EWJ vs MACI: Correlation
Measured on weekly returns over the past three years, iShares MSCI Japan ETF (EWJ) and Melar Acquisition Corp. I - Class A (MACI) carry a correlation of -0.17, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWJ and MACI?
On 3 years of weekly data the EWJ/MACI correlation comes out at -0.17, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.28) than the 3-year average (-0.17). The 5-year figure is n/a, and annualized covariance runs at -7.5 %².
Among the 70 assets we track against EWJ, MACI ranks #63 by 3-year correlation. The last year tells two different stories: EWJ led by 22.7 percentage points, +27.1% for EWJ against +4.4% for MACI. Risk is not evenly split, since EWJ carries 9.3 times the volatility of the other side.
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 MACI: side by side
| EWJ (iShares MSCI Japan ETF) | MACI (Melar Acquisition Corp. I - Class A) | |
|---|---|---|
| 1-year return | +27.1% | +4.4% |
| 5-year return | +58.6% | n/a |
| Volatility (ann.) | 19.6% | 2.1% |
| Beta vs S&P 500 | 0.94 | -0.03 |
| Max drawdown (3Y) | -14.7% | -2.0% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 60.9 |
| Dividend yield | 3.86% | 0.00% |
| Expense ratio | 0.49% | – |
| Assets under management | $21.8B | – |
| Sector / category | ETF · International | US Listed |
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.
Year-by-year returns
| Year | EWJ | MACI |
|---|---|---|
| 2022 | -17.7% | – |
| 2023 | +20.3% | – |
| 2024 | +7.0% | – |
| 2025 | +25.8% | +5.7% |
| 2026 | +19.3% | +3.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and MACI good diversifiers for each other?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between EWJ and MACI?
The EWJ/MACI correlation stands at -0.17 on a 3-year window (1 year: -0.28, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is MACI a good diversifier for EWJ?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
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/ewj-vs-maci.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ewj-vs-maci/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EWJ correlations · MACI correlations
