EWJ vs XPL: Correlation
Measured on weekly returns over the past three years, iShares MSCI Japan ETF (EWJ) and Solitario Resources Corp. (XPL) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWJ and XPL?
On 3 years of weekly data the EWJ/XPL correlation comes out at 0.36, moderate. The past 12 months show a weaker link (0.18) than the 3-year average (0.36). The 5-year figure is 0.26, and annualized covariance runs at 344.0 %².
By 3-year correlation, XPL places #57 of the 70 assets tracked against EWJ. Correlation aside, the last 12 months split them widely, with EWJ ahead by 21.7 points (+27.1% versus +5.4%). Risk is not evenly split, since XPL carries 2.5 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 XPL: side by side
| EWJ (iShares MSCI Japan ETF) | XPL (Solitario Resources Corp.) | |
|---|---|---|
| 1-year return | +27.1% | +5.4% |
| 5-year return | +58.6% | +45.0% |
| Volatility (ann.) | 19.6% | 48.2% |
| Beta vs S&P 500 | 0.94 | 1.10 |
| Max drawdown (3Y) | -14.7% | -42.1% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| 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 | XPL |
|---|---|---|
| 2022 | -17.7% | +24.0% |
| 2023 | +20.3% | -9.7% |
| 2024 | +7.0% | +5.4% |
| 2025 | +25.8% | +18.6% |
| 2026 | +19.3% | +16.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and XPL good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EWJ and XPL?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.18 over the last year and 0.26 over 5 years.
Is XPL a good diversifier for EWJ?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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-xpl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ewj-vs-xpl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EWJ correlations · XPL correlations
