EWJ vs EXG: Correlation
Measured on weekly returns over the past three years, iShares MSCI Japan ETF (EWJ) and Eaton Vance Tax-Managed Global Diversified Equity Income (EXG) 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 EWJ and EXG?
On 3 years of weekly data the EWJ/EXG correlation comes out at 0.71, strong. Recent behaviour matches the longer record: 0.64 over 1 year against 0.71 over 3. The 5-year figure is 0.69, and annualized covariance runs at 210.7 %².
Among the 70 assets we track against EWJ, EXG ranks #13 by 3-year correlation. On 12-month performance EWJ holds a 5.1-point edge, +27.1% against +22.0%.
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.
EWJ vs EXG: side by side
| EWJ (iShares MSCI Japan ETF) | EXG (Eaton Vance Tax-Managed Global Diversified Equity Income) | |
|---|---|---|
| 1-year return | +27.1% | +22.0% |
| 5-year return | +58.6% | +45.8% |
| Volatility (ann.) | 19.6% | 15.0% |
| Beta vs S&P 500 | 0.94 | 0.91 |
| Max drawdown (3Y) | -14.7% | -15.1% |
| Market cap | – | – |
| P/E (trailing) | – | 4.5 |
| Dividend yield | 3.86% | 0.00% |
| Expense ratio | 0.49% | – |
| Assets under management | $21.8B | – |
| Sector / category | ETF · International | US Listed |
EWJ is a Japan Stock fund from iShares: $21.8B under management, 168 holdings, a 0.49% expense ratio, a 3.86% trailing dividend yield.
Year-by-year returns
| Year | EWJ | EXG |
|---|---|---|
| 2022 | -17.7% | -22.2% |
| 2023 | +20.3% | +11.4% |
| 2024 | +7.0% | +16.1% |
| 2025 | +25.8% | +27.8% |
| 2026 | +19.3% | +10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and EXG good diversifiers for each other?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EWJ and EXG?
The EWJ/EXG correlation stands at 0.71 on a 3-year window (1 year: 0.64, 5 years: 0.69), computed from weekly returns as of 2026-08-27.
Is EXG a good diversifier for EWJ?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.71 mean?
On the −1 to +1 scale, 0.71 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/ewj-vs-exg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ewj-vs-exg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EWJ correlations · EXG correlations
