EWJ vs WHLR: Correlation
iShares MSCI Japan ETF (EWJ) and Wheeler Real Estate Investment Trust, Inc. (WHLR) show a negative relationship: their 3-year correlation of weekly returns is -0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWJ and WHLR?
On 3 years of weekly data the EWJ/WHLR correlation comes out at -0.17, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.01) than the 3-year average (-0.17). The 5-year figure is -0.13, and annualized covariance runs at -1765.2 %².
Within EWJ's tracked universe of 70 assets, WHLR comes in at #64 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months EWJ outperformed by 127.1 percentage points (+27.1% for EWJ against -100.0% for WHLR). Risk is not evenly split, since WHLR carries 27.8 times the volatility of the other side.
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 WHLR: side by side
| EWJ (iShares MSCI Japan ETF) | WHLR (Wheeler Real Estate Investment Trust, Inc.) | |
|---|---|---|
| 1-year return | +27.1% | -100.0% |
| 5-year return | +58.6% | -100.0% |
| Volatility (ann.) | 19.6% | 545.0% |
| Beta vs S&P 500 | 0.94 | -5.84 |
| Max drawdown (3Y) | -14.7% | -100.0% |
| Market cap | – | – |
| P/E (trailing) | – | 0.0 |
| Dividend yield | 3.86% | 0.00% |
| Expense ratio | 0.49% | – |
| Assets under management | $21.8B | – |
| Sector / category | ETF · International | US Listed |
EWJ, iShares's Japan Stock fund, carries $21.8B under management, 168 holdings, a 0.49% expense ratio, a 3.86% trailing dividend yield.
Year-by-year returns
| Year | EWJ | WHLR |
|---|---|---|
| 2022 | -17.7% | -28.0% |
| 2023 | +20.3% | -98.4% |
| 2024 | +7.0% | -98.4% |
| 2025 | +25.8% | -100.0% |
| 2026 | +19.3% | -99.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and WHLR good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EWJ and WHLR?
Using weekly returns as of 2026-08-27: -0.17 over 3 years, with 0.01 over the last year and -0.13 over 5 years.
Is WHLR a good diversifier for EWJ?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 mean?
A reading of -0.17 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ewj-vs-whlr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ewj-vs-whlr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EWJ correlations · WHLR correlations
