BATL vs EWJ: Correlation
How closely do Battalion Oil Corporation (BATL) and iShares MSCI Japan ETF (EWJ) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BATL and EWJ?
Over the past 3 years, BATL and EWJ moved with a correlation of -0.17, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.44 versus -0.17 over 3 years. Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -829.2 %².
By 3-year correlation, EWJ places #20 of the 44 assets tracked against BATL. Over the last 12 months EWJ came out ahead by 14.4 percentage points (+12.7% against +27.1%). Note the risk asymmetry: BATL runs 12.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BATL vs EWJ: side by side
| BATL (Battalion Oil Corporation) | EWJ (iShares MSCI Japan ETF) | |
|---|---|---|
| 1-year return | +12.7% | +27.1% |
| 5-year return | -87.1% | +58.6% |
| Volatility (ann.) | 252.0% | 19.6% |
| Beta vs S&P 500 | -0.19 | 0.94 |
| Max drawdown (3Y) | -95.8% | -14.7% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 3.86% |
| Expense ratio | – | 0.49% |
| Assets under management | – | $21.8B |
| Sector / category | US Listed | ETF · International |
EWJ, iShares's Japan Stock fund, carries $21.8B under management, 168 holdings, a 0.49% expense ratio, a 3.86% trailing dividend yield.
Year-by-year returns
| Year | BATL | EWJ |
|---|---|---|
| 2022 | -0.9% | -17.7% |
| 2023 | -1.0% | +20.3% |
| 2024 | -82.1% | +7.0% |
| 2025 | -34.3% | +25.8% |
| 2026 | +17.7% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BATL and EWJ good diversifiers for each other?
Yes. With a correlation of -0.17, BATL and EWJ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BATL and EWJ?
Using weekly returns as of 2026-08-27: -0.17 over 3 years, with -0.44 over the last year and -0.10 over 5 years.
Is EWJ a good diversifier for BATL?
Yes. With a correlation of -0.17, BATL and EWJ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.17 mean?
On the −1 to +1 scale, -0.17 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/batl-vs-ewj.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/batl-vs-ewj/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BATL correlations · EWJ correlations
