EWJ’s worst drop since 1999 was 59%
iShares MSCI Japan ETF (EWJ) fell 59% from Mar 2000 to Apr 2003. It took 6.1 years from that peak to close at a new high, in May 2006. Over the same years the S&P 500 fell as much as 55%.
That drop ranks 73rd deepest among the 203 ETFs PortfolioAutopsy tracks.
Drawdown from the last high, 1999 to now
How EWJ held up in each crash
| Crash | Years | EWJ | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | −56.8% | −47.5% |
| Financial crisis | 2007–09 | −52.4% | −55.2% |
| COVID crash | 2020 | −28.0% | −33.7% |
| 2022 rate shock | 2022 | −28.1% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
See how EWJ behaves inside your whole mix, with the worst 12 months, loss odds and crash replays. Free, no signup, and the math runs in your browser.
Open EWJ in PortfolioAutopsyCheck my whole portfolioQuestions
What was EWJ’s maximum drawdown?
EWJ’s deepest fall since 1999 was 58.9%, from its high on March 31, 2000 to its low on April 25, 2003. The figure uses daily prices with dividends reinvested.
How long did EWJ take to recover?
6.1 years. EWJ first closed above its Mar 2000 high again on May 2, 2006.
Was EWJ riskier than the S&P 500?
Over the same years, EWJ’s worst drop was 58.9% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −44.0% against −47.4%.
Compare with
Daily adjusted closes from Yahoo Finance, January 5, 1999 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.