6 | 4.4 | 2.8 | −5.4 | −2.6 | −0.5 | 1.0 | −1.2 | 2.0 | 0.0 | 3.6 |
| 2005 | 24.3% | −3.0 | 2.1 | −3.0 | −2.3 | −1.3 | 0.2 | 1.1 | 8.6 | 9.5 | −0.7 | 2.9 | 9.0 |
| 2004 | 13.7% | 0.2 | 0.5 | 12.0 | −6.7 | −1.5 | 6.3 | −7.3 | 1.4 | −2.8 | 2.4 | 3.8 | 6.4 |
| 2003 | 38.7% | −2.6 | 1.0 | −5.6 | −0.8 | 5.9 | 7.1 | 4.5 | 9.2 | 5.5 | 5.5 | −3.0 | 7.6 |
| 2002 | −9.9% | −7.4 | 4.6 | 9.0 | 3.7 | 6.2 | −5.9 | −6.8 | −0.6 | −6.1 | −5.7 | 3.6 | −2.9 |
| 2001 | −30.3% | −0.6 | −4.3 | −2.7 | 9.6 | −2.9 | −6.1 | −8.1 | −2.8 | −8.1 | −0.1 | −0.1 | −8.0 |
| 2000 | −26.3% | −5.7 | −1.2 | 8.6 | −7.6 | −5.7 | 5.7 | −11.1 | 6.7 | −4.9 | −4.2 | −7.4 | −0.9 |
| 1999 | 60.9% | 2.4 | −3.6 | 13.6 | 4.4 | −5.7 | 10.5 | 7.5 | −0.1 | 4.2 | 6.3 | 3.0 | 7.7 |
| 1998 | 4.0% | 12.0 | 1.1 | −11.2 | 3.8 | −6.1 | 1.3 | −3.8 | −16.4 | 1.6 | 21.1 | 3.2 | 2.6 |
| 1997 | −24.4% | −10.0 | 2.1 | −4.2 | 6.0 | 9.7 | 5.6 | −1.3 | −9.8 | −1.0 | −9.5 | −6.7 | −5.9 |
| 1996 | −13.3% | 4.2 | 4.8 | −4.6 | 1.2 | −4.7 | −5.4 | 3.5 | −6.7 | 2.3 | −7.5 |
Each month runs from the last close of the month before. The first month counts from the first close.
How risky is EWJ compared with the S&P 500?#
Measured from October 2021 to October 2026, on the days both traded.
- Beta 0.77. When the S&P 500 moved 1% in a day, EWJ tended to move about 0.77%.
- Correlation 0.70. EWJ moved with the S&P 500 some of the time.
- Up and down months. In months the S&P 500 rose, EWJ rose 75% as much on average. In months it fell, EWJ fell 75% as much.
| Measure | EWJ | S&P 500 (SPY) |
|---|---|---|
| Return per year | 9.3% | 12.8% |
| Volatility | 18.8% | 17.1% |
| Worst drop | −29.6% | −24.5% |
| Sharpe ratio | 0.57 | 0.79 |
| Sortino ratio | 0.83 | 1.15 |
| Calmar ratio | 0.31 | 0.52 |
Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.
Is EWJ above its 200-day average?#
EWJ closed 4.3% above its 200-day average on October 16, 2026. A rule that holds EWJ only above that average would hold it today.
- vs 200-day average
- +4.3%
- above it
- 50-day vs 200-day
- +6.6%
- trend rising
- vs 52-week high
- −4.5%
- high of $99.32
A moving average is the average close over the last so many days. Trend rules such as the 10-month moving average strategy hold a fund only while it is above one. You can build that rule for EWJ and backtest it in a minute.
What was EWJ’s worst drop?#
A drawdown is how far a fund falls from its last high point. EWJ’s worst fall was −58.9%, from March 31, 2000 to April 25, 2003. It got back to that high on May 2, 2006. On October 16, 2026 it was 4.5% below its highest close.
| Drop | From the high | To the bottom | Back to the high |
|---|---|---|---|
| −58.9% | Mar 31, 2000 | Apr 25, 20033.1 years | May 2, 20063.0 years |
| −54.4% | May 9, 2006 | Mar 9, 20092.8 years | May 30, 20178.2 years |
| −53.3% | Apr 26, 1996 | Oct 1, 19982.4 years | Dec 31, 199915 months |
| −33.1% | Sep 15, 2021 | Oct 20, 202213 months | Mar 6, 202417 months |
| −30.7% | Jan 26, 2018 | Mar 16, 20202.1 years | Nov 9, 20208 months |
Big drops are normal for some funds. They matter because selling during a drop locks in the loss.
What does EWJ hold?#
This fund holds stocks of large and mid sized companies in Japan. Its value goes up and down with the Japanese stock market. Changes in the value of the Japanese yen compared with the US dollar also affect what the fund is worth.
It tracks the MSCI Japan Index (Net). It had 167 holdings as of October 15, 2026, according to iShares (BlackRock).
What is the EWJ expense ratio?#
EWJ charges 0.49% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.49% fee comes to about $49 a year. Of the 162 ETFs on Tactfolio, 10% charge more.
You never get a bill for it. The fund takes the fee out of its own value a little each day.
Which Tactfolio strategies hold EWJ?#
6 classic strategies hold EWJ at least some of the time. Each is a set of written rules you can open, test and copy.
- Bold Asset Allocation (BAA), by Wouter Keller, 2022
- Defensive Asset Allocation (DAA), by Wouter Keller and JW Keuning, 2018
- Protective Asset Allocation (PAA), by Wouter Keller and JW Keuning, 2016
- Adaptive Asset Allocation (AAA), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012
- Vigilant Asset Allocation G12 (VAA-G12), by Wouter Keller and JW Keuning, 2017
- Kipnis Defensive Adaptive Asset Allocation (KDA), by Ilya Kipnis, 2019
How does EWJ compare with similar ETFs?#
Funds that can stand in for EWJ:
- SCHF: Schwab International Equity ETF, 0.03% a year
- VEA: Vanguard FTSE Developed Markets ETF, 0.03% a year
- IEFA: iShares Core MSCI EAFE ETF, 0.07% a year
- EFA: iShares MSCI EAFE ETF, 0.32% a year
See all 4 EWJ alternatives, compared on the same dates as EWJ.
Test EWJ in your own rules#
Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the builder, add EWJ, and see how a rule such as “hold it only above its 200-day average” would have done. Strategies run on daily prices and hold US stocks and ETFs only.
The details#
Prices come from Tactfolio’s stored daily prices for EWJ and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.
Fund facts come from iShares (BlackRock). We checked them on October 16, 2026. Read what a backtest simulates and how to read drawdown and CAGR for more on these measures.
Common questions#
What is the expense ratio of EWJ?#
EWJ charges 0.49% a year, according to iShares (BlackRock) as of October 16, 2026. That is about $49 a year for every $10,000 you hold.
When did EWJ start trading?#
EWJ started trading on March 12, 1996. It is run by iShares (BlackRock).
What does EWJ track?#
EWJ tracks the MSCI Japan Index (Net). This fund holds stocks of large and mid sized companies in Japan.
How much has EWJ returned per year?#
From March 1996 to October 2026, EWJ returned about 3.0% a year with dividends reinvested. Its worst drop was −58.9%. Past returns do not tell you what it will do next.
Is EWJ above its 200-day moving average?#
On October 16, 2026, EWJ closed 4.3% above its 200-day moving average. This page updates after each US market close.
Which strategies use EWJ?#
6 of Tactfolio’s classic strategies hold EWJ, including Bold Asset Allocation (BAA), Defensive Asset Allocation (DAA), Protective Asset Allocation (PAA).