EWJ vs MUFG: Correlation
How closely do iShares MSCI Japan ETF (EWJ) and Mitsubishi UFJ Financial Group, Inc. (MUFG) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWJ and MUFG?
Across a 3-year window, the weekly returns of EWJ and MUFG correlate at 0.70, strong. Little has changed lately, as the 1-year reading of 0.62 lands near the 3-year figure. Stretching to 5 years gives 0.65, with an annualized covariance of 420.5 %².
By 3-year correlation, MUFG places #17 of the 70 assets tracked against EWJ. Correlation aside, the last 12 months split them widely, with MUFG ahead by 19.8 points (+27.1% versus +46.9%). Note the risk asymmetry: MUFG runs 1.6 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 MUFG: side by side
| EWJ (iShares MSCI Japan ETF) | MUFG (Mitsubishi UFJ Financial Group, Inc.) | |
|---|---|---|
| 1-year return | +27.1% | +46.9% |
| 5-year return | +58.6% | +338.5% |
| Volatility (ann.) | 19.6% | 30.7% |
| Beta vs S&P 500 | 0.94 | 0.98 |
| Max drawdown (3Y) | -14.7% | -26.6% |
| Market cap | – | $252.6B |
| P/E (trailing) | – | 16.7 |
| Dividend yield | 3.86% | 383.24% |
| 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 | MUFG |
|---|---|---|
| 2022 | -17.7% | +22.2% |
| 2023 | +20.3% | +29.1% |
| 2024 | +7.0% | +40.1% |
| 2025 | +25.8% | +38.0% |
| 2026 | +19.3% | +41.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and MUFG good diversifiers for each other?
To a limited degree. At 0.70 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between EWJ and MUFG?
Using weekly returns as of 2026-08-27: 0.70 over 3 years, with 0.62 over the last year and 0.65 over 5 years.
Is MUFG a good diversifier for EWJ?
To a limited degree. At 0.70 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.70 mean?
On the −1 to +1 scale, 0.70 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-mufg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ewj-vs-mufg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EWJ correlations · MUFG correlations
