EWJ vs FER: Correlation
iShares MSCI Japan ETF (EWJ) and Ferrovial N.V. (FER) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWJ and FER?
Across a 3-year window, the weekly returns of EWJ and FER correlate at 0.48, moderate. The link has tightened recently: the 1-year correlation (0.67) runs above the 3-year figure (0.48). Stretching to 5 years gives 0.38, with an annualized covariance of 268.3 %².
Among the 70 assets we track against EWJ, FER ranks #48 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EWJ ahead by 17.2 points (+27.1% versus +9.9%).
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 FER: side by side
| EWJ (iShares MSCI Japan ETF) | FER (Ferrovial N.V.) | |
|---|---|---|
| 1-year return | +27.1% | +9.9% |
| 5-year return | +58.6% | +129.1% |
| Volatility (ann.) | 19.6% | 28.5% |
| Beta vs S&P 500 | 0.94 | 0.65 |
| Max drawdown (3Y) | -14.7% | -20.2% |
| Market cap | – | $42.4B |
| P/E (trailing) | – | 61.9 |
| Dividend yield | 3.86% | 0.93% |
| Expense ratio | 0.49% | – |
| Assets under management | $21.8B | – |
| Sector / category | ETF · International | US Listed |
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 | EWJ | FER |
|---|---|---|
| 2022 | -17.7% | -5.6% |
| 2023 | +20.3% | +44.1% |
| 2024 | +7.0% | +21.3% |
| 2025 | +25.8% | +56.4% |
| 2026 | +19.3% | -8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and FER good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EWJ and FER?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.67 over the last year and 0.38 over 5 years.
Is FER a good diversifier for EWJ?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
On the −1 to +1 scale, 0.48 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-fer.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ewj-vs-fer/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EWJ correlations · FER correlations
