EWJ vs VTI: Correlation & Overlap
iShares MSCI Japan ETF (EWJ) and Vanguard Total Stock Market ETF (VTI) show a strong relationship: their 3-year correlation of weekly returns is 0.70. Looking through to holdings, 0% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWJ and VTI?
On 3 years of weekly data the EWJ/VTI correlation comes out at 0.70, strong. Little has changed lately, as the 1-year reading of 0.67 lands near the 3-year figure. The 5-year figure is 0.71, and annualized covariance runs at 201.7 %².
By 3-year correlation, VTI places #19 of the 70 assets tracked against EWJ. The trailing year gives EWJ the advantage: +27.1% versus +20.7%, a 6.4-point spread. The link looks structural: the rolling one-year correlation barely moved, holding between 0.58 and 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 VTI: side by side
| EWJ (iShares MSCI Japan ETF) | VTI (Vanguard Total Stock Market ETF) | |
|---|---|---|
| 1-year return | +27.1% | +20.7% |
| 5-year return | +58.6% | +74.8% |
| Volatility (ann.) | 19.6% | 14.6% |
| Beta vs S&P 500 | 0.94 | 1.01 |
| Max drawdown (3Y) | -14.7% | -19.3% |
| Dividend yield | 3.86% | 1.06% |
| Expense ratio | 0.49% | 0.03% |
| Assets under management | $21.8B | $2,290.0B |
| 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. VTI, Vanguard's Large Blend fund, carries $2,290.0B under management, 3140 holdings, a 0.03% expense ratio, a 1.06% trailing dividend yield.
Portfolio overlap between EWJ and VTI
The two portfolios are largely distinct: 0% of the funds' weight sits in the same underlying holdings (0 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by EWJ: 8306 (4.56%), 7203 (3.47%), 6857 (3.12%), 8035 (2.97%), 8316 (2.92%). Only by VTI: NVDA (6.42%), AAPL (6.31%), MSFT (4.80%), AMZN (3.66%), GOOGL (2.91%).
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 | VTI |
|---|---|---|
| 2022 | -17.7% | -19.5% |
| 2023 | +20.3% | +26.0% |
| 2024 | +7.0% | +23.8% |
| 2025 | +25.8% | +17.1% |
| 2026 | +19.3% | +14.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and VTI good diversifiers for each other?
Only partially. A correlation of 0.70 means EWJ and VTI 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 VTI?
The EWJ/VTI correlation stands at 0.70 on a 3-year window (1 year: 0.67, 5 years: 0.71), computed from weekly returns as of 2026-08-27.
Is VTI a good diversifier for EWJ?
Only partially. A correlation of 0.70 means EWJ and VTI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do EWJ and VTI overlap?
0% by weight, across 0 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ewj-vs-vti.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ewj-vs-vti/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EWJ correlations · VTI correlations
