EWJ vs VOO
iShares MSCI Japan ETF vs Vanguard S&P 500 ETF
Quick Verdict
VOO has a lower expense ratio. EWJ delivered stronger 1-year returns. VOO offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | EWJ | VOO | Winner |
|---|---|---|---|
| Expense Ratio | 0.49% | 0.03% | |
| AUM | $21.6B | $979.0B | |
| Dividend Yield | 3.81% | 1.09% | |
| Holdings | 174 | 509 | |
| YTD Return | +18.74% | +13.79% | |
| 1Y Return | +28.79% | +23.01% | |
| 3Y Return (annualized) | +19.54% | +21.78% | |
| 5Y Return (annualized) | +9.79% | +13.39% | |
| Volatility (annualized) | 17.7% | 14.1% | |
| Max Drawdown | -62.2% | -34.3% | |
| Fund Family | iShares by BlackRock (US) | Vanguard (US) | |
| Category | Equity | Equity | |
| Inception | Mar 12, 1996 | Sep 7, 2010 |
EWJ vs VOO Performance
iShares MSCI Japan ETF (EWJ) is a ETF from iShares by BlackRock (US) and Vanguard S&P 500 ETF (VOO) is a ETF from Vanguard (US). Over the past year EWJ returned +28.79% while VOO returned +23.01%. Year to date, EWJ is up 18.74% versus a gain of 13.79% for VOO.
Over three years, EWJ compounded at +19.54% per year against +21.78% for VOO; over five years the annualized figures are +9.79% and +13.39% respectively. Across the full 16-year window we track, VOO has the edge at +13.57% annualized vs +1.83%. 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 14.1% for VOO. 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 -34.3% for VOO. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.68. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
EWJ charges 0.49% per year while VOO charges 0.03%. On a $10,000 position that is $49 vs $3 annually, a gap of $46 per year that compounds over a long holding period. On income, EWJ currently yields 3.81% against 1.09% for VOO.
Holdings Overlap
EWJ and VOO share 0 holdings out of 674 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, EWJ or VOO?
EWJ has an expense ratio of 0.49% while VOO charges 0.03%. VOO is the cheaper option. On a $10,000 investment, that is $46 per year of difference.
Which performed better, EWJ or VOO?
Over the past year EWJ returned +28.79% vs +23.01% for VOO, so EWJ leads on 1-year performance. Over the longest common window we track (16 years), EWJ annualized +1.83% vs +13.57% for VOO. Past performance does not guarantee future results.
Which is riskier, EWJ or VOO?
EWJ has been the more volatile fund at 17.7% annualized versus 14.1% for VOO. Worst drawdown: EWJ -62.2% vs VOO -34.3%.
Should I hold both EWJ and VOO?
EWJ and VOO have a monthly-return correlation of 0.68, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between EWJ and VOO?
EWJ and VOO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 674 unique securities.
Which pays a higher dividend, EWJ or VOO?
EWJ yields 3.81% while VOO yields 1.09%, so EWJ currently pays the higher dividend yield.
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