EWJ vs MFG: Correlation
iShares MSCI Japan ETF (EWJ) and Mizuho Financial Group, Inc. Sponosred ADR (Japan) (MFG) show a strong relationship: their 3-year correlation of weekly returns is 0.71.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWJ and MFG?
On 3 years of weekly data the EWJ/MFG correlation comes out at 0.71, strong. The relationship has been stable: the 1-year correlation (0.70) sits close to the 3-year figure. The 5-year figure is 0.65, and annualized covariance runs at 469.5 %².
Within EWJ's tracked universe of 70 assets, MFG comes in at #14 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MFG outperformed by 32.0 percentage points (+27.1% for EWJ against +59.1% for MFG). Risk is not evenly split, since MFG carries 1.7 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 MFG: side by side
| EWJ (iShares MSCI Japan ETF) | MFG (Mizuho Financial Group, Inc. Sponosred ADR (Japan)) | |
|---|---|---|
| 1-year return | +27.1% | +59.1% |
| 5-year return | +58.6% | +297.9% |
| Volatility (ann.) | 19.6% | 33.9% |
| Beta vs S&P 500 | 0.94 | 1.03 |
| Max drawdown (3Y) | -14.7% | -28.3% |
| Market cap | – | $126.8B |
| P/E (trailing) | – | 14.9 |
| Dividend yield | 3.86% | 1387.56% |
| 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 | MFG |
|---|---|---|
| 2022 | -17.7% | +11.4% |
| 2023 | +20.3% | +21.1% |
| 2024 | +7.0% | +47.9% |
| 2025 | +25.8% | +52.5% |
| 2026 | +19.3% | +42.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and MFG 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 MFG?
Using weekly returns as of 2026-08-27: 0.71 over 3 years, with 0.70 over the last year and 0.65 over 5 years.
Is MFG 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?
A reading of 0.71 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ewj-vs-mfg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ewj-vs-mfg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EWJ correlations · MFG correlations
