iShares MSCI Japan ETF (EWJ) Performance
EWJ total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +17.2% since Dec 31, 2025
- 1 year
- +19.4% total return
- 5 years
- +9.1% a year
- 10 years
- +8.6% a year
- Since first price
- +3.0% a year since 1996
EWJ trailing returns vs SPY, QQQ, AGG
| Period | EWJ total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −3.0% | −3.0% | −1.0% | −5.0% | +0.9% |
| 3 months | +3.3% | +3.3% | +3.2% | +1.9% | −0.4% |
| 6 months | +8.7% | +8.1% | +7.8% | +8.4% | −1.5% |
| YTD | +17.2% | +16.5% | +12.3% | +15.1% | −1.0% |
| 1 year | +19.4% | +14.4% | +14.4% | +15.9% | −1.1% |
| 3 years | +77.0%+21.0%/yr | +62.3% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +54.9%+9.1%/yr | +37.5% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +128.4%+8.6%/yr | +87.2% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +223.3%+8.1%/yr | +145.3% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | +138.0%+4.4%/yr | +68.8% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| 30 years | +160.9%+3.2%/yr | +66.5% | +1,693.8%+10.1%/yr | — | — |
| Since inceptionMar 18, 1996 | +144.7%+3.0%/yr | +56.2% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: EWJ vs SPY
From Mar 18, 1996: EWJ grew to $24,469, SPY to $196,507.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
EWJ returns by calendar year
19 of 29 full years positive. Best 1999 (+60.9%), worst 2001 (−30.3%). 2026 is year to date.
EWJ annual returns table
| Year | EWJ | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +17.2% | −13.6% | +12.3% | +15.1% | −1.0% |
| 2025 | +25.8% | −14.5% | +17.7% | +20.8% | +7.2% |
| 2024 | +7.0% | −12.2% | +24.9% | +25.6% | +1.3% |
| 2023 | +20.3% | −10.1% | +26.2% | +54.9% | +5.7% |
| 2022 | −17.7% | −28.1% | −18.2% | −32.6% | −13.0% |
| 2021 | +1.2% | −11.0% | +28.7% | +27.4% | −1.8% |
| 2020 | +15.4% | −28.0% | +18.3% | +48.6% | +7.5% |
| 2019 | +19.3% | −6.0% | +31.2% | +39.0% | +8.5% |
| 2018 | −14.1% | −22.9% | −4.6% | −0.1% | +0.1% |
| 2017 | +24.3% | −3.3% | +21.7% | +32.7% | +3.6% |
| 2016 | +2.8% | −14.6% | +12.0% | +7.1% | +2.4% |
| 2015 | +9.2% | −15.6% | +1.2% | +9.4% | +0.5% |
| 2014 | −6.2% | −11.1% | +13.5% | +19.2% | +6.0% |
| 2013 | +26.0% | −13.6% | +32.3% | +36.6% | −2.0% |
| 2012 | +9.2% | −15.1% | +16.0% | +18.1% | +3.8% |
| 2011 | −14.8% | −23.2% | +1.9% | +3.4% | +7.7% |
| 2010 | +13.6% | −14.2% | +15.1% | +19.9% | +6.4% |
| 2009 | +3.1% | −28.7% | +26.4% | +54.7% | +3.0% |
| 2008 | −27.0% | −43.3% | −36.8% | −41.7% | +7.9% |
| 2007 | −5.5% | −13.9% | +5.1% | +19.0% | +6.6% |
| 2006 | +5.9% | −21.0% | +15.8% | +7.1% | +3.9% |
| 2005 | +24.3% | −10.0% | +4.8% | +1.6% | +2.3% |
| 2004 | +13.7% | −19.8% | +10.7% | +10.5% | +3.8% |
| 2003 | +38.7% | −13.9% | +28.2% | +49.7% | — |
| 2002 | −9.9% | −27.7% | −21.6% | −37.4% | — |
| 2001 | −30.3% | −34.9% | −11.8% | −33.3% | — |
| 2000 | −26.3% | −29.2% | −9.7% | −36.1% | — |
| 1999 | +60.9% | −10.1% | +20.4% | — | — |
| 1998 | +4.0% | −33.4% | +28.7% | — | — |
| 1997 | −24.4% | −33.9% | +33.5% | — | — |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
EWJ largest drawdowns
Now 5.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 31, 2000 | −58.9% | Apr 25, 2003 | May 2, 2006 | 3.1 years | 6.1 years |
| May 9, 2006 | −54.5% | Mar 9, 2009 | May 30, 2017 | 2.8 years | 11.1 years |
| Apr 26, 1996 | −53.3% | Oct 1, 1998 | Dec 31, 1999 | 2.4 years | 3.7 years |
| Sep 15, 2021 | −33.1% | Oct 20, 2022 | Mar 6, 2024 | 1.1 years | 2.5 years |
| Jan 26, 2018 | −30.7% | Mar 16, 2020 | Nov 9, 2020 | 2.1 years | 2.8 years |
| Sep 26, 2024 | −14.7% | Apr 7, 2025 | Apr 29, 2025 | 6 months | 7 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
EWJ risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 1996 |
|---|---|---|---|---|
| Annualized return | +20.8% | +9.3% | +9.0% | +3.0% |
| Volatility (annualized) | 12.2% | 15.0% | 13.7% | 17.5% |
| Sharpe ratio | 1.26 | 0.44 | 0.53 | — |
| Sortino ratio | 2.07 | 0.66 | 0.81 | — |
| Best month | +7.8% | +11.6% | +11.6% | +21.1% |
| Worst month | −8.6% | −8.8% | −8.9% | −16.5% |
| Best 12 months | +41.1% | +41.1% | +41.1% | +75.0% |
| Worst 12 months | −1.7% | −28.9% | −28.9% | −40.4% |
| Positive months | 72% | 62% | 61% | 55% |
| Beta vs S&P 500 | 0.60 | 0.71 | 0.67 | — |
| Correlation with S&P 500 | 0.61 | 0.74 | 0.75 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
EWJ rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 356 | −40.4% | +5.7% | +75.0% | 61% |
| 3-year (a year) | 332 | −24.8% | +5.0% | +32.5% | 74% |
| 5-year (a year) | 308 | −9.1% | +4.2% | +16.3% | 67% |
| 10-year (a year) | 248 | −3.7% | +3.7% | +10.0% | 86% |
Every holding period starting at a month-end since 1996. Returns for 3 years and longer are annualized.
EWJ performance overview
iShares MSCI Japan ETF (EWJ) returned +19.4% over the past year and +8.6% a year over ten years, with distributions reinvested. Since its first recorded price in 1996 it has returned +3.0% a year, turning $10,000 into about $24,469. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −58.9%, from Mar 31, 2000 to Apr 25, 2003, and it took 3.0 years to get back to the old high. EWJ finished 19 of its 29 full calendar years with a gain; the best year was 1999 (+60.9%) and the worst 2001 (−30.3%). Volatility has been 17.5% a year.
Related: EWJ chart, EWJ holdings, EWJ dividends. See the EWJ overview for the latest quote and fund facts.
EWJ performance FAQ
What is the EWJ return over the past year?
EWJ returned +19.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 14.4%.
What is the average annual return of EWJ?
EWJ has returned +9.1% a year over 5 years, +8.6% a year over 10 years, +3.0% a year since March 18, 1996 (total return, distributions reinvested).
How much would $10,000 invested in EWJ be worth?
$10,000 invested in EWJ at its first recorded close on March 18, 1996 would be worth about $24,469 on October 23, 2026 with distributions reinvested.
What was the worst year for EWJ?
The worst calendar year was 2001, with a total return of −30.3%. The best was 1999 at +60.9%.
What is the biggest drawdown of EWJ?
The largest peak-to-trough decline was −58.9% between March 31, 2000 and April 25, 2003. It recovered to the old high on May 2, 2006, 3.0 years after the bottom.
How volatile is EWJ?
Over the past 3 years EWJ had an annualized volatility of 12.2% and a Sharpe ratio of 1.26 (excess return over 1–3 month T-bills per unit of risk).