EWJ vs MOBX: Correlation
How closely do iShares MSCI Japan ETF (EWJ) and Mobix Labs, Inc. (MOBX) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWJ and MOBX?
Across a 3-year window, the weekly returns of EWJ and MOBX correlate at -0.22, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.43) runs below the 3-year figure (-0.22). Stretching to 5 years gives -0.18, with an annualized covariance of -1450.2 %².
Out of 70 assets tracked against EWJ, MOBX lands near the bottom at #66. Correlation aside, the last 12 months split them widely, with EWJ ahead by 115.1 points (+27.1% versus -88.0%). Note the risk asymmetry: MOBX runs 17.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 MOBX: side by side
| EWJ (iShares MSCI Japan ETF) | MOBX (Mobix Labs, Inc.) | |
|---|---|---|
| 1-year return | +27.1% | -88.0% |
| 5-year return | +58.6% | -98.8% |
| Volatility (ann.) | 19.6% | 333.1% |
| Beta vs S&P 500 | 0.94 | -0.62 |
| Max drawdown (3Y) | -14.7% | -99.1% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | MOBX |
|---|---|---|
| 2022 | -17.7% | +3.8% |
| 2023 | +20.3% | -60.6% |
| 2024 | +7.0% | -57.7% |
| 2025 | +25.8% | -84.3% |
| 2026 | +19.3% | -57.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and MOBX good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EWJ and MOBX?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.43 over the last year and -0.18 over 5 years.
Is MOBX a good diversifier for EWJ?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ewj-vs-mobx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ewj-vs-mobx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EWJ correlations · MOBX correlations
