EWJ vs SPY: which was the better investment?
iShares MSCI Japan ETF against SPDR S&P 500 ETF Trust on real daily total-return data — every dividend reinvested, from Mar 18, 1996 to Jul 15, 2026.
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Frequently asked questions
Did EWJ beat SPY?
No — measured from Mar 18, 1996 to Jul 15, 2026 with dividends reinvested, SPY came out ahead: $194,469 versus $24,299 from a $10,000 start. That gap compounds from a 10.3% annual return against 3.0%.
What would $10,000 in EWJ be worth today?
$10,000 invested in iShares MSCI Japan ETF (EWJ) on Mar 18, 1996 would be worth about $24,299 as of Jul 15, 2026, a total return of 143.0% (3.0% per year). The same $10,000 in SPY would be worth $194,469.
Which was riskier — EWJ or SPY?
EWJ swung with an annualized volatility of 22.6% and a worst peak-to-trough drop of -58.9%; SPY ran at 19.2% volatility with a -55.2% maximum drawdown. Risk-adjusted (Sharpe ratio), that is 0.04 for EWJ vs 0.43 for SPY.
What data is this comparison based on?
Daily adjusted closing prices covering Mar 18, 1996 through Jul 15, 2026 — the full period where both assets have price history. Adjusted prices include dividends and splits, so these are total returns. The page refreshes with new market data every day.
Can I change the dates, amounts, or add monthly investing?
Yes — the interactive tool on this page is pre-loaded with EWJ vs SPY. You can set any start and end date, change the starting amount, add monthly contributions, or build a multi-asset portfolio and compare it against any benchmark.