EWJ vs IVV: Correlation & Overlap
Measured on weekly returns over the past three years, iShares MSCI Japan ETF (EWJ) and iShares Core S&P 500 ETF (IVV) carry a correlation of 0.70, a strong link. By holdings, the two funds overlap 0% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWJ and IVV?
Across a 3-year window, the weekly returns of EWJ and IVV correlate at 0.70, strong. The relationship has been stable: the 1-year correlation (0.65) sits close to the 3-year figure. Stretching to 5 years gives 0.70, with an annualized covariance of 198.2 %².
Among the 70 assets we track against EWJ, IVV ranks #16 by 3-year correlation. On 12-month performance EWJ holds a 6.4-point edge, +27.1% against +20.7%. Stability stands out here, with the rolling one-year correlation confined to 0.57 through 0.79.
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 IVV: side by side
| EWJ (iShares MSCI Japan ETF) | IVV (iShares Core S&P 500 ETF) | |
|---|---|---|
| 1-year return | +27.1% | +20.7% |
| 5-year return | +58.6% | +83.0% |
| Volatility (ann.) | 19.6% | 14.5% |
| Beta vs S&P 500 | 0.94 | 1.00 |
| Max drawdown (3Y) | -14.7% | -18.8% |
| Dividend yield | 3.86% | 1.09% |
| Expense ratio | 0.49% | 0.03% |
| Assets under management | $21.8B | $869.2B |
| Sector / category | ETF · International | ETF · US Large Cap |
On the fund side, EWJ sits in the Japan Stock category at iShares, with $21.8B under management, 168 holdings, a 0.49% expense ratio, a 3.86% trailing dividend yield. IVV is a Large Blend fund from iShares: $869.2B under management, 503 holdings, a 0.03% expense ratio, a 1.09% trailing dividend yield.
Portfolio overlap between EWJ and IVV
The two portfolios are largely distinct: 0% of the funds' weight sits in the same underlying holdings (0 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by EWJ: 8306 (4.56%), 7203 (3.47%), 6857 (3.12%), 8035 (2.97%), 8316 (2.92%). Only by IVV: NVDA (7.67%), AAPL (6.96%), MSFT (5.57%), AMZN (3.85%), GOOGL (3.03%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | EWJ | IVV |
|---|---|---|
| 2022 | -17.7% | -18.2% |
| 2023 | +20.3% | +26.3% |
| 2024 | +7.0% | +24.9% |
| 2025 | +25.8% | +17.8% |
| 2026 | +19.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and IVV good diversifiers for each other?
Only partially. A correlation of 0.70 means EWJ and IVV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between EWJ and IVV?
Using weekly returns as of 2026-08-27: 0.70 over 3 years, with 0.65 over the last year and 0.70 over 5 years.
Is IVV a good diversifier for EWJ?
Only partially. A correlation of 0.70 means EWJ and IVV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do EWJ and IVV overlap?
The two funds share 0 holdings amounting to 0% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ewj-vs-ivv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ewj-vs-ivv/)
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Related comparisons
Hubs: EWJ correlations · IVV correlations
