EWJ vs SPY
iShares MSCI Japan ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, EWJ or SPY?
Each has led over a different period.
SPY has a lower expense ratio. EWJ led over 1Y, SPY over 3Y, 5Y and the full window. EWJ is less concentrated, with 30.1% of the fund in its ten largest positions against 37.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | EWJ | SPY |
|---|---|---|
| Expense Ratio | 0.49% | 0.09%Best |
| AUM | $22.6B | $804.7B |
| Dividend Yield | 3.72% | 0.98% |
| Holdings | 173 | 505 |
| YTD Return | +19.98%Best | +12.99% |
| 1Y Return | +24.84%Best | +16.73% |
| 3Y Return (annualized) | +19.74% | +22.52%Best |
| 5Y Return (annualized) | +8.44% | +13.07%Best |
| Volatility (annualized) | 17.7% | 15.3%Best |
| Max Drawdown | -62.2% | -56.5%Best |
| $10,000 over 5 years | $14,995 | $18,481Best |
| Top 10 Weight | 30.1%Best | 37.8% |
| Fund Family | iShares by BlackRock (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Mar 12, 1996 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Apr 1, 1996 to Sep 23, 2026 (30.5 years).
EWJ vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
EWJ vs SPY Performance
iShares MSCI Japan ETF (EWJ) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year EWJ returned +24.84% while SPY returned +16.73%. Year to date, EWJ is up 19.98% versus a gain of 12.99% for SPY.
Over three years, EWJ compounded at +19.74% per year against +22.52% for SPY; over five years the annualized figures are +8.44% and +13.07% respectively. Across the full 31-year window we track, SPY has the edge at +8.68% annualized vs +1.86%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
EWJ has been the more volatile fund, with annualized monthly volatility of 17.7% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -62.2% for EWJ and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.60. They move together some of the time, and apart the rest.
Fees and Cost Over Time
EWJ charges 0.49% per year while SPY charges 0.09%. On a $10,000 position that is $49 vs $9 annually, a gap of $40 per year that compounds over a long holding period. On income, EWJ currently yields 3.72% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 168 holdings in EWJ and 504 in SPY, totalling 99.8% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 168 positions we hold weights for in EWJ and 504 in SPY, against full books of 173 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for EWJ (99.3% of the fund), and 1 for EWJ that do not appear in SPY (0.0%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of EWJ and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, EWJ or SPY?
EWJ has an expense ratio of 0.49% while SPY charges 0.09%. SPY is the cheaper option, by $40 a year on a $10,000 investment.
Which performed better, EWJ or SPY?
Over the past year EWJ returned +24.84% vs +16.73% for SPY, so EWJ leads on 1-year performance. Over the longest common window we track (31 years), EWJ annualized +1.86% vs +8.68% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, EWJ or SPY?
EWJ has been the more volatile fund at 17.7% annualized versus 15.3% for SPY. Worst drawdown: EWJ -62.2% vs SPY -56.5%.
Should I hold both EWJ and SPY?
EWJ and SPY have a monthly-return correlation of 0.60, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, EWJ or SPY?
EWJ yields 3.72% while SPY yields 0.98%, so EWJ currently pays the higher dividend yield.
Is SPY better than EWJ?
SPY has a lower expense ratio. EWJ led over 1Y, SPY over 3Y, 5Y and the full window. EWJ is less concentrated, with 30.1% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.