# EWJ ETF: fees, returns, drawdowns and holdings

> What EWJ holds, its 0.49% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

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](https://tactfolio.com/about/editorial-policy). Fund facts checked October 16, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.49% a year (about $49 on $10,000).
- Started trading on March 12, 1996.
- Worst drop since 1996: −58.9%.
- 6 Tactfolio classic strategies hold it.

## 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).

| Fact | EWJ |
| --- | --- |
| Full name | iShares MSCI Japan ETF |
| Issuer | iShares (BlackRock) |
| Expense ratio | 0.49% a year |
| Started trading | March 12, 1996 |
| Tracks | MSCI Japan Index (Net) |
| Type | International stocks, ETF |
| Holdings | 167 holdings as of October 15, 2026 |
| Facts checked | October 16, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/239665/ishares-msci-japan-etf) |

## 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.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## How has EWJ done since 1996?

From March 1996 to October 2026, EWJ returned about 3.0% a year. Say you put in $10,000 at the start. It would have been worth about $24,674 at the end, with every dividend reinvested.

| Measure | EWJ |
| --- | --- |
| Total return | 146.7% |
| Return per year (CAGR) | 3.0% |
| Worst drop from a high | −58.9% |
| Volatility (how much it swings) | 22.6% |
| Last 12 months | 21.3% |
| Last 3 years, per year | 20.1% |
| Last 5 years, per year | 9.1% |
| Last 10 years, per year | 8.9% |

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 year

| Year | EWJ return |
| --- | --- |
| 2026 (part of the year) | 18.1% |
| 2025 | 25.8% |
| 2024 | 7.0% |
| 2023 | 20.3% |
| 2022 | −17.7% |
| 2021 | 1.2% |
| 2020 | 15.4% |
| 2019 | 19.3% |
| 2018 | −14.1% |
| 2017 | 24.3% |
| 2016 | 2.8% |
| 2015 | 9.2% |
| 2014 | −6.2% |
| 2013 | 26.0% |
| 2012 | 9.2% |
| 2011 | −14.8% |
| 2010 | 13.6% |
| 2009 | 3.1% |
| 2008 | −27.0% |
| 2007 | −5.5% |
| 2006 | 5.9% |
| 2005 | 24.3% |
| 2004 | 13.7% |
| 2003 | 38.7% |
| 2002 | −9.9% |
| 2001 | −30.3% |
| 2000 | −26.3% |
| 1999 | 60.9% |
| 1998 | 4.0% |
| 1997 | −24.4% |
| 1996 (part of the year) | −13.3% |

## 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.

The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## 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)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022
- [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018
- [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016
- [Adaptive Asset Allocation (AAA)](https://tactfolio.com/strategies/adaptive-asset-allocation.md), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012
- [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017
- [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019

## How does EWJ compare with similar ETFs?

Funds that can stand in for EWJ:

- [SCHF](https://tactfolio.com/etf/schf.md): Schwab International Equity ETF, 0.03% a year
- [VEA](https://tactfolio.com/etf/vea.md): Vanguard FTSE Developed Markets ETF, 0.03% a year
- [IEFA](https://tactfolio.com/etf/iefa.md): iShares Core MSCI EAFE ETF, 0.07% a year
- [EFA](https://tactfolio.com/etf/efa.md): iShares MSCI EAFE ETF, 0.32% a year

See [all 4 EWJ alternatives](https://tactfolio.com/alternatives/ewj.md), 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](https://tactfolio.com/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. 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.

Fund facts come from iShares (BlackRock). We checked them on October 16, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for more on these measures.

## Research and test it

- [What is an ETF](https://tactfolio.com/learn/what-is-an-etf): An ETF is a fund that trades like a stock. Learn how ETFs work, what they cost, the main types, and the risks, with SEC sources.
- [Momentum strategy](https://tactfolio.com/learn/momentum-strategy): A momentum strategy buys recent winners by a written rule.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## 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.

### 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).

## Sources

- [iShares (BlackRock): iShares MSCI Japan ETF fund page](https://www.ishares.com/us/products/239665/ishares-msci-japan-etf)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.