Data as of Oct 28, 2026.
EWJ vs VEU: Differences, Returns & Fees
Over the year to Oct 28, 2026, EWJ returned +18.1% to VEU's +14.4%; 13% of their weight is in the same names.
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Net assets: $23.9bn on Oct 28, 2026 for iShares MSCI Japan ETF, and $68.1bn on Sep 30, 2026 for Vanguard FTSE All World Ex US ETF.
Pair scorecard
VEU costs 0.45 points a year less; their one-year returns differ by 3.7 points; VEU is 2.9 times larger.
| Measure | EWJ | VEU |
|---|---|---|
| Return | ||
| Total return, 1 year | +18.1% | +14.4% |
| Drawdown | ||
| Below its high | 4.4%, high on Oct 6, 2026 | 5.0%, high on Sep 4, 2026 |
| Benchmark | ||
| What it tracks | MSCI Japan Index | FTSE All-World ex US Index |
| Cost and size | ||
| Expense ratio | 0.49% | 0.04% |
| Net assets, as of Sep 30, 2026 | $23.5bn | $68.1bn |
| Holdings | ||
| Holdings in common | 13% | |
| Top ten holdings, share of the fund | 29.5% | 15.2% |
Holdings in common uses holdings dated Sep 30, 2026 and Oct 27, 2026. Method
Risk and return
Mar 16, 2007 to Oct 23, 2026 · 1,023 weekly returnsVEU returned more: +173.1% to +128.6%. EWJ swung slightly less: 18.3% to 19.3%. EWJ fell less at its worst: −51.1% to −60.1%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | EWJ | VEU | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +128.6% | +173.1% | VEU | Price change plus distributions, reinvested. |
| Annualized | +4.3% | +5.2% | VEU | Total return as a yearly rate. |
| Price return | +63.3% | +59.0% | EWJ (slight) | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 18.3% | 19.3% | EWJ (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 13.3% | 14.0% | EWJ (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −51.1% | −60.1% | EWJ | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.24 | 0.28 | VEU | Return above Treasury bills per unit of volatility. |
| Sortino | 0.33 | 0.39 | VEU | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.08 | 0.09 | VEU (slight) | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,023 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, EWJ and VEU hold 13% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026 and Oct 27, 2026.
half
13% in common
Only in one fund ↓
Side by side
EWJ and VEU on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
EWJ and VEU do different jobs. What does each one do in a portfolio?
- What each follows. EWJ follows MSCI Japan Index and VEU follows FTSE All-World ex US Index.
- Holdings in common. 13% of the weight is in the same securities (holdings dated Oct 27, 2026 and Sep 30, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 EWJ returned +18.1% and VEU +14.4% with distributions reinvested, a gap of 3.7 points.
Data as of Oct 28, 2026.
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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.
VEU
VEU tracks the FTSE All-World ex-US. Over the year to Oct 28, 2026 it returned +14.4% with distributions reinvested. The prospectus expense ratio is 0.04% a year. By its holdings published by its issuer as of Sep 30, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 3,816 positions, with the top ten at 15.2%. It sat 5.0% below its high of Sep 4, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, EWJ or VEU?
- In the year to Oct 28, 2026, with distributions reinvested, EWJ returned +18.1% and VEU +14.4%.
- Which is cheaper, EWJ or VEU?
- VEU is cheaper, by 0.45 percentage points a year. That is about $45 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, EWJ against VEU, data as of Oct 28, 2026. https://etfiq.com/compare/any/ewj-vs-veu
ETFIQ. (Oct 28, 2026). EWJ against VEU. Retrieved from https://etfiq.com/compare/any/ewj-vs-veu
[EWJ against VEU (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/ewj-vs-veu)
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