Data as of Oct 28, 2026.
EEM vs EWJ: Differences, Returns & Fees
Over the year to Oct 28, 2026, EEM returned +16.3% to EWJ's +18.1%; 0% of their weight is in the same names.
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Net assets: $29.1bn on Oct 27, 2026 for iShares MSCI Emerging Markets ETF, and $23.9bn on Oct 28, 2026 for iShares MSCI Japan ETF.
Pair scorecard
EWJ costs 0.23 points a year less; their one-year returns differ by 1.8 points; EEM is 1.2 times larger.
| Measure | EEM | EWJ |
|---|---|---|
| Return | ||
| Total return, 1 year | +16.3% | +18.1% |
| Drawdown | ||
| Below its high | 10.8%, high on Jun 22, 2026 | 4.4%, high on Oct 6, 2026 |
| Benchmark | ||
| What it tracks | MSCI Emerging Markets Index | MSCI Japan Index |
| Cost and size | ||
| Expense ratio | 0.72% | 0.49% |
| Net assets, as of Oct 27, 2026 | $29.1bn | $23.8bn |
| Holdings | ||
| Holdings in common | 0% | |
| Top ten holdings, share of the fund | 37.2% | 29.5% |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Apr 25, 2003 to Oct 23, 2026 · 1,226 weekly returnsEEM returned more: +759.1% to +436.3%. EWJ swung less: 18.5% to 23.3%. EWJ fell less at its worst: −52.4% to −62.6%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | EEM | EWJ | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +759.1% | +436.3% | EEM | Price change plus distributions, reinvested. |
| Annualized | +9.6% | +7.4% | EEM | Total return as a yearly rate. |
| Price return | +451.7% | +277.0% | EEM | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 23.3% | 18.5% | EWJ | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 16.1% | 13.1% | EWJ | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −62.6% | −52.4% | EWJ | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.43 | 0.38 | EEM | Return above Treasury bills per unit of volatility. |
| Sortino | 0.63 | 0.54 | EEM | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.15 | 0.14 | EEM (slight) | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,226 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, EEM and EWJ hold 0% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
EEM and EWJ on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
EEM and EWJ do different jobs. What does each one do in a portfolio?
- What each follows. EEM follows MSCI Emerging Markets Index and EWJ follows MSCI Japan Index.
- Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 27, 2026).
- Number of holdings. EEM holds 1,186 positions and EWJ holds 169.
Data as of Oct 28, 2026.
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EEM
EEM tracks an index of Emerging markets. Over the year to Oct 28, 2026 it returned +16.3% with distributions reinvested. The prospectus expense ratio is 0.72% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 1,186 positions, with the top ten at 37.2%. It sat 10.8% below its high of Jun 22, 2026 on Oct 28, 2026.
EWJ
EWJ tracks the MSCI Japan. Over the year to Oct 28, 2026 it returned +18.1% with distributions reinvested, against +14.3% for its benchmark, the MSCI ACWI ex USA Index. The prospectus expense ratio is 0.49% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 169 positions, with the top ten at 29.5%. It sat 4.4% below its high of Oct 6, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, EEM or EWJ?
- In the year to Oct 28, 2026, with distributions reinvested, EEM returned +16.3% and EWJ +18.1%.
- Which is cheaper, EEM or EWJ?
- EWJ is cheaper, by 0.23 percentage points a year. That is about $23 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, EEM against EWJ, data as of Oct 28, 2026. https://etfiq.com/compare/any/eem-vs-ewj
ETFIQ. (Oct 28, 2026). EEM against EWJ. Retrieved from https://etfiq.com/compare/any/eem-vs-ewj
[EEM against EWJ (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/eem-vs-ewj)
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