EWJ vs VOO: Correlation & Overlap
iShares MSCI Japan ETF (EWJ) and Vanguard S&P 500 ETF (VOO) show a strong relationship: their 3-year correlation of weekly returns is 0.69. By holdings, the two funds overlap 0% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWJ and VOO?
Across a 3-year window, the weekly returns of EWJ and VOO correlate at 0.69, strong. The relationship has been stable: the 1-year correlation (0.65) sits close to the 3-year figure. Stretching to 5 years gives 0.70, with an annualized covariance of 195.9 %².
Within EWJ's tracked universe of 70 assets, VOO comes in at #20 by 3-year correlation. Over the last 12 months EWJ came out ahead by 6.5 percentage points (+27.1% against +20.6%). Stability stands out here, with the rolling one-year correlation confined to 0.57 through 0.79.
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 VOO: side by side
| EWJ (iShares MSCI Japan ETF) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +27.1% | +20.6% |
| 5-year return | +58.6% | +83.0% |
| Volatility (ann.) | 19.6% | 14.4% |
| Beta vs S&P 500 | 0.94 | 0.99 |
| Max drawdown (3Y) | -14.7% | -18.7% |
| Dividend yield | 3.86% | 1.07% |
| Expense ratio | 0.49% | 0.03% |
| Assets under management | $21.8B | $1,686.9B |
| Sector / category | ETF · International | ETF · US Large Cap |
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. VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Portfolio overlap between EWJ and VOO
The two portfolios are largely distinct. Weighing the shared positions, 0% of the two funds is identical, spread across 0 common holdings. That shared book is a large part of why the returns line up.
Largest positions held only by EWJ: 8306 (4.56%), 7203 (3.47%), 6857 (3.12%), 8035 (2.97%), 8316 (2.92%). Only by VOO: NVDA (7.56%), AAPL (7.05%), MSFT (5.37%), AMZN (4.13%), GOOGL (3.25%).
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 | VOO |
|---|---|---|
| 2022 | -17.7% | -18.2% |
| 2023 | +20.3% | +26.3% |
| 2024 | +7.0% | +25.0% |
| 2025 | +25.8% | +17.8% |
| 2026 | +19.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and VOO good diversifiers for each other?
To a limited degree. At 0.69 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 VOO?
As of 2026-08-27, the correlation of weekly returns between EWJ and VOO is 0.69 over 3 years, 0.65 over 1 year and 0.70 over 5 years.
Is VOO a good diversifier for EWJ?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
How much do EWJ and VOO 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-voo.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ewj-vs-voo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EWJ correlations · VOO correlations
