EWJ vs USMV: Correlation & Overlap
Measured on weekly returns over the past three years, iShares MSCI Japan ETF (EWJ) and iShares MSCI USA Min Vol Factor ETF (USMV) carry a correlation of 0.56, a moderate link. The two funds also share 0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWJ and USMV?
On 3 years of weekly data the EWJ/USMV correlation comes out at 0.56, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.38 versus 0.56 over 3 years. The 5-year figure is 0.56, and annualized covariance runs at 109.2 %².
By 3-year correlation, USMV places #42 of the 70 assets tracked against EWJ. Correlation aside, the last 12 months split them widely, with EWJ ahead by 17.0 points (+27.1% versus +10.1%). The rolling one-year correlation moved between 0.36 and 0.72 over the past three years, a moderate range. One caveat on sizing: EWJ is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 USMV: side by side
| EWJ (iShares MSCI Japan ETF) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +27.1% | +10.1% |
| 5-year return | +58.6% | +42.3% |
| Volatility (ann.) | 19.6% | 9.9% |
| Beta vs S&P 500 | 0.94 | 0.51 |
| Max drawdown (3Y) | -14.7% | -9.4% |
| Dividend yield | 3.86% | 1.48% |
| Expense ratio | 0.49% | 0.15% |
| Assets under management | $21.8B | $23.6B |
| Sector / category | ETF · International | ETF · US Style |
EWJ, iShares's Japan Stock fund, carries $21.8B under management, 168 holdings, a 0.49% expense ratio, a 3.86% trailing dividend yield. USMV, iShares's Large Blend fund, carries $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield.
Portfolio overlap between EWJ and USMV
The two portfolios are largely distinct, with 0 holdings in common adding up to 0% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
Largest positions held only by EWJ: 8306 (4.56%), 7203 (3.47%), 6857 (3.12%), 8035 (2.97%), 8316 (2.92%). Only by USMV: MSFT (1.68%), NEM (1.65%), VRTX (1.63%), JNJ (1.58%), WELL (1.57%).
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 | USMV |
|---|---|---|
| 2022 | -17.7% | -9.4% |
| 2023 | +20.3% | +10.3% |
| 2024 | +7.0% | +15.7% |
| 2025 | +25.8% | +7.6% |
| 2026 | +19.3% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and USMV good diversifiers for each other?
Only partially. A correlation of 0.56 means EWJ and USMV 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 USMV?
As of 2026-08-27, the correlation of weekly returns between EWJ and USMV is 0.56 over 3 years, 0.38 over 1 year and 0.56 over 5 years.
Is USMV a good diversifier for EWJ?
Only partially. A correlation of 0.56 means EWJ and USMV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do EWJ and USMV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0% by weight over 0 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ewj-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ewj-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EWJ correlations · USMV correlations
