BGY vs EWJ: Correlation
Measured on weekly returns over the past three years, Blackrock Enhanced International Dividend Trust (BGY) and iShares MSCI Japan ETF (EWJ) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGY and EWJ?
Across a 3-year window, the weekly returns of BGY and EWJ correlate at 0.71, strong. Little has changed lately, as the 1-year reading of 0.75 lands near the 3-year figure. Stretching to 5 years gives 0.72, with an annualized covariance of 217.7 %².
Among the 13 assets we track against BGY, EWJ ranks #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months EWJ outperformed by 15.2 percentage points (+11.9% for BGY against +27.1% for EWJ).
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.
BGY vs EWJ: side by side
| BGY (Blackrock Enhanced International Dividend Trust) | EWJ (iShares MSCI Japan ETF) | |
|---|---|---|
| 1-year return | +11.9% | +27.1% |
| 5-year return | +38.4% | +58.6% |
| Volatility (ann.) | 15.7% | 19.6% |
| Beta vs S&P 500 | 0.77 | 0.94 |
| Max drawdown (3Y) | -15.5% | -14.7% |
| Market cap | $0.5B | – |
| P/E (trailing) | 6.6 | – |
| Dividend yield | 8.63% | 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 | BGY | EWJ |
|---|---|---|
| 2022 | -13.6% | -17.7% |
| 2023 | +13.4% | +20.3% |
| 2024 | +8.7% | +7.0% |
| 2025 | +21.3% | +25.8% |
| 2026 | +6.4% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGY and EWJ good diversifiers for each other?
To a limited degree. At 0.71 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BGY and EWJ?
As of 2026-08-27, the correlation of weekly returns between BGY and EWJ is 0.71 over 3 years, 0.75 over 1 year and 0.72 over 5 years.
Is EWJ a good diversifier for BGY?
To a limited degree. At 0.71 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.71 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bgy-vs-ewj.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bgy-vs-ewj/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BGY correlations · EWJ correlations
